What were you talking about? EURGBP was already bullish when it turned north along with USDCAD? Were you half asleep when you wrote that? CADJPY has also joined those pairs I'm now officially classifying as bullish. Even though USDCAD turned north only a day ago, it is now once again bearish. Is NZDUSD still bearish? It tried to turn north but it currently looks like it might ultimately fail. NZDJPY is having a bit more luck at this attempt (for the time being).
Thursday / May 7, 2020 / 3:15 PM PST AUDJPY, AUDUSD, and CADJPY spent only one day in bearish mode and are now bullish again. EURAUD flipped and turned bearish. EURGBP is still technically bullish, but only just barely. EURJPY turned bullish today, and EURUSD did so only a couple of hours ago. GBPJPY is technically bullish now, but only just barely. GBPUSD is essentially neutral at the moment. NZDJPY and NZDUSD turned bullish today, but these pairs keep bouncing around the same area, with the first in the same general region where it's been since March 9th and the second in the same general region where it's been since April 9th. USDCAD is bearish and USDCHF has just turned bearish as well. Though it is down from its high of 106.65, USDJPY turned bullish today. However, since it is currently below its daily trend line, it's going to have to climb from 106.28 if it wishes to stay that way.
Tuesday / May 12, 2020 / 4:05 PM PST I was mistakenly posting my analysis in a thread I established for a different purpose, but I will switch over and continue here now, where I should have been in the first place. There are a number of other pairs that are reversing direction at this time (I just picked up a bit of change from EURJPY and NZDJPY) so perhaps GBPUSD will have better luck this time. It has ridden statistical support down to 1.2255 and is once again showing an inclination to end this leg of its southern journey. I'm therefore hoping it will evidence greater commitment this time around. 4:10 PM UPDATE: Nope! It still ain't happenin'.
My current thinking is that when the lower panel oscillator clears the top of the Chop Zone it will be confirmation that GBPUSD has genuinely turned bullish.
I got the confirmation signal, so now I want to test the tactic/technique to see how long it takes to collect about six or so pips-worth of profit (at 8:30 PM Pacific the Forex market is essentially lifeless) provided the pair follows through at all. However, the stop loss displayed below is just for show. I have to give myself 10 to 35 pips of leeway to allow for the shenanigans of market makers. That will qualify as idiocy to professional traders, but with an 85% to 100% daily success rate, I am able to do this kind of thing and still expect a minimum 5% daily return on my trading equity. With the economic news out of New Zealand, the kiwi pairs are headed for "ultimate" statistical support. If and when they get there, I'll be watching their progress over the next twenty-four to forty-eight hours for a Bona fide buy opportunity.
Well, that took approximately two-and-a-quarter hours. But I suppose such is to be expected if trading when the market is more-or-less void of liquidity... I should note however that it is theoretically possible to enter a position near a trough during the ebb and flow of the immediate price cycles and then exit near the crest of the following wave to realize the same amount of profit in a fraction of the time (about thirty minutes) provided one is able to sit around waiting for the optimum entry level. Entry levels for short-term AUDJPY long positions:
Still testing the legitimacy of using the lower panel Chop Zone as a trade signal...I purchased NZDUSD, which has cleared the top of the channel a bit more convincingly than has NZDJPY, pictured below.
Sunday / May 17, 2020 / 8:40 PM PST There is only one 15-minute chart template that I saved from before I came up with the ones I'm currently using (which I believe are constructed with greater precision than those in the past), and in evaluating and reconciling the old chart with the ones in current use (designed primarily with intraday trading in mind) my attention was drawn to a universal baseline on the old configuration that was omitted when putting together the newer ones—a trendline that looks to do what might be characterized as an exceptional job of conveying an exchange rate's ultimate destination in the long run. On the AUDUSD 15-minute chart, this line is pointed south, but all of the measurements on my most recent charts are on their way north. This leads me to conclude that when these same measurements reverse direction to join the universal baseline on its current downward trajectory, I ought to be able to enter a short position and ride the pair lower quite a distance for a nice bit of profit. At least, this is what I'm hoping to try.