short position for audusdsell when price break the trend line and going below the red median line
:))
Andrew's Pitchfork
DX Bull Leg Fading Short SetupDX is seemingly in an overextended bullish impulse leg. Fading short entry here would be premature. Waiting for the next weekly close and entering short if the close is bearish would increase the odds. Trading profitably, the higher TFs in particular, requires a lot of patience, sound risk & trade management techniques coupled with a clear understanding of probability vs R:R trading setups.
Support Buying Opportunity CLV2018 is seemingly in an attractive buy area and demand is flowing in around this triple bottom after a hard selloff earlier. A break lower would result in a swing break and have long lasting effect on this pair. There's a Wyckoff's spring bar on the 4H that is almost complete. Signs of bullishness picking up are evident. Buying current area with stops below the low and looking for 1.5R-2R targets seems reasonable.
EURCHFHere's how we could trade the second leg.
I describe the whole chart and idea on my YouTube Channel under "Trade Ideas". Find the link in the status message here on TradingView.
P!
PItchfork that captures BTC/USD entire price actions from 04/13
!st idea publishing. I've been self teaching myself Elliot Wave, Andrews pitchfork and Market Geometry since 11/17
Hope you find this useful! :)
Alright, basically i've been using this Pitchfork (modified Schiff) setup for a few months now and it has held true.
- White circle are pivot points( i missed a few pivots but you get the idea
- We have gotten fairly close to the medium line and pivoted (indicated with green box)
USDCAD, long term analysisIn terms of long term trend, USDCAD appears bullish at the moment and in the 4th wave, which could still go lower before we see the move to the upside. Wave 1 retraced to a perfect 78.6% level at wave 2, then turned into an extended wave 3 (with a 5-3-5 formation). If price action retraces in the wave 1 territory below the 38.2% fib at 1.2949, then the wave count is wrong. Otherwise, with fundamentals as they are, the target is the 1.38 area where wave 5 is complete.
The chart overall is very respective of Elliott wave, following the fib retracements of waves very well.
Andrews pitchfork from the low of the sell off, shows the price action moving and respecting channel levels, also in line with the target.
With OPEC recently saying they will up the production levels, oil prices took a hit and are overall ranging, since Iran sanctions are still on the table. CAD being highly dependant on oil prices will follow its direction.
Long term projection for the pair is long, but short term trading can be both selling and buying on swings. Next long term entrance is at the 1.34 level of resistance and high of wave 3.
Happy Trading!
EURGBP - Waiting for confirmation, pullback and long.I first want to see price staying above the down-sloping Centerline.
Then I wait for the pullback and go with the up-sloping Pitchfork, for the main target at Centerline.
Taking partial profit at the Resistance (Sine-Wave Center) or trail profit-stop up to there is also not a bad plan.
For stops, I would place it below the last P-Low.
P!
USDJPY: Buy Setup With Great ConfluenceThe lower parallel of the upsloping median line in addition to previous structure level meet in one place where we already have a rejection of price. Williing to go with a better risk/reward ration trade I am going long at the retest of the lower parallel. Sl and tp as shown in the chart
USDCAD: Key Support Zone to Watch for LongsYesterday markets closed and left us with an open position at USDCAD having already booked more than 150pips as the double top pattern has worked wonders (link below). Definately there is more room to the downside for more profit to be made.
In this post what we easily see is that as price drops it is heading towards a key support level which consists of the sliding parallel of the upsloping median line set and previous structure. RSI is oversold - another sign that sooner or later sellers will give up pushing USDCAD to the down and a reversal might occur.
So in case we see price reaching the 1.30600 level we should close our sell trades from previous post and start looking for a buy setup completion.
As always I will update this post when a setup comletes..!
Trend Continuation PlanUSOIL, as stated in earlier ideas, went parabolic these last couple of days. It seems many sellers' stops got caught during this move. However, higher TFs now show a healthy trend continuation patterns evolving. At this point, there was a failure test below previous psychological high and now this market seems ready for a pullback formation before another bullish impulse leg. Anticipated supply zone is around $75.50, pullback long entries waiting around $70.50. The plan is king as long as the price is within the anticipated bounds.
EURUSD Follow UpThe price has clearly found support around 1.1540 and is now already at median line of this inside set. Another push towards the MLH is expected. 1R target is reached.
EURUSD: Great Confluence to Go LongAfter our last successful EURUSD trade (link below) we do have another opportunity ahead. The lower parallel of the median line set, the 78.6% fib retracement of previous impulse, previous support structure and an oversold RSI all give us a very good reason buying EURUSUD.
Sl and tp as shown in the chart..!
GBPJPY: Sell Opportunity Price dropped sharply after finding strong resistance at the sliding parallel of the blue downsloping pitchfork and is now testing the lower parallel of the modified schiff fork actingas support. In case price breaks below it, going short is a very nice idea.
USOIL Lower TF Trend Fading Short SetupUSOIL bears are entering around 0.618 retracement level and potentially could take this down to 0.382. That would be 2x1 Gann line and demand is expected to step in around this level. In order to secure some ticks to reverse long at 0.382 (around 6700-6750), a .5R short setup from here seems reasonable. Buy stops are around 1R levels.
BTCUSD At CrossroadsBTCUSD has been going through an extended pullback pattern. The minor trend remains down and the time for breakout or pullback failure is drawing near. The supply line currently sits around the level $6700, failure to breakout around this area will potentially mean that BTCUSD is going much lower to find demand. The spring daily candle around previous lows is an encouraging factor for bulls, but breaking the trend line would serve as additional signal for further bullishness of BTCUSD. As of now, monitoring price action around these levels is reasonable.
Failure Test Below $66USOIL bears couldn't hold below key support level around previous high of $66.66. Failure test is pretty much evident at this point but there's still a shimmering light of hope for bears. Oil bulls have already taken back 61.8% of the correction range, if supply fails to turn the tides around here, bears' stop buy orders will add on to the upward extension and the move could go parabolic.
Short Setup USOILCurrently USOIL is testing upper MLH of inside fork as well as the lower 0.5 of regular fork based on pivots that were formed later. An inflow of supply at this level is expected. Selling short 6635 with 1.8*ATR stops and looking for 2R-3R targets below is the plan.
Gold Pullback Trend Continuation ShortGold is moving towards 1295, the 0.618 retracement of recent gap and .236 fib extension resistance of previous bear leg. The established trend remains bearish and lower lows and lower highs are evident on 240 graph. Higher TFs show that there is a potential for support as continuation of bigger bullish move on weekly might attract demand so staying alert for a serious bull move is recommended. For now, limit sell orders around 1295 with $7.5 stops (ATR*1.8) and 2R-3R target stop buy around 1275 seems to be the reasonable course.
EURUSD Limit Buy Order 1.1675EURUSD is going to be pretty volatile today.., there are some fundamental news that will mess with the technical players like myself. Seems like a good chance to catch a limit buy around 1.1675 with stop sells below 1.1590 and 2-3R limit sells.
EURUSD Trend Continuation ShortEURUSD is gaining bearish momentum after hitting the 0.618 fib retracement of last bear leg and reaching the upper MLH of inside fork based on the entire bear move since its peaking. The market at this point normalised the oversold condition and the 4H 150 MA is reached, making it a perfect spot for trend continuation players to step in. Selling 1.1790 with a 55 pip stop and looking for a 2R target around 1.1780 seems reasonable - worth a try.
BTC/USD HUGE 7700 RESISTANCEBTC/USD still following Andrew's Pitchfork with the pink resistance line. Be patient Everything is coming when you least expect it.
A Potential 2618 Sell PatternUSOIL rebounded from a second leg down from its top. The minor trend still remains down but a mean reversion pullback formation is taking place. Higher TFs show a great entry level for swing buyers. Being almost at the 150 day moving average and the overextended state of this market being normalised, it is probable that some demand will be attracted here. The price currently is retreating after reaching the 0.382 fib retracement of previous bear leg and potentially could reach 0.618. It is around these levels that the market will show its hand on whether it will be going for the recent highs again or continue with the down trend.
