I just thought that I would show you this current example. You may look at our site and view the charts and say" Wow! What a crazy mess, It's like a bird's nest.... Too many lines man!"... Well, the reason i draw them i because they
are the structure/matrix that price moves through. Due to scaling issues ( which are discussed in depth on my site) the angle of any line changes as you lower or increase the time frame. An up sloping fork in the weekly chart will present a horizontal line in the 60 min chart. This example is even better as its a horizontal fork in the weekly chart. It's reaction lines also are extremely effective and more important than sharper angled forks.
Now look at this PF drawn in black. It represents the frequency of these three very important pivots. Many trading educators would say you are mad to draw this because this fork is not in " play" as we have not yet made a lower low.
Now lets look at a lower time frame 30 mins. Can you see the correlation with price?
Now lets drop down to the 10 min chart. Here are several views of price action along thi median line
No comments:
Post a Comment