$ ¥.......detail 15 Min chart

Here's the position at towards the end of the Euro/UK trading session and the market($) is rallying. Below is the E-signal 15 min chart showing in detail the past 24hrs action around the UMLP (blue) and the retouch (circled) on the line i talked about in today's previous post. Using smaller time frames it is possible to see just two of the many possible ML sets (drawn in black) that have captured price at this lower time frame and give me indications of ML's & MLP's that have supported/resisted price and can used for trade entry/stops etc .

Here's two Metatrader $Yen charts below........One shows the same shot (different data feed) and the other shows the origin of the red line (passing through the left hand 15 min chart) which can only be seen whole as a daily long term chart. This is a viable long term ML set and has already defined the previous swing high @92.75 in early Jan. If you look carefully back at the chart in a higher time frame price has consistantly buzzed around this line aqnd it has provided significant resistance over many days and weeks. Once through this red long term centre line price could rally significantly which is what i suspect as we continue to make higher highs and lower lows BUT if it fails again we could see a sharp drop back down towards 88.50 area. I keep some 10 different active charts mapped with ML's of various time frames for each currency pair, and together they build up a complete picture. For me it is essential to see how price reacts at these lines.