GBP/USD - A simple forcast using Andrews techniques
This Diagram is a continuation of my previous forecast and demonstrates how a simple adjustment based on current market action will provide an amazing amount of forecasting information.
Adjustment 1:- By testing the previous 2 remote lows ( I call them P1's short for pivot 1's) on the upward pitchfork I was able to nail the most recent low pivot touching the lower Median Line Parallel (MLH) shown with the purple circle. Therefore, by "Form Fitting" this fork we have validated the forecast (See curved arrow Line) of price heading for the Median Line of the upward pitchfork. ( This technique is based on one of the rules Allan Andrews used for trade entry )
Adjustment 2:- Was to convert my previous modified Schiff pitchfork into a regular pitchfork. If you zoom into the recent price action all the downward spikes failed to reach the median line of the downward fork thus giving us a clue that this has a high probability ( not confirmed yet ) of reversing at least to the first high (see Assumption 1 TBC) or higher.
I will be looking for entries to go long at the horizontal SQ9 target areas and vertical time lines provided the market holds above the lower MLH of the upward facing pitchfork.
I hope the idea is clear
Sincerely,
TIK (Timing Is Key)
Adjustment 1:- By testing the previous 2 remote lows ( I call them P1's short for pivot 1's) on the upward pitchfork I was able to nail the most recent low pivot touching the lower Median Line Parallel (MLH) shown with the purple circle. Therefore, by "Form Fitting" this fork we have validated the forecast (See curved arrow Line) of price heading for the Median Line of the upward pitchfork. ( This technique is based on one of the rules Allan Andrews used for trade entry )
Adjustment 2:- Was to convert my previous modified Schiff pitchfork into a regular pitchfork. If you zoom into the recent price action all the downward spikes failed to reach the median line of the downward fork thus giving us a clue that this has a high probability ( not confirmed yet ) of reversing at least to the first high (see Assumption 1 TBC) or higher.
I will be looking for entries to go long at the horizontal SQ9 target areas and vertical time lines provided the market holds above the lower MLH of the upward facing pitchfork.
I hope the idea is clear
Sincerely,
TIK (Timing Is Key)