Amazing Symmetry On The Dollar Yen
This simple parallel channel taken from the two daily lows can be a powerful tool to determine take profit areas from this strong move in the Dollar Yen.
Notes to consider:
1. The midpoint ( hits) are reverse engineered using the two lows as the anchors.
2. The TOP parallel becomes the forecast line where we can expect prices to reach and then stall out and/or reverse.
3. the Midpoint 'ZOOM' Bar and the HUGE gap to the midpoint line gave the trader confidence that prices will reach somewhere near the Upper Parallel. This methodology stems from the the Andrews Pitch Fork/ Action/Reaction studies.
Thankyou
RB
Notes to consider:
1. The midpoint ( hits) are reverse engineered using the two lows as the anchors.
2. The TOP parallel becomes the forecast line where we can expect prices to reach and then stall out and/or reverse.
3. the Midpoint 'ZOOM' Bar and the HUGE gap to the midpoint line gave the trader confidence that prices will reach somewhere near the Upper Parallel. This methodology stems from the the Andrews Pitch Fork/ Action/Reaction studies.
Thankyou
RB