If you start your analysis of GBPUSD at the low in January and walk forward from there and watch the mode build higher and higher, you can get an idea of how accumulation occurs and then use that accumulation to project both time and price.
Note how I have labeled all of the modes as the price has moved since the low and take note of how the largest time of 9, I placed a box around the price range from the first touch of the mode to the last touch of the mode. That range is then the accumulation range and you then look for a move above that mode equivalent to the accumulation range.
Note how there are 9-days at the mode around 1.54 and there was a 9-day rally which ended yesterday.
This is the way that I analyze the structure of the market. Realize that this is only daily time frame analysis.
Cheers.
Tim 9:58AM EST Feb 26, 2015 1.54151 last GBPUSD
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timwest
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Still awaiting a signal here ---- but it is starting to look like it could be a big one. The days are building up here and setting up for a longer duration rally. Entry is not in place yet though.
IvanLabrie
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Probably heading back to that last mode it seems. Interesting chart, that's for sure.
timwest
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I'm showing you a methodology - but in order to be successful with it you need to monitor it every day and understand how trades signal and how entries occur. The uptrend failed to generate a buy signal and a sell signal set up in the days after I published this chart.
IvanLabrie
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Brilliant stuff, definitely.
You're too kind Tim ;)
timwest
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After today, the mode rises to 10 and is bullish. Next thing to look for is an entire days range above the mode and we have a new 10-day buy signal.