Possible Long Position if Leg1 plays out on GBP/USD Hourly Chart
Hello all,
As can be observed vertical timing lines 2&3 are very close which would imply congestion at this point so no clear entry.
Point 4 is interesting as we have 3 other lines converging on the vertical, by taking the line from the top through this point ( Yellow circle ) it meets the baseline at point 4. I will be watching this hour for a few things for this possible scenario
1. The signal bar finds support on lower MLH parallel line and then closes above it
2. The confirming bar blows through the signal bar top & closes higher than the body of the signal bar
If we get the reversal I would expect a high probability upward push to median line at either timing lines 5 to 9
NOTE 1: If LEG 1 fails to drop into lower MLH on 4 all bets are OFF from my point of view
NOTE 2: You can also see the market has tested & retested the underside of Modified Schiff Median line. this shows weakness and possible breakdown of prices.
As can be observed vertical timing lines 2&3 are very close which would imply congestion at this point so no clear entry.
Point 4 is interesting as we have 3 other lines converging on the vertical, by taking the line from the top through this point ( Yellow circle ) it meets the baseline at point 4. I will be watching this hour for a few things for this possible scenario
1. The signal bar finds support on lower MLH parallel line and then closes above it
2. The confirming bar blows through the signal bar top & closes higher than the body of the signal bar
If we get the reversal I would expect a high probability upward push to median line at either timing lines 5 to 9
NOTE 1: If LEG 1 fails to drop into lower MLH on 4 all bets are OFF from my point of view
NOTE 2: You can also see the market has tested & retested the underside of Modified Schiff Median line. this shows weakness and possible breakdown of prices.