RUT - Superb Example With Pitchforks & Russel
Hagopian = Price missed to reach the "next line". We can expect a pullback farther then from where price came. (check!)
Pirce is at the upper WL1 (Warning-Line 1), the upper Extreme = Price is extended, stretched. We can expect at least a pullback, or even a move to another extreme, the Lower-Medianline-Parallel (L-MLH). (check!)
In over 80% back to CL (Centerline): Price moves back to balance, to the Centerline in over 80% of all occurrences. (check!)
If price breaks the CL (Centerline), or any other Line of the Pitchfork, then we can expect a Test/Retest. (check!)
What's next?
We have the first Test of the Centerline.
As far as I see, there is no major Swing broken, just pierced! (...remember my Swing/Pivot rules? Watch the stair stepping blue lines below the pivots).
This means, that there ist no confirmation of a turn in trend, even if it seems that the markets are extremely extended up in these price levels here.
Because we can't predict the future, but act on facts, this is what I do:
1. don't let me fool to believe that the trend has turned to the south already. There is no confirmation so fahr, period! (It doesn't mean that it could be the case in the coming days and weeks either, but not now.)
2. If the market lose steam and pulls back a little, I expect a Re-Test of the Centerline.
3. If price moves above the Centerline, then this could be a tell that the Bulls are in control. I would expect another Test of the U-MLH!
So, I sit on my hands and wait until the market is telling me more information.
This is a sneak-peak into the rules and the world of the Pitchforks, and how great they work in step with the ruleset.
If you like to trade with hard written real working rules, then you should check out my ForkTrading BLUEPRINT Mini Crash Course which is free for everybody who wants to learn more in trading and chart analysis.
Check the footer of this post here on TradingView.com
P!
Pirce is at the upper WL1 (Warning-Line 1), the upper Extreme = Price is extended, stretched. We can expect at least a pullback, or even a move to another extreme, the Lower-Medianline-Parallel (L-MLH). (check!)
In over 80% back to CL (Centerline): Price moves back to balance, to the Centerline in over 80% of all occurrences. (check!)
If price breaks the CL (Centerline), or any other Line of the Pitchfork, then we can expect a Test/Retest. (check!)
What's next?
We have the first Test of the Centerline.
As far as I see, there is no major Swing broken, just pierced! (...remember my Swing/Pivot rules? Watch the stair stepping blue lines below the pivots).
This means, that there ist no confirmation of a turn in trend, even if it seems that the markets are extremely extended up in these price levels here.
Because we can't predict the future, but act on facts, this is what I do:
1. don't let me fool to believe that the trend has turned to the south already. There is no confirmation so fahr, period! (It doesn't mean that it could be the case in the coming days and weeks either, but not now.)
2. If the market lose steam and pulls back a little, I expect a Re-Test of the Centerline.
3. If price moves above the Centerline, then this could be a tell that the Bulls are in control. I would expect another Test of the U-MLH!
So, I sit on my hands and wait until the market is telling me more information.
This is a sneak-peak into the rules and the world of the Pitchforks, and how great they work in step with the ruleset.
If you like to trade with hard written real working rules, then you should check out my ForkTrading BLUEPRINT Mini Crash Course which is free for everybody who wants to learn more in trading and chart analysis.
Check the footer of this post here on TradingView.com
P!
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