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Pitchforks

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
Ethereum 4HBINANCE:ETHUSDT COINBASE:ETHUSD There are two scenarios in Ethereum, based on Bitcoin and market trends : We should expect a price pullback towards the pitchfork's midline if the price can be supported in the 4-hour time frame above the red rectangle. Above the red rectangle, at the level of 1725.91, is the best entry point for the long position. The best stop-loss level for a long position is below 1618. The anticipation of a lower price will rise if the price cannot be supported above the red rectangle. Up to the level of 1725.91, the ideal spot for the short position is in the red rectangle. The best stop-loss level for a short position is above 1773.02 It should be remembered that a long position carries a higher risk. If you like what we've come up with, tell your friends about it. Thanks CrazyS.
by CrazyS
NVDA SHORTNASDAQ:NVDA Nvidia 30m Timeframe Bearish Divergence + RSI Bearish Swing Rejection (Not Pictured) - Ichimoku Cloud sell signals triggered. Price has fallen out of the green pitchfork while putting in a Head & Shoulders pattern, within a larger H&S pattern. I'm expecting price to drop here, at the very least to my T1 level or T2 level notated by the green and yellow trigger lines. My greedy target is T3-Red oval, which is the median line of a larger pitchfork on the daily timeframe. I've set this as a potential target because price never retested this line before continuing higher. If price were to drop sharply, that median line (red oval) would be a likely support area. I'm already short NVDA as of Monday, I'll be adding to my short once price breaks the white trigger line support. Stop-Loss set at the peak of the right shoulder around $193.50
NASDAQ:NVDAShort
by Cousin_Fat_Fat
15
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
VET/USD - UpdateAs I mentioned in my previous VET post in March, there was always a possibility that VET would drop out of the Bottom Trend-line of its Ascending Wedge and Invalidate that Ascending Wedge Pattern, which has happened. VET also failed to get back above its 0.236 Trend-Based Fib extension Level on that previous chart so we know that $0.087 is the price that VET needs to close a daily candle above solidified with a successful re-test as support. So let’s move on. Using a longterm Modified Schiff Pitchfork Pattern (A,B,C), you can see that VET is still below its Modified Schiff Pitchfork Pattern Median Line. At the moment VET has found some support from its Lower Green Pitchfork Support Line. Let’s take a closer look at this 1 day VET USD chart with the Bollinger Bands, LSMA and VPFR POC. At the moment VET is fighting to stay back above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1 day timeframe. Not that the Upper and Lower Bands are moving sideways at the moment. Using the VPVR, you can see that the Upper and Lower Bands are located roughly above and below an area of large volume. At the moment VET has found some support from its Least Squares Moving Average (LSMA) level. A daily close ABOVE the LSMA is crucial for continued upwards momentum. At the moment VET is trying to stay back above its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 22x daily candles i have selected. For your viewing pleasure i have added various support and resistance lines (Black Solid Lines and Black Dotted Line) as well as various support areas as highlighted by the horizontal black lines with yellow shading. As you can see, VET is now in a Descending Triangle Pattern (Bearish) as well as a Descending Wedge Pattern (Bullish). Note that the APEX of the Descending Triangle is located around Nov 2022 and the APEX of the Descending Wedge is located around March 2023. Note that a pattern can easily become invalidated with the price drop below and successful re-test as resistance of the bottom trendlines. Looking at the Average Directional Index (ADX DI) we can see that Positive Momentum is still downwards with the +DI (Green Line) dropping to 14.17. Note that Negative Momentum is also down with the -DI (Red Line) dropping to 20.00. Note that the Trend Strength is still strong but has dropped with the ADX (Orange Line) dropping to 30.52 and the ADX is also back under its 9 Period EMA (Black Line) at 33.84 which is further confirmation of a weakening of Trend Strength at the moment. Looking at the Moving Average Convergence Divergence (MACD), we can see that Momentum is upwards at the moment with the MACD Line (Blue Line) pointing upwards and is still back above its Signal Line (Orange Line) on this 1 day timeframe. Note that the MACD Line (Blue Line) is still BELOW the 0.0 Base Line in the Negative Zone. Looking at the bottom Volume indicator we can see that overall traded volume is still low especially compared to what VeChain was getting from around October 2019 to May 2021. This is similar to Bitcoin’s daily chart which possibly means that while big money might actually be accumulating crypto assets like BTC, but there hasn’t been a constant inflow of big money actually trading crypto like BTC on a regular basis since around May 2021. Using the Volume Profile Visible Range (VPVR) indicator, you can see where the Volume Profile Visible Range Point of Control (VPVR POC) is for this VeChain Chart is. Using the entire charts range we can indicate at what price range was the most volume was traded at. At the moment the Crypto market is following BTC so if BTC drops to $20k or $12,400 then we may see a wick down to around $0.009 which would offer a real great buying opportunity for most crypto. If BTC doesn’t drop to $20K then we will see VeChain eventually break back above its Descending Triangle, its Descending Wedge and eventually back above its Modified Schiff Pitchfork Median Line. I hope this post is helpful with your trading or hodl-ing.
BINANCE:VETUSD
by entertheroach
3
EURUSD 60 mins Mod-Schiff median linesEURUSD 1H Mod-Schiff retest X= last structure support B= price breaks structure Once B prints we look for a pullback to create C C= Is this the pullback? Add the Mod-Schiff set to see if we get some frequency. D= A strong test and rejection of the UML. Place immediate sell order. This can be at the UML (1.0734) or slightly in front of it depending on your preferences. I choose a couple of ticks inside (1.0731) The S/L must be above C as no other structure to hide behind. C is also not structure at this point. It’s just a pullback high which seems to have sellers showing up. E= The retest of the UML gives me an entry. F= an alternative entry also at the UML. You could put a stop above C or D ( 20 or 15 pip risk) Once price breaks the energy coil, and touches the ML, I move to B/E. G= T/P at the LML.
by shane93676
USDJPY 4H Counter Trend Median LineCounter Trend Median line trade. Any tests of the LML needs to show a strong rejection with signs that buyers are showing up. A grinding sideways movement usually signifies that price has just paused before continuing. Taking counter trend trades on weak tests will deplete your trading account quickly. A red WRB probes the LML after the recent low. Price zooms back from it significantly. There are signs of buyers here. I leave a buy order just above the close of the red WRB. That’s where buyers showed up, and in case sellers want to test their resolve a 2nd time. You can place your s/l either under C to give full protection, or under the test of the LML. Either is fine and it will reflect in the final RR of the trade, 3.7 v 6.4. I get long at 127.80 but must hold it over the weekend. No Monday morning price surprises. Price drifts, before bears get bored, or new buyers get tempted into the market. P1 & P2 are profit stops along the way to the target.
by shane93676
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
LMT Head & Shoulders Dump DumpNYSE:LMT Lockheed Martin is about to confirm a H&S pattern on the daily chart. On the weekly timeframe, it is pretty over-extended. The Weekly MACD has crossed under the signal line, and the (not shown) Weekly RSI has exited overbought levels. Price has broken under and retested the median line of the Schiff Fork (Purple) A test of the lower bound of the fork around the $406 price level is locked in. (T0) Judging by the chart pattern, I suspect that price will inevitably breakdown further to the lower targets set by the H&S pattern. Using the light blue "Inside" Pitchfork as a path down to the lower targets, which coincide with extension levels of the purple Schiff pitchfork. T1 = Height of the "Head" measured down from the neckline. - 2.0 Extension of the Schiff Pitchfork = $375 price level T2 = 16% Average price decline of H&S patterns in bull markets per the Encyclopedia of Chart Patterns by Thomas N. Bulkowski. - 2.618 Extension of the Schiff Fork = $356 price level
NYSE:LMTShort
by Cousin_Fat_Fat
5