Compare & Contrast with Christopher Lewis

I just transferred the measures I use to identify market tops and bottoms (from an investing standpoint) on USA indices to my Forex charts using USDJPY, and it just so happened that they suggest to me that the climb which began on January 4, 2021 and ended on November 6, 2022 is poised to resume during the rest of this year (at least for the [un-?] foreseeable future).

However, given that I don't do this type of trading, I will probably forget all about this forecast unless I happen to stumble across this post again sometime later this year.



If I do, it will be interesting (to me) to see if this prognostication turns out to be right or wrong.

 

Based on market structure, the best trade prospect from among the ten currency pairs I follow is currently a long play with EURJPY...

 

At 5:22 PM Pacific Time I bailed on my long position due to the hourly measures turning bearish. If they reverse course I will re-evaluate the situation, but for the time being, my bullish aspirations with respect to EURJPY are off.

 

At 5:52 PM Pacific Time EURJPY turned north, but I as of course out of the trade by 30 minutes. Was that a mistake? No...the signs demanded it, but if I were around at 5:52 (I was eating dinner) I would have considered going long a second time at 146.78, and taking profit at 147.10.

 

AUDJPY and GBPJPY look like they're making concerted efforts to push north, with AUDJPY looking like an attractive buy candidate IF it pulls back a little first.

AUDUSD looks as if it might be initiating a full-fledged reversal north after taking a short-lived jaunt southward for a single day.

The most promising pairs NOW look to be USDCHF and USDCAD (which are both headed north within a four-hour context) given that both of them are pulling back at the moment and both are either relatively or very bullish.

 

CORRECTION: It was the four-hour measures I was looking at that turned bearish.

 

CORRECTION: It was the eight-hour measures I was looking at that turned bearish.

 

EURJPY has ultimately delivered on its implication that a long position would offer the opportunity to reap a profit, even though its eight-hour price flow turned bearish, and remains so...

 

So far, AUDJPY and GBPJPY are following through on the suggestion they might be pushing north...

 

The two pairs mentioned above are still sporting bullish eight-hour (NOT four-hours, that was a misstatement) price flows. However, the couple seem determined to pull back all the way to their "statistical" support levels. Hopefully, that will be as far as they go, and they won't ultimately opt to maneuver full-fledged reversals... but time will tell.