AUD Monthly and Weekly charts:-Breakout of 4th Quarter and October lows:- expectation of a move down into November's lows.
Could occur early next week:- Monthly balance point sell down into November's lows.
Whilst price is below Monthly balance point then that's the only view I have.
AUD 3-day patternTrade the filters and trend direction:- If November is going to continue down we should know very early next week:- 3-day filter should push AUD down...
Higher Weekly open, below 50% levels, breakout of higher time frame lows, and 3-day filter resistance
Everything is pointing DOWN....
Above 3-day filter and it's obviously not happening in the short-term
Last Week I modelled the market simply using the 3-day levels, but more often than not my spiral filters weren't matching price action even though the intra-day filters defined the trend quiet well.
7 trades
4 winners 211 pips
3 losses 32 pips
Euro Monthly and WeeklySame expectation on Euro as the AUD!
EURO 3-day filter...A bit early to say whether the euro will sell down or not, as I would like to see a 3-day filter HIGH Sell....
However the 5-day 50% level should define the trend next week.
Confirming sign will once again be a breakout of the 3-day lows.
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When the AUD spirals don't align I can bet the Euro spirals will during Asian trading hours.
The previous week I struggled with the Euro only trading 5 times for 165 pips.
This week :- more rotation than trending = more frequency
27 trades
21 winners 953 pips
6 losses 61 pips
Note:- IF currencies drop next week and move down towards November lows, this will once again translate into a trending period, which will result in less frequency using spiral filters.
Therefore If I get a decent set-up next week, I'm going to try and hold 1 LOT using a 2-day trending period.
2-day trend period:- thrust pattern leads to a breakout of the current day and extends down into the next day.
GBP Monthly & Weekly
The same expectation on the Pound as others:- below 4th Quarter lows and expectation that price is pushing down into November lows.
This week trade on the side of the Weekly 50% level, along with using the 5-day 50% level.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
