I may have just drawn the pitchfork incorrectly, but if not I'd say this is a clear example of a broken pitchfork. It failed the retrace to the centerline and on the retrace it blew through the upper bound. I'm not going to trade this. If it re-enters the pitchfork in a day or two I'll reevaluate.
I'm not as hopeful for NZDUSD. I'm waiting for it to test the lower bound of the pitchfork for confirmation before I go anywhere else with it.
I've seen bullish and bearish calls for GBPJPY for the next week. I'm just going to watch my pitchfork. There are multiple confirmations on the lower bound but the MACD and RSI are not favorable on the 4H or D charts. I prefer a MACD flip and RSI oversold before entering a long. I will monitor GBPJPY to see if it maintains this pitchfork and if the indicators...
Put a pitchfork on USDCAD. It started retracing back up at the 0.5 deviation so it's not the strongest pitchfork right now. I would prefer to see at least two more confirmations on the upper bound before taking a short. I placed an alert above the centerline and will be watching USDCAD for the next week.
Easing back into things after a week and half out with COVID. Following this uptrend. I took out a short with a partial TP at the centerline.
I was just looking at weekly and daily market structure and levels after doing some studying this weekend.
I'm not sure which way GBPUSD will go from here. It's approaching a significant weekly zone. It may linger in the zone for a bit before returning higher. I'm just watching it for now.
I initially thought my pitchfork had been invalidated but after staring at the chart I decided to add the 2nd deviation band to the pitchfork and found that it's still following my bearish prediction. I moved my SL down but was too conservative and got stopped out in the night. I re-entered this morning. Unfortunately I was a bit hasty and didn't have the best entry.
NZDUSD is lower than it's been since November. I entered a short position at 0.67177 and moved the stop loss down from it's original position. The next major level I marked on the zoomed out chart is at 0.65399. While it follows this pitchfork I'm watching for any opportunities to scale into a larger position.
Watching Timberland due to an interview I saw with Gary Vee and Nipsey Hussle, waiting for the price to either rise or drop more so I can add to my stock portfolio
If price breaks, will it continue? If so I have a sell stop set at 34068.07 with a TP @ 28655.07 and a SL @ 35041.72
If price breaks, will it continue? If so I have a sell stop set at 34068.07 with a TP @ 28655.07 and a SL @ 35041.72
I zoomed way out and found the significant support and resistance lines EURUSD has respected over several years. Based on those S/R's I can see EURUSD either breaking up from here and testing the Weekly horizontal or continuing lower, testing the diagonal until retesting the lower zone.
BTC is still following the pitchfork down to the next zone around $35k. I expect it will move sideways inside the zone soaking up fills and possible wicks into stops. I dollar cost average BTC with regular direct deposit, Blockfi credit card, Coinbase USDC card, and Revolut roundups. Considering where BTC could go in the next 10-100 years I don't want to trade...
I'm watching GBPUSD to see if it tests the support zone and uptrend line. It's in a general bullish trend so if it retests in the next couple hours I will look to enter a long near 1.36.
I've been playing around with different indicators but trying to keep it simple. I really like the SpacemanBTC Key Levels. I think CADJPY was trying to break bearish out of the pitchfork but caught resistance from the monthly high and monthly open. The 4H and Daily MACD and Sto RSI may be moving to flip bearish. I wouldn't trade at this point because I don't...
Price has fallen below the lower bound on the Daily. I'm looking for it to retest the lower level at around 0.905 before returning near 0.92. If it tests and clears 0.92 I will consider opening a long position.
I've been watching USDMXN for a couple months now, watching it play out this familiar pattern. After forming that slight curve and starting to consolidate at the bottom of the zone it may be time to open a long. What is everyone's opinion?