A classic reaction line trade at the multiple confluences of an untouched Schiff ML and a reaction line off the Esignal chart (AB77.6D) plus several local ( mini) forks off a important gap at 225.25 (Dec11) bang on ( and i mean bang on) the .618 Fib RT . The gap started me thinking last night and the Euro session started with a small gap higher then a failure bang on the next reaction line at 227.30 . The trade is in its early stages but the trade plan has initial objectives of 227.25 then we are looking at 234.25. Failure to make a new high would call for a re-evaluation.
Two identical Esignal 10 min coffee charts are shown here one with arith scale and the other log scale. The RL #1704 (AB77.6D) goes through bang through ther gap. See the difference in the location of lines? Hence my summer posting ' What is the true location of a line'.
No comments:
Post a Comment