My plan for this week is to switch from one-minute charts to 15-minute charts and execute more of a pseudo-swing style of trading where I should (theoretically) be in certain positions for up to eight hours or more...
The floor for the USDJPY NADEX Knock-Out I purchased in connection with this forecast is at 143.60 and the ceiling is 144.35. Obviously, I would love to see the latter hit before the former. (I'm no longer using Coinexx for my commodity charts, and was unable to find a free service to my liking, so I've ended up paying Trading View on a monthly basis in that they were the first outfit I found where it was easy to sign up and the charts they offered were at least halfway decent in terms of my preferences.)
After offering me $9 of profit (per contract), the US dollar-Japanese yen dropped all the way down to within less than a pip of stopping me out. So when I woke up this morning, I lowered my target to 144.11 and settled for a modest seven bucks. I can easily equal that by waiting for day trading opportunities where price pulls back to the contrarian side of the short-term trend, which is what I will spend the rest of the morning doing.
USDJPY's intraday price flow has become decidedly bullish, so when its short-term trend turned north again I purchased a NADEX Knock-Out call contract with a target of 144.44.
GBPJPY's primary, secondary and tertiary support/resistance levels. (I will be looking to short this pair sometime this week.)
In recalibrating my Forex trade alert signal for next week, I evaluated whether I should base it on the slope of a moving average or on a moving average crossover, and after see the two versions sided by side, I think I prefer the latter...
Even so, next week I want you to try out this five-minute-chart trade alert indicator instead. I'm pretty sure it's going to reward you with substantially greater returns than the one-minute-chart chart signals above...
So, here is Test Trade #1. Unfortunately, I had to enter this position prematurely because, though the structure looks good, the fact that I'm going to bed right now and am unwilling to wait around for who knows how long meant I had to execute the trade before actually getting the go ahead from the as yet still pending trigger signal. Accordingly, I can't really expect the statistical probability that the odds of my seeing a positive outcome are at this point in my favor, and should therefore not be surprised if this ultimately turns out to be a losing trade.