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Part Four on Quad Tunnel..

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simplegreen   Saturday, 10/23/10 09:48:03 AM
Re: None
Post # of 140143 
Part Four on Quad Tunnel..

This screenshot may help to explain my statement about the one minute chart being my workhorse.On the left I have an Oanda demo acct chart on 30 min AUD/USD...on the left is the Think Or Swim one min chart on A/U....I have a yellow vertical line drawn on 30 min chart to mark a reversal to downside...this expected reversal happened after breaking out from lower tunnel and hitting bottom of upper tunnel.This is typical action under these conditions...first reason is that a 30 min time frame is significant as a strong support/resistance time frame...second is that the long term tunnel is above shorter tern tunnel making the 30 min have a bearish bias so a breakout above bottom tunnel should usually find resistance at upper tunnel..and it did.Also the candle was a reversal candle...a Pinbar with long upper shadow.
On TOS one min chart you see a steep rise and equally steep decline at this same point in time 8:06.At this time I go to work trading and expecting to short all bounces using the one min chart to scalp by..I further expect that the one min will tell me most of what I need to know til 30 min chart candles find support at either mid bolie or lower bolie.
Also at the reversal time the 30 min was bearish but the one min was bullish...the one min long term tunnel was BELOW short term tunnel for support.I expect a true reversal to zigzag its way down for a prolonged period and last long enough for the see a Tunnel Twist..IOW the long term tunnel cross above the short term tunnel and continue trading this way for duration of downtrend.The Twist occurred at app 10:00 AM.After a signicant period tho I expect this condition to begin to reverse again and another Tunnel Twist to occur and it had the bullish Twist at app 14:15.The significance of all this is that the Tunnel became resistance after a bearish Twist but then the Tunnel became support after the bullish Twist.
Will post the next chart now thats the 30 min and one min




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