Why would EURJPY and USDJPY be heading south? I'd say there is little reason other than the four-day price flow currently being bearish. Consequently, rather than enter short positions, I'd be more inclined to wait for price to bounce off their 40-hour temporal support levels and then buy.
Compare & Contrast with Christopher Lewis
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EURJPY is forming a green daily candlestick today after having made contact with the lower band of the 40-day temporal support/resistance channel, which will make it a buy candidate should this bullish daily price flow hold into Friday.
This morning's release of economic data sent USDJPY shooting away from the 40-hour temporal support level before it ever had its opportunity to get there, while it was still 24 pips away.
Today, they bounced.
I cannot get perspective with a one-minute chart. Yet and still, one minute charts rule! And so it is that this week's trading the Tradiac challenge has, I believe, enlightened me as to how to merge what the micro and macro views are saying to me in such a manner as to optimize my efforts.
NO FORECAST(S) FOR NEXT WEEK!
I could type a bunch of stuff about how over half the pairs on my watch list are overall bullish; where their immediate support levels are as well as their more distant and extreme support levels; etc. But, none of that really matters from a practical (day and swing trading) perspective. Well...it kind of does with swing trading. But the thing is, you have to be ready to change direction whenever the 30-minute price flow reverses direction. So, you can stay in your swing positions as long as they continue to stay in sync with the 30- to 120-minute price flow(s). However, if you want to make money every day, you need to be set/prepared/quick to bail as soon as the 30- to 120-minute measures turn sour.
Consequently, I can have a very clear picture as to what I would like to do given the present overall market structure. Yet, what I will do is going to be dictated by price action as it actually unfolds in real time. Therefore, I don't know that I'm going to be making anymore forecasts going forward. Probably not, since it no longer serves as something that provides me with the practice I feel I need to get better at this.
At this point, it's kind of like I know what I know, and I'm not gaining anything more from the exercise. Hence, there's no reason to continue with it.
I could type a bunch of stuff about how over half the pairs on my watch list are overall bullish; where their immediate support levels are as well as their more distant and extreme support levels; etc. But, none of that really matters from a practical (day and swing trading) perspective. Well...it kind of does with swing trading. But the thing is, you have to be ready to change direction whenever the 30-minute price flow reverses direction. So, you can stay in your swing positions as long as they continue to stay in sync with the 30- to 120-minute price flow(s). However, if you want to make money every day, you need to be set/prepared/quick to bail as soon as the 30- to 120-minute measures turn sour.
Consequently, I can have a very clear picture as to what I would like to do given the present overall market structure. Yet, what I will do is going to be dictated by price action as it actually unfolds in real time. Therefore, I don't know that I'm going to be making anymore forecasts going forward. Probably not, since it no longer serves as something that provides me with the practice I feel I need to get better at this.
At this point, it's kind of like I know what I know, and I'm not gaining anything more from the exercise. Hence, there's no reason to continue with it.
You need to make a checklist of the charts you have to check at least daily (most more often than that) so that you don't overlook any. Begin compiling this list below:
- One-minute General Flow on the Scandinavian Capitol platform
- One-minute VOLATILITY TOO HIGH with 60-Minute Price Range
- One-minute SCALP
- 15-Minute THE ARBITER III
- 15-Minute HOURLY TRAIL
- One-hour Daily Trend Pullbacks
- One-hour ONE-DAY PRICE FLOW IS EASY TO SEE with BOUNCE LEVELS
- One-hour Trend with 2-Hour Reversals
- One-day Direction is Easy to See
Questions to ask here...
With respect to the eight-hour and four-hour price flow channels:
- Has anyone pulled back halfway?
- Has anyone pulled back all the way?
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After its extreme climb to the north, AUDUSD looked to be coming back down several times before it really did. So, what was the difference? Well, it REALLY came down when it cleared the 34-minute price range channel at 0.06% deviation AND reentered the two-hour price flow channel at 0.16% deviation.
Moreover, in checking at what point "genuine" reversals were executed by GBPUSD and USDCHF, the same measures were observed to be the validating confirmation signals. So, don't forget to use this information going forward!
ALSO, look for price to be moving away from the corresponding band of the 3½-hour price flow channel at 0.40% deviation.