DislikedI have been too busy during the past couple of weeks to post any analysis, but wanted to post what I am currently seeing.....over the past 3 months, on Fridays, there has been an 85% chance of a reversal within one hour of the London Open.
Today, I have 2 hourly time lines falling in the LO bar and two four hourly in the bar starting at 6am edt.....in 2 hours time......these representing times when GJ is more likely to make a chage, either by accererating a current move or by reversing . On the 15 min chart, the 2:30 candle (currently the high) had two TLs.
So far, GJ has held around the Daily R1 from the US close (I always work with the US close for pivots) also cable is currently at its R1 but UJ reversed from its R1 at 3:20 est.
So we are set for a reversal, but until (unless) cable can join UJ and turn down I have no signal - a close under a flat / falling 34 ema on the 5 min chart.
Thus at 4:35 est, the uptrend remains in force and must be respected.Ignored
Good to see your posts again Islander.... and interesting analysis.
Are these reversals retraces similar to this morning or more significant changes in the the trend.
A very high % though, could be a nice high probabilty and profitable method for fridays, do you have any similar statistics for the other times.
Chris.