Andrew's Pitchfork
SandP 500 E-Mini Futures D CME Updated 10/4/2017Price has broken above the action reaction set and has fallen back into the blue median line fork. Look to ee if price cant continue higher, or if we get a rejection on these new highs soon. Look to see if price comes down to the 2525 area, then shows support.
Now is the time to TRADE extremely CAREFULLYHey guys, I think this is the most interesting time for BTCUSD. Everyone wants to know where it goes, up to 6k area or it drops lower than the low at 2972. It's just a matter of choice, isn't it? LONG or SHORT at this area. That's it!
But at this current area, 4451, I think you should extremely be careful with what you're gonna do for the next day. Whether you want to LONG or SHORT, you MUST have a 2nd scenario if the market didn't go exactly as you expected. Think further with your next step, if your trading plan didn't workout well, how do you protect you investment, and where is the next entry/exit level to follow the continuous trend? I think this is the area, y'all should have a STOP LOSS for each ENTRY you have.
I chose to say that this is the most interesting time for BTCUSD because if you are familiar with Fibo Retracement, you can see the current 4451 area is 1.272 compared to the last wave (from 2972 to 4121). That makes you think this is a correction wave 3-3-5 according to Elliott Wave theory. For myself, I think it can be true, too, based on my drawing chart. I think this is the end for the correction wave. But again what if? What if it sounds too good to be true? Time for plan B, don't you think?
I change my usual chart from Daily to H4, so you guys can see it clearly. Doing some improvise for BLUE lines, just for fun (because it's already happened), and if you want to see the GREEN lines, check out my previous charts.
Once again, trust YOUR own analysis & trading plan!
SandP 500 E-Mini Futures D CME Updated 10/3/2017Price has broken the upper action reaction line, and also has continued back into the fork with bullish momentum, so at the moment, we need to see if price will pull back to the lower blue median line and continue higher. Look for price to hold as support and go higher.
SandP 500 E-Mini Futures D CME Updated 10/2/2017Price has risen up to around 2520, And we are still holding the back retest of the blue median line as possible resistance. Look to see if price continues holding on to the back, or if we suddenly have a large surge back into the median line to continue higher. We are having a hard time to break back into it. We are also still at the top of the action reaction set.
SandP 500 E-Mini Futures 60 CME Updated 10/2/2017Price had zoomed through the blue median line, and we had mentioned that it could be possible for price to continue to the upper median line. We have done just that and are currently at strong resistance at the upper median line. Look to see if price is going to continue through and retest as support to go to warning line 1, or if price will retrace down to the sliding parallel to show if there will be support or not.
SandP 500 E-Mini Futures D CME Updated 9/27/2017Price has hit the top of the action reaction set and the blue median line confluence. Look to see if price continues to drift down from here. Look at 2480 2450 and 2420 as suport if we go down. The other option would be for price to gain momementum and break into the fork again.