We have the EU and the pound correlating at a potential P5 . As the potential top came in a little early and hit the Upper MLH I am going for an ambitious short with a tight stop on the EU at around 129220 . Lets see what how this unfolds.
Note: If entry price does not activate and price moves sideways past the red downward sloping reaction line, I will have to cancel trade and wait for another entry.
For those who use forks: If you focus on the upward white pitchfork, This fork was drawn after P4 confirmed notice how shallow ( the pitch ) of the fork is, this is an early indication that if prices begin to respect the parallels ( which they did when it reversed at the upward parallel ) that prices where going to drift up & down SLOWLY within the fork until they left ( See lower parallel as soon they closed on the other side of it, the move down was quite rapid and was an excellent short at that point.
Yes soft is my development and it works only on fibonacci and Pivots.
Buddy where are your trading thoughts with eur/usd.. you could give some day by day.. It gives me confidence!
If you look at that chart it has a long way to go:)