Looking for a move in either direction as the Dragon has formed a neutral (Dragon breathes fire formation. Keeping the powder dry in anticipation of the next Asian buying flurry. check out bitcoinwisdom.com for altcoin stats.
Pitchfork identifies support and resistance at the (dotted) red and green lines. My trade triggers are a break of the upward or downward fork. Good Trading!
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Short position in full effect as price pierced the upward (green) pf edge.
Hi, If it goes above red line, it tends to break above ? and if breaks green line, it breaks to down side?
MarketIntelligence
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@HondaJr, The pitchfork median line (dotted) provides an 80% probability of pierce at that level, so I use it for profit taking in an active trade. If you checkout some of my previous charts ( use the play button) to plot and see how the trade and ptichfork outer lines provide solid points of support and resistance, so I use them for trade entry points and pivot points. You still need a strong trade plan and execution is key, but these points help revea lthe true nature of the current market, especially the Dragon patterns.That is why I comboine the two in my trading and analysis. Hope that helps. Thanks for the Q.
HondaJr
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@MarketIntelligence, Thanks a lot for your quick and kind reply. I want to be able to draw the line,so I try to study it more! :)
MarketIntelligence
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@HondaJr, my pleasure. Use the pitchfork tool on this site. Very easy to use. Go to marketintell.net for the full training program. Good trading!