By the time I woke up at 5:45 a.m. this morning, GBPJPY had stopped out, and USDCHF was back online...
My goodness. After 5 years, he is still comparing and contrasting with Christopher Lewis. One year is more than enough for you to confirm whether Christophere Lewis is a snake oil seller or not. He will continue to Compare and Contrast for the next 5 decades.
DAILY ROUTING (THUS FAR): Check the weekly charts ("weekly price range" configuration) to see if any of rate is above or below the projected weekly price range. (This does not mean that a reversal is imminent, but it might mean that a dramatic reversal could occur if stimulated by related economic data.) View the daily charts ("wrong half of the channel" configuration) to see if any of the currency pairs is evidencing a hook (reversal) at the top or bottom of the six-day or 12-day price range. (If the reversal follows through, it could mean several days of a committed/continued trend.) Refer to the daily charts ("projected day ranges" configuration) to see if any rates have climbed above or crawled below the projected daily price range and to form an impression as to the direction in which each asset is currently headed from a day-to-day perspective. Typical Intraday Entry Levels: Upper or lower band of the 10-minute price range envelope at 0.04% deviation 24-minute temporal support or resistance level Two-hour temporal support or resistance level Typical Intraday Exit Levels: When the four-minute baseline begins to hook back toward the entry level At the two-hour temporal support or resistance level At the upper or lower band of the 34-minute price range envelope at 0.14% deviation Ideally, you should trade in the direction of the six-minute price flow; when it is headed in the same direction as the 20- (or 23-) minute price flow; when it is headed in the same direction as the 34-minute price flow; when it is headed in the same direction as the 56-minute price flow.
At 1.2076 GBPUSD is now a candidate for an eight-hour baseline errant son trade, except it's not clear as to whether the eight-hour price flow has turned neutral or still remains bearish. USDCHF has essentially made zero progress in the last nine hours, suggesting to me that it might eventually succumb to the bullish eight-hour price flow and resume heading north. However, it could theoretically drop all the way down to cross the midpoint of the eight-hour price range envelope somewhere around 0.9463, setting up for a much more attractive eight-hour baseline errant son long position. The eight- and two-hour price flows both still remain bearish with respect to EURGBP. Accordingly, if the rate rises to the top of the two-hour price range channel, I will seriously consider shorting the pair.
USDCAD has two- and four-hour baselines that have both recently turned bearish (within the last five hours). So, is this just the beginning of a new push/leg south?
Theoretically, the U.S. dollar-Canadian loonie could continue its descent for quite some time. But, seeing as how the rate just made contact with 2-hour temporal support, I'm going to pocket my gains here at $13.00. Whoops! Now it's only $12.00. What makes for a successful trade? If you drill down, you'll find that usually they are preceded by a bounce off one of the key temporal support/resistance levels. That's why entering positions based solely on consultation with a one-hour chart (or higher) is, for me personally, not very smart.
What makes for a successful trade? If you drill down, you'll find that usually they are preceded by a bounce off one of the key temporal support/resistance levels. That's why entering positions based solely on consultation with a one-hour chart (or higher) is, for me personally, not very smart. They also often follow rebounds off the upper or lower band of the two-hour price range envelope at 0.30% or 0.46% deviation.
USDJPY is in the upper region of the eight-hour price range. But, the range is very bullish. Also, after reversing downward following a very bullish run, two-hour price-flow looks like it is trying to swing upward again. And finally, the rate appears to be rebounding off the two-hour temporal support level. It therefore makes sense to buy the pair, but immediately abandon the position if the asset turns south to extend two-hour temporal support downward.
TUESDAY | AUGUST 16, 2022 | 7:00 PM PST My impression of who is rising, falling or neutral, generally speaking, day to day: My impression of who is rising... EURJPY GBPJPY GBPUSD USDCHF USDJPY My impression of who is falling... AUDUSD EURGBP My impression of who is neutral... AUDJPY EURUSD USDCAD (or might be slightly bearish)
It's time to throw out old chart configurations if they have become "outdated," or to provide directions for myself as to what I'm supposed to do with those I judge worth keeping. I'm going to start with the "60-minute 24-hour envelope" setup. DIRECTIONS: Glance quickly at these graphs to so see if there are any candlesticks painting beyond the 24-hour price range at 0.80% deviation, 1.05% deviation or beyond. (I just noticed this setup is in your Hugo's Way profiles, not your OANDA profiles). The sole purpose for this structure is to enter positions when rates begin to turn back toward the 24-hour baseline, as suggested by the four-hour baseline and CONFIRMED by the six-hour baseline. AUDUSD is at these levels right now, but is making no move toward the central tendency. EURUSD is also at these levels. However, it IS beginning to form the bottom of a bowl. Moreover, it is in the lower region of the two-day price range, so go ahead and purchase a Nadex knock-out "call contract" to see what happens. UPDATE: I was going to cash in on on USDCAD at $6.00, but took too long finishing up the things I was doing in connection with the above comments... I did this (exited with $4.00 profit) because the pair looked to be going nowhere. My doing so could have been a mistake. To find out, I will need to go back to see why I sold the pair in the first place, given that I don't recall the reason(s). Yikes! I just checked (the pair has bearish two- and four-hour baselines), and in Post #296 I wrote that I was exiting this position with $12.00 profit. I guess I neglected to actually send in the order!!! Foolish me.