Timing is key

Andrew's Probable P5 using his Modified Schiff on the EUR/CAD

FX:EURCAD   Euro Fx/Canadian Dollar
214 2 4
I noticed this ML double hit on the Andrews Modified Schiff . The P0 - P3/P4 was one of his tools for nailing P5 reversals.
Let's see if we can break the Upper Parallel:).

PS: I will draw the next Median Line Set based on this probable P5 to see where this market can go! ( ie. Toward the ML of course)
Well upper parallel broken, opening a small long trade
As predicted, The P5 has been confirmed followed by a consolidation and a what Mr Andrews called an IEP ( Inverted Expanding Pivot ) or Pennant formation, what is interesting to note with the obvious down spike at the end is that smart money played both the breakout traders on the short side and those who went long on a pullback after the top MLH was broken and who had close stops under either of the previous three minor lows before the down spike. A better play would be to wait for the manipulation to play out ie: to see if the spike down hits the backside of the MLH....which it did! This is very common and from here I would expect a big rejection at the MLH to the upside....which it did. It's been blue sky from then on!!


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