Time and Price Forecasting

A possible scenario

Right now GBPUSD 60 mn Price Action is // to its FLD 32 (in blue)

FLD 32 plays the role of Resistance

Close for the week and month.

It is not.

first leg ??? TP 4000 pips ????

GBPUSD 60min end-of-week.
I am reviewing this thread in it's entirety. I know forks are not what most are using here but as long as it is tolerated by DM I will post charts in such context as it is what has become natural to me in my trading.

I erase everything at the end of the week and start fresh on Friday. On Sunday I actually do it again before the markets open. This helps to limit my bias.

Everyone knows the pound rocketed up the last 48 hours or so. The blue fork as shown demonstrates this as price blew through the median line exceeding it's C to D projection. The exceedingly bullish moves are essentially gaps and are likely to be retested. Therefore and despite the upward projection of the fork it is reasonable to entertain a sell to either the red diagonal consolidation or the grey rectangle lower where bulls broke through a shelf. Fork theory as stated by Andrews states that when price "zooms" the median line it will often retest.

So at this point no predictions really but price will reveal itself.

Good weekend to everyone and GO 49er's!!!

For a clearer picture, there is still room to move from a 4HR view, one would expect a 100% extension from the 1HR breakout which
confirms the 4HR expected progression.

The same can be said for the EURCAD

Looking forward to the big game today!

EURUSD60min pre-open analysis and a little about median lines(forks):

The chart shows 2 forks. The blue modified schiff fork is the major fork (based on the large swing A to B). This fork is still in process. If price makes it to the upper median line of the blue fork, C to D the fork will be complete. The yellow modified schiff fork is drawn off smaller swings and it is actually a completed fork.

It is important to understand that the "lines" are not magical when using forks. They merely attempt to project price based on how price interacts with the lines. Therefore just because the fork is pointing one way or another does not necessarily mean price is heading in that direction. In addition it is also erroneous to look for trades at any particular line based on a pattern of frequent touches on a particular line. This is commonly called frequency and is used by some but in real trading I found it unhelpful.

Looking at the yellow fork it can be seen that price "zoomed" the median line. Andrews says when this happens we can expect price to retest that area. The retest does not imply that price is going to go one way or another just that it has a high probability of retesting. We have to watch price to see what may happen next.

So there are a couple of potential trading options: One is to consider selling if price action supports to the origin of where price zoomed the median line. The two parallel green lines and the purple lines are areas where a target might be. The other option is to wait for price to retest then consider buying the green/purple lines.

Of course price may just keep going up from here also.

I may edit this post so check back.

A possible scenario

Notice that IF FLD 256 reaches its target (see above) FLD 384 will be significantly broken too.

Hence this new Potential Target Zone will become valid.

This phenomenon is called a FLD Cascade

I hate to be the bearer of bad news, but we rely way too much on technology to do all the work for us as traders. When I really get in and study the work of those who have become super successful in this business I come to realize the reason they can use technology effectively is because they have proven their methods by good old fashioned hard work, using mechanical and hand drawn charts. Only then setting up charts to copy proven methods is quite easy.

For example.....I do not have too much trouble coming up with price levels of support or resistance. There are several easy methods using the technology in mt4 of dividing out price, using octaves, measured moves etc....but TIME is another matter. Setting proper cycle times of expected reversals can be quite nebulous at best, adding little confidence to pull the trigger on a counter trend move .....cycle times are just not accurate enough to put money on the line.

So, I found a method used by Jenkins that pinpoints, with dead accuracy, expected pivot points, or expected reversal points in TIME either with or against the trend. the chart below shows the method and I am amazed at the accuracy. It takes some manual work but the results are nothing short of amazing (his words)

Anyway, just wanted to show something that works for me and hope you find it interesting... And yes..I am short Euro atm...keeping a close eye on it for now..
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Next...use the same cycle tool and turn it vertical to establish an expected first support level..

and then if we use the best technology ever created -- ones eyes -- we can actually see there are wow 24 one hour bars -- on wait that is one day, which is a pretty decent cycle length always and everywhere namely currency moves and subsequent news happen at the same time each day, at least until traders use their eyes and are waiting with their orders

Right - average cycle period in 60 mn is slightly over 1 day

Hello, forgive me but this time i do not understand how you do this,do you just use vertical lines for highs and lows swings for the cycle and to find the s/r, am really lost

Hello swede ,
I'm not sure I understand, I tried to take the EU .. if you feel like can you tell me what you think?