Inverted Head and Shoulder ES U12 1min time frame!

The large inverted head and shoulder below in the ES daily chart is now not valid in my opinion but heres one in the 1 min TF.

S&P going up continued

S&P...Going up

I guess you can see the untouched violet CL? All red rection lines ( with two exceptions) are drawn by custom indicator one 3 pivoots are chosen for your fork..

Gold.. Critical support form ML...looks like it could dump

I have posted about this supporting ML ( seen here above on the Esignal  platform) on various blogs/sites and it to me it seems to enforce my theory about historical ML's but what is more important is that we seem to be unable to break higher and so far we have been unable to break below. Remember this is at a slight angle in the chart below so the supporting ML  is slowly rising.
Below:Here it is in black/green/pink in the MT4 platform using custom indicators to insert the reaction lines in red from other historical PF's(ML's). These are different templates so have assorted reaction lines but all work to some degree or other on price. The longer we remain bumping along the 'bottom' $1550-1580 the more concerned i get that we may see a downward penetration. If we go through we could see a sharp drop of the likes one sees every so often in gold ...80-100$. Draw this big fork yourself (carefully)and then drop down to the 60 min chart and see the interaction with price.

Coffee Ice US (NYBOT) scaling both Arith and log

Gold hits the 'G spot'.......

EURUSD & S&P U12... Fork management...which pivot to use?

Usually it's a pretty simple operation to draw a classic Andrews PF. You choose the 3 significant highs and lows that describe a swing. However, here's a conundrum.Below is a simple chart of the current emini S&P (U12). There are a choice of various pivots and due to the structure/construction of the recent high there are two (possibly three) pivots to choose from...B & D. If we choose B then we have no centre line touch yet on the black fork. If we choose the lower high D then we have a perfect fit with the blue fork. If we choose pivot 'A Gap high' then we also have a snug fit both along the upper green MLP/MLH and the centre line.

 

Which to choose? My answer is all three and here is why ... The reaction and median lines on all three are valid and all three forks are 'in play'. The green Gap fork is the one providing the current support that price is using as a ladder to climb higher (albeit slowly).

However my question is about Andrews rule concerning the centre line.This still constitutes an as yet untouched centre line but due to the construction of the 'roof' /high pivots I am not worried about any reversal and will wait for price to return lower and eventually touch the black centre line.

Gold gets ready to tank..continued + ES U12

Gold gets ready to tank

The dominent fork with RL's

price teeters on the edge(LMLP) after 6 touches

 a simple mod Schiff fork with it's reaction lines

 

Short emini S&P...continued

Time for a small bounce but perhaps not to make a higher high- I maintain this short position and may add to it. Target is as per previous post 1317- 1323 and eventually lower to restest 1300 .Different ML/RL templates shown above but sharing many of the same forks.
The recent low at 1328.75 means you can draw a fork and use any failure bor CL hit as a guide to price strength/weakness.

Short Emini S&P..My setup

This is my trade form this morning. I have just taken this position based on three/four factors.
1. Gap(tiny gap at 1337.00 to 1337.25 form this morning sell off)
2. The downsloping CL from current low TF fork ( all pivots are form after Asain gap up)
3. The reaction line

The trade objective is twofold with a incremental CFD position of .8 lot .. A swing trade of 2 -3 days plus to see a retest of 1300 and a intraday trade with an objective of 1317 to 1320..ie the centre line of the new downsloping fork. Entry method was the above plus indicator entry using the short stochastic ribbons ( 15 min) & B-line stochastic + MACD+BB to catch the first retracement of a new trend.

USDCAD & ES Sept12...simultaneous high prob trades?

USD  finds support as the ES finds resistance? Gap fork on the CAD works well. This maybe a pivot of significance.. we have RR ratio of 1/4 on the S&P and 1/2.5  on the +$-Cad pos. See previous post for S&P details

Historical pitchforks....cause and effect

 Draw this simple fork below in the emini S&P weekly chart and pay particular attention to getting the pivots right on the lines as even a small error can screw this up. Just because price has popped out above the MLH/UMLP means nothing...the fork is still 'in play' and affecting price.

  Once you are sure you have correctly drawn and adjusted the fork drop down to the 30 min time frame and see the effect this line has on current price

Here is some finer detail in an even lower time frame....

Whats all this mean? You can use the past and previous historical pivots to reveal 'organic' support and resistance levels/areas.

Try this yourself with any currency pair or future contract or indeed any chart.
FYI... with the S&P chart i have nearly 20 historical PF's ( not all Andrews, some are Schiff and very occasionally mod Schiff and others are 'FNL' and'G' Forks) and with each forks reaction lines added you can build a full and revealing picture of price.

emini S&P..Head and Shoulders...or continuation pattern?

If it's a H&S it will have to take out the neck line and end up below 1300 (Sep 12) at arund 1291

Gap pivot using Andrews pitchfork... Emin S&P going back to test 1300 ...and then lower

Emini S&P (M12) short at the ML 1325.00 stop 1328.25

Double tops in Cable ( 1 min TF)

Simpils!