Two chart views...a cleaner chart (less lines) followed by our continuation chart...for those who want to follow price action. Of course, if the support of the MLHs do not hold, the ML of the current down-sloping red fork on the lower chart could be the target. (Watching price interact with these lines tells me something). Enjoy your trading today.
hi,as you see i have 2 forks,one up and one down, i wait now to see which one has the frequency,then play that one,moving down to 15 min chart for entry. does that sound ok ? off to work now will checking later thanks My responses: Looking for entry on the M15 is not a bad idea. However, be careful, at a junction like this, whales could be around with some fake moves, running stops etc. Be very careful. In response to your question, "which fork?", for me the question is "where is the trend?". Then, look at that fork. If that fork's MLH is broken, then you have gotten some clues from price action. At that point, you wait/look for confirmation of a trend change...then if so, you look for entry. We must train ourselves to analyze price action carefully, objectively and systematically. I definitely saw a potential short forming around 1.2390. But, I am in a process of disciplining myself to watch and trade with the trend, not that it would have been a bad trade. Just a mentoring approach for me personally right now. My 3 cents .
Definitely some downward pressure. Price is trying to hold on at teal L-MLH. Whale territory. Be careful. Do you see the war zone?
Hello again, Just got back to the office...bearish momentum won the war. Will they take it to the ML?
Sharing An Observation: Notice how price fell more freely after it retested the teal L-MLH? Please see previous post. At that point it became clear that something had definitely changed. Prior to that, the market was very choppy. Traders of varying degrees of risk tolerance would choose to enter at different points along the way down. More conservative traders were waiting for a clearer sign. That point was it for them. If you were to look at a M5 chart, this would be very apparent to you in the way price fell. Also notice when it began to fall in relation to the second target...about the same time it might have continued up.
The Power Of Median Lines! I hope by now those of you who may be new to Pitchforks see how powerfully these lines work. Attached is a chart showing that price got extremely close to the target ML. Close enough for me. Should be posting again for Asian Session. Take care,
Just a quick post. Updated the Pitchforks. Price is trying to make an upward move, but has not yet been able to hold above the L-MLH. Will be watching for confirmation of next move. Scalping trades may be all that is available at the moment. Take care and beware, FX4Newbies
Just added the gray Pitchfork...a variation of the Standard version. It shows that the market is in a sideways mode at the moment. Notice how this fork has been providing support for price. Will definitely be watching for price to start making a move and generating some swings.