I will continue with the exercise beginning with timing line 3 & ending with timing line 6, for the record, this journey began with a blank grid ( See linked Charts )
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Major Criteria ( At minimum it must satisfy 2 out of 3 )
Must satisfy Criteria 1.
1. Vertical S/R ( +/- 1 ) Anchor....Must always be satisfied
Must satisfy Criteria 2 or 3
2. Horizontal S/R
3. Angular S/R
Minor Criteria includes:
Position: Is it a new low or high (+/-1) ?
Some basic form reading principals etc. etc
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Vertical Timing Lines 3,4,5 didn't meet my criteria for a trade
Now, If you notice TIMING LINE 6 ( Remember it was pre-determined ) is BOLDER than the rest so I was expecting a BIG turn provided it met criteria and BOY it over delivered on all criteria let me explain.
You should be able to see that it met all 3 major criteria ( See arrows ) i.e.
1. Vertical Support ( Timing Line 6 )
2. Horizontal Support ( Proven support level previous low )
3. Angular Support ( Touched Lower ML Parallel )
Now, You will also notice that on the blank grid I worked backwards from the timing lines and tested some very important time counts to see if they lined up with previous tops and bottoms and found that timing line 6 was (144) bars from the P3 pivot low......Marked on chart. This was icing on the cake when it comes to confirmation. There were a few more reasons to expect a turn on timing line 6, for another day perhaps!
NOW my exit was interesting....I usually aim for 2:1 Risk/Reward or greater if a ML, or Pitchfork Parallel is in the vicinity and in this case the MAJOR Blue Median Line was in range so that is where it was set......:)
If the ML breaks to the upside the Upper Parallel is possible....either way it goes, I will be watching timing line 7 & beyond for an entry...Let's see what happens.
If you have gotten this far I sincerely appreciate it!
Always remember...
Timing Is Key!
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Major Criteria ( At minimum it must satisfy 2 out of 3 )
Must satisfy Criteria 1.
1. Vertical S/R ( +/- 1 ) Anchor....Must always be satisfied
Must satisfy Criteria 2 or 3
2. Horizontal S/R
3. Angular S/R
Minor Criteria includes:
Position: Is it a new low or high (+/-1) ?
Some basic form reading principals etc. etc
---------------------------------------------------------------------------------------------------------------------------------------------------------
Vertical Timing Lines 3,4,5 didn't meet my criteria for a trade
Now, If you notice TIMING LINE 6 ( Remember it was pre-determined ) is BOLDER than the rest so I was expecting a BIG turn provided it met criteria and BOY it over delivered on all criteria let me explain.
You should be able to see that it met all 3 major criteria ( See arrows ) i.e.
1. Vertical Support ( Timing Line 6 )
2. Horizontal Support ( Proven support level previous low )
3. Angular Support ( Touched Lower ML Parallel )
Now, You will also notice that on the blank grid I worked backwards from the timing lines and tested some very important time counts to see if they lined up with previous tops and bottoms and found that timing line 6 was (144) bars from the P3 pivot low......Marked on chart. This was icing on the cake when it comes to confirmation. There were a few more reasons to expect a turn on timing line 6, for another day perhaps!
NOW my exit was interesting....I usually aim for 2:1 Risk/Reward or greater if a ML, or Pitchfork Parallel is in the vicinity and in this case the MAJOR Blue Median Line was in range so that is where it was set......:)
If the ML breaks to the upside the Upper Parallel is possible....either way it goes, I will be watching timing line 7 & beyond for an entry...Let's see what happens.
If you have gotten this far I sincerely appreciate it!
Always remember...
Timing Is Key!
