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Pitchforks

Pitchforks are used as part of a popular analysis and trading technique. In essence, there are 3 key elements to it: 2 outside parallel lines that provide support and resistance and a median line in between them. To use a pitchfork correctly, identify 3 points that are consecutive highs and lows, where the first point represents the start of a trend. The median line connects the first point to the midpoint of the other 2. Additional lines can be added at a set number of standard deviations from the median, forming parallel trend channels.

Pitchforks can be used to identify buying and selling opportunities at those lines (for trading bounces or breaks), depending on the specific rules of entry and exit a trader may have. Conservative traders will look for additional confirmation. Apart from Andrew's Pitchfork there are variations like the Schiff Pitchfork, the Modified Schiff pitchfork and the Inside Pitchfork. TradingView has smart drawing tools for all of these techniques and there is a popular chat where users share pitchfork-based ideas.
carlosdelagarza carlosdelagarza STRATBTC, 240, Long ,
STRATBTC: Gartley Bullish pattern on STRAT/BTC.
486 2 9
STRATBTC, 240 Long
Gartley Bullish pattern on STRAT/BTC.

Gartley Bullish pattern has appeared on Strat/BTC. Confirmation comes at 180k. Sell targets are 218k, 260k & the most greedy target 300k. Be careful with BTC moves, if does a strong correction/rally it could drop alts/BTC market. Note: Trade at your own risk, this is an especulation.

forker forker PRO RUT, D,
RUT: RUT - Nice symmetry in Russel and a shift in movement.
20 0 6
RUT, D
RUT - Nice symmetry in Russel and a shift in movement.

Not much to say. Just study the chart to learn a little more about forks and how the market moves. P!

eaglestar eaglestar ES1!, 60,
ES1!: SandP 500 E-Mini Futures 60 CME Updated 8/18/2017
13 0 6
ES1!, 60
SandP 500 E-Mini Futures 60 CME Updated 8/18/2017

Price broke down after hitting 2474 area as well as warning line 1. We are now under the lower pink median line, and showing frequency to the downside. After such a large move to the downside, look for price to retrace a bit up maybe to 2439 area to test resistance there. Price has dropped, as I had mentioned in my previous posts to look for.

duhan86 duhan86 PRO USDJPY, 15, Long ,
USDJPY: usdjpy long andrew pitchwork
40 0 4
USDJPY, 15 Long
usdjpy long andrew pitchwork

usdjpy long time

eaglestar eaglestar ES1!, 240,
ES1!: SandP 500 E-Mini Futures 240 CME Updated 8/18/2017
11 0 3
ES1!, 240
SandP 500 E-Mini Futures 240 CME Updated 8/18/2017

Price hit the upper median line again and dropped sharply to the middle median line again as I had mentioned as a strong possibility if we could not get above 2477. Look to see if price holds here at the middle median line as support. If price breaks through here, price willl continue to the pink lower median line. I think price should come up to at least 2440 ...

eaglestar eaglestar ES1!, D,
ES1!: SandP 500 E-Mini Futures D CME Updated 8/18/2017
3 0 3
ES1!, D
SandP 500 E-Mini Futures D CME Updated 8/18/2017

Price has fallen hard yesterday out of the fork and continued lower. Look for the 2400 area to be tested as support soon.

duhan86 duhan86 PRO BTCUSD, 180, Short ,
BTCUSD: bitcoin
92 0 1
BTCUSD, 180 Short
bitcoin

bitcoin

ichimokucharts ichimokucharts AUDUSD, D,
AUDUSD: Selling Today in the AUD/USD
18 0 2
AUDUSD, D
Selling Today in the AUD/USD

We've seen selling today in the AUD/USD, with the sellers taking back control on a black bodied candle. Buyers were strong enough to extend the trend further to the upside but lost control and commitment by the end of the trading day to end very close to the lower 1StD Bollinger Band. The inability of the buyers to close within the upper half of the bands suggests ...

unbound unbound PRO BTCUSD, D, Long ,
BTCUSD: BTC longterm trend
254 0 5
BTCUSD, D Long
BTC longterm trend

A channel guideline on BTCUSD longterm trend.

eaglestar eaglestar ES1!, 240,
ES1!: SandP 500 E-Mini Futures  CME Updated 8/17/2017
15 0 4
ES1!, 240
SandP 500 E-Mini Futures CME Updated 8/17/2017

Price is resting at support at 2463 area, look to see if price can break lower and retest 2463 as resistance

eaglestar eaglestar ES1!, 60,
ES1!: SandP 500 E-Mini Futures 60 CME Updated 8/17/2017
16 0 2
ES1!, 60
SandP 500 E-Mini Futures 60 CME Updated 8/17/2017

Price has hit the warning line 1 and is breaking down and flowing with the angle of the fork. Look to see if price can break 2463 hard and retest as resistance. Price may fall back into the fork, and then show another move back to the middle median line.

captain_smollett captain_smollett PRO SPX500, 240, Long ,
SPX500: SPX500. Possible wave structure: bulls incoming
341 0 13
SPX500, 240 Long
SPX500. Possible wave structure: bulls incoming

I believe we have finally seen an impulse up on Monday and a correction to it today. Therefore, expect a Wave 5 to pick up speed and be really strong and powerful from now moving on. Target is at 2510

tradertom64 tradertom64 SPX, M, Short ,
SPX: short?????? looks like it to me
152 3 7
SPX, M Short
short?????? looks like it to me

short???

mehdisz71 mehdisz71 NXTBTC, 60, Long ,
NXTBTC: UPDATE for long position in NXT
152 0 3
NXTBTC, 60 Long
UPDATE for long position in NXT

price is break in 61.8 fibo and retracement in 78.6 .you can open a long position by flowed risk/reward in chart

forker forker PRO RUT, D,
RUT: RUT - Tabula rasa
128 4 8
RUT, D
RUT - Tabula rasa

After the high close last Friday, I decided to clear the RUT chart and dig deeper. Here's what I found, the reason why RUT was not convinced to break the sliding in the prior chart. So, until the centerline is broken, I'm slightly bullish and just trade Theta (Optionstrading...collecting money by selling deep out of the money options and low volatility ...

tahlilbazarboorsvaarz tahlilbazarboorsvaarz XAUUSD, D, Short ,
XAUUSD: gold daily short
48 0 4
XAUUSD, D Short
gold daily short

short at the median line

armigoldman armigoldman XAUUSD, D, Long ,
XAUUSD: N. Korea and GOLD
62 0 4
XAUUSD, D Long
N. Korea and GOLD

If the panic will keep rising and the tensions won't stop between USA and N. Korea, I guess OANDA:XAUUSD might have a big rise, as many gold traders are expecting. We saw the quick money from Japan and other ASIA how they went to BITSTAMP:BTCUSD and sometime in the next week or two, it will be GOLD's turn to get some money and gain some value.

mobitz mobitz ETHBTC, 240, Long ,
ETHBTC: ETHBTC new highs
263 1 5
ETHBTC, 240 Long
ETHBTC new highs

BTC should continue gaining on USD with some corrections along the way. ETH will continue correcting upwards against BTC and as such should gain massively on USD over the near term, medium term, and long term. Thoughts?

123456...Show More Ideas
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