4xpipcounter's trendlines
- Thread starter 4xpipcounter
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Yes VJAY. If you refer to the chart I posted on the EUR/USD, the swing high before the move south was 1.4473. The dip was 1.4379, which is a difference of .0094. Take 1.4473+.0094=1.4567 That is the expectant level of this leg UP. It should go further beyond that. My TP is 1.4541 for the ulterior reason of my WR1 (Does not pertain to this thread.). If that is hit before the business day is finished, I will reenter the long at a lower level.
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I'm setting up some other charts that keeps the rest of my methodology out of it.
This is the USD/JPY. This is really a complete picture of what is about to unfold, and once again, we are posting live.
The first thing that happened was a break of the weekly TL (red). We never had a correction with a regard to it, so that is what is happening now.
With the break of the weekly TL we had a new uptrend on the 4-hour. That TL was broken, and then the correction took it back to the place it broke the TL. (Don't forget. That is the minimum expectation, while the a close under the TL is maximum.)
Next we have a new downtrend on the 4-hour. The first TL was drawn from the peak to the 1st swing high. As it progressed, a 2nd one was drawn from the 1st swing high to the 2nd swing high. The 2ns TL has a better angle nad it is legitimate because of the angle.
Now, we move into the future. The candle crossed the weekly TL at 83.41, and the TL is currently at 83.24. That tells us that seeing this is a correction, a minimum of 83.41 will be hit before a reversal (Dip to this point is 83.45.), and the week will finish above 83.24. You can use this 4-hour chart to fine tune an entry when it comes time to go long.
You know I will be posting a follow up to this.
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Here is the complete TL look for Nifty. It is so complete, I needed 2 charts to show it all.
First the bottom chart helps us turn the clock back a bit, but it is necessary to do so. The TL was not exactly drawn from the dip, but that is because, as you can tell, the market went sideways, the TL was broken and all the action from that already transpired, so we bring it more current. The aquamine line shows the false break, so that TL is nullified. The next one drawn shows clearly the break (Red is always the weekly.) and we finally for the correction back to the level it broke, even tough it required more candles than usual. This correction and the reversal suggests to us the market is in a downtrend with weekly candle implications.
The 2nd red TL shows the new downtrend drawn perfectly from the peak to the swing high. It is not required for it to be hit, as we can see it was not.
Next thing to look at is the chart on top, which is the 4-hour. The background is black, so the 4-hour TL's, in this case, are white. They are showing our new downtrend.It was clear from the weekly we are now in a downtrend, so we look to the 4-hour for an entry. Wait for the bottom TL to be hit, and that should be a viable entry.
Timepass, with regards to the TL's, we have no indication that we are going to make it back to that point. One thing is for sure. Since the dots were connected, the TL has not been touched, so it is fresh. Also, at some point there has to be a correction, so in knowing the TL is going to hold, look for the area of the TL for an entry.
Which line in which chart is going to 5860 ? ? 
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