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.
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.
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