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Pitchforks

XAU/USD Short - 5/15m - Post NY Open - May 18 2023We have one long term 4H PF and price broke a major support after some news at 8:30 (red line). A shorter time frame PF drawn on the 30m timeframe shows a clear path for price to follow. Upon drawing the PF , we see that 0.25/0.75 parallels are relevant and price is respecting them. As price dropped closer to the median line, the 0.25 parallel became a resistance that price retraced back to and retested after breaking (we can see this parallel acting as a support twice in the past). First 1:2 trade was taken after the retest was confirmed with a rejection doji which signaled a drive down following momentum. SL was above the base doji and TP was at the 0.25 parallel on the other side (following the PF rule of: what happens above, so below). The second trade was a 1:1 which was used to further capitalize on the move as the PF is further validated by what price is doing. Once the median line was broken, the sell was taken on the retest with an SL above the previous 15m and same TP as the first trade. Both trades hit TP and price rejected from this level.
OANDA:XAUUSDShort
by MisterPitchfork
TSLA bearish analysisOn weekly chart the price (almost) reached both the solid blue top pitchfork line and the middle orange pitchfork lines. Additionally, weekly RSI reached the dotted green resistance trendline. These are all bearish signs. On daily chart, RSI has a bearish head-and-shoulders pattern and there is also a divergence between RSI (with purple trendline pointing downwards) and the PRICE (the purple trendline poingint upwards). Again, these are bearsih signs. My previous TSLA idea was bullish and it went up 54% (from 137.80 to 212.11 when I gave the close signal), see related idea.
NASDAQ:TSLAShort
by TradersForecast
XAU/USD Short - 15/30m - Post NY Open - May 16 2023On the long term bullish 4H PF , price broke and retested a major support turned resistance at NY open. This tells us that gold is bearish despite the news at 8:30 which produced the big jump up. After the retest, price was bound to go down and touch the red parallel which is where we put our TP. Our entry was after price broke the base of the retest to ensure minimum drawdown. The SL was above the retest base to ensure plenty of room if price decides to push up one last time. Another PF (purple) was drawn for a short term bearish outlook which agrees with the bias of the 4H PF . The major support of the short term PF also agrees with the support of the long term PF which creates our confluence. As seen, there were further break and retests for more trades which is where the second trade was taken. 1st trade was a 1:2 and no partials were taken. 2nd trade was also a 1:2 and was entered on the break of the white dotted line. From here, we can clearly see that price is breaking and retesting supports on the 3D plane. The second trade entry was similar to the first one in the sense that the entry was at the break of the retest base with an SL above the base with the TP being the same place as the first trade. Both hit TP and we can see that price starts to consolidate after signaling a support has been reached.
OANDA:XAUUSDShort
by MisterPitchfork
Is this Woo-Woo? Absolutely, it is. Get in here.I've not been doing a lot of technical analysis, but I really don't even need to keep up with it! I just come back every few months or years and check out my pitchforks. They're always giving me such an interesting perspective into the market. If my pitchforks align with my love for Wyckoff Cycles (forextraininggroup.com), I trade those. Today, for no reason, I added a little fib fan. I also added some grey boxes which were informed by various fib projections where I think the price action will be a knife fight. I added some red boxes where I lose total interest in a long position. I think the chart speaks for itself! Enjoy.
AMEX:SLVLong
by DonjonCapital
⚠️Don't get FOMO on Bitcoin⚠️Hi everyone👋 (Reading time less than 3 minutes⏰). Why Shouldn't we Get FOMO on Bitcoin❗️❓ Please be with me in this post to answer this question.↘️ To analyze Bitcoin, I first used Fibonacci tools (price + time), I also identified 🟢support🟢 and 🔴resistance zones🔴 on the chart, and I used Volume , RSI , and Bollinger Bands indicators. I also specified 🔵CME Gaps🔵 on the chart that can be a road map for Bitcoin because they are completely filled up to this time. ⚠️Reasons not to get FOMO :⚠️ Bitcoin is moving in a 🔴heavy resistance zone ($ 32,400-$ 28,120)🔴, and most resistances or supports are not broken with the one-time test. Bitcoin is moving in the 🟡Price Reversal Zone(PRZ)🟡. Bitcoin is moving in the 🟡Time Reversal Zone(TRZ)🟡. The Regular Divergence(RD-) between Volume & RSI indicators, and the price. ❗️Sell❗️ signal Bollinger Bands indicator: Sell signals form when the price goes up and a green candle breaks and closes above the upper band, and then it is followed by a red candle closing below the band. 🔔So, I expect Bitcoin to at least fall to the middle pitchfork line & support line and fill the first lower 🔵 CME Gap($ 28,265- $ 28,110) 🔵. Bitcoin Analyze ( OKX:BTCUSDT ), Daily time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post. Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
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