The U.S. dollar-Japanese yen appears to have become sort of range bound over the last few days. If this pattern is going to continue, I am thinking that it is at least somewhat possible the pair has initiated a new leg to the north.
This pullback in the Euro-Aussie dollar is "too" extreme. It suggests to me that the pair has just switched from bearish to bullish. Accordingly, I will be looking to buy the asset following the next pullback to the downside.
The U.S. dollar-Swiss franc's six-day baseline switched from bullish to bearish in the middle of October, with the 24-hour trend transitioning from neutral to bearish as of Friday. And now, the rate seems to be coming out of this current pullback, with price ducking under the 2-hour and 70-minute baselines, and on the verge of crossing below the 6-hour moving average as well. Though it would have been more prudent to wait until AFTER this actually happened, I went ahead an entered a short position already, and would love to see the pair follow through to eventually hit my take-profit target in the neighborhood of 0.9100.
The Cable-U.S. dollar finally made a decisive move on Friday after spending seven or so days failing to commit to turning south. I'm hoping it will begin descending aggressively now and elect not to pull back too strongly so that I am comfortable remaining in the trade until it hits my ultimate take-profit target down around 1.3430.
The U.S. dollar-Japanese yen appears to have become sort of range bound over the last couple of weeks. If this pattern is continuing, I am thinking it is at least somewhat possible the pair has initiated yet another leg to the north.
From Post #435: The above trade was a picture book illustration of the kind of setups I'm looking for...
Saturday / November 13, 2021 I appears I will finally publish my book on trading via Amazon Kindle Direct. It took five chapters and 32 pages to fully cover Numerical Price Prediction, but to print the book as an 8½ by 11 inch paperback using premium color, which is what I plan to do, it has to be a minimum of 79 pages long. I'm therefore adding a chapter on trading using strategies in which I personally have no interest, such as position trading, and will continue supplementing the information already provided until the manuscript is at least 80 pages in length. This has led me to conclude that when it comes to position trading Forex, the key measures are the one-, two- and five-month baselines. Viewing the markets from this perspective suggests to me what I should be looking to do to make "big money moves," so I figure I might as well integrate this knowledge into my trading as long as it is available, which is what I am doing here... AUDJPY The five-month baseline is bullish, the two-month baseline turned north in the middle of 2020, but is now neutral, and the one-month baseline is also bullish. This suggests that in the long run, the big money move is to buy the pair when the weekly trend, which is currently bearish, reverses to the north. So, unless the pair is going to try to force a wholesale reversal to the south, expect this to happen anywhere between 77.27 up to 82.12, which is about a 130 pips below the level where the rate is presently located. (So then, does this mean I should expect the pair to drop at least another 130 pips?) AUDUSD The five-month baseline is bullish, the two-month is bearish, and the one-month baseline is neutral. This suggests that there is no obvious big money move. Though the one-week trend is bearish, the two-week trend is still bullish. So, unless something changes, the math is saying that the rate should turn north again once it hits statistical support, which is to say, the bottom of the two-week price range, somewhere between 0.7156 up to 0.7261. (This is approximately 70 pips below where the rate is right now.) The one-month support level is at 0.7104, and the two-month support level is at 0.6978 (and falling). CADJPY Everything about this pair is bullish except for the one-week baseline, of obvious the big money move is to buy once the weekly trend begins heading north again. One-week support (88.45) approximately 221 pips below where the rate is currently located (90.66), so price still has plenty of room to fall. (Two-month support is way down around 83.15.) EURAUD The five-month baseline is bearish, the two-month baseline is slightly bullish to neutral, and the one-month baseline is bearish. Price appears to be bouncing off the floor of the one- and two-week price ranges (the latter measure is still bearish, but the former looks like it is about to turn north). I therefore suspect I will be looking to buy the pair next week, but the big money move is to sell the pair when it bounces off resistance, anywhere between 1.5987, approximately 375 pips above its present location, all the way up to 1.6873. EURGBP It's bearish, but it's been trading weird ever since April 2021. Last week it began falling from 0.8588, as the math suggested it should. The numbers say it "should" continue falling to around 0.8430 before heading north once again. EURJPY This pair is big time bullish! The weekly trend is currently bearish, but expect that to change anywhere below 129.08, just 40 or so pips below its present location at 130.34. Theoretically, it could drop as low as 122.45, but that would be kind of crazy. Even 126.22 would really be pushing it. EURUSD is very conflicted. Everything is bearish, except for the five-month baseline, which is still bullish. The pair's price ranges are keeping pace with its descent, so that theoretically, it could continue falling at this rate forever without ever hitting statistical support. GBPJPY is not as bullish as EURJPY, but it's close. The support levels are at: 150.93 (about 185 pips below where it is now) 147.79 143.16 GBPUSD is the same as EURUSD, except that the two-week price range has formed a channel, with the rate currently located at its base. This suggests that the pair might turn north next week (a buy) and that the trade with the highest probability of meeting with success would be to sell the pair when price climbs back up to the neighborhood of 1.3780. USDCAD is very conflicted. The one-week trend is bullish, the two-week trend is bearish, the one-month trend is neutral, the two-month trend is more-or-less neutral, and the five-month trend is bearish. USDCHF Most everything about this trend is neutral, except for the five-month baseline, which is bearish. (The one-week price range envelope is hinting at the pair turning north next week.) USDJPY is very bullish right now, but I can't tell if it is going to pull back, or keep climbing. (It's been range bound for the last four or five weeks.)
Good lord! Who publishes a paperback in letter-size format? I may be out of date, but paperbacks were usually in a 5x7-type format or thereabout.