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Andrew's Pitchfork

The S&P500 get's a fork in the middle of the roadAndrew Pitchfork on FX:SPX500 Andrew's Pitchfork, also known as the median line tool, is a technical analysis tool used by traders to identify potential levels of support and resistance for an asset's price. It consists of three parallel lines that are drawn based on three consecutive points in the price chart, usually a high, low, and another high (or vice versa). The first line, called the median line, is drawn from the high or low point to the midpoint of the other two points. The second and third lines are drawn parallel to the median line, passing through the other two points. The second line is drawn at the high or low of the price chart, while the third line is drawn at the opposite side of the median line, touching the price at an important level of support or resistance. The pitchfork is used to determine potential areas of price movement, based on the assumption that the asset's price will tend to trade within the channel created by the three parallel lines. If the price breaks above or below the channel, it may indicate a potential trend reversal or a breakout in the price direction. I use Andrew's Pitchfork in conjunction with other technical analysis tools to identify potential trading opportunities and manage my risk by placing stop loss orders and taking profits at predetermined levels. However, like any technical analysis tool, it should not be used in isolation and should always be used in conjunction with sound fundamental analysis and risk management strategies.
FX:SPX500
by armigoldman
SPX retraced 50% of the post-Corona Bull in 50% of the time- BTDTLDR: THE SPX HAS JUST RETRACED 50% OF THE UPMOVE IN PRICE SINCE MARCH 2020 IN 50% OF THE TIME; THIS PROBABLY WASN'T A BEAR MARKET, BUT A TECHNICAL CORRECTION The 50% Rule of W.D.Gann states that an asset will usually retrace 50% of its range in 50% of the amount of time that it took to establish the range. Doctor Alan Andrews described the Action-Reaction system of technical analysis which also aligns with Gann's above theory As far as i can tell, apart from the Doomer WWIII-Weimar2.0 Narrative , the best arguments as to why the bottom is not in are as follows: 1. Bear Markets last longer than 10 months 2. The Vix needs a bigger spike, >40 3. Fed 'printing' History rhymes: hence in the first grey box...We see that in 2016-2018 there was a bullish phase (1-2) following which the market retraced 50% (2-3) over around six months and there was no capitulation spike in the vix; there was no QE going on in this period. Since the corona pandemic, we have had a bullish phase (A-B) and now a 50% retrace of that move (B-C) for over 9 months. I believe this has been a 50% technical retrace of the parabolic upmove between pivots A and B. I do not believe we are in a Bear Market. The 2016/18 bull move in spx was circa 60% in 3 years The post corona bull move in spx was circa 150% in just over 18 months A retrace of 50% in circa 6 months for the 16/18 move is comparable to this 2022 retrace over circa 9 months. Because this parabolic move up since the Corona drop was so brutal- it needed longer to retrace the move. BUT MOREOVER SPX HAS JUST DONE THE PERFECT 50% PRICE AND TIME RETRACE Yes the economy is challenged by the growth versus inflation paradigm... Some things never change... The market is not the economy and the market is forward looking... Yes i do believe great system change is inevitable, but i believe it is fiat currencies rather than equities that will bear the biggest brunt of this- pun intended. GRI 2022 ***NO ADVICE 'EVERGIVEN'*** (you can't Suez me ;-)
SP:SPXLong
by Great_Reset_Investing
10
VIX withing the Andrews Pitchfork Framework pointing NorthThis is a reverse Andrews Pitchfork. The A Point is higher than the C Point. The Andrews Pitchfork is a tool, nothing more or less. This tool, applied correctly, projects the most probable path of price. So nothing magic or secret. The Andrews Pitchfork roots from a physical basis. And that's the reason why we can apply it on EVERYTHING that fluctuates. So, if you think it just works on Stocks or Futures, or any other money based product, you are missing out a very important point. However, in this chart, we see what's going on, trying to filter out some noise using the Line Chart. This is the exact same approach of analysis I'l do with every other product. I want to see a CIB = change in behavior. I want to see a SMACK! like momentum., followed by a scary one that follows ( confuse the crowd!). Here we have it picture perfect. Probably it's not by accident, because the VIX is a measurement of volatility = fluctuation (...of fear and greed). My personal (attention:) OPINION (...since I don't have a crystal bowl), based on the Andrews Rules and my analysis is, that we shoot higher, at least to the Center-Line. Means, markets would tank. Hopefully this helps you too, and awakens your interest in applying the Andrews Pitchfork to your trading. T'care out there - be clever and risk small. The rest will come. #LearnToEarn
TVC:VIXLong
by Tr8dingN3rd
1
GreyScale BitCoin Trust (GBTC) I have never has any interest in Bitcoin nor its derivatives. I like the technology but believe we are still in its early days. That is not to say however I don't follow it. One equity way to position a Bitcoin view is with GreyScale Bitcoin Trust. So currently on a weekly basis there there are two current bullish harmonic Patterns in play ... A Gartley and a Black Swan. Additionally there is also evidence of a bullish Wolfe Wave in play which I have marked with a time and a target. Our final inspection shows an upsloping Andrews Pitchfork which is also has been marked. IMHO this technical analysis evidence suggests we have formed or in the process of forming a significant bottom. That said, I will watch an comment on its progress. BTC may have one final push down to the $23,000 so my game plan is to enter an established GTBC rally just under the $23 level with a stop at approximately $the $17 level. My target is around the $34 level. If it works out that's good.. This is educational investment advice. Do your own due diligence and respect market trends and conditions which as any student of the crypto space can change rapidly . See you in September. S.
G
by Steve666
2
Bitcoin+ Andrew's pitchforkI sometimes like to use Andrew’s pitchforks on my charts, to help me to determine if we are coming close to a break point and I need to start paying more attention to a particular asset class, and I think we may have an interesting one on Bitcoin – take a look below. For those unfamiliar with this tool….I have taken this from John Murphy’s Chart school……’ Andrews' Pitchfork is a trend channel tool consisting of three lines; a median trend line in the centre with two parallel equidistant trend lines on either side. These lines are drawn by selecting three points, usually based on reaction highs or lows moving from left to right on the chart. As with normal trend lines and channels, the outside trend lines mark potential support and resistance areas. A trend remains in place as long as the Pitchfork channel holds; reversals occur when prices break out of a Pitchfork channel. Sometimes the median line needs adjusting to establish a realistic slope. Pitchforks that are too steep will be easily broken. Pitchforks that are too flat will not capture the trend. Pitchfork trend lines can provide support or resistance. In an uptrend, the lower trend line acts as support to define the overall trend, the upper trend line acts as resistance and the median line defines the strength of the trend. Prices should reach the median line on a regular basis during an uptrend. Failure to reach this line shows underlying weakness that could foreshadow a trend reversal. The steepness of the Pitchfork channel depends on the placement of the three drawing points, particularly point 1, which is the start of the median line. Even though point one usually starts with a reaction high or low, it is sometimes necessary to adjust point 1 to ensure a realistic price channel. Unfortunately, there are no hard rules for point placement. Instead, chartists must use judgment and experience when drawing channels. This is where the subjective nature of technical analysis comes into play. As with most aspects of technical analysis, it is important to build experience by experimenting with Andrews' Pitchfork. Seeing what does or doesn't work first-hand is the only real way to master an indicator.’ Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
CME:BTC1!
by The_STA