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Pitchforks

XAUUSD morning analysisBullish case for XAUUSD. This count has price in wave 5 of (3) of ((5)). Based on how price has responded to the pitchfork drawn, I am anticipating the upper boundary to see profit taking and be the end of wave (3). Measured moves with Fibonacci could have price challenge $3300-3350 area if upper boundary is not resistance. Anticipated wave (4) to be a zigzag down towards $2600 (recession in 2025?). If all this plays out, I would expect wave (5) of ((5)) to be quite exaggerated (think 1976-1980's 773% increase), with target north of $10k by 2030.
FX_IDC:XAUUSDLong
by discobiscuit
DJT/SPX comparisonBearish case for equities. Chart comparing DJT and SPX. DJT in wave ((c)) of regular flat, SPX in wave ((c)) of expanded flat. SPX showing ending diagonal (wedge) to complete wave ((b)). Bottom of SPX pitchfork (blue line) broke support and now acting as resistance. This count anticipates each market to soon have a large (15-20%) 5-wave impulsive move down, DJT to complete wave 5 of (3) of ((c)) and SPX to complete wave (3) of ((c)). After this proposed move, each market will have completed its wave (3) of ((c)). I would expect wave (4) to be zigzag corrections for DJT and SPX before large wave (5)'s to take price down towards March 2020 lows.
DJ:DJTShort
by discobiscuit
Gold’s Uptrend Strong, But Is a Short-Term Drop Coming?Gold ( OANDA:XAUUSD ) has increased by more than +5% over the past seven days and has managed to create new All-Time High(ATH) daily. The reasons for the increase in Gold prices include US economic statistics and the tensions in the Middle East that have increased these days. The question is how long this bullish trend in Gold will continue. It seems that Gold needs at least a correction to continue its upward trend and I tried to find the starting zone of ​​the correction with technical analysis tools (for the short term ). Gold is moving near the Potential Reversal Zone(PRZ) , this zone could be a correction zone for Gold for at least the short term . Gold also responds well to the Pitchfork tool lines , the Pitchfork lines can be considered as support and resistance lines for gold . From an Elliott Wave theory perspective, Gold appears to be completing microwave 5 of main wave 5 (these five waves are likely to be part of main wave 3 ). Also, we can see the Regular Divergence(RD-) between Consecutive Peaks . I expect Gold to drop to at least $3,003 after breaking the Uptrend line , and my second target is $2,986 . Note: The worst Stop Loss(SL) for your Short position could be $3,061. Gold Analyze ( XAUUSD ), 2-hour time frame. Be sure to follow the updated ideas. Do not forget to put a Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
OANDA:XAUUSDShort
by pejman_zwin
8
SPX morning analysisTechnical analysis of SPX. Bearish count/analysis presented, cleaned up to present important points. Parallel channels frame price action since March 2020 low nearly perfectly, with key pivots pointed out. With count presented, ((B)) is 200% of ((A)). End of ((B)) counted with impulse ending with ending diagonal wedge. Impulsive price action broke through pitchfork support, looking to see if support now becomes resistance. If pitchfork median line (red line) cannot be tagged, should be taken as bearish sign, and return to October 2022 price as likely. If that idea plays out, looking for channels to provide support/resistance for price down towards March 2020 low.
TVC:SPXShort
by discobiscuit
SPOT - My Mom Says I Have A short Bias...hmmm...Most of my Charts I analyze are currently showing a short setup. Mom says I'm shorting the whole world. hmmm... However, here's another one, just to keep the streak going. §8-) Spotify is at the U-MLH = At the upper extreme. The next natural move should be down to the Centerline. Since I have no magic wand to show me the Future, I lean on my stats and my experience. Shorting Spotify down to the Centerline or getting stopped out abve the U-MLH. Simple (...but not easy ;-) ) ...have to run, Mom calls for Dinner.
NYSE:SPOTShort
by Tr8dingN3rd
2
Will STXUSDT recover from a failed fifth Elliott wave? We start our Elliott wave count at the bear market lows (Nov 2022). The first wave tops in March 2023 starting the second wave that bottoms at the 0.618 Fib (typical second wave). The third wave tops along with most of the crypto market in end of March or early April 2024. Then the fourth wave corrects more than expected barely holding the 0.382 Fib, the first wave high and the pitchfork median line support. The fifth wave starts in August 2024 and tops in December 2024, below the third wave high and rejecting from a pitchfork resistance. From here STX tumbled down. STX recently found support at the outer line of a macro modified Schiff pitchfork. We can see that the price action interacted with the median line of this pitchfork throughout the bull run. If we are to hit that median line again, we get a pretty ambitious target at around 5$ by the end of July 2025. Below I examine other pitchforks for more realistic price targets. Looking at the same pitchfork on linear scale we again see price action interacting with median, 0.5 and outer lines of the pitchfork. This chart gives us a target price of around 1.9 by the end of July 2025. Changing the pitchfork type to Schiff and looking at the log chart again shows price action interacting with median and 0.5 lines of the pitchfork. This chart gives us a target price of around 2.44 by the end of July 2025. Some smaller pitchforks on the log chart provide us with additional resistance levels to keep in mind. Similarly on the linear chart. Here we also see a pitchfork median line that served as support. In recent price action we can see bullish divergence in RSI and SRSI. In addition, at the daily close, one should watch for bullish crosses in RSI and SRSI. Will this be the turning point for STX? Time will tell.
Long
by t3rmin4t0r
2
SLM Volatility contraction bar entry& Median Line ExitAfter a month of sideways price action over the turn of the year, we get a new price high on the on the back of poor earnings. Price held and a low volume narrow range bar shows up. I would expect there should be more selling here but minor volume day. Take a long but stopped a few days later. However price comes back in early Feb after holding the 50EMA. Try another squat bar buy stop entry. Price target the ML as Dr. Andrews says, "Price makes it to the median line 80% of the time".
NASDAQ:SLMLong
by shane93676
BNX - Finding Support, Resistance and Trade SetupsAfter yesterday's push to test the $1 level, BNX got hit with some rejections. Following the swing high SFP (Swing Failure Pattern), the price is down about 10%. Let's update our analysis with some key levels that clearly outline our support and resistance zones, and then we'll dive into the trade setups. Support & Resistance Criteria Resistance Levels BNX faced rejection around the $1 mark, with the resistance zone clearly defined between $1.0137 and $1.0263 A short trade could have been initiated from this zone, with a stop loss placed just above $1.03 The Fibonacci retracement highlights key resistance levels at: 0.618 retracement at ~$0.9774, 0.786 retracement at ~$0.9952 The Point of Control (POC) of the current trading range sits around 0.786, and the daily open is at $0.9966 The pitchfork upper resistance trend line further reinforces this area Moving Averages Adding Resistance: 15-minute 200 SMA: Currently at $0.9836, aligning with the fib retracement 0.618 and adding extra resistance 1-hour 55 SMA: Currently at $0.98085, further supporting the resistance Note: These SMAs are expected to move down in price over time Support Levels Primary Support for Long Trade Opportunity: The overall short trade target remains at around $0.8, supported by multiple Fibonacci confluences: -0.6 negative Fibonacci retracement at $0.7912 Trend-based Fibonacci extension 1.272 at $0.7914 The previous key high at $0.7801 and Fibonacci extension 0.133 at $0.7924 These levels give us a strong support window between $0.8 and $0.78. If the price reaches this level by 17th February, the pitchfork's lower support trendline adds even more strength. Moving Average for Support: Daily 200 SMA: Currently at $0.7786, which confirms the support zone Note: This SMA is expected to move up as time passes, reinforcing support over time Additional Support Zone: Another key support region lies between $0.72 and $0.7075, with a key level at $0.7177 supported by a weekly bullish order block, trend-based Fibonacci extension 1.618 at $0.7075, and the anchored VWAP (yellow line) just below. Trade Setups Short Trade Setup Entry Strategy: Look for short entries between $0.981 and $1 as the price tests the resistance area. Confirm entry through order flow and rejection candles Stop Loss (SL): Place the SL just above the recent high at around $1.018 Target: Aim to reach $0.8, where our confluence of Fibonacci levels and moving averages align Risk/Reward Ratio: This setup offers an amazing risk/reward ratio of approximately 5:1! Potentially up to 9:1 with effective DCA (dollar-cost averaging) into the short trade Long Trade Setup Entry Strategy: If price drops decisively and reaches the support window between $0.8 and $0.78, consider a long trade on confirmation Stop Loss (SL): Place the SL below $0.77 Target: Aim for a profit target at $0.85 Risk/Reward Ratio: This setup offers an approximate risk/reward ratio of 2.5:1 Keep an eye on the charts, set your alarms to the key support and resistance zones, and wait for a solid signal before jumping in. Be ready to tweak your strategy as the market shifts. Happy trading!
BShort
by SiDec
6
BNX Update: Where Is BNX Heading Next?UPDATE: Price didn’t quite reach the 0.618 fib retracement level we initially eyed for a short entry, it got very close and then faced rejection off the pitchfork upper resistance trend line. This rejection triggered a sharp 13% drop down to a low of $0.8278. After a brief bounce, I'm still waiting for price to drop further toward the support zone at $0.8–$0.78. So far, the trade is unfolding as planned. In addition, price has lost the VAL and daily support level, both now acting as resistance. The daily support sits at $0.8939, with VAL just below at $0.8846. This zone has already been tested and rejected, making it a great shorting opportunity. Looking ahead, if bulls manage to push the price up to around $0.91, testing the previous low that broke and aligns with the 0.618 fib retracement of that drop, we’d have an ideal low-risk, high-reward short opportunity. Short Trade Ladder Strategy: Entry Range: Create a laddered short entry from the VAL at $0.8846 up to the 0.618 fib retracement at $0.9126 Stop Loss (SL): Place SL above the daily Open Target: Aim for a target in the support zone at $0.8–$0.78 Risk/Reward Ratio: This setup offers a risk/reward ratio of around 3:1 Stay tuned for confirmation signals as the price approaches these levels, and be ready to adjust if the market dynamics shift. Till next time! Happy trading and stay sharp =)
BShort
by SiDec
1
Understanding PitchforkThe Pitchfork indicator, also known as Andrews' Pitchfork, is a popular technical analysis tool used by traders to identify potential support and resistance levels, as well as to gauge the direction of a trend. Developed by Dr. Alan Andrews, this indicator is based on the concept of median lines and is particularly useful in trending markets. How the Pitchfork Indicator Works The Pitchfork indicator consists of three parallel trendlines that are drawn using three key points on a price chart: Pivot Points: The first point (P0) is a significant high or low in the price action. The second (P1) and third (P2) points are subsequent highs or lows that form the basis of the trend. Drawing the Pitchfork: The middle line (median line) is drawn from P0 to the midpoint between P1 and P2. The upper and lower lines are drawn parallel to the median line, starting from P1 and P2, respectively. These three lines create a "pitchfork" shape, which helps traders visualize potential areas of support and resistance. Key Features of the Pitchfork Indicator Trend Identification: The Pitchfork is most effective in trending markets. The median line acts as a dynamic support or resistance level, depending on the direction of the trend. In an uptrend, prices tend to gravitate toward the median line and often find support there. In a downtrend, the median line acts as resistance. Support and Resistance Levels: The upper and lower lines of the Pitchfork serve as potential resistance and support levels, respectively. Traders often look for price reactions (bounces or breaks) at these levels to make trading decisions. Price Targets: The Pitchfork can help identify potential price targets. For example, if the price breaks above the upper line in an uptrend, it may continue to move higher, with the next target being the extension of the median line. Divergence and Convergence: The Pitchfork can also highlight divergences or convergences between price action and the indicator, which may signal potential reversals or continuations. How Traders Use the Pitchfork Indicator Trend Confirmation: Traders use the Pitchfork to confirm the strength and direction of a trend. If prices consistently respect the median line and the parallel lines, the trend is considered strong. Entry and Exit Points: Traders often enter trades when prices bounce off the median line or one of the parallel lines. Exits are typically planned near the opposite parallel line or when the price shows signs of reversal. Stop-Loss Placement: Stop-loss orders are often placed just outside the Pitchfork lines to minimize risk in case the price breaks through the expected support or resistance levels. Combining with Other Indicators: The Pitchfork is often used in conjunction with other technical indicators, such as moving averages, RSI, or MACD, to increase the probability of successful trades. Limitations of the Pitchfork Indicator While the Pitchfork is a powerful tool, it has some limitations: It works best in trending markets and may produce false signals in sideways or choppy markets. The accuracy of the Pitchfork depends on the correct selection of pivot points, which can be subjective. It requires practice and experience to use effectively. Conclusion The Pitchfork indicator is a versatile and insightful tool for traders seeking to analyze trends and identify key levels of support and resistance. By understanding how to draw and interpret the Pitchfork, traders can enhance their technical analysis and make more informed trading decisions. However, like all technical tools, it should be used in conjunction with other analysis methods and risk management strategies to maximize its effectiveness.
Education
by CRYPTONIC_trend
MACD 4C Bullish divergence As you can see the chart is sloping down, with the price going lower and lower. But if you look at the MACD 4C you can see the trend is going up, indicating that the selling is loosing steam. This divergence is hidden / bullish. This has been shorted relentlessly for days with the release on Coinbase. Soon I except price action to trap retail shorters who have been shorting heavily the past few days. Also if you tie in the pitchfork location and sections, lining up with the falling wedge is a good sign that we are lined up for a retrace on price very soon.
COINBASE:VVVUSDLong
by trad3zz
Coffee KC - Why I see $390 and $470 as possibleThe Medianlines project the most probable path of price. It's not a fortunetelling tool. It's a technical tool which is based on serious statistical research. So, what I do when I use it is, using statistical proven evidence on a graphical basis, supported by a definite trading framework. Why do I pound on these information? Because it's important to understand what Medianlines aka Pitchforks are based off, and what they are good for in trading. No "Magic", just a tool that helps a trader/TA in it's daily Job. ANALYSIS OF COFFEE The up-sloping white Fork shows us the most probable path of price. It's up. Price blew through the Center-Line, found support, and advanced even more to the upside from there. Then we have the slanted yellow dashed lines. What are they? Many say this is a action/reaction thingy. Others say, it's a timing tool. I say, it's both. The way I use it, it takes in the angle from the last real high, and the low of the pullback from it. Then I go back to the last low before the new high. This creates an Angle, and a width. Combined it gives us not only a potential timing, but with the dynamic of price movement also potential resistance/support. So, we can see where we got such signals - where the orange circles are. The second one intersects very nicely with the Center-Line of the white Fork. I observe this "incident" often when I use them. Back to Coffee...BRB §8-) We see the time/price line intersecting with the 1/4 line of the Fork. I expect a reaction there - even a pullback back to the Center-Line is possible from there. But if price also blows through this level, then I know that the next Target will be the Upper-Medianline-Parallel. So, there we have it. I hope you can take away some knowledge from this post and thanks for all the boosting and following folks.
ICEUS:KC1!Long
by Tr8dingN3rd
5