have been a bit short of time of late so will just stick to the XJO Daily from two perspectives
XJO - Daily1
i have tried to keep this chart as simple as possible, because in essence this is all that you have needed since the start of the financial year.....there have been four touches now on the lower support line, and although the 3rd touch did not make it to the top of the channel, price is still well into positive territory if that was when you bought
it takes two touches to define the trendline structure, the third touch is where you buy on support, and in this case there is a fourth touch which is a freebie buy.....the market is above the 50%, 61% and now 76% fib lines and you would expect to see 5,000 reached now
XJO - Daily2
this chart is the same timeframe as above but uses a different method of analysis....here you can see the blue fork that we have been within for some time....important to note is that we have not reached the blue mid tyne yet, and this could prove to be trouble for the market in the longer term......at present however, i have circled in purple what would be defined as buying opportunities according to the rules of the forks
firstly, the red fork and the dotted trigger line, which were on the chart i posted about two weeks ago.....the large green candle circled breaking through the red dotted trigger line signals for a buy.....you can then see that the yellow fork came into play, and the upper tyne was tested several times (which provided opportunities to short, if that is your game).....but on friday you again found the circled large green candle breaking through the yellow dotted trigger line....another buy signal....a more cautious approach would be to wait for a backtest of the yellow trigger line to confirm the support
note the stochastics on both charts....i am looking for the downtrend to be broken and the uptrend to be dominant
