Almost everything about AUDUSD looked bearish, and it seemed to be bouncing off eight-hour temporal resistance, so I entered a short position by purchasing a Nadex Knock-out up when the pair formed a red candlestick four candles back... I'm going to go ahead and lock in my profit (pocket my gains) here, now that the pair is losing steam...
EIGHT-HOUR, TWO-HOUR, 30-MINUTE BIAS OVERLAP FORECAST | Sunday, June 26, 2022 Buy every pair on your watch list on the "touch-and-go" except for GBPUSD, USDCAD, and USDCHF. Sell USDCHF on the touch-and-go.
Monday | July 11, 2022 | 10:30 AM PST COMPARING AND CONTRASTING Friday's forecast with what actually unfolded on Sunday and Monday... At the start of the week, the eight-hour temporal support level for USDCHF dropped down 7 pips from 0.9756 to 0.9749. But from there, the resistance level held, with the rate climbing as high as 0.9842, a maximum potential profit well of about 86 pips. AUDJPY spent the first five hours of the week climbing to a maximum profit level of about 93.68 before beginning to fall. By hour ten the two-hour baseline was bearish and the rate continued to drop for another eight hours before bottoming out at 92.30, at which point, even the eight-hour baseline began to turn bearish. Interesting... When I visited my hourly charts, AUDUSD's weekly trend looked so bearish that I also noted the eight-hour temporal resistance level as a potentially good spot to short the pair. The fact that I did this hints as interpretation skills that are not too shabby, given that resistance dropped down to meet price, at which point, the pair headed south, NOT north, almost down to the weekly support level, for a maximum NADEX Knock-out profit of 80 to 90 pips. GBPUSD was in a similar situation. GBPJPY is looking at an eight-hour baseline and weekly price flow that are in conflict. You typed that you were looking to sell USDCAD, but what you DIDN'T type was that it was already sitting on the eight-hour temporal support level, meaning it would need to rise FIRST before being properly structured for entering a short position. However, the eight-hour temporal resistance level didn't hold, and has been pushed all the way up to 1.3050. This resulted in an eight-hour baseline that is now neutral, so that I am currently looking to neither buy nor sell this pair. USDJPY not only rose as anticipated, but did so by more than a hundred pips!
Sunday | July 17, 2022 | 10:45 AM PST Based on my interpretation of Friday's market conditions, the three currency pairs mentioned below are what I consider to be the best picks for the start of this week. I'm recording them here so I can compare and contrast them later on with what actually transpires, which ought to help keep me in check from fooling myself into believing I've developed a legitimate system for trading financial instruments when, if fact, I have not: Due to structure, I expect to see EURGBP continue climbing from 0.8495, even though its overall bias is either neutral or lightly bearish. EURJPY is bullish overall, so I have an even greater expectation to ultimately see it rise from 139.70. USDCHF appears to be rolling over. And since it is bearish overall, I wouldn't be surprised to see it continue to fall from 0.9759.
EURGBP has started this week off bearish on all counts. However, the structure observed on the Friday's daily chart has not yet confirmed a reversal south, so the call for the pair to eventually begin climbing still stands.
The time to cash in on this short position was back when it was around 0.9735, for a maximum potential gain of approximately 24 pips.
EURGBP is beginning to show signs of preferring a southbound direction. It hasn't been confirmed yet, but to minimize possible losses, it I were long, I would get out now.
At the point that EURJPY dropped back down to 140.44 yesterday, it had turned bearish. If profits were not already pocketed by then, that was the time to do so.
ANECDOTAL OBSERVATION: AUDUSD is in the upper region of its weekly price range, which, by at least one set of measures, still has a bearish overall price flow. This makes it a prime candidate for executing a descent at any moment, so let me keep an eye out for opportunities to short the pair sometime within the next few days. Other pairs near the top of the weekly price range include: AUDJPY, EURJPY, EURUSD, GBPJPY and GBPUSD