I’m still not registering successful trades quite as consistently as I had hoped, would like, and expect!
Go long AUDJPY if and when you get the signal. AUDUSD is currently bearish. Go long CADJPY when you get the signal. CHFJPY is bullish, but at 114.21 it’s pushing the limits of climbing higher. EURAUD is bullish, but it would probably be better to wait for it to begin recovering from a pullback before entering a long position. Short EURGBP when you get the signal. EURJPY is bullish, but it would probably be better to wait for it to begin recovering from a pullback before entering a long position. Short EURUSD when you get the signal. Go long GBPJPY when you get the signal. Go long GBPUSD when you get the signal. Go long NZDJPY when you get the signal. NZDUSD is bearish. USDCAD is still bullish, for the time being. Go long USDCHF if and when you get the signal. USDJPY is bullish, but at 113.442 it’s pushing the limits of climbing higher.
AUDJPY is still technically pretty bullish, though it essentially went nowhere on Friday. AUDUSD is still technically pretty bullish, though it was essentially stuck in consolidation virtually all of Friday. CADJPY is technically bullish, but was experiencing some pretty wild swings the last 36 hours of last week. CHFJPY turned bearish on Thursday. EURAUD turned bearish on Thursday and remains so, but spent the last five or so hours on Friday traveling north. EURGBP was heading north all of last week, but looks like it might be just about ready to turn south. EURJPY ditto for this pair. EURUSD same here. GBPJPY and here. GBPUSD has been range bound for the last four or five days. NZDJPY is technically still bullish but has made virtually no progress throughout all of Thursday and Friday, though given Wednesday’s steep climb, perhaps it needed the rest. NZDUSD is bullish. USDCAD is technically bearish, but was experiencing some pretty wild swings the last 36 hours of last week. USDCHF is bullish. USDJPY spent all of last week heading north but looks like it is now attempting to turn south.
AUDJPY remains bullish. AUDUSD remains bullish. CADJPY remains bullish. CHFJPY remains bearish. EURAUD remains bearish. EURGBP is in consolidation. EURJPY ditto for this pair. EURUSD is currently slightly bullish. GBPJPY has yet to make a commitment as to whether is wishes to head north or south, but looks likely to turn bullish. GBPUSD has been range bound for the last five or six days, but is now technically bullish. NZDJPY is bullish. NZDUSD is bullish. USDCAD is bearish. USDCHF is in consolidation. USDJPY is bearish.
AUDJPY remains bullish. AUDUSD remains bullish. CADJPY remains bullish. CHFJPY turned bullish about halfway through yesterday. EURAUD is on my watch list in that it might be attempting to turn bullish right now. EURGBP is now definitely bullish. EURJPY ditto for this pair. EURJPY ditto for this pair. GBPJPY is slightly bullish. GBPUSD turned from technically bullish to decidedly bullish shortly after the beginning of Wednesday's round of trading sessions. NZDJPY is still bullish. NZDUSD is still bullish. USDCAD is still bearish. USDCHF broke out of consolidation big time on Wednesday. USDJPY is still bearish
According to my “readings” on the market’s current “atmospheric conditions,” EURAUD has now officially turned bullish. However, I am now watching for confirmation as to whether EURGBP is deciding to go bearish.
EURGBP is still slightly bullish, but AUDJPY is now slightly bearish, and it looks to me like NZDJPY is in the process of doing the same.
This journal/thread has been a great means of keeping me honest and of enabling me the check on myself. However, I am now almost finished writing my book, A Biblical Approach to the Forex Market, and in the process, have fine turned my methodology (Ms. Mae’s Forex Trading Strategy) for buying and selling foreign currency pairs online to such a degree that when I look at my charts, it is crystal clear to me as to what I suspect the exchange rates are likely to do in the near future. Consequently, there is little point to my continuing to post my forecasts here any longer, so any additional entries to this journal are apt to sporadic and infrequent at best, if there are indeed any additional entries at all.
I’m no longer spending much time with this journal anymore because, at this point, there aren’t a lot of insights (if any) coming to light with respect to my system. It’s already verified its reliability and accuracy in my eyes, so now I just use it. However, from time to time, in reviewing past setups in the context of what I’ve learned since I created them, I rediscover some aspect of a previous chart that I wish to include in those I’m using presently. I stopped looking at daily charts months ago because they have little relevance when it comes to my style of intraday trading. The same is pretty much true of hourly charts as well. But in taking another look at them and contrasting them with some of the ideas I’ve formulated in the meantime, I was struck by the potential of using four-hour charts to monitor the weekly trend, which would provide a useful context in which to interpret the day-to-day trend I include on most all my charts today (i.e., each of the time frames I monitor regularly). Consequently, at least for this week, I want to once again render my forecasts in writing so I can go back and check to see whether implementing the use of four-hour charts in the way I’m envisioning is truly beneficial, or merely a notion I had that seemed promising, but that did not pan out under real-world conditions: AUDJPY: The weekly trend has been bullish ever since December 1st of last year. The last time there was an ideal setup for entering a long position was on January 3rd, when the daily trend rejoined the weekly trend after a temporary pullback/consolidation. AUDUSD: A bullish weekly trend and moderate climb in the daily trend equaled a number of opportunities to enter profitable trades last week every time price dropped below the daily trend line. CADJPY: This bullish pair offered me a profit on Friday from entering a successful short position when it hit statistical resistance in the form of the top of the maximum weekly price range. It now has room to continue a northbound trajectory, but also has plenty of room to continue falling. CHFJPY: This bullish pair also has plenty of room to rise AND plenty of room to fall. EURAUD: The weekly trend has been bearish ever since December 11th of last year. The daily trend rejoined the pair’s downward progress on January 3rd. EURUSD: At 1.2030, the structure of this pair suggests that buying at this level offers significant reasons to hope for a successful trade. EURJPY: At 136.00, this pullback in the daily uptrend might turn out to be a decent opportunity to enter a long position. (The pair has been headed north for the past three weeks.) EURGBP: The weekly trend has been northbound for three weeks, but the daily trend lacks momentum then keeps slipping back into or near bearish territory. In fact, for the last 2½ weeks, the pair has been relatively range bound. GBPJPY: The weekly trend bounced off minor resistance on Friday and has plenty of room to continue falling, but the fact of the matter is that both the daily and weekly trends are presently extremely bullish. GBPUSD: The daily trend rejoined the bullish weekly trend approximately 12 to 24 hours before Friday’s close. NZDJPY: This pair has been literally pushing the envelope (up against the top of the daily price range) for the last 24 hours, and finally pulled back a little during the last 4 hours of trading last week. NZDUSD: This pair is in essentially the same situation as NZDJPY. USDCAD: This extremely bearish pair gave me the opportunity to profit from a long position on Friday when it dropped below statistical support in the form of the bottom of the daily price range. At 1.2414, it now has room both to continue rising or to resume its southbound trajectory. USDCHF: At 0.9745, the daily trend looks like it is trying to rejoin the bearish weekly trend. USDJPY: This pair has been range bound for four or five weeks. As a result, the weekly trend line is essentially useless—much too lagging to paint an accurate picture of what is going on with price. If the daily trend is going to continue cycling up and down, the next move to make would seem to be entering a short position as soon as price drops back below the daily trend line.
Experimenting with interpreting my new four-hour setup… AUDJPY has dropped below a bullish weekly trend line, so I would think that crossing back above the daily trend line would signal an opportunity to get in on the ground floor of a fresh leg up. On the other hand, if the rate falls so low that the weekly trend line begins to be pulled downward as well, I’ll have to see what happens if I enter a short position and try to stay in the trade until the weekly trend line turns bullish again. Theoretically, that should provide me with an extremely lazy/relaxed means of reaping one heck of an overall monster profit. Ditto for AUDUSD. CADJPY has dropped below a bullish weekly trend line, so I would think that crossing back above the daily trend line would signal an opportunity to get in on the ground floor of a fresh leg up. CHFJPY has hooked the weekly trend line downward. I’ll have to see if shorting the pair following the next pullback in the daily trend line offers me an opportunity to reap monster gains by remaining in a short position. Ditto EURGBP. Ditto EURJPY. Ditto EURUSD. (I’m already short this pair at the intraday level, with a take-profit target of 1.1921.) I’m keeping my eye on GBPJPY and GBPUSD in that they look like might also be trying to turn their weekly trends bearish. If NZDJPY and NZDUSD intend to keep heading north on a weekly basis, then they look to be setting to offer big-time gains as soon as they reverse their daily bearish trajectories. I’ll be watching USDJPY over the next couple of days to see if it gives me an opportunity to get in on the ground floor of a weekly trend reversal to the north. USDCHF’s weekly trend turned bullish rather abruptly today, so there was no opportunity to get in on its initial debelopment.