In this Forex trading vlog, I share the results of the Forex swing trade setups I entered and missed earlier in the week. Vlog #221.
My 4 Forex Swing Trade Setups Review
Trade #1: AUD/CAD in progress
The price on this currency pair reached the 0.97 support area. That's an area I identified from the daily/weekly chart. Once I saw that the price reached the area, I started to monitor lower timeframes to look for my specific reversal trade setup.
A Forex swing trade setup appeared on the 4hr chart. I aim for 3R on this particular trade.
Trade #2: AUD/USD stopped out
The price on this currency pair reached an upward trending line, identified from the daily/weekly chart. Although less reliable, trades from trendlines can sometimes provide high rewards in a short period of time.
A Forex swing trade setup appeared on the 4hr chart once again. It was stopped out by price creating a new low.
Trade #3: CAD/CHF break-even
This currency pair was reaching 0.77 earlier last week. That level marks an important support area from the daily chart.
A Forex swing trade setup appeared on the 1hr chart once again. It was stopped out by price creating a new low. However, since the price is at the top of the support zone, I will keep monitoring the currency pair for another opportunity.
Trade #4: USD/SGD take profit
1.37 was a major resistance area on the pair. After a break-even attempt taken a few weeks ago, I was still monitoring the area for a potential trade.
My reversal setup formed on the 4hr chart by a candle that broke the 1.37 price level. I exited at R = 1 and R = 3 for an average of 2R.
2 Forex Swing Trade Setups I Missed
It is extremely important to take into account the trades you miss in the Forex market. Counting them will allow you to see if you would be better off or worse off by taking all the trades according to your trading strategy.
I added the following trades to my trading journal as Missed Trades.
Trade #5: EUR/GBP missed trade
Trade #6: GBP/NZD missed trade
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