The red fork is in play, the initial overshoot needs to be taken into consideration by either using a slider inside or outside (overshoot) the median.
regards
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DislikedYellow fork is not valid, the smaller pattern that prompted you to put it in was a wash and rinse ( price faking a reversal and continuing it's original direction.)
The red fork is in play, the initial overshoot needs to be taken into consideration by either using a slider inside or outside (overshoot) the median.
regardsIgnored
DislikedI just noticed that prior to the fake Swing High, NO higher Low made yet, Does that mean I shouldn't even bother drawing the new (Yellow) ML???
Or I should draw the yellow ML anyway to help me see and analyze the expected Down Move like what I did with the Green Schiff?
OK.............. No Higher Lows but major Higher High, Is this yellow ML worth drawing????
I hope my question is clear, Good luck with your trading!Ignored
DislikedThanks Auxesis. I didn't actually take this trade because I didn't wanna wait to see what the price gonna do at the lower MLH. It was time to go ZZZZZ
I want to analyze this again. Can someone explain about the Wash and Rinse, I have a question in my chart. I drew the Green Schiff because it's too steep for traditional ML. According to my chart, Is this what we expect when we see a fakeout/ wash and rinse or whatever you wanna call it? Thanks a bunch...Ignored
DislikedRealize you were in a down trend, that being said the area of interest was at a possible double bottom. As price trends in a direction it leaves a series of highs and lows, you know this. When a correction happens that pattern of highs/lows reverses, the wash and rinse occurs when the last prior trend fractal is taken out (showing a reversal) and then the trend kicks back in. In effect those traders trailing their stops behind the last fractal are stopped out... then price continues.
Seeing this gives usually gives you a good clue to the money...Ignored
DislikedThanks again Auxesis and Nguyen.
Is this a pretty good setup? I'm a bit late to enter but Risk Reward ratio still acceptableIgnored
DislikedThere again, your trying to counter trend trade against a very weak euro....Ignored
DislikedDrawing pitchforks, and determining targets is the easiet part of using median lines for trading. Difficult point is when to draw the fork, or in other words, when do you know the pivot has formed.
The method I am going to show is simple but it works 90% of the time for me.
For determining is it okay to draw the pitchfork, first thing you have to know is that the current trend is over. It can easily be done here (with the EURO) using a pitchfork.
Andrew's stated in his course that, after price breaks through the lower median line, it often climbs...Ignored
DislikedUpdated chart
I am expecting 142.30 - 140.90 let us see how far it can go??
Regards,
TAQIgnored
Dislikedout of the trade with the close of a good seperation candle above the ml.
maybe we get a sideway channel or a retracement. don't know but we get a new simple setup. and the target is now the lower ml.
good luckIgnored
DislikedAll the charts messed up today.
It seems it will take at-least a couple of weeks or so for me to have next tradable pivots until than happy trading you all.
Regards
TAQIgnored