Compare & Contrast with Christopher Lewis
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This happened from 15-minute support at about 0.9200 to 15-minute resistance at approximately 0.9219.
USDCAD turned bullish at around 3:30 AM MSK.
The forecasts from Post #380 and price action since them makes it very clear I cannot swing trade (and certainly not day trade) based on such prognostications. Day trading decisions MUST be made based on ongoing observations, and swing trading, from where I sit, should NOT be attempted, or if it is, it should ONLY be carried out when market structure is IDEAL for doing so (i.e., has already provided [i.e., is currently providing] a nearly PERFECT setup for doing so.
AUDUSD turned bearish at 4:33 AM MSK.
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Those instances on this four-hour chart where the lower panel oscillator makes contact with one of the four levels constituting the Price Anomaly Channel just might highlight such potential setups, with entries following the signals (not plotted on the chart) marked by the checks and X's. (I am opting not to disclose publicly the rationale on which this strategy is based.)
The checks represent the recommended (safer) trades, given that long positions would be aligned with the direction in which the nine-hour (and usually the daily) trend is headed.
The X's represent contrarian positions entered against the dominant trend. And yet, in most cases, they would have still been in-the-money at expiry, if set somewhere between eight to 24 hours from the time of entry.
These positions were NOT entered when market structure was ideal, and yet, 75% of them are unfolding in my favor...
Consequently, I'm of the opinion that this pseudo swing trading strategy shows great promise and have adjusted my chart configurations and forecast models accordingly.
It took a day or two for them to "get the message," but AUDUSD eventually climbed as high as 0.7010, GBPUSD as high as 1.2194, and USDCFH eventually crawled as low as 0.9159.
Friday | February 10, 2023
Right now, my favorite chart configuration is the "15-Minute Immediate Tracker" chart, which cites as key measures, the...
Right now, my favorite chart configuration is the "15-Minute Immediate Tracker" chart, which cites as key measures, the...
- Two-day price range envelope
- Six-hour price range envelope
- Three-hour price range envelope
- Two-hour baseline, and
- The 30-minute baseline
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.For the beginning of next week...
USDJPY is showing the slightest signs of possibly being ready to head north for awhile.
GBPUSD looks like it might be ready to head south. But, the last time it did so, it lasted for just three days.
Likewise for EURUSD, but its last attempt last only one day! The same for AUDUSD.
.For the beginning of next week...
Since I'm adding nothing new to my charts, I'm beginning to design specialized versions of them. For example, for the next few descriptions, the forecast models I will use have nothing on them but my (3) projected day range envelopes and my day-to-day trend line(s).
The idea is to be ready to enter positions when (1) candlesticks resume a "proper" course after venturing to the "wrong" side of a sloping (green) daily baseline, or (2) when price is rejected at statistical support or resistance.
Contrary to the above (I believe incorrect) forecast, THIS model sees USDJPY as having become a sell candidate, now that it has entered the top half of an essentially neutral day-to-day channel (pink is a sell zone and yellow-green is a buy zone)...
THIS model does not agree with the above, suggesting instead that I should be looking for the right opportunity to buy EURUSD, IF it enters this lower half of a basically neutral day-to-day channel...
GBPJPY is "riding" statistical resistance north. So, I don't expect it to continue doing the same for much more than one to three additional days tops before pulling back, at least temporarily.
Like USDJPY, EURGBP is also a sell candidate (due to its having climbed up to the "wrong" side of a descending day-to-day trend line...)
USDCHF will become a buy candidate IF it crawls down below this bullish day-to-day trend line...
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