South Winds, Red Skies & Clouds in the West
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PG came to within 0.05 of hitting the 93.10 target, but just couldn't manage it. BABA came the closest to opting to turn north by Monday's closing bell, but none of the other three equities—BABA included—ever got around to actually committing to it.
The behavior of PG still looks favorable, even with today's setback. The numbers also looked good for BABA at the open, but two hours later they turned negative. This tells me that those numbers are unreliable and I need to turn to some less volatile measures (or measure).
That being said, interpreting FB using the less volatile "signals" suggests it is at a decision point. If it heads higher from the 163.86 level, I'll have the go ahead to enter a long position. However, BABA, FSLR and RACE are not even close to making the turn.
AUDNZD: It looks like the overall day-to-day trend is trying to turn bullish—just observe for the time being.
AUDJPY: The overall day-to-day trend appears to have just turned bearish.
AUDUSD: The overall day-to-day trend remains bearish.
EURUSD: The pair is slightly bearish overall day-to-day, but generally speaking it is essentially neutral.
EURJPY: The overall day-to-day trend appears to have just turned bearish.
EURGBP: The overall day-to-day trend might be trying to turn bullish. The pair is essentially neutral at the moment—just observe for the time being.
GBPJPY: The overall day-to-day trend might be trying to turn bearish. The pair is essentially neutral at the moment—just observe for the time being.
GBPUSD: The overall day-to-day trend appears to have just turned bearish.
USDCAD: Remains bullish
USDCHF: Remains bullish
USDJPY: Remains bullish
As a little experiment with trading off of one-minute charts, I've made the following trades based on the overall day-to-day trend and the one-minute chart structures.
Metatrader doesn't fill your order. Your broker does.
I'm using Ally Invest Forex for this experiment. I hope I don't have the same problems when I go to my live account (which is with OANDA).
AUDUSD and USDCAD did just fine, but not so with the yen pairs. AUDJPY stopped me out (even though price came nowhere near my stop loss). As for EURJPY, it's simply refusing to cooperate. In fact it just now stopped me out as well.
I even moved up my take-profit target in that the zigzag seesawing motion of price (in this time frame) was suggesting to me that looking for more than ten pips on a short-term basis was being a bit ambitious, but to no avail.
I was still unable to lock in any profit before price turned against me.
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Because of the seesawing zigzag nature of Forex price action, I can sometimes reap five to ten pip gains off the same currency pair two or three times in a row. I was hoping to do so with AUDJPY (which "stole" from me earlier) and AUDUSD in that they were setting up for it, but I had to go out for dinner and their southbound reversals came while I was gone.
The reversals signaled by EURJPY and USDCAD are not as "pure," but I'm hoping I have enough factors in my favor for them to do alright as well (even though the spread on USDCAD was pretty bad).
The reversals signaled by EURJPY and USDCAD are not as "pure," but I'm hoping I have enough factors in my favor for them to do alright as well (even though the spread on USDCAD was pretty bad).