Hi Kidrock, It's like a pitchfork but instead of defining the third fork I'm projecting it, I use the fib channel tool with the following levels (-1.75, -2, -2.25, -2.5), first I draw the median line A to B, then I drag out C (action) to create the reaction zones or the projections, takes a little playing around with it and it's not applicable on all setups because their isn't always a defining median line to measure and project off.
For some background on the concept here is Alan Andrews original course http://www.trading-naked.com/alan_andrews_course_1.htm
Last edited by jtrader; 11-05-2011 at 09:15 AM.
ok, understood, i had to modifying the levels of the channel , they were different, now i will try it , thank you jos
Went short on this one, and got stopped out.
Have been away for a few days but just before I left I grabbed 25pips on USDCAD, it was a nice trade.
nice. looks like typical Supply/Demand trade, even if no harmonics present.
Harmonics would make for a stronger case that price is going to reverse. I'm only using patterns at this point, but will move onto AMP monitor when it's ready . In the mean time will try and learn manually recognizing harmonics.
Here is what I was looking at last night with the EURCAD (just patterns), had to sleep so I missed the trade before the market closed for the weekend.
Last edited by jtrader; 11-12-2011 at 09:05 AM.
Here is another opportunity that I missed because I was sleeping, this time on the usdcad, ticks all the boxes.
Here is a trade with the E-Mini
I got stopped out with this one, I made an adjustment to median line to cater for sideways movement, this trade continued south after it hit my stop loss :-(.
Last edited by jtrader; 11-14-2011 at 08:47 AM.
Shorting the euro.
Give or take about 50 pips
I'm done for the day unless I get bored.
Last edited by jtrader; 11-14-2011 at 08:01 AM.
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