I love LINK on the 4hr chart. I've been experimenting with fans and pitchforks, and this one is AWESOME for identifying pivots. I used the Modified Schiff pitchfork on this. Which is good for sideways market action, as it moves the median 50% up and 50% over in terms of price and time. Just look how it touches the .5 and the 1 deviations, but then wicks PERFECTLY down to the 2.0 deviation. Chainlink has been consolidating for what seems like forever now. I think this is just a matter of time before it breaks through the lower .5 resistance and the median. I'd look for a strong move in the next couple weeks? But I'll say it again. LINK is a buy and hold for me. Long term investment and waiting for staking to be implemented before this thing goes to the moon.
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Another note. If you draw the three pivot points for the pitchfork. The low, the high and then the next significant higher low? You can cycle through the different pitchforks and see the confluence between them all. The Schiff pitchfork also works very very well with the flash crash bouncing perfectly off the 1.5 deviation.
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Loving this price action yall! Technical indicators like this really work well because they're almost a self fulfilling prophecy. Same with fib levels. And if you think about the chart as just a translation of human emotion, fear and greed, then it starts to make more and more sense.
Looks like this didn't turn out as planned... I'm currently learning how to use all the pitchforks myself, as I see them as very useful for finding trading ranges. I've watched a few videos, but would you please be able to point me towards some resources you found to be particularly valuable on the topic? I'm conventionally an Elliot Wave trader myself, but I like studying all disciplines so I can find confluence between them.
Also, the indicator you have on your chart, True Vibration 2.0, how effective do you find it? Did you have to pay for it, and if so how much? Thank you!
its_maxbro
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@Stockguy0415, Hey brother! Yeah I think the pitchfork captured the price action pretty well actually. Broke above the median, tested the upper .5 deviation and then went back below. Once it failed below the lower 2.0 deviation is when we kind of have to re-draw the pitchfork with the point on the new high and low points. As far as specific resources I've just done the same stuff as you, looking at a few youtube vid's to figure out how you're technically supposed to use this tool, and then I do a lot of back testing to see how applying it can actually capture PA.
The True Vibration indicator is something you can get from @TrueCrypto28, If you hook up some trading accounts using his links you can get access to it. I think dm'ing his team on twitter is the best way to get access.
Also, the indicator you have on your chart, True Vibration 2.0, how effective do you find it? Did you have to pay for it, and if so how much? Thank you!