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Selective Forex Trading: by Don Snellgrove

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Chapter 4. Developing the Profit Targets or Entry Points of a Trading Range for the S90/Crossover

The S90/Crossover has levels within a trading range that may or may not be associated with Fibonacci levels. As stated in Chapter 3, the S90/Crossover begins with either supports on the bottom side of an uptrend trading range or resistance areas on the top side of a downtrend.

EXPLANATION OF LEVELS AND HOW THEY MAY BE INTERPRETED

Although all levels must be considered for targets and reversals, there are certain levels that have more importance than others. For example, in Table 4.1, the levels illustrate the number of S90/Crossovers that occurred during just one New York open. Notice that one level is duplicated on the different time compressions. The level 1.2809, which is highlighted in Table 4.1, is common from the five-minute time compression through the four-hour time compression, but it is not recognized on the daily or weekly chart. This level is a prime level for a reversal, provided that either traditional or modernistic signals are triggered. If signals are triggered toward the levels with proper confirmations, then the 1.2809 level would be interpreted as a possible target. If the market strikes that level and other confirmations are present for a reversal, then that level should generate safety for a bounce-type trade entry.

Table 4.1. S90/Crossovers during Various Time Compressions in an Uptrend

5MIN UPTREND

10MIN UPTREND

30MIN UPTREND

60MIN UPTREND

2HR UPTREND

4HR UPTREND

DY UPTREND ...

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