The pink and light blue forks are mod Schiffed. The current green dominant ML set has two warning lines. Now here comes (below) a more recent picture of price action in lower TF's......
This (above) is USDJPY in 10 & 15 min. Here you can see the recent $ fall and concentrate on the two upsloping red and blue ML's. The second image i have added Bollinger bands and annotated the chart plus added the blue trigger line. You can see both price failures and the first re-touch on the bottom of the blue LMLP. Now price closed on Friday night on the red LMLP, which also happens to be the exact position of the blue trigger line. If you know your "Andrews" you will know why i am so excited/interested in this. This is a classic short entry and by the looks of it you could have a stop of 10 pts. There is one drawback.....The same drawback that screwed up last weekends $CHF similar setup...The Asian market opens a hour or two before before my Metatader platform starts trading 11 PM(Euro time) Sunday evening. On the E-signal chart you can see price petering out on Friday evening in the USA but on the Metatrader chart you can see price just stops bang on the LMLP and also at the trigger line and on the UMLP of the grey DS fork (deep red in MT). The Bollinger bands all look good in all TF's except in the 30 min charts and the Stochastic's are in a superb position on my B-line window with the 35-10-1 stochastic low down on the 'floor' and the 5-3-3 and 9-3-3 right on the 'crest of the wave'. My advice is to see the opening in Asia and if the line holds get short.
* I have found to my cost that price failures at the CL and retouches on the LMLP and trigger line trades do not seem to work at micro time frames such as 1 min, 2 min and 3 min and sometimes 5 mins. For some reason price action at this level is not reliable enough to trade these setups and i have found that the price failures do lead to a small fall but then instead of a retouch price can reverse upwards back into the fork and stay there often rising......so beware and stay safe in 10,15min time frames upwards.
Lastly, you could add a new ML set now that we have a new swing low. It makes little difference if price opens up on Sunday evening lower but if we see price rise through the closing /trigger line area (and making any short sale at the trigger line impossible) up to the confluence of the new green CL & pink LMLP and thin blue CL then i would again look for a short entry.
12:15 Sunday/Monday morning.... Let the gap close b4 any short position is taken
If you want more than this excellent trade then you must subscribe to my email notification service which notifies you of intra day trade setups of price failures and other ML high probability setups similar to the above as they occur. pnursery@aol.com
Otherwise as with most weekends i try to provide some light entertainment away from the markets..Here are two great soul songs from the 70s
The Staple Singers
and another favourite
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