No, AUDJPY was NOT higher 12 hours later. However, here is a strategy I tested this morning that DOES work...
Compare & Contrast with Christopher Lewis
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The four-hour chart below shows when and where AUDUSD ran into the first, the second, and the third and final statistical support levels as calculated by Numerical Price Prediction, and where it was finally successful at maneuvering a reversal after breaching the most extreme level, prompting me to enter a long position about six hours ago...
Not only AUDUSD, but the other three positions I entered during the current 24-hour market cycle (AUDJPY, USDCAD and USDCHF) followed through on the reversals they appeared to be initiating as well, leading to four positive outcomes in my NADEX demo account...
Not only AUDUSD, but the other three positions I entered during the current 24-hour market cycle (AUDJPY, USDCAD and USDCHF) followed through on the reversals they appeared to be initiating as well, leading to four positive outcomes in my NADEX demo account...
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Sunday | May 28, 2023
As noted in my 1.8% daily ROI over 220 days thread, I am likely to rely exclusively on just two techniques for entering NADEX knock-out positions going forward. I will refer to the longer-term tactic as Strategy 1 and the shorter-term tactic as Strategy 2.
As I prepared to type my forecast for the start of this week, it occurred to me that this would not be necessary for Strategy 1 in that the setups I ought to be waiting on are obvious just by glancing at the charts.
As for Strategy 2, the markets are too dynamic to make plans in advance. There is no real pattern to its structure, so it's impossible to anticipate when these setups might occur. Traders simply have to be prepared to take advantage of these opportunities on the spur of the moment, as they unfold.
As noted in my 1.8% daily ROI over 220 days thread, I am likely to rely exclusively on just two techniques for entering NADEX knock-out positions going forward. I will refer to the longer-term tactic as Strategy 1 and the shorter-term tactic as Strategy 2.
As I prepared to type my forecast for the start of this week, it occurred to me that this would not be necessary for Strategy 1 in that the setups I ought to be waiting on are obvious just by glancing at the charts.
As for Strategy 2, the markets are too dynamic to make plans in advance. There is no real pattern to its structure, so it's impossible to anticipate when these setups might occur. Traders simply have to be prepared to take advantage of these opportunities on the spur of the moment, as they unfold.
Though this long AUDUSD position resulted in a nice profit, the Strategy 1 (cited in the previous post) Forecast Model suggests that the pair is not yet bullish. Consequently, it is still a sell candidate anywhere between where it is now at 0.6516 up to 0.6535, or even up to the extreme of 0.6558. However, if it manages to climb THAT high, it will need to be monitored carefully in that this could be an indication that the pair HAS initiated the beginning of a fully-fledged reversal north.
NOTE: Remember, no trading on Monday due to Memorial Day.
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I'm getting conflicting signals, with some saying that yes, AUDUSD is in the process of forming a valley (or the bottom of a bowl) with the longer-term moving averages. Consequently, I'm going to look to exit my short position here, pocketing just seven pips profit (approximately) due to the fact that where price is presently located is at the base of the first (of two) one-hour price range support levels...
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Strategy II, the one pictured in this example from another thread...
...suggests that I now buy AUDUSD at 0.6531, seeing as how it looks to be bouncing off the hourly support level.
On top of this, the eight-hour measures are now bullish, as is the four-hour baseline, and candlesticks have crossed above the three alternative 24-hour moving averages. Add to this the fact that on Friday, the rate was finally rejected by the lowest level of the four-day price range envelope(s), and one has more than enough justification for entering a long position.
However, because the four-day price flow is now bearish, I'm not counting on price rising as high as I might have hoped if this measure were still neutral, and I need to be prepared to lock in whatever gains I realize, if any, in a timely manner.
UPDATE: It's time to go beddy-bye, so I'm going to cash out here with another 12 pips worth of profit...
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I THINK the contracts that are trading on Sunday will continue to trade until eight o'clock Monday morning.
When I went back online at 4:00 PM PDT, NADEX had resumed full service. This USDJPY long position was entered based on Strategy #1...
As was EURJPY...
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AUDUSD
Sunday | June 4, 2023 | 6:00 PM PDT
The four-day price flow is still bearish, but the two-day flow looks like it's trying to turn north and the 24-hour baseline is already bullish (along with the eight-hour measure, though it has lost much/most of its momentum).
This suggests that I should buy the pair if and when the 60- and 120-minute baselines begin hooking upward. But, I need to be extremely cautious! For as long as the five-hour baseline remains bearish (and/or if the eight-hour measures turn south) I would need to be prepared to turn right around and sell the pair if it reverses direction upon running into resistance at around 0.6626.
EURUSD
Sunday | June 4, 2023 | 6:15 PM PDT
Everything about this asset is bearish except for the 24-hour price range envelope, which is bullish. But this observation, along with fact that price is headed for the base of the channel, recommends the possibility of buying the pair if and when the one- and two-hour baselines turn north, especially once they cross above the five-hour moving average.
Sunday | June 4, 2023 | 6:00 PM PDT
The four-day price flow is still bearish, but the two-day flow looks like it's trying to turn north and the 24-hour baseline is already bullish (along with the eight-hour measure, though it has lost much/most of its momentum).
This suggests that I should buy the pair if and when the 60- and 120-minute baselines begin hooking upward. But, I need to be extremely cautious! For as long as the five-hour baseline remains bearish (and/or if the eight-hour measures turn south) I would need to be prepared to turn right around and sell the pair if it reverses direction upon running into resistance at around 0.6626.
EURUSD
Sunday | June 4, 2023 | 6:15 PM PDT
Everything about this asset is bearish except for the 24-hour price range envelope, which is bullish. But this observation, along with fact that price is headed for the base of the channel, recommends the possibility of buying the pair if and when the one- and two-hour baselines turn north, especially once they cross above the five-hour moving average.
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Since I have no idea how many hours AUDUSD will continue to climb before turning around (if it even decides to turn around) and given that I don't intend to sit by my laptop all night, I'm going to try capitalizing off the initial stage of an ascent via the back end of a two-hour binary call option...