These currency pairs saw their weekly trends switch from bullish to bearish on the following days: AUDJPY – today (Wednesday) CADJPY – today (Wednesday) CHFJPY – yesterday (Tuesday) EURGBP – Monday EURJPY – yesterday (Tuesday) EURUSD – yesterday (Tuesday) GBPJPY – today (Wednesday) USDCHF switched from bearish to bullish yesterday (Tuesday) USDCAD switched from bearish to bullish today (Wednesday) Neutral at the Moment: GBPUSD NZDJPY Continue to be bullish: AUDUSD NZDUSD Continue to be bearish: EURAUD USDJPY
The rate did indeed fall so low that the weekly trend is now bearish, but the day-to-day trend is currently bullish, so when it turns south, I'll be looking to get in on the "ground floor" of a potentially long trip south.
I want to see if this situation is going to equal opportunities to reap major profits from getting in at the start of some major trend reversals, but EURGBP is already beginning to show signs that this might not be the case.
EURUSD did drop to 1.1921 (and four or five pips beyond that) but the pull south on the above pairs was only temporary with none of them offering up monster gains from remaining short.
I’ve taken the indelible elements from my definitive/ultimate chart setup and the modifications that were made to my one-minute chart configuration for the purpose of improving my scalping technique, and combined the two on 15-minute charts to see what kind of effect this will have on the accuracy of my market forecasts… AUDJPY The weekly and daily trends are bearish, but price is in the lower half of the day range, so I’m likely to attempt to short the pair if the exchange rate climbs above 84.42. AUDUSD The weekly trend turned bullish on Thursday, but the daily trend looks like it’s attempting to turn south. It’s a mixed bag with this pair, but the exchange rate is in the lower half of the day range and that intraday trend was bullish at the end of the week, so if nothing changes, I would be inclined to look for opportunities to scalp long positions following short-term pullbacks to the south. CADJPY The pair is bearish all the way, but currently in the lower half of the day range. I will look to enter a short position if it climbs to the upper half of the day range and then turns south. CHFJPY Same as CADJPY. EURAUD This pair has been range bound for the last two weeks. If nothing changes, entering a short position anywhere around 1.5784 might not be such a bad idea. EURGBP This one looks more bearish than bullish, even though the weekly trend is still bullish technically. The exchange rate is currently in the lower half of the day range however, so this isn’t a pair I would be all that excited about trading—at least not unless and until price reaches a level where either supply or demand completely fade. EURJPY The pair is rather bearish, but in the lower region of the day range. I would prefer to see it somewhere around or above 132.63 before entering a short position. EURUSD This pair has the same structure as AUDUSD except the intraday trend hasn’t turned north yet. GBPJPY The pair is more bearish than anything, but I would want to see the exchange rate climb above 149.54 before entering a short position. GBPUSD has the same confused structure as AUDUSD. NZDJPY is more bearish than anything, but has been relatively range bound for a little over a week. NZDUSD is similar in structure to AUDUSD, though the attempt of the daily trend to turn south is not nearly as developed yet. USDCAD The weekly trend switched from bullish to neutral at the end of Wednesday. The daily trend switched from neutral to bearish at the end of Wednesday, but as of Friday’s close, it looks like it’s now trying to turn bullish. The exchange rate is in the upper regions of the day range, so even if it does intend to keep heading north, there’s a good chance of its first turning south before doing so. USDCHF This pair is essentially the same as USDCAD except that the daily trend is still bearish...technically. USDJPY The daily and weekly trends are both still bearish and the exchange rate is currently located in the upper half of the day range, so I would be inclined to look for opportunities to short this pair, if offered, keeping in mind that that intermediate trend is currently neutral or possibly even a tad bullish.
What a welcome change to enter a position, and then wake up the next morning to find the trade well within profit territory instead of being stopped out! This bodes well for the methodology I’m entertaining which interprets charts based on the indelible aspects of my old system combined with the scalping-geared adaptations I made over the weekend.
Of all the indicators I’ve ever created, I think I might like this one the best, which gives me an accurate and totally objective opinion as to when the general overall direction of the intraday trend belonging to a given currency pair has reversed its bias/sentiment.
I’m finished developing my system, so I thought I’d try amusing myself by using some of my free time to record a forecast.
I decided to delete that video from YouTube because in the last daily forecast (USDJPY) I accidently included a chart with proprietary information on it.