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Pitchforks

Market Frequency - Kite Analysis - UsdJpy H1 - ShortAnalysis - Black: D1 long fork (between the median and the upper parallel) - Red: H4 long fork (over the lower parallel) and previous week's levels - Orange: H1 short fork (over the lower parallel) and previous day's levels - Yellow: m15 short fork (upper parallel) Next move - Purple: H1 trendlines - Blue: H1 levels to be retested - Long correction and short trend. If the m15 fork breaks, it is long. Target is the low of the H1 short fork.
Short
by MarketFrequency
USDZAR Finding Support on PitchforkThe USDZAR found support on the lower point of the Pitchfork & could not continue to the 200 day moving average, the expectation is price to begin trending upwards, the black and the pink lines form a parallel channel within the pitchfork, price fell out of that channel & where the black meets the pitchfork line is an interesting place for price to consolidate (double resistance) before another attempt higher. Given time, we expect the trend to support the Rand firming over the medium term. We must also be cognizant of the environment, recession figures will begin to feed into emotions, so a US dollar spike is not out of the question resulting in a hit on stock markets.
Long
by runyamhere
6
ARB, What it be?If you find this information inspiring/helpful, please consider a boost and follow! Any questions or comments, please leave a comment! Also, check out the links in my signature to get to know me better! In at 1.1291. Initial Elliottwave count and idea got blown up. Had a plan B idea in the vid on it. After being stopped, I cried, then watched how the PA played after the sweep. Swift move up, corrective move to Algo zone. Classic tradedevils setup played out. Possibly a wee little W5 to pop the last pivot then maybe a turn, but I think 1.29 is the level to watch. Breaking below 1.1774 is sus. My internal count idea, atm. Cheers!
Long
by CryptoKnee
SBK: Yearly Low With Bearish PullOn the daily time frame, Standard bank has presented with a cycle failure as price went below 17 February low, the share is in intermediate decline. Price must go below the blue trendline. But since we are anticipating a yearly low, price must also go below R140.71 (19 September 2022). If it can do that in current cycle, the green circle is an area of interest for a bottom. In the event we find a bottom in the red circle, we would need another weekly cycle to complete the picture, this would be severely bearish bringing into scope close to R100. This would mean events causing retreat to COVID lows, an unpleasant experience for perma bulls.
JSE:SBKShort
by runyamhere
Market Frequency - Kite Analysis - UsdJpy H1 - ShortAnalysis - Black: D1 long fork (between the median and the upper parallel) - Red: H4 long fork (median line) and previous week's levels - Orange: H1 long fork (over the lower parallel) and previous day's levels - Yellow: m15 short fork (lower parallel) Next move - Purple: H1 trendlines - Blue: H1 levels to be retested - Long correction and short trend. If the m15 fork breaks, it is long. Target is the top of the H1 short fork.
Short
by MarketFrequency
Market Frequency - Kite Analysis - CadJpy H1 - ShortAnalysis - Black: D1 long fork (between the median and the upper parallel) - Red: H4 long fork (over the lower parallel) and previous week's levels - Orange: H1 short fork (lower parellel) and previous day's levels - Yellow: m15 short fork (between the median and the upper parallel) Next move - Purple: H1 trendlines - Blue: H1 levels to be retested - Short trend and long correction. If the m15 fork falls, it is long. Target the H1 fork top.
Short
by MarketFrequency
Market Frequency - Kite Analysis - AudJpy H1 - ShortAnalysis - Black: D1 trend long fork (between the median line and the upper parallel) - Red: H4 long fork (median line) and previous week's levels - Orange: H1 short fork (retests to the upper parallel) and previous day's levels. There is no valid H1 fork. - Yellow: m15 short fork (retests to the lower parallel) Next move - Purple: H1 trendlines, - Blue: H1 levels to be retested - Long correction and short trend. If the m15 fork breaks, it is long. Its target is the top of the forming H1 fork. Complicated opposite movements may occur.
Short
by MarketFrequency
Andrews' Pitchforks are FunHere's an example of a pitchfork drawn on the 2 weekly BNC:BLX chart, measured from the March 2020 low to the Nov 2021 high and completed at the Nov 2022 low, and then extended in direction and levels (up to 9 levels can be added). The chart above makes for a solid example of how pitchforks can be used to derive a trend or channel and find solid support and resistance levels within it. They are also just fun to work with! There are several types of pitchforks which can be tested until you've found one that works best for your chart. They are called Andrews' Pitchforks because they were originally developed by Alan Andrews, with several derivatives created by modifying calculation for the placement of the pitchfork's handle (the slope of its median line): Normal Pitchfork - Andrews' original pitchfork tool. Schiff Pitchfork - moves start of the handle line halfway to the base of the channel. Modified Schiff Pitchfork - handle start is adjusted by a distance equal to half the difference between price values of its first two points (first low and high, or first high and low) of three. Inside Pitchfork - handle adjusted to half of the vertical & half of the horizontal distance between the first two points of three. In the example above, I chose a Modified Schiff Pitchfork , and then identified 3 points of consecutive highs and lows. In this case: low -> high -> low. You can choose to do the opposite of this and start from high -> low -> high, typically your first point should represent the beginning of a new trend. Play around with trying this in different timeframes, and also try editing / adding / removing levels. You can try basic levels at increments of 25% or by utilizing classic Fibonacci levels (or both, as shown above). Pitchforks are a type of Fibonacci tool, so I like using classic Fib levels. You could just use the Fibonacci Channel tool and get a similar result. But, the nice thing about utilizing a pitchfork is that it can help you identify a channel that may not be immediately obvious. Here is another example of using a Modified Schiff Pitchfork to derive trends on a popular altcoin, BINANCE:HBARUSD : Thanks for reading, I hope this was helpful to you. I learned more about pitchforks myself while working on this, and encourage others to do the same!
BNC:BLXEducation
by dudebruhwhoa