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Since the idea behind this approach is to enter positions based on the relationship between the trend, designated sets of average price ranges and the overall daily structure of the market, my hope is that it will give me a reasonable idea of where it would make sense to enter the market. Consequently, I pick my spots in advance and wait for the trades to come to me, so here are my initial plans for the start of next week.
Enter a long position if AUDUSD pulls back to support on the lower timeframe charts.
Enter a long position if and when EURGBP pulls back to support on the 1-hour chart.
Buy EURJPY when the trend turns north on the 1-hour chart (assuming it remains bound to the same range it has been stuck in for the last seven to ten days).
EURUSD is probably not worth the risk. It looks as if it is initiating a downtrend, in which case, it would make sense to sell the pair when it pulls back to resistance on the 1-hour chart. (But it might be wise to use a tight stop in case the asset is actually reversing north.)
Sell GBPJPY after it pulls back to resistance on the 1-hour chart.
Short GBPUSD if and when price pulls back to resistance on the 1-hour chart.
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