This idea is based upon a P2 - P3/P4 median line price failure. If you notice I have 3 Median Lines each being used for a different purpose. Let's see if we get the breach of the sliding parallel which I am anticipating.
Sincerely,
TIK
Comments
danndc
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hi, thanks for your charts. where do you think it will go? do you think it could thest the lows at 1.50?
Timing_is_key
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Possible, however a longer term view I see more upside to this extended move before we see a cycle turn to the downside, we will have to wait and see how this pans out!
URIFX
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Thank Timing is key! It works... May the price drop down under the ML of P3-P4-P5 if it closes under the Trigger line P0-P4?
Timing_is_key
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There are multiple exit's on this one, It has dropped towards the ML as anticipated, The RED dot above is the extended target on the P3-P4/P5 median line as it lines up with the Horizontal Line at P4 and forms part of the price failure rule for the P2-P3/P4 ML.....I'll let you read up on that one:), However a safe exit would be "anywhere" on the P3-P4/P5 median line. P0-P4 line can be used as exit also as price tends bounce off it initially before continuing. Thanks for the feedback URIFX.
URIFX
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Thanks for your detail explanation. Inspired by your chart, I had draw by myself with a little bit difference (as a lesson for me - tradingview.com/v/Sm7pRLzj/) . My key point is that I trust the Median Line that a long & full candle jumped over it (your P3-P4/P5 median line) and then wait for the 1st test at that Median line. It worked for me! Thank you so much :)
Timing_is_key
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The first ML Hit is a great profit taking area as the odds are stacked in your favor! Great work! :)