Timing is key
Long

AUDCAD Static Grid - Update 2

FX:AUDCAD   Australian Dollar/Canadian Dollar
60 1 2
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!



Please Note: There is a DATA issue with my linked chart "AUDCAD Static Grid Used To Isolate Turns" There are bars missing from the data file so on that chart the data is not matching the original grid correctly. I can assure you the Original Grid Has Never Been altered and is lining up perfectly ON THIS CHART the way it should.

Sincerely,

TIK
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