The One: Price Action and Reaction

AUD/NZD W and D Is 1.000 on the cards? Speculative fork on the 4

DXY W Strong Bearish Weekly close with plenty of "room to the left" at the 1.618 ext of last upleg. 4H Speculative Bearish Fork with some validation on the tail and closing LL

Copper W Possible 76 Fib and Upper Parallel resistance but I favour an up move here HHs HLs etc Target for 4H Fib 1.21 ext at 28300

EURAUD D Obvious short imo Fib and fork target around 1.400

GBPAUD W and 4H In an area of possible resistance on the Weekly On the 4: AB=CD at 1.713 I wouldn't be surprised to see price hit 1.73 the sliding parallel of the minor fork and the 1.618 ext of AB

EURUSD W Possible classic Wolfe Wave setup on the Weekly Target 6 is also in the PRZ Fib of major leg and the trigger line of major Fork

EUROBUND
Weekly: Bullish falling wedge and Sliding parallel support
Daily: Strong Bullish Daily Engulfing Candle with positive RSI Divergence
4H: Speculative minor fork entering the PRZ of BC

Interesting PA: a close above the channel on H4 and I will be looking to get long

Long XAU I took this position at the close Friday based on the depth of Golds retracements(yellow lines) Horizontal Support and Fibs Golden ration on the Weekly Median line support on the Minor Daily (purple) Fork and the PA on the H4. Target around $190 the Median line of minor blue and LP of minor purple forks also 1;1 of initial leg (white lines) I will probably lower the stop to around 170 giving a 1:1 RRR

FTSE

Weekly Possible H&S, Strong Bearish Weekly Engulfing, Horizontal support (neckline) around 6630 with poss Sliding parallel(SP) support.
Daily: Speculative bearish fork with price constrainment and support(red lines) poss SP support from minor purple fork at 6683 and major fork ML support
4H speculative minor bearish fork. Channel break retest and fail(red channel) A lot of mixed signals and areas of interest Not sure if I prefer a retracement to around 6800 before a further drop or is it just down from here. Non the less if the 4H speculative fork is controlling price there is an 80% probability price will hit the ML at around 6600

Just a quick note on abbreviation for any new traders that find this type of analysis useful/interesting, Some of the abbreviations i use are:

ML- Median line
UP Upper parallel
LP Lower parallel
SP Sliding parallel
TL Trigger line
Fib- Fibonacci
PRZ Potential Reversal Zone, usually the 50-99% retracement arera of an AB impulse leg

Rarely do I use forks on anything smaller than a 4 H- too unreliable. The Weekly or Daily major forks always take priority, as they should, in any trade decision. I do not just use PFs however, they are just the framework, I rely more on PA, Candlesticks, Fib, order flow, Horizontal support and resistance, VSA (volume spread analysis-but only on the daily) chart patterns, Stochs, RSI EMA and a few other tricks. Most indicators are lagging indicators (Stochs MACD etc) there are only a few 'predictice' tools these include Harmonics(which I don't use), PFs Fib, Horixontal sup/res, wolfe waves and trend lines these are the tools I use to try and predict where price is most likely to go and I use the 50 and 200 EMAs on the Daily as a lot of pro traders factor in these averages when making trade deciisions.

XAU Long trade I have decided on a target of 1214: the ML of the minor bearish purple Fork and the UP of the minor bullish blue fork

NZDUSD Short Trade taken on the 4H Target is fib 1.21 ext completion of Wolfe wave setup (6) and SP of minor fork. Also gold trade closed manually for 90 pips due to PA and ML resistance

Re entered long on XAU 1H at 76 Fib of AB Target this time $1189 fairly tight stop. A 'set and forget' trade

USDCAD Long at SP of Daily Fork, and Horizontal support. Trade was taken at the completion of the bullish engulfing candle on the 4H Target 1.3700 the ML

gold charts

chart update

Your work is very good, thank you for posting.

Some Daily Fib charts. Look for the AB=CD patterns. As mentioned before, Mr. Pips thread is a good place to start, as I haven't gone in depth about the Fib AB=CD pattern here yet. You can also look up Larry Pesavento, and Carolyn Boroden as mentioned before.

Identifying the true essence of a modified schiff pitchfork:

Hello all, I will be posting again regularly starting next week or a little after. Currently I am doing some fibonacci study and how it relates to pitchforks, and trading. I will share results as I make them. Thank you. You can also see my short term trades using fibonacci in Mr. Pip Thread mentioned before.

All the best,
ES