FX:USDCAD   U.S. Dollar/Canadian Dollar
131 3 6
The high-volume shooting star of January 2016 coincided with the bearish breakout of the Stoch TL. The highest point of the rally is not only an intersection point of parallel MLs but also a Fib confluence level. These all suggest a bearish turn in the trend. The area pointed by the red circle is likely to be visited, after which I charted two possible courses of action. For the time being it would be enough just to open the gates for lower time-frame shorts.
Interesting use of pitchforks, especially the center axis starting from a 0.618 level
Csys albert.callisto
Yes, it's called the Schiff pitchfork with variable anchor. The anchor location is to be on the line connecting the beginning and the end points of the Schiff swing, and at the 0.25, 0.382, 0.5, 0.618 or 0.75 level. You may check Mircea Dologa's book titled "Integrated Pitchfork Analysis Vol. II". Dologa takes those levels in the arithmetic scale, finding the intersection points with the Fib retracement tool, but I myself find it quite useful at times to utilize those levels in the semilog scale as well.
Very interesting, thanks for pointing out this resource, I'm gonna check this someday, added on the extra-long todolist ;)
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