GU240 Possible Long entry on a break of upper parallel!
Hello all,
We are at a nice decision point atm. where the market is sitting on the Upper Parallel of the Mod-Schiff Pitchfork after finding support at my Square Root 2nd Rotation S/R Level ( See Linked Chart on how these levels were created ). If you observe the 1st play at the 1st Rotation level of 1.52610 it shows a great example of how we can use both pitchfork diagonals and the Horizontal S/R line.......to catch the reversal.......More often then not after the ML was ZOOMED temporary support was found @ the horizontal & if a ML is nearby it often will extend passed horizontal support & pullback to the ML and then continue in the original direction.
If we get another ZOOM candle past the Upper Parallel I will look to go long on a pullback to it! Targets are on the chart! If we don't get the upside breakout, I will re-asses another possible down leg to the Mod Schiff Median line.
We are at a nice decision point atm. where the market is sitting on the Upper Parallel of the Mod-Schiff Pitchfork after finding support at my Square Root 2nd Rotation S/R Level ( See Linked Chart on how these levels were created ). If you observe the 1st play at the 1st Rotation level of 1.52610 it shows a great example of how we can use both pitchfork diagonals and the Horizontal S/R line.......to catch the reversal.......More often then not after the ML was ZOOMED temporary support was found @ the horizontal & if a ML is nearby it often will extend passed horizontal support & pullback to the ML and then continue in the original direction.
If we get another ZOOM candle past the Upper Parallel I will look to go long on a pullback to it! Targets are on the chart! If we don't get the upside breakout, I will re-asses another possible down leg to the Mod Schiff Median line.
