8 forex setups are based on price action and market structure and can result in trading opportunities in the week ahead. I use a naked chart and refer to two EMA’s (10 & 20 period) for trend identification and to be on the lookout for mean reversion.
I also occasionally use RSI and FIb levels to help me in my analysis. Other than that I do not use any other indicators since I like to keep my trading simple.
These Forex signals are based on technical analysis. I mainly use the daily chart.
You will notice that I provide my signals in a different way from others. Most signal providers just give you entry and exit prices without showing you the thinking behind the trade. I show you my thinking behind a particular setup and this helps you grow as a trader so that you can become self-sufficient.
These signals allow you to be proactive in the market. You do not use any lagging indicator but you will be waiting for signals to occur around these areas. You will be looking for such signals as reversal candles or chart patterns. Be careful, wait for price to confirm do not jump the gun and always practice good money management.
While some of you may choose to scalp or day trade the foreign exchange market with these free signals, please note they are designed for a swing trading approach.
Please be fully aware of your overall “risk appetite” when it comes to your trading account and your Forex broker margin rules. If you want a broker with low spreads you can check out this one here.
If you are new here I suggest you read how to trade the free currency trading signals.
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Over the last few weeks, I have been looking at the wedge on the EURUSD. Last week I was looking for a retest of the trendline resistance turned support to go long (in case you are a newbie going long means buying a pair, sell positions are called shorts).
Tha retest did not happen after the breakout and since I do not like chasing the market I did not take a trade on the pair. Now the pair is at a major resistance and may be putting in a double top. FOr the week ahead I will be looking for any retests to jump on either to the upside or to the downside. For the time being, I will just be watching it.
I will also be looking at the USDJPY. Will be watching it keenly as the week goes and price will lead the way.
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[lockercat]USDCHF is setting up nicely for shorts. There is a retest of support turned resistance and if you zone down to the H4 you will see a double top at this level.
GBPCHF also has an interesting setup with bearish rejection at a retest of a broken trendline. The last three daily candles are all bearish pin bars and I will be looking to short this market.
EURNZD is in a possible head and shoulders setup. If that turns out to be the case then a massive drop maybe on the cards. I would prefer a retest of the neckline before jumping in and this may or may not come. An aggressive entry would be to enter after a conclusive close below the neckline.
What pairs are you looking at? Please share your thoughts in the comments below. What do you think of these setups? I would really love to hear your thoughts!
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