Mirrored Foldback Update
Back on June 18th, I made a post discussing the theory and application of the Mirrored Foldback. It’s a good time to take a look at that pattern again and review the current price action.
The image below is the one I posted on June 18th, 2018.
And this is the current price action with the same foldback pattern (or you can check out my trading idea on Tradingview and hit the play button and see it paint the updated bars, it’s kind of cool):
The thing we have to look for in a Mirrored Foldback is not the exact price levels being traded, but the structure itself. We’re looking for the swings and the structure to be similar. Instead of an exact reflection, like a mirror, think of the Mirrored Foldback like a reflection in the water with small ripples in the water: it’s not an exact reflection, but the image is still the same. That is the kind of structure we want to see. So, is it following that pattern? I would say yes, it is. The real struggle of following a pattern like this is that a person must believe in the immutable pattern within the Law of Vibration. It is a pattern that is constant and consistent in every market. It is a pattern that man and machine is unable to change or alter. It is a pattern that no news or sentiment can alter. It is everywhere.
Monthly Chart of the Yen/Dollar FX Pair
Daily Pound/Dollar FX Pair
Weekly Soybean Futures
Daily Nasdaq Futures
One of the greatest discoveries I’ve made in my trading career has been this Mirrored Foldback pattern by Michael Jenkins. It’s truly an amazing and mindblowing phenomenon. For some people, this is a source of comfort in a market full of perceived madness and randomness. For others, this is a disconcerting pattern that shows we/you have zero control over future events. But is a powerful and constant rhythm, and one I monitor frequently for direction.