Thursday 26 August 2010

CLv continued

Here is a slightly unorthodox Median line set using the midway point on the dashed white line between P0 & P3
You can tell the viability of any fork by looking for price action around the reaction lines and in the 2nd,3rd & 4th RL there is good resistance activity. Other RL's seen on this chart come form previous forks on the last controlling swing (see here for explanation of this method) and i had
already decided yesterday afternoon that there was a high probability that we were going to see a reversal of the recent bearish movement. (see E-Signal charts) and was looking for a pullback for another long entry haven taken profits am today with yesterdays long entry at 71.31.

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