For example, today EURJPY's price action switched from the upper half of the eight-hour price range to the bottom. So, this alerts you to the possibility that the day-to-day trend, which turned bullish on March 27th, just might be considering a transition to a bearish day-to-day trajectory now.
FINAL GUIDELINES FOR INTRADAY TRADING: Generally speaking, you're looking to trade in in the direction of the slope of the cadet blue 43-minute price range envelope and the zebra 30-minute baseline. This can be overruled however by the more immediate dark-slate-gray 16-minute price range envelop, the olive green 7-minute price range envelope, and the two-minute measures. When conditions are volatile, watch for reversals at the upper or lower band of the cadet blue 43-minute price range envelope at 0.17% deviation, or in extreme cases, 0.35% deviation. Otherwise, expect them to occur at the upper or lower band of the dark-slate-gray 16-minute price range envelop at 0.08% deviation. Be careful, however! When candlesticks reach such levels, it COULD be an indication that the immediate trend is reversing direction, so do not act until the maneuver is CONFIRMED as a bona fide reversal by two-minute price action crossing back over the bold black 16-minute baseline. Exit positions when the olive green 7-minute price range envelope turns against the direction of the trade. This will also be reflected by two-minute price action. (Another possible entry point is when two-minute price action reverses direction from a course opposed to the slope of the olive green 7-minute price range envelope to a trajectory that is aligned with it, as signaled by candlesticks crossing over the corresponding baselines.) These are the "final" directions for intraday trading, to be tested and validated on Sunday, April 2, 2023 given that we go into full-scale operation on Monday.
EURJPY is essentially the same scenario as AUDJPY. The same for USDJPY, except that the eight-hour baseline is still bullish (sloping upward) and candlesticks have NOT made contact with a lower band of the eight-hour price range envelope(s), making this pair a stronger candidate for entering a long position if and when the hourly trend turns north--especially after it is confirmed by a reversal in the two-hour price range envelope as well. EURUSD is the same as AUDJPY except that the one-hour trend is not showing any hint of reversing north yet. Consequently, everything about this pair (other than the fact it is riding two- and four-hour support downward) says to sell this pair and remain in a short position until and unless the hourly trend changes its disposition. USDCHF spent the last three hours testing the two-hour price range resistance level, but everything else about the pair is neutral. Consequently, it is NOT a good trade candidate at the moment. You could argue that the eight-hour measures are currently neutral, but other than that, everything about this pair (which has been falling for the last five days) is decidedly bearish.
This is from the "Focus on Entries" configuration. When you have opportunity, evaluate how this compares and contrasts with the guidelines outlined in Post #494. It's a simple tactic. At the micro level, if the olive green moving average envelope is bearish, you want to enter short positions when candlesticks are painting above it. If the channel is bullish, you want to enter long positions when candlesticks are painting below it. However, this measure is extremely unstable, so you might want to use the consensus opinion of the gold, yellow-green and white "threefold cord" to help you discern if the envelope is genuinely making progress up or down. (If sloping sharply, there might be times when it makes since to enter positions at the midpoint of the channel rather than the envelope's exterior.) (Take profit when candles begin to reverse direction on the opposite side of the envelope.)
At the macro level, enter positions in the direction of the slope of the red moving average (as confirmed by the positional relationship of the dotted green moving average) doing so following pullbacks to the far side of the dark green simple moving average envelope (as price action crosses below the "threefold cord.") Take profit BEFORE price crosses back over "the cord." (Again, compare and contrast this tactic with the guidelines outlined in Post #494 as soon as you have opportunity.)
COMPARE & CONTRAST... Post #494 to Posts #496 and #497 The cadet blue 43-minute price range envelope in the first post is about 18 minutes faster than the dark green simple moving average envelope in the subsequent post and its corresponding dotted baseline; and the gold cord in the subsequent post takes the place of the zebra 30-minute baseline in the previous. This means the original configuration was looking to a slower measure for "actionable" direction, and was looking at price action from only one perspective. The entry in Post #494 did however state that the 43- and 30-minute price flow "can be overruled...by the more immediate dark-slate-gray 16-minute price range envelop, the olive green 7-minute price range envelope, and the two-minute measures." But... that's ALL is said. Whereas, the micro level description in Post #496 explains WHAT TO DO when opting to go with the 7- to 16-minute price flow rather than the 30- to 43-minute measures. (It also hints at there being enhanced trade opportunities when the two flows are in sync.) Moreover, the dark-slate-gray 16-minute price range envelop happens to frequently coincide with pullbacks occurring "before price action crosses below the threefold cord" at the macro level, even when such pullbacks do NOT unfold on the far side of the dark green simple moving average envelope. Accordingly, it suggests a greater number of legitimate trade opportunities, like the two indicated below, which were NOT highlighted by the original configuration in Post #494. In terms of the macro level, I've also added the two-hour price range envelope (not included in Post #497) and merged the two configurations to provide me with a more comprehensive chart in terms of highlighting possible trade opportunities and pointing out possible reversal (statistical support/resistance) levels.
This pair was a strong buy candidate, but given that it opened about 48 pips above the close, it will need to be reevaluated. All the other yen pairs opened well above the close as well.
USDCAD This pair is still looking at bearish 40-, 60- and 120-minute price flows, so I'll be waiting to see how much higher it can climb above 1.3512 for an opportunity to short the pair. UPDATE: The trigger signal sounded at 1:36 AM Moscow Standard Time (MSK), when price was at 1.3507. According to the fused chart configuration mentioned above, I should be looking to take profit anywhere in the neighborhood of 1.3492.