Price found it's extreme at the L-MLH.
From there, there was no chance to enter if you have not blindly trusted the L-MLH, acting as support on the stretch.
Now price managed to hurry back.
Above the white Centerline, and now even above the yellow Centerline.
The yellow Pitchfork is the opposing force - a pullback Fork as I like to say (A Point is lower then C-Point!).
Now that price hangs around at the yellow CL, there is a very good chance that we will find price at the U-MLH today.
Above all that, we have a heavy resistance zone cooking very hot outside the Fork.
I see hardly a quick scalp.
The main problem is, that there is no structure to hide behind. The last low hangs a the white centerline - way too far for a good risk/reward.
The only (not so good) idea would be, to place a cash-stop, which I personally hate ;-)
Or the other way to go is, to place a weekly Options Spread, RiskReversal, or even a Debit Spread near the U-MLH.
Hope that helps and if you don't grabbed your free ForkTrading BLUEPRINT course already, go to my website and start today. Learn to earn and prove for yourself why you don't have to predict the markets, but only follow the rules of the Pitchfork, the Action/Reaction derivative.
P!
From there, there was no chance to enter if you have not blindly trusted the L-MLH, acting as support on the stretch.
Now price managed to hurry back.
Above the white Centerline, and now even above the yellow Centerline.
The yellow Pitchfork is the opposing force - a pullback Fork as I like to say (A Point is lower then C-Point!).
Now that price hangs around at the yellow CL, there is a very good chance that we will find price at the U-MLH today.
Above all that, we have a heavy resistance zone cooking very hot outside the Fork.
I see hardly a quick scalp.
The main problem is, that there is no structure to hide behind. The last low hangs a the white centerline - way too far for a good risk/reward.
The only (not so good) idea would be, to place a cash-stop, which I personally hate ;-)
Or the other way to go is, to place a weekly Options Spread, RiskReversal, or even a Debit Spread near the U-MLH.
Hope that helps and if you don't grabbed your free ForkTrading BLUEPRINT course already, go to my website and start today. Learn to earn and prove for yourself why you don't have to predict the markets, but only follow the rules of the Pitchfork, the Action/Reaction derivative.
P!
Let's observe.