Hello Traders,
here’s are few forex trading signals/trade alerts I will be keeping my eyes on.
Let’s get to it…
I have gone through a few currency pairs and I see some trading setups that are happening which I would be watching the coming week.
If these trades work out, the risk reward can be really good so you really need to take heed and watch.
Having said that, remember also that “levels are not lines drawn in concrete” and they get broken and don’t risk too much for a trade. Go slow.
The trading setups are happening in the larger timeframes from the monthly down to the daily. I’d be looking for buying or selling opportunities in the 4hr & 1hr timeframes or even smaller.
#1: GBPUSD Buy Trade Setup Happening.
- You can see that price is near to the upward trendline on the weekly chart(which is a significant trendline by the way).
- Watch for a bounce off the trendline and if you see a bullish reversal candlestick, buy.
#2: EURUSD Buy Trade Setup
- On the monthly chart, notice that there is a major support level on 1.1872 level as shown by the yellow line and price is heading down to it.
- You should watch to see if there is a bounce from that support level and buy if you see a bullish reversal candlestick pattern.
#3: USDCHF Sell Trade Setup
- This setup can be clearly seen from the monthly timeframe. Note that there’s confluence happening here: the downward trendline and the previous support levels now acting as resistance level.
- watch for bearish reversal candlesticks to sell.
- Note that EURUSD & USDCHF are are currency pairs that go in opposite directions. If you buy one, you should not buy the other. Similarly when you sell. You should not sell both.
#4: AUDUSD Buy Trade Setup
- On the weekly chart, notice that there’s a major support level on 0.8066. Price has to move only 10 pips down to hit the support level ( if you go and view it from the 1hr chart or 4hr chart, you will see what I am talking about).
- Look for a upward bounce-a bullish reversal candlestick pattern to buy.
SUMMARY
- I may not take all of of these setups but you can be sure these are the main trading setups I will be watching next week.
- The AUDUSD is just 10 more pips to hit the support. That one will most likely be the first one to watch when the forex market opens next week.
- The second one would be the USDCHF sell trade setup. Wait for it to see if it hits the downward trendline and then sell when you see a bearish reversal candlestick pattern.
- Such Trade setups are low risk and high reward setups if they work out as expected as can be seen here on this trade that I took.
- Don’t chase the bus-wait for the next one.
- Know your risks and take the trade when you see fit.
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