However, given its current bullish sentiment, at 0.8947 EURGBP is in a pretty good position for an intraday long play as soon as an upward push in the hourly trend is confirmed by a corresponding hook in the trigger line. (Target would be 10-20 pips of profit.)
South Winds, Red Skies & Clouds in the West
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My forecast model indicates that overall, USDCHF is still bearish. Moreover, the numbers are telling me that this is a good spot to get out with what I’ve got—that statistically speaking, the pair ought to be running into a zone of resistance right about now, so I’m going to adjust my take-profit target accordingly, here at the 0.9824 level.
EURAUD has been moving on up since the end of February 2017, but it has also been more-or-less range bound since about April of last year (2018). Nonetheless, the math suggested that, statistically speaking, I should not be surprised to see it encounter an initial taste of support at the 1.6137 level. So, when it seemed to respond to the numbers, I entered a long position. However, this was an aggressive move in that I did not yet have permission to do so as granted by a bona fide reversal in the day-to-day trend.
AUDUSD made a big move today, but will it follow through? It failed to do so three or four days ago.
My plan is to enter a long position at the start of next week.
Note that on Monday of this week I entered a long position without permission to do so as granted by a bona fide reversal in the day-to-day trend (Post #253) and had to abandon the position as a result. But with price action from yesterday and today, that permission has now been granted, so I will be curious to see how things develop throughout the rest of next week and going forward.
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NZDUSD made a big move today, so big in fact that I wouldn't be surprised to see it pull back a little.
The pullback lasted only about 16 hours. Then the pair continued its trip south.
So from 1.6073, EURAUD is now at 1.6181, a little bit over a 100-pip climb. This is my last post on its progress though, since I no longer wish to type regular entries about my trades. But suffice it to say I am thankful for the possible insights the Lord has privileged me to experience these last two weeks.
Not so this time. AUDUSD is now down to 0.6927 and still falling.
USDCHF is only 4 pips higher than it was when I posted the above entry at the end of last week. Nonetheless, it still has yet to register a signal on my charts that it is actually ready to resume the overall decline it began at the end of April/beginning of May.