Timing is key
Long

GU240 Possible Long entry on a break of upper parallel!

FX:GBPUSD   British Pound/U.S. Dollar
320 11 5
Hello all,

We are at a nice decision point atm. where the market is sitting on the Upper Parallel of the Mod-Schiff Pitchfork after finding support at my Square             Root 2nd Rotation S/R Level ( See Linked Chart on how these levels were created ). If you observe the 1st play at the 1st Rotation level of 1.52610 it shows a great example of how we can use both pitchfork diagonals and the Horizontal S/R line.......to catch the reversal.......More often then not after the ML was ZOOMED temporary support was found @ the horizontal & if a ML is nearby it often will extend passed horizontal support & pullback to the ML and then continue in the original direction.

If we get another ZOOM candle past the Upper Parallel I will look to go long on a pullback to it! Targets are on the chart! If we don't get the upside breakout, I will re-asses another possible down leg to the Mod Schiff Median line .
Interestingly enough, I get a weekly buy stop signal at 1.568.

Check this out:
Pound expressed in Gold: wave 4 done?
Reply
Timing is key IvanLabrie
a year ago
Through the previous SQRoot levels I can see a possible change in cycle. There is a standard downward fork ( Not shown ) which has already breached the upper parallel and failed to reach the ML. We should get the same distance up to the Zero Point Target but likely much higher before finding resistance. Lets see if we get a chance for an entry:)
Reply
Timing is key Timing is key
a year ago
I notice everyone is looking short....I'm such a contrarian:)
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IvanLabrie PRO Timing is key
a year ago
Yes, I think I know which one.
Have you seen my weekly GU?
Reply
Timing is key IvanLabrie
a year ago
Yes, Thanks for pointing it out....The GU with gold count is soooo clear on EW. There is so much else lining up for a BIG 4-5 Leg from a multiple Fork AR level....just on an EYE BALL. The ST charts are lining up early as always and the fact the everyone is looking short also gives me ammunition for the big long play
Reply
IvanLabrie PRO Timing is key
a year ago
Indeed, no one likes to buy strength, yet look at how effective the close above trigger line longs are...

GBPNZD: Target

GBPUSD: Weekly view - Potential for a monster rally
Reply
Timing is key
a year ago
Another view using the standard fork shows the price failure & price hugging on the other side of the 1st warning line....let's see hoe this pans out!

snapshot
+1 Reply
Timing is key
a year ago
Trade failed to trigger...amazing resistance @ the 154900 level/Upper parallel of Mod Schiff/ and @ the 2.5 Rotation level ( not shown )...let's follow the action.....1st Target = 1st rotation 152610.
+1 Reply
Timing is key
a year ago
This trade never activated as 154900 held beautifully, in fact , it has proven, yet again the power of these rotations ( See Rotation 1 ) reversal to Rotation 2. We have a nice Zoom & Pull Back....again a break of 155000 will be my long signal as we have had a pullback support @ 154150 ( Rotation 2 ) and a vacuum GAP to the upper parallel signaling underlying strength. Take care
+1 Reply
IvanLabrie PRO Timing is key
a year ago
Seems to be working great!
Reply
Timing is key IvanLabrie
a year ago
early days, however if it develops into a decent uptrend I will have plenty to lean on:)
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