Duxon's Archive

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I just configured a daily chart with the weekly price range, which translates to the five-day trend, and generates an envelope that essentially does the same thing as the four-day price range envelope.

I've now configured an hourly chart with the weekly price range. The resulting perspective follows...

Potential launching pads (entry levels) for "guaranteed" profitable trades unfold where you have a confluence of the 24-hour price range (at 0.40% deviation), the 6-hour price range (at 0.34% deviation), and/or the 10-day temporal support or resistance level, as appropriate. Of course, if candlesticks are painting on the half of the weekly price range that is away from the direction in which the envelope is sloping, you should anticipate that you will eventually witness a correction (i.e., another opportunity to make a profitable trade).

Position entries are triggered by a reversal in the 6-hour baseline. Potential take-profit targets and position exit levels are suggested by the 4- and 9-hour temporal support/resistance levels in conjunction with the hourly instantaneous moving average (the 1-hour baseline).

(If ever price/candlesticks defy the 24-hour price range at 0.40% deviation, you can be pretty sure you are looking at a trending market with monster momentum.)

 

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I've now configured an hourly chart with the weekly price range. The resulting perspective follows...

Regarding the best time to execute intraday, guerrilla or ICT trades using the weekly price range configuration, I suspect it would be when candlesticks make contact with the side of the 4- and/or 9-hour temporal support/resistance channel(s) that is opposite the slope of the 6- and 24-hour baselines when these latter two measures are aligned/in agreement with one another.

 

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I've now configured an hourly chart with the weekly price range. The resulting perspective follows...

I've now configured a five-minute chart with the weekly price range. The resulting perspective follows...

The 6-hour measure lags too much to use it for direction at this level, though using its price range envelope at 0.34% deviation continues to make a lot of sense, especially in terms of gauging where to set stop losses. Again, other important price ranges include the 24-hour price range envelope at 0.40% deviation; along with the 4-hour, 9-hour, and 10-day temporal support/resistance levels (with the first two constituting logical take-profit targets, and suggesting where to exit positions with profit in conjunction with the 60-minute baseline).

For the general (intraday) direction however, look to the three-hour baseline aided by the one- and two-hour baselines in terms of their positional relationships with this measure. There is no need to drop down to the 20- and/or 40-minute baselines, as it turns out, because you will be entering and exiting positions based on price structure and not on the basis of the short(er)-term trends.

The last price range that needs to be mentioned is the two-hour price range envelope at 0.23% deviation, which also closely tracks the general flow of the intraday trend and does an unparalleled job in terms of defining the behavior and limitations of price action at the intraday level (so that it too can be used as a valuable tool for gauging where to set stop losses).

 

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Again, other important price ranges include the 24-hour price range envelope at 0.40% deviation; along with the 4-hour, 9-hour, and 10-day temporal support/resistance levels.

I think I will probably end up adding the 60-hour (2½ days) temporal support/resistance level to this list.

 

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Sunday / July 4, 2021 (Independence Day) / 3:45 PM PST

Regarding the best time to execute intraday, guerrilla or ICT trades using the weekly price range configuration, I suspect it would be when candlesticks make contact with the side of the 4- and/or 9-hour temporal support/resistance channel(s) that is opposite the slope of the 6- and 24-hour baselines when these latter two measures are aligned/in agreement with one another.

Regarding the best time to execute pseudo-swing trades using the weekly price range configuration, I suspect it would be when price is reversing direction to initiate a new push/leg in the direction of the five-day trend after having just been rejected at support or resistance in the form of a confluence of the outer edge of the 24-hour price range; the 2½-day (60-hour) temporal support or resistance level, as appropriate; and/or the 10-day temporal support or resistance level, as appropriate...

This seems to occur, on average, about once every one or two weeks (see above image).

 

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Regarding the best time to execute intraday, guerrilla or ICT trades using the weekly price range configuration on a one-hour chart, I suspect it would be when price is rejected after candlesticks have made contact with the side of the 4- and/or 9-hour temporal support/resistance channel(s) that is opposite the slope of the 6- and 24-hour baselines, as confirmed by the 5-hour baseline, when the 6- and 24-hour measures are aligned/in agreement with one another.

 

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Monday / July 5, 2021 / 7:15 AM PST

So then, reversals in the intraday trend are evidenced by a change in the trajectory of the five-hour baseline accompanied by fresh headway being made with respect to the nine-hour temporal support or resistance level, as appropriate.

 

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So then, reversals in the intraday trend are evidenced by a change in the trajectory of the five-hour baseline accompanied by fresh headway being made with respect to the nine-hour temporal support or resistance level, as appropriate.

Confirm this with the 7-hour baseline "smoothed."

 

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Always check whether candlesticks are painting on the "wrong" side of a sloping two-day and/or five-day price range envelope to recognize in which direction price is ultimately likely to be drawn.

 

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MILESTONE
Tuesday / July 6, 2020 / 8:00 AM PST

Today I made my first 0.03 lots sized trade (AUDUSD), which marks a new day for me personally. I got off to a bad start this 24-hour market cycle with three losers in a row, but it taught me that I need to use something I coded which I call the "seven-hour baseline smoothed" as a confirmation signal and that I should also add another couple of my proprietary indicators to my main charts—lessons that were well worth learning...

Even though I started off on the wrong foot (-$13.43 in the hole), I was able to finish this round of Forex trading sessions with the greatest single day gain I've managed since I began trading a traditional foreign exchange brokerage account in 2015... so of course, I hope that this is just a harbinger of things to come, God willing.