To evaluate market conditions with global bias in mind, I was continually switching back and forth between daily charts and 60-minute charts, which I found to be a bit tedious. Consequently, I just modified my one-hour charts to include the global bias.
I have also added standard stop loss and take-profit target levels that are automatically plotted on the chart mathematically.
Based on these modifications, AUDJPY, which has a bearish global bias, looks to be considering a reversal south. However, before buying the pair, I would need for it to crawl below my confirmation trendline, currently located at 81.04, or at the very least, below my stop loss at 81.18. To enter a long position, I would need for a candlestick to open and close north of all my intraday trendlines.
AUDUSD has a bearish global bias. The intraday trend is bearish, with the rate having hit the lower stop loss, so I am likely to enter a short position if and when a candlestick opens and closes south of my confirmation trendline.
CADJPY has a bullish global bias. Its current structure justifies entering a long position with a take-profit target somewhere in the area of 86.55 and a stop loss of 85.92.
EURGBP has a bearish global bias. However, it was scraping the bottom of the daily price range when it hit 0.8755, so its current location is within the lower region of the universal spectrum. To enter a long position, I would need for a candlestick to open and close north of my confirmation trendline, currently located at 0.8797 and falling. I’m not much interested in entering a short position, but that would be an option if a candlestick opens and closes south of all my intraday trendlines.
EURAUD’s global bias reversed from bullish to bearish just within the last two days. Its situation is similar to that of EURGBP. I would consider entering a long position if the rate climbs above my confirmation trendline, currently located at 1.5856 and falling.
The global bias is relatively neutral for EURJPY. The day-to-day trend is currently bullish, so one could justify entering a long position with a stop loss of 128.52 and a take-profit target of 129.39.
The global bias is slightly bearish for EURUSD but is also arguably overall neutral. The intraday trendlines are currently conflicting with one another, but I would be inclined to enter a long position if and when the rate opens and closes a candlestick north of them all, with a take-profit target up around 1.1450 to 1.1460.
The global bias of GBPJPY is bullish. Several intraday trendlines are verging at the moment, so the next move to make depends on what happens next.
GBPUSD has a relatively neutral global bias. I would be inclined to enter a long position if and when a candlestick opens and closes north of all my intraday trendlines with a take-profit target of 1.3047.
The global bias of NZDJPY is bearish with respect to September, but relatively neutral for the month of October. The rate is currently located in a region of horizontal resistance, so I would be inclined to enter a short position if candlesticks begin forming below 75.02, with my stop loss at 75.51. (Currently, the most recent calculated level of statistical support is all the way down at 73.58.)
NZDUSD has a bearish global bias. Since candlesticks are already forming below the short-term intraday trendlines, one could argue in favor of entering a short position. However, such a move has not yet been validated by my confirmation trendline. The automatic stop loss for a short position has been plotted at 0.6691.
The global bias for USDCAD is relatively neutral. The rate is currently located in the center of a price range that keeps oscillating back and forth, so I was going to skip this pair. But on second glance, I would consider entering a short position if a candlestick opens and closes south of all my intraday trendlines, with the stop loss at 1.3129, and a conservative take-profit target of 1.3069
USDCHF’s global bias turned bullish about eleven days ago. Statistical resistance is somewhere up around 1.0081, which is what I would use for a take profit target. My stop loss would be at the most recent local low, at approximately 0.9967.
USDJPY has a bullish global bias. However, I would like to see the rate fall below or near 112.83 before entering a long position.
