Following on from my last post lets have a look at Wheat:
Here is the weekly chart going back 5 yrs to 2010: Note the pivots 1-9. The classic Andrews fork would be drawn off 4,3 & 8. Our technical analysis reveals that these pivots all contain multiple relationships and this is confirmed in the greater part by their reaction lines. The down sloping blue fork is dominant at this point in time and we are clearly in a period of falling prices.
Please note the reaction lines as we change the top pivot between 7,8 & 9. We have not reproduced all the reaction lines and median lines combos simply for the sake of clarity and brevity as we wish to look at more recent price activity but they all produce ML & RL's with an undenaible correlation with price and often it is breathtaking such as the 4-3-8 pitchfork above ( 2nd RL)
Now below we see the additional twoPF's : A-B-C and B-C-D
First observations are the creation of pivot D at the confluence of the blue PF's upper median line parallel and the 1st RL of the PF: A-B-C clearly indicated by the down pointing red arrows. This enables us to draw PF: B-C-D and we have a high probability reversal (allbeit contratrend) at the blcak centre line (just above 490-00) and the confluence of the 2nd down sloping RL of the blue down/sloping PF derived from pivots 4,3,9.
The position of the previous RL has simply been left by a manual overlaid trendline and can be seen supporting price from pivot C towards pivot D. You can see also after the centre line has been touched we are being carried higher by the upsloping reaction line and are currently at 540-00 (W H15).
Here's the original position below without the upsloping RL and the subtle variations can be explored by any reader using the ML4 free coded MQ4 PF tool found here
It would not be unreasonable to suggest there is a high probability of price rising along this uploping RL until it encounters the down sloping RL that caused pivot D between 550 to 575 (dependent on price and time). seen below:
We now turn our attention to Coffee.Important gaps have been marked in highlighted pink and should be carefully observed as areas of great importance and support/ resistance.
Please remind yourself of this link and image( screenshot Dec 2013) showing the recent long term low just below and around 100c/lb
http://medianlinetrader.blogspot.fr/2013/12/coffee-kc-hits-bottomlooks-like-we-have.html
And now onto Cocoa:
and my recent favourite Sugar:
Lastly: EURUSD and please refer to my previous recent post which gives the mega fork
http://medianlinetrader.blogspot.fr/2015/01/eurusd-on-historical-median-line.html
Below...hand drawn charts
metatrader
another template with same historic PF's....look at those Reaction lines!!!!!!!!!!!!!!!!!!!
We declared a long term long position Feb 12th 2015 1.1347 ( original stp 1.1310 )
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