Hey @nirvana_dp , this downtrending pitchfork is really holding out, curious to see whether SPOT can push past $290 over the next few days.
One question, what made you choose to position your schiff pitchfork in that manner? I've recently been exploring the use of this tool and consider this one of the most accurate uses of it I've seen in a while.
Would appreciate any feedback you may have.
Thanks and happy trading
nirvana_dp
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@InvestEmi, you welcome - Pitchfork is used to play around the FIB levels if the market is in sideways and there is no break out. of if there is a upward or a down word trend.
As you see the price is respecting the above levels and this time i see there will be a break out on the upper side. if the price sustain above 292 or 295 there will be a up move to 320 or 340 but if it comes back in to the pitch fork grid then you can think of shorting with the SL above the grid. always trade based on the price that is visible :)
InvestEmi
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@nirvana_dp, Thanks, good to hear your thoughts! I'm long SPOT so hoping it can break out to the upside of this pitchfork :)
One question, what made you choose to position your schiff pitchfork in that manner? I've recently been exploring the use of this tool and consider this one of the most accurate uses of it I've seen in a while.
Would appreciate any feedback you may have.
Thanks and happy trading