Previously on ; 2013.09.13 2013.09.05 2013.08.23 2013.08.02 2013.07.23 2013.07.24 2013.07.29 Price has crossed wl-5, so now is the time to draw wl-6 as next target. Price seems to have moved the the yellow frequency band. Let's see if it stays there.
Just closed this trade in one night with 6R in the pocket
For those who shorted target has been adjusted as shown. Stop moved to break-even, above the MPL.
For those who are swing traders and can stomach the market whipsaw, target is ML at 1.364. Anyway you should be riding on a profit of 5 times your risk by now if you entered the trade when the call was made. There is a 80% probability that it will hit the ML which means a 20% failure rate. As usual, in the eventuality of the 20% failure, please move your stops...
Price is trapped within the blue channel of the Schiff Pitchfork but still within the upper band of the upsloping black pitchfork. Price will attempt to reach mml of the blue Schiff PF. It needs to break above mml to change frequency in the yellow band.
If price breaks the low of yesterday, it is a good confirmation that the trend will reverse and head towards 60.23 area
Price is within L-MLH and wl-1 frequency and faced rejection at L-MLH. Expect gap fill with possible price dropping down to final target as depicted by red arrow.
The red multi-pivot line has been tested 3 times. This shows strong resistant strength. Note that the MPL is downsloping as prices fail to establish a higher high or high pivots. The lower parallel to the MPL serves as support as it guides price towards a major confluence area with the upsloping ML. Overall major tend is up so expect some strong reaction...
As long as price does not break the downsloping purple sliding parallel, price will trend down and fall into the downsloping pitchfork.
Previously on 2013.09.05 Overall trend is down and the critical juncture projected on 2013.09.05 for a possible strong reaction occured when it broke the red resistance. Target will be the bottom of the blue channel as depicted by the red arrow
Once the L-MLH is broken, it is better keep your profits and quite your position.
Previously on: 2013.09.05 2013.08.23 2013.08.02 2013.07.23 2013.07.24 2013.07.29 Expect price to be trapped in between wl-5 and the upsloping U-MLH.
Price went sideways into consolidation before breaking out. This gives me the possibility of drawing an Inside Median Line where P0 cannot be found.
Please move your stop along this orange MPL for those who have LONGED.
Possible end of downtrend shown here so price will be under influence of the major black pitchfork in guiding it towards the black ML as depicted by blue arrow
Doing my bit for Forex traders! Longed this earlier using 1 hour time-frame and had to rush out so was not able to post this earlier. It is too late to long now but you may want to wait for price to retrace down near the L-MLH before there is another opportunity to long. Price will head towards the ML but watch out for some strong retrace at 1.3400.
Get ready for possible strong action next few days. If price respect the downsloping fibo 0.618 and does not break it, price will be pushed back into the blue channel towards target as indicated which is the ML. A break above the fibo 0.618 will be met by the downsloping line as indicated by the green arrow.
Price has reached target at U-MLH line and so now is the time to draw wl-5 and WL-1. Immediate target will be wl-5. Expect possible price trap between wl-5 and the upsloping U-MLH. This creates extreme pressure to be squeezed in the red "bermuda" triangle here with strong bias for the price to jettison towards WL-1. When that happens, it is time to draw...