Timing is key
Long

AUDCAD Static Grid - Update 3

FX:AUDCAD   Australian Dollar/Canadian Dollar
64 0 2
Hello all,

Well my grid is working to perfection, Timing Line 7 (Green Dotted Line) came in and met all 3 major criteria for the trade: see the 3 green arrows
To recap.
1. Horizontal Support on predetermined 12.5% level
2. Vertical Support ( Timing Line 7 green dotted line)
3. Angular Support on Opposing Purple Pitchfork parallel ( Perfect Hit! )

Now....because the low dropped in two hours earlier and overshot the lower parallel...the form was not great ( I like to see the market fall into my timing line ) however I new two important things that where important.
1. All three major criteria were met ( Big Green Light )
2. I new historically that if the bottom parallel line was to hold (after blowing through the ML) and reverse I had a 90+% chance that the market would at least hit the ML again.
3. Because I have a minimum 2:1 risk reward profit target on these moves it took me past the ML into no mans land:) so the next logical exit point was either the horizontal 50% ( Which I used to move my stop to 1:1 and the upper purple parallel. and low and behold.....a nice profit:)

I will add some more forks as the market comes close to timing lines 8,9,10 and beyond.

always remember

Timing Is Key :)

PS: For those new to this series of posts, this was a blank timing grid close to the P5 Low
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out