ninjabenja
Short

Pitchfork Trade Setup

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is my first Andrew's Pitchfork Trade so hopefully I've mapped it out correctly. Anyone else familiar with these feel free to chime in on the analysis.

Price held with our central median line quite well before breaking for the boarder. A parallel channel was drawn from the first decisive candle out side the fork, and our future entry was established at support. Price continued up the parallel for another impulse before failing out. We're now at the entry of the trade and waiting for it to break below AND- then close below. Once we have a candle closed below our entry ($323.80), I have my "stop" at previous resistance and T/P at previous support.
Hey :) I've never charted bitcoin before but here's my attempt with pitchforks:

From further out:



A bit closer... could be moving up to the red median line from here.



We'll see!
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tom.bloomfield tom.bloomfield
Here's the second chart **

+1 Reply
ninjabenja tom.bloomfield
awesome stuff - thanks!
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tom.bloomfield ninjabenja
Moved up to the red median line :)

+1 Reply
notice that last 240 min bar perfectly hit first DL target down, and next DL target down is at 218. Really like your stop placement here as well
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