Utilization of "Visualization Indicators" (Part 81)
Utilization of the "Visualizing Indicator" (its81)
1. Further evolve the "28 Currency Pair List Indicator" into an indicator
“8CPVisualizing Indicator”to drawNZDJPY.
The “8CPVisualizing Indicator” includesOceania版,London版,NewYork版,AnyCP版. This time, we used theOceania版.
The top half is theNZDJPY 15-minute chart. The arrows on the top half indicate the alert positions of the “28 currency pair list indicator.” The bottom half is from the “8CPVisualizing Indicator.” The pink thick line graph corresponds toNZDJPY.
I entered a buy on Monday, and since the Visualizing Indicator’s graph had become horizontal, I closed the position. The same-day settlement yieldedabout120pips of profit.
2. Best Selecttrying the indicator
The figure below is a screenshot taken onFebruary 17, 2023 at 11:04(JST)
The currency pairs are listed in ascending order by name. The third-from-bottom row’sNZDUSD has all numbers displayed in red, and the value forTotal is also-3686.52, a large negative value. This indicates a downward trend forNADUSD.
Now, let’s look at the chart forNZDUSD.
It is in a downtrend, dropping at a steep angle almost in a straight line, so it makes sense that all timeframes show red. In such a momentum-driven trend, one can sell with confidence.
3. What happened to EURJPY, which has been tracked since May of the year before last?
Since May 2021, we have been following EURJPY.
To view the overall trend, a30-minute chart showing roughly the last3 weeks is drawn.
Previously, I wrote the following.
JPY is horizontal, is downward,EUR will trend downward.
It rose contrary to expectations. The reason was the weakening of the JPY. Looking at currency strength,EUR declined slightly and then recovered, whileJPY continued to fall from the start of the week.4 When looking at the currency strength graph on the 4-hour timeframe, you can see this clearly.
The currency strength chart on the 4-hour timeframe.
Pink indicatesEUR, green indicatesJPY. At last weekend,JPY was horizontal,EUR was downward (dotted arrow). On Monday,JPY dropped sharply,EUR fell briefly and then rose. As a result,EURJPY rose significantly.
For future movement,JPY remains weak,EUR is slightly turning upward, soEURJPY is expected to trend slightly upward. However, given the chart’s current height, I do not expect it to rise much further.
4. Trying the current trendChatGPT.
(https://openai.com/) hasChatGPT
Question
“What will EURJPY’s forex be next week?”
response
“I am an artificial intelligence model and cannot predict future exchange rates accurately. Exchange rates are influenced by many factors (e.g., economic indicators, political circumstances, international events). These factors can change unexpectedly, so forecasting exchange rates involves risk. If you are considering investments or forex trading, it is recommended to consult more specialized information sources or a investment adviser.”
As expected, even AI finds future prediction difficult.
“If you are interested in the “8C Currency Strength Visualization Indicator,” please refer to the page below.
MT4 version https://www.gogojungle.co.jp/tools/indicators/39150
MT5 version https://www.gogojungle.co.jp/tools/indicators/39159
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