I would expect we are safe for short at least from 10pm - 2am GMT , and possibly further depending how proportional the pattern evolves to the PAST sample pattern used to predict.
It is probably different from most techniques I have seen but it has been extremely profitable for me in the past 3 weeks!
Watch out for major supports, larger time frame and triple bottoms and double tops... is good to identify these rather than to use the actual candles on the chart.
Happy Pipping.. may they be plentiful... Short target around 3120 - 3105... top tomorrow hopefully 3240 ish or better..
11/05/2013 - 5:22 am GMT
Based on the overnight results, there is 2 possibilities....
1. The pattern is still in deceleration compared to my sample reference pattern for projection.
We could be looking at a very good bear London Open. (Preferred Position)
2. I have chosen the wrong reference point and we are currently towards the end of box "D" and stand to have a very strong Bull Day.
Please note these types of trade use TIGHT STOPS as they are based on patterns performing near 80-100% accurate in comparison in either accelerated or decelerated fashion.
Also, I started by using 2 windows vertically side by side in my MT5 to see side by side. I don't always use immediate periods as references. My reference pattern can be as far back as 2011 or more. I would suggest not to go beyond the highest high of the EURUSD's history for this as it follows what is happening in the major downtrend on monthlys.
Obviously I can't use dual windows on this website to show how I can use a ref pattern of 2-3 years ago.
Try it on small TFs and even in demo for practice. Prove to yourself the technique. Smaller TFs, you can practice a lot more than waiting for a 4 hour candle to finish. Try 5, 15, 30 and hourlys?