Compare & Contrast with Christopher Lewis

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I want to start pushing the envelope with my forecasting because I suspect that it just might be able handle the pressure, and if so, it will mean I can begin entering positions even more strategically. I want to begin with AUDJPY...

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So, the three-day baseline suggests this pair might be switching from overall bearish to overall bullish. If so, you want to wait for a pullback in the four-hour trend below the one-day and 14-hour baselines, and then enter a long position as the rate comes out of the retreat. If that happens it should give you a lot of room for a decent profit.

At the moment however, the pair is headed north from a day-to-day standpoint, so for the next few hours, you are simply looking to buy if the rate drops down to support in the form of the typical bottom of a four-hour candlestick (88.92) down to the lower band of the eight-hour price range envelope (88.51).

And by the way, 88.92 is just a tad bit lower than the projected support level for a short-term guerrilla type scalping move at 88.95.
 
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expiated said:
And by the way, 88.92 is just a tad bit lower than the projected support level for a short-term guerrilla type scalping move at 88.95.
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AUDJPY came to within just a single pip of the support level where you forecast it might offer a scalping opportunity. However, it gave up much more than just a small profit, with the rate currently at 89.48.

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It's now about 5:37 AM Moscow Standard Time (MSK) and AUDJPY has pulled back to 88.40. See if it establishes a new support level in the neighborhood of 89.29 (though the rate COULD theoretically drop back down as low as 88.96).

If price continues to climb Thursday and Friday, look for it to pull back (if only temporarily) within the zone between 90.10 up to 90.95 (or 91.89 at the extreme).
 
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EURJPY is very bullish overall, but is currently near the first of three resistance levels. So, rather than buy now, wait to do so once the rate pulls back below the 14- and 24-hour baselines, hopefully sometime within the next two weeks...likewise GBPJPY.
 
USDCHF is very bearish, but has hit Support Level One of three @ 0.8952. So, let me see if it turns north for a short spell. (The other two support levels are presently at 0.8853 and 0.8762, though they will of course gradually descend over time.)
 
expiated said:
It's now about 5:37 AM Moscow Standard Time (MSK) and AUDJPY has pulled back to 88.40. See if it establishes a new support level in the neighborhood of 89.29.
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It was more like in the neighborhood of 88.34.
 
AUDUSD has gone from overall bearish to neutral. Accordingly, should it continue to climb, I would expect it to turn around in the neighborhood of first level resistance at 0.6793, and never make it to second level resistance at 0.6862, making third level resistance at 0.6926 out of the question for the time being.
 
expiated said:
So yes indeed, USDCHF has turned north for a spell.
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The U.S. dollar-Swiss franc has resumed its southern trajectory now, so my next target is at 0.8853. However, when it hit 0.8915, it reached an extreme support level on my five-minute charts. So, what kind of maneuvers it will have to execute to get down to 0.8853 is something that my forecast models do not detail. (My 60-minute chart had a support level in that same general area [0.8912] as well, but presently, it's looking like the pair is just going to ignore them.)
 
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expiated said:
So, what kind of maneuvers USDCHF will have to execute to get down to 0.8853 is something that my forecast models do not detail.
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USDCHF spent one hour in retreat and then the next two hours trying to catch up (but not yet doing so) with the support lines (which continued to paint on a downward trajectory). At this point, it is essentially back where it was three or four hours ago.

UPDATE: The U.S. dollar-Swiss franc just made a big move that put it back ahead of the longer-term support levels, but sitting right on top of Level I intraday support. (The radical/extreme Level II intraday support is much lower.)

Ha! USDCHF just bounced off intrady Support Level I by more than ten pips. That was almost alarming. However, it's a few minutes later now and the pair has turned right back around and violated the boundary in dramatic style.

And as long as I'm on the topic...USDJPY has plummeted so wildly that it has almost reached intraday Support Level II down at 132.35.
 
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