This is a AUDJPY daily chart.
You can see the Fib drawn as well as the pitchfork. Notice how many days the candles seem to open/close the day right along some of the markets in the Pitchfork?
This can be very useful in determining what might be happening the next day in the market, and give you an idea of what you will want to do that day. Also note that this chart shows a strong downtrend. While there are up days, the most in a row has been 3 days of gains. The norm here seems to be 2 days or so of gains followed by a number of down days.
In looking at a chart in this manner you could set up some longer term trades and not be behind the charts every day.
You can see the Fib drawn as well as the pitchfork. Notice how many days the candles seem to open/close the day right along some of the markets in the Pitchfork?
This can be very useful in determining what might be happening the next day in the market, and give you an idea of what you will want to do that day. Also note that this chart shows a strong downtrend. While there are up days, the most in a row has been 3 days of gains. The norm here seems to be 2 days or so of gains followed by a number of down days.
In looking at a chart in this manner you could set up some longer term trades and not be behind the charts every day.