The One: Price Action and Reaction

I'm going to see how USDCAD closes on this 4H candle. 2H to go. This is not doing anything interesting though, so probably going to put this on the back burner until it can make a decision and show us a decent opportunity.




NZDUSD,- a bit late in the day now, although approaching resistance on 4H again (previous chart). AUD looking a bit bullish so I'll scratch it. Pizza time!

Yes, it is good that we see it clearly. These pfs go back, way back...

http://www.forexfactory.com/showthre...20#post8384420

Touche sir, you waaaay ahead of me there! Awesome stuff!

guess need to wait 5 more years .... may be.... these ...is ... just ... recently...

Gold Daily

DAX Daily

A trade that unfolded before our eyes... it was up to you if you pulled the trigger to short or not

Chart Updates

Back from some time off

Hi eaglestar,

great thanks for your great work and the effort to open this thread. You opened my eyes and give me the missing puzzle.
Life can play a strange game sometimes, because last week I read an ebook from Patrick Mickula
The Best Trendline Methods of Alan Andrews and Five New Trendline Techniques

So, I only go through this book, without deep concentration. So I randomly find your thread and read the book again.

My question is: As I have a regular work, can I use this also for Daily-Chart in a profitable way?
Like this Kiwi-Chart?


Thanks in advance for your response,

Kind regards from Switzerland,
Hoschie

For instance D1- Aussie Chart


Kiwi-Chart D1



Eurgbp Chart D1


Kind regards,
Hoschie

Good example.
A proper PF with correct PA reading and good risk management, gives you a profitable trade.
Simple.

60 MINUTE USD/CAD

Here is an excellent explanation of the nature for pitchforks (median lines): http://www.forexfactory.com/showthre...07#post4171207

An interesting concept, but not accurately drawn. (I'm not intending a dig at Auxesis, whose charts I generally like).

In the original drawing, the Pitchfork B-C upline is "mirrored" to make a downline at C, and as drawn, it appears to have impressively defined the downward slope with great accuracy. Overall, perhaps, but not nearly so close as drawn.

IMO, if one is going to prove or disprove some concept, then it's important to snap every pivot exactly, and to draw everything with great precision.

With out-of-the-box MT4, that is not always easy, however it does have gravity snapping to OHLC prices for some objects.

I drew the same figure as Auxesis but with precision. Basically:

 

1. Start with a Pitchfork with points at A, B and C.
2. Start with the A-B TL, *but* rather use a FiboFan instead of a TrendLine.
3. Set the FiboFan levels to 0, 0.333, 0.5, .75, 1, and 2
4. Draw the first light colored rectangle. (I used LightCyan for upswing).
5. Copy the object and move it. I changed color to MistyRose. Move it so they touch at point C, as accurately as you can. (Gravity won't help here).
6. I added a Vertical line at the right-rectangle_right-edge for reference.
7. I added Horizontal line for reference, eyeballing where it intersects the PF midpoint between B-C.
8. Draw a 2-line Red CHANNEL object starting it's Pt1 at B.
9. Move the Channel Pt3 up to C.
10. Then move the Red Channel Pt2 until the slope matches the FiboFan "2" line. This is the inverse slope of the original B-C line!

From my observation, the upper Red Channel line is not impressive, at least not with accuracy. Overall, the general downslope is mirrored perhaps, but not as accurately as the original drawing would imply.

The Andrews PF LML has a nice accurate touch and bounce.

I added to the chart simple downsloping Trendlines:

1. First, I added the Orange line *after* an obvious pivot-high had formed. (I observe that timing is exactly at the 1/2 point of the right-rectangle).
2. At around the 75% timing of that rectangle, the orange line is challenged and slightly exceeded, forming a new pivot.
3. Next I drew the Brown TL at that new pivot.
4. That Brown TL is broken, and nearly retested soon after the break above. (Orange TL also has a nice accurate retest).
5. Later, that Brown TL (coincidentally?) forms a future precise line of Support at the gray circle.

I don't know whether the method is useful or not as compared to other regular PF lines (Andrews, ModSchiff, ...). Needs more testing of examples.

Usd/Cad Daily

Chart Updates

Hi eaglestar,

from H1-Chart would this be correct only for Euro and Aussie?




Kind regards,
Erkan

Some commodity charts

Hello friend. You need to start with 3 alternating pivots. I would recommend going through monthly, weekly, daily, then 4h charts first to begin to understand what a pivot is and how price moves with it. Tim uses the High Low High and Low High Low, and also recommended what I just told you about starting with the higher timeframes first. Learn how the pivots work on the higher timeframes, then you can begin to start to use them on the lower timeframes like 30min 20min and 60min.

EagleStar: Nice to see you continuing your ML knowledge sharing quest. It has been a few year since our last little endeavor/interaction, hope all is well. Looks like you have gotten into the futures market. Am tracking the same GC chart as your 240 except I have it on the daily. Am looking for a test re-test of the green up fork, the down fork has done its job and the scary WRB flushed out plenty of bulls.

--Bruce