Zeheart

Price closed below Andrew Pitchfork Med Line

FX:AUDUSD   Australian Dollar/U.S. Dollar
170 6 3
Any further rejection candles appear to the AP's Med Line will give a potential short entry a go!

But also be very aware that price have been moving down very strong without any huge retracement take place.

Will wait for few more days to monitor the candlestick pattern =)
Timing is key
2 years ago
Nice chart Zeheart,

Mod Schiff working well on this one, Notice the zoom bar at the ML strong clue the Aussie his headed to at least 83 even lower. You are right, what normally happens now is that you will get a pullback to the ML however ( if it let's you ) , If it's starts pulling up into the ML, I normally jump into a smaller time frame to draw an upward fork to see if I can pickup a price failure trade for a short entry, This lowers the Risk and improves your Reward ie. potential 83! This is just my spin on it but yes your chart and interpretation of price to the AP is spot on. Well done

Sincerely,

TIK

+1 Reply
Zeheart Timing is key
2 years ago
Hi.. Thanks for the further explanation. I am still a learner in pitchfork technique, I actually happen to see your post and was quite impressed by this technique and your overall analysis, therefore I tried to use this technique and combine with price action technique. =) I think looking into smaller TF to locate false break is a good idea. Thanks for enlightening me =) Thanks!
+1 Reply
Timing is key Zeheart
2 years ago
You are doing very well in the interpretation of price action within the fork, happy to share this technique. The price Failure Rule is one of my favourites as it gives you a Minimum expectation of TP one it is confirmed. By doing this you can evaluate Risk/Reward before taking the trade. Look it up it's worth testing it for yourself.
Keep up the good work.
+1 Reply
Zeheart Timing is key
2 years ago
Thank you... Please feel free to comment more so that I can appreciate the technique and learn more from you.. Thanks =)

Happy Trading =)
+1 Reply
Timing is key Zeheart
2 years ago
Sure, keep posting & I'll keep an eye out
Take care
TIK
+1 Reply
Zeheart
2 years ago
snapshot


Revise chart after further re-study on it... concept still remain the same as per before, biased towards the down side... waiting to price to bounce back to the yellow median line thn price go down / or price bounce up to the resistance level (Yellow line) thn price go down... If price manage to break up above median line and close above the Yellow resistance level, guess short trade will not be possible anymore...
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