Since AUDUSD appears to be bouncing off statistical support offered in the form of the base of the four-day price flow envelope, it has plenty of room up above to keep climbing...but will it do so?
Thankfully, yes, it did. So, I think I'll go ahead and lock in my profits here, at about 30 pips, before any of the morning's economic news starts to be released, possibly resulting in the market eating away at some of my gains. Remember to come back shortly after 8:00 AM...
Assess the profitability (the percentage of times executing a trade would have lead to a positive outcome) if positions were entered at the following levels using the "One-day Direction Is Easy to See" chart configuration… When the daily candlestick closes on the "far/wrong" side of the slope of the proprietary five-day baseline When price makes contact with the six-day temporal support or resistance level, as appropriate, on the "far/wrong" side of the slope of the proprietary five-day baseline When the upper or lower band of the projected day range envelope makes contact with the six-day temporal support or resistance level, as appropriate, on the "far/wrong" side of the slope of the proprietary five-day baseline NOTE that there will be times when the occurrence of price crossing to the "far/wrong" side of the proprietary five-day baseline will be an indication that the general overall day-to-day price flow (directional tendency) has reversed direction.
AUDJPY is looking at a bullish four-day price flow, and yet, the lower band of the projected day range has made contact with the six-day temporal support level, with a daily candlestick having closed below the proprietary five-day baseline, suggesting that the statistical odds of the rate remaining above the 89.58 level are better than even. GBPJPY is also looking at a bullish four-day price flow, with a candlestick having closed below the proprietary five-day baseline, and the lower band of its projected day range having made contact with its six-day temporal support level, suggesting that the statistical odds of the rate remaining above the 167.60 level are better than even. GBPUSD is also looking at a bullish four-day price flow, with a candlestick having closed below the proprietary five-day baseline, and the lower band of its projected day range having made contact with its six-day temporal support level, suggesting that the statistical odds of the rate remaining above the 1.2407 level are better than even. AUDUSD has also seen the lower band of its projected day range envelope make contact with the six-day temporal support level. However, because the pair has been range bound for the past two-and-a-half months, this cannot be considered very significant. There is no reason to assume the pair will not "ride" support downward, that is, not until it reaches what ARE statistically significant support levels at 0.6557 and 0.6514. EURGBP has been range bound ever since January, so there is probably a good chance it will continue to rise from the recent low of 0.8662. The fact that its day-to-day baseline has crossed below its proprietary five-day baseline appears to be an indication that EURJPY has reversed its general overall day-to-day directional flow from bullish to bearish. Nonetheless, price made contact with the statistical five-day price range support level at 146.20, as did the lower band of the six-day temporal measure, so that it would not be a surprise to see the pair rise from where it was on Friday, at least temporarily. The fact that its day-to-day baseline has crossed below its proprietary five-day baseline appears to be an indication that EURUSD has ALSO reversed its general overall day-to-day directional flow from bullish to bearish. However, it has spent the last four days riding support south. Consequently, it COULD opt NOT to pull back until it reaches more substantial support levels at 1.0822 or even 1.0714. USDCAD is in the middle of no man's land. EURJPY is also in the middle of nowhere, and looking at a neutral five-day measure. The fact that its day-to-day baseline has crossed above its proprietary five-day baseline appears to be an indication that USDCHF has reversed its general overall day-to-day directional flow from bearish to bullish, with significant resistance calculated up at 0.9043 and 0.9135. USDJPY could turn south at any time, if only for a few days. It has already made contact with the upper band of the proprietary five-day price range envelope, with the four "layers" of (standard) four-day price range resistance stretching from 139.26 to 141.35 (not to mention 12-day resistance also being calculated at just above 141.35). CORRECTION: These forecasts were made when I was NOT connected to the internet. So, it turns out that all these setups are PAST/INVALIDATED! (With the POSSIBLE exception of buying USDCHF.)
When this chart was analyzed, I WAS connected to the Internet. So then, this forecast IS valid. So, I'm trying to get rid of as many of the exploratory charts I configured AFTER "finalizing" NPP by comparing them to one another and deleting those that are redundant or inferior. As I do so, I'm discovering which measures I want on ALL my charts and possible protocols I might wish to make routine. Since there is the potential for me to forget some of my ideas before I complete this process, I'd better write them down AS I do this... One of the measures I want included on hourly charts and higher is the six-day temporal support and resistance channel. I also need the three "layers" of the four-day price flow envelope, because positions should be entered when price pulls back to the six-day temporal measure on the "far/wrong" side of the slope of this four-day directional belt. The 16-, eight-, four-, two- and one-hour baselines should also be standard, using their assigned colors, which are now set in stone. Just to the exterior of the "far/wrong" side of the Maximum Four-hour Candlestick Length Channel is probably a good level to set my stops when engaged in the pseudo swing style of trading.
NOTE: The two-day price range envelope at 1.00% and 2.00% deviation does a more precise/accurate job of identifying where pullbacks in the four-day price flow are likely to lose momentum than does the four-day price range envelope at 1.20%, 2.00% and 2.50% deviation.