Monday, 9 January 2012

Gap fork in Gold ( Gold continued)..continued

It's a beautiful thing when it all comes together like this! ( see previous posts from today). This should now lead to a retest of the previous low at 1605$. The bottom line here is that we have failed to pull up and away over 1620 convincingly. There is always the posibility we will rally again if we fail on the downside attempt nothing is certain yet.
Below is another reaction line template but with a unorthadox fork ( in pink) using the first high in the swing which gives me the first set of reaction lines to see where price can fail or continue its trend and thus judge strength of trend. A similar unorthadox fork plus reaction lines are displayed on the ensign chart. please note that the centre line (in both forks below ( MT4 and Ensign) has no function in this type of fork regarding a failure or successful touch compared to an Andrews only serves to locate the first line of resistance offered by the reaction lines from the same frequency as a normal fork.


No comments:

Post a Comment