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
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
