Thursday, 18 July 2013

E mini S &P: A higher high?

 Here is just one view of ES with multiple PF's applied and their reaction lines. One RL from the down sloping blue Schiff PF catches the eye with mouthwatering accuracy. Again the topic of line location is paramount. In the daily chart ( top) we have drawn an unbroken brick red manual trend line along the same axis as the reaction line. In other words we have drawn bang on top of the automatically drawn RL seen in the daily chart. Hey Presto! ....When we drop down to the 240 min we see the location of the RL
( unbroken in dark brick red) and beneath/below it is the dot-dashed auto drawn RL. Both of these lines are valid and an empirical study /research shows that both lines are effective. Want to know how to find the true location for any line in any time frame? LINK

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