USDCAD H4 steep downfork. Entered demand area.
Long on a 15minute engulf. See if it has legs.
Long on a 15minute engulf. See if it has legs.
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DislikedH4 forks. Green up fork appears to be breaking down. Red down fork I've been showing in previous posts superimposed on the up fork. Sure the "trend" is important but more important is the PA. In this case the PA has favored sells. 30 minute engulfs have proven themselves worthy. Just for the record I've been using the 15 and 30 minute engulfs with the H4 charts for a while. I abandoned H1/30min charts with 5 minute PA a while back. Too inconsistent. {image}{image} My process is as follows: 1. Identify the "best" up and down H4 forks. Forks can be...Ignored
DislikedUpfork in previous post didn't hold but it was not so hard to see this would happen. Note previous demand turned supply {image} 30 min engulfs in previous demand now supply {image} The fork helps outline the PA but it is the PA that we tradeIgnored
DislikedRemember the the rule that price will reach the next median line 80% of the time. {quote}Ignored