Here is one of my chart for EurGbp- This has been a great market today with a break in up trend supplied not only by the Euros weakness but also by the UK growth figures out AM today. The obvious short trade i am out of but now look at the modified Schiff green fork. The reaction lines provided my entry this morning where i sold on a break of the first RL. Then we saw almost a continuous falling market and as we approach the second RL everything about it is screaming 'oversold'. The blue dotted line is simply a continuation of the RL from a RL in the green upsloping fork in the top LHS of the highest time frame chart that price long ago left
(but never ignore them). Underneath and to the right hand side we have the second up sloping RL and we know there is a high prob that price will interact with this line because the market is now exhausted after it's move down ( this does not mean i do not think it will continue down but i suspect retrace first before doing so and going down to the green CL). and also price was effected by the first RL in this fork and then we have the indicators to which i pay attention ( but not so much as to complicate the whole simple idea of reaction after price-action). In addition we also have a median line (white) from a 240 min fork not seen here (except
a LMLP).Below €$
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