Price is still holding below the bottom of the blue median line set. Price is may come again back down to the 2480 area to test support. Look to see if price can drop farther, or if price will rise back into the blue median line.
Price has come up and touched resistance at 2506, and his coming down again. We had good touches on Warning Line 1, but now it his broken down after also hitting the next median line as I had mentioned yesterday. Look for price to continue down to 2495 then 2488 then possibly 2480 if the rejection at 2506 holds.
Price has stayed at the top of the channel and the lower blue median line break and retest for some time now. We should see a break down or break out shortly, with the bias on it going to 2480 first, as the blue median line is acting as resistance at the moment.
Price has still stalled at the back test retest of the blue median line. This is showing that price should remain below this area and try to drift down.
Price is at resistance at as it has gapped up over the weekend to 2474 area. Look to see if price will hold here at resistance or finally try to break 2480 hard, and again try to retest the middle blue median line again.
Price has broken down after hitting the sliding median line and going lower. Look to see if price can break 2456 hard and then 2450 area. We may come to retest the blue median line and pink median line energy point before going lower.
We have price coming up to test the sliding parallel of the downward sloping pink median line. Look to see if price can drop or if it will break to the upside to try to test 2480. 2456 and 2450 are important levels to look for to the downside.
Price has gone up to test the blue middle median line. Look now to see if price will retrace from here as it is also at the sliding parallel of the spike bar, and near major resistance of 2480.
Hello there, On the chart we have three pitchfork's, the pink one is a standard fork and has its upper parallel being tested, the blue fork is a modified Schiff which found resistance on its upper sliding parallel. Then there is the dashed gray pitchfork of which the medianline is being tested, all at a single point of confluence where a bat pattern formed its...
Hello, First of all sorry for the cluttered view, I tried to make it as clean as possible. On the chart we have several pitchforks to indicate where price is headed. The sliding parallel which has been projected more than once keeps on being respected by price. The smallest(black) pitchfork still holds value as its warningline(black dashed line) formed a...
Not a big surprise here that price has been turning now. Look to see if 2350 area can continue as resistance. We have opposing forks, but the dominant trend is stall looking like it may be down. See if we can break 2333, and 2317, or if this sliding parallel will hold and we will go back up to 2383 area.
Price has dropped from minor resitance at 2367, then hit 2356 as mentioned as possibility yesterday, and is now holding. Look to see if we can break above WL1, and also upper blue median line to signal a possible climb to try to hit 2383 or higher.
Price has come up again to the sliding parallel, and is drapping. We are at minor resistance here, so I would like to see some lows taken at 2320 if we are going to continue lower.
Sliding Parallel with a 0.618 retrace and a Bat Pattern into a Psychological number (11.500)
Canada cleared the highs from earlier in the year and continues to follow a nice rolling chop style channel upwards. Pull backs are orderly and have nice frequency as you can see from the small downsloping fork with warning lines. One more pull back to retest the multi-pivot support resistance area around 1.1220-.1.1275 would be a great opportunity to buy.
I wanted to share this trade idea because its a great example of how to manage your trades once the market moves in your favor. Notice that since I got in a big hurry to get in this trade, my entry, while decent, could have been much better. If I had just waited a few more days with a nice limit order sitting on the red sliding parallel, then I would have had...