Update: Momental Lines Forecast Reversals | #AUDUSD #AUD #USD
Friends,
As we continue to follow this trade, here is a little reminder.
At first, we look at the conflict between bullish and bearish channels, and defined simple ways to define the "winning" side of things, as well as defining the strength of the current trend.
We then defined a potential level of support using the winning channel intrinsic lines and corroborated the whole with Fib level. Here, turns out that the momental lines were better at defining quite precisely the area of reversal which occurred as defined by the red circle in the chart.
At this point, we are now anticipating a rallying IF and only IF the lower border of the channel holds, which it seems to as of this writing (fast).
The forecast we have just defined at 0.89409 happens to match quite well the recent structure high, so if price rallies look at that level for probable resistance.
OVERALL:
So, now that we revealed a little bit of "how we do things" here, do you agree that hidden geometries might help you define a trend? A trend? A reversal may be?
If not, it might take just as much "facetime" with the charts as it did for me, since starting in 1997. But good habits start with simple knowledge such as lines, parallels and channels.
Cheers,
David Alcindor | 4xQuad.
If you like to receive more of these, follow me on Twitter at @4xForecaster. If you like these on TradingView, click "Suggested". We appreciate the kind support and friendly referrals.
As we continue to follow this trade, here is a little reminder.
At first, we look at the conflict between bullish and bearish channels, and defined simple ways to define the "winning" side of things, as well as defining the strength of the current trend.
We then defined a potential level of support using the winning channel intrinsic lines and corroborated the whole with Fib level. Here, turns out that the momental lines were better at defining quite precisely the area of reversal which occurred as defined by the red circle in the chart.
At this point, we are now anticipating a rallying IF and only IF the lower border of the channel holds, which it seems to as of this writing (fast).
The forecast we have just defined at 0.89409 happens to match quite well the recent structure high, so if price rallies look at that level for probable resistance.
OVERALL:
So, now that we revealed a little bit of "how we do things" here, do you agree that hidden geometries might help you define a trend? A trend? A reversal may be?
If not, it might take just as much "facetime" with the charts as it did for me, since starting in 1997. But good habits start with simple knowledge such as lines, parallels and channels.
Cheers,
David Alcindor | 4xQuad.
If you like to receive more of these, follow me on Twitter at @4xForecaster. If you like these on TradingView, click "Suggested". We appreciate the kind support and friendly referrals.