Tuesday, 11 January 2011

EURGBP the effect of high TF ML + RL's

This set of charts is to illustrate simply that the high time frame forks have a dominant effect on price viz-a-viz support and resistance.
Below are some very high TF forks plus a Mod Schiff magenta fork.






Below are daily and 240 min charts showing the effect on price the the different CL's and RL's.
Although this is to illustrate this fact about high TF forks on price (not on trend which is another subject) there is a very high probability that price will fall to the magenta/Mauve CL at 81.25 and perhaps lower. We currently have a re-touch on the underside of the light blue CL and suggest that price could fall from here. You can see the recent double tops in the 240 min chart which was caused by the RL

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