Forex Trading Signals & Trade Setups For 9th-13th Feb

Hello Traders,

If these forex trading signals and trade setups turn out as anticipated, you can make hundreds of pips very easily. The risk to reward for these setups are really good. So if you lose, your loss should be a small one compared to the profits you can make.

Ok, here are the forex trading signals/setups for the week. Just note the timeframes each setup is on.

#1: EURGBP  Buy Setup

Channel Trading Setup-price may hit the lower trendline and bounce back up. Looks like this week, the lower trendline may be hit so this is a setup that you should really sit up and watch if price gets near to the trendline.

#2: EURJPY Sell Setup

Support turned resistance level  seems to be keeping price from going up. This is based on the daily timeframe.

Some ideas to trade this setup: Switch to a much smaller timeframe and sell the rallies or sell the breakout of resistance levels you can find in smaller timeframes like the 15min or 5min timeframe BEFORE price goes and breaks the friday’s candlestick low.

In this way, you get a better trade entry and increase your risk to reward. Stop loss should be placed 2-5 pips above  friday’s candlestick high.

#3: GBPJPY Sell Setup

There’s a very clear trendline showing how price has obeyed this trendline in the past. Right now, price  is looking like its heading up to it. So Price may head up the the trendline, hit it and bounce back down.

If this trade works out as analyzed, it could easily give you more than 700 pips profit if you set your take profit target level at 175.76 support level.

This setup has  a really good RISK to REWARD ratio so its really worth watching.

#4: USDCAD Sell Setup

See the resistance line level indicated by that blue line??? Notice that price is going up to it. So Price may hit resistance level and fall back down. This setup can bag you 100s of pips easily if trade works out as anticipated.

#5: USDJPY Sell Setup

This setup has already happened and should be the first thing to look for an opportunity to place a trade on Monday.

Price may break the trendline and continue to go up but so far, the trendline is being repected so   really I am still bearish on this one.

You can place a sell stop order just 2-3 pips under the low of the 4hr hanging man candlestick. and Stop loss place 2-5 pips above the high. This should give a 45 pips stop loss distance. Or you could switch to a much smaller timeframe like the 1hr or the 15min and look for a bearish candlestick to go short on Monday.

HOW TO TRADE THESE SETUPS

• some trade setups are forming in larger timeframes as you can see , so switch to a much smaller timeframes and wait there for better trade entry. For example, if a setup is forming in the weekly, then as price nears a support, resistance or a trendline etc…then you need decide what would be the best timeframe to “zone in/zoom in” so that you can get a better trade entry.
• I prefer the 1hr for trade entries but you can use the 4hr timeframes as well for trade entries.
• Stop losses should be placed above/below levels of significance which can be support & resistance levels and trendlines or a high/low of the reversal candlestick which I used as my signal for trade entry.
• Use reversal candlesticks for trade entry confirmation.
• For profit targets, if a sell order, I use support levels or previous swing lows. For buy order, resistance levels and previous swing high points are used.
• How I use trailing stop: for a sell order, I move and place it behind the lower price  peaks as price continues to move down until I get stopped out or my take profit target is hit. For a buy order, i do the opposite: move trailing stop and place below the troughs that form as price continues to move up.

NOTE!

Trendlines, support and resistence levels are not lines drawn in concrete, they will get broken. These trade setups have really good risk to reward ratio so if you trade goes as anticipated, you will make more then your risk. But if you lose, you should lose small (if you don’t risk too much per trade).

DON’T FORGET!

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