Thursday / May 6, 2021 / 8:40 PM PST Then when you "drill down" to more of a microscopic level for more of a "granular" approach to trading, it's the eight-hour price range that takes on significant importance, along with the four-hour and especially the two-hour baseline(s).
But, use the 1⅓-day baseline and price range to track price action in this context a bit more closely...
Friday / May 7, 2021 / 8:45 PM PST So, here is the revised DOTTAB ("do trade tops and bottoms") protocol modified from Monday, May 3, 2021 (Post #319): Check to see in which direction the 4-day prince range envelope is sloping, if at all. If the 4-day price range envelope is sloping upward, look to enter positions while candlesticks are located in the bottom half of the price range. If the 4-day price range envelope is sloping downward, look to enter positions when candlesticks are located in the top half of the price range. If you think it might help, also note the slope of the 6-day baseline. If it is sloping upward, look to enter positions when candlesticks are located under it. If it is sloping downward, look to enter positions when candlesticks are located over it. (Bear in mind however that such opportunities do not always manifest.) Once you have established in which direction you will be trading, wait for the attitude of the 16-hour baseline and the 8-hour price range envelope to assume trajectories aligned with the same angular projection of the 4-day price range envelope. Enter positions when candlesticks are painting on the half of the 8-hour price range envelope that is away from the trajectory of its pitch angle (the direction of its slope). Note that you can ALSO enter positions when candlesticks are painting on the half of the 8-hour price range envelope that is away from the trajectory of its pitch angle IF its slope matches the slope of the 16-hour and 24-hour baselines. (Under such circumstances, the 16-hour and 24-hour baselines take precedence OVER the slope of the 4-day price range envelope. The best time to enter positions is when price is bouncing off (as it is rejected by) the 16-hour temporal support level. The second best time to enter positions is when price is bouncing off (as it is rejected by) the appropriate band of the 2-hour price range envelope (at 0.22% deviation). Such decisions are justified to an even greater degree if the location of the 2-hour and 4-hour baselines in relation to the 16-hour and 24-hour baselines is in agreement with (aligned with) the slope of the 16-hour and 24-hour baselines. A third option for entering positions is when the 20-, 40-, and 60-minute baselines are crossing BACK over the 2-hour baseline AFTER candlesticks have been painting near or beyond the outer edge of the 24-hour price range. This is especially true if price has, at the same time, breached the outer edges of the 16- and/or 8-hour price ranges as well. (Under these circumstances, the slope of the 4-day price range envelope is irrelevant.) (A more-or-less reasonable take-profit target is the "far side" of the 8-hour price range.)
Saturday / May 8, 2021 / 12:30 AM PST RETHINKING WHAT TO EMPHASIZE... Previously, you conceptualized the 2-hour baseline as confirming the price direction suggested by the 1-hour baseline, which you viewed as being too sensitive (or susceptible) to temporary price fluctuations to be completely trusted. But now however, you are of the opinion that no, you actually want to go with these fluctuations in price, looking to the the 16-hour baseline to convey the intraday trend, as confirmed by the 1-hour, and especially the 1⅓-hour baseline(s); with positions entered following pullbacks to the 16-hour temporal support/resistance levels and/or the upper or lower band of the 2-hour price range envelope at 0.22% deviation, as appropriate. (Note: When the slope of the 12-day baseline is clearly established, moves by price to the "far" side of the 4-day price range envelope at 1.25% deviation might possibly offer entry levels to trades with potentially handsome payouts.)
SUMMARY Trade in the direction matching the slopes of the 2- and 4-hour baselines, but if-and-only-if this is aligned with the slopes of the 16-, 24-, and 32-hour baselines (and the 8-hour price range envelope as well). It's even better if their directions all correspond with the trajectory of the 4-day price range envelope. Enter positions as price is rejected by the 16-hour temporal support/resistance level as appropriate and/or the appropriate band of the 2-hour price range envelope at 0.22% deviation—preferably when candlesticks are painting on the "far" side of the 8-hour and/or 4-day price range envelope(s). It is also permissible to enter positions as the 20-, 40-, and 60-minute baselines are crossing BACK over the 2-hour baseline AFTER candlesticks have been painting near or beyond the outer edge of the 24-hour price range. This is especially true if price has, at the same time, breached the outer edges of the 16- and/or 8-hour price ranges. Note that when the slope of the 12-day baseline is clearly established, moves by price to the "far" side of the 4-day price range envelope at 1.25% deviation might possibly offer entry levels to trades with potentially handsome payouts.
An even more reasonable take-profit target is the 16-hour temporal support or resistance level, as appropriate.
Sunday / May 9, 2021 (Mother's Day) / 8:35 PM PST This was my first trade made based on the updated DOTTAB Numerical Price Prediction protocol... Consequently, I was very conservative in what I chose to do, trading 0.01 lots instead of 0.02 and setting my take-profit target at 89.69 for a gain of 15 pips when a take-profit target of 89.92 for a gain of 38 pips would have been completely justified. Had I opted to act more aggressively, going for the more ambitious outcome(s), the trade would have still ended with success!
Short USDJPY The 12-day baseline looks to be turning over, but is not yet bearish, though the 6-day baseline is, and has been since April 19, 2021. The 4-day price range envelope is bullish however, but the 16-, 24-, and 31-hour baselines are bearish, which is the reason I've entered this short position, since these measures take precedence over all others. (The 8-hour price range is bearish as well.) The trade is premature given that the 2- and 4-hour baselines have not yet formed downward hooks. However, I need some sleep and cannot stay up to wait around for that to happen, and given that the 16-hour temporal resistance level is dropping, I've gone ahead and executed the trade anyway, understanding that by not waiting for downward hinges in the 2- and 4-hour baselines, I've left the door WIDE open for price to turn against me. (Candlesticks are now painting on the "far" side of the downward sloping 8-hour price range, which should put some pressure on price to fall, but the rate could theoretically climb to the top of the range at 109.38 before turning south again, which would stop me out.) I've set my stop loss 35 pips above my entry level to give the market makers plenty of room should they get an inkling to engage in any of their shenanigans, and I placed my take-profit target where the 16-hour temporal support level is presently located at 108.46.
There were very few setups today and none of them were ideal... Currently, most pairs are not displaying the right structure for entering any positions, and at this time, the only pair I'm watching closely is EURGBP. Almost everything about the pair is bearish. However, the 12-day baseline turned bullish this month after spending at least two months in decline. This foreshadows a major reversal north. Also, candlesticks have made contact with the lower bands of the 8- and 16-hour price range envelopes, not to mention the fact that they are deep into the lower half of the 4-day price range. Consequently, despite all the bearish signals, from my point of view, EURGBP will be a strong buy candidate if and when the 2- and 4-hour baselines reverse to the north.
Tuesday / May 11, 2021 / 9:00 AM PST In checking the progress of EURGBP and then evaluating the price action of the other pairs on my watch list, I'm finding the above summary to be true: "Trade in the direction matching the slopes of the 2- and 4-hour baselines, but if-and-only-if this is aligned with the slopes of the 8-, 16-, 24-, and 32-hour baselines, which ideally should be fanning out in the manner described/recommended by Nick McDonald of Trade with Precision." So, according to the above summary, I cannot yet buy EURGBP (even though candlesticks are positioned near the bottom of the four-day price range) given that that 8-, 16-, 24-, and 32-hour baselines are all still bearish.