Pitchforks are a very popular TA tool and easy to use. However the fundamentals are often glossed over. For example, many beginners and vets don't know that it is based on Normal Distribution which has 3 Sigma Limits . This is commonly referred to as a "Bell Curve" . It's a natural rule of thumb used in Statistics and Probability Theory, for all manner of...
We didn't see an ideal price reaction upon reaching the 1 hour order block, and it looks like its going to continue its downward momentum.
Price could not touch Median Line and a Hagobian Gap* has builded up, then broke sliding parallel,which is sign of weakness. I am awaiting a fall until 1890-1900 area, which is a suffient level for open a long position, in case countertrendline breaks. //*If the price hasn’t been able to touch the median line (20% of the time), the market intends to form a...
I think the support levels of Andrew Forks that I have drawn for gold have been broken.. I wait for the price to reach an upper resistance point. Good luck..
According to COT data, last week Non-Commercials ( Banks, Hedgefunds etc.) have : In GBP added to their long positions 2887 contracts and decreased short positions 8661 contracts, In Total there are 26k long and 65k short contracts of Non-Commercials, In JPY added to their long positions 8341 contracts and added to short positions 17500 contracts, In...
Non-Commercials have added to their long positions 22.887 cont. and reduced short ones 3.057 cont. last week <> At the result ; whales have gathered sell orders of retail traders between 1800 - 1780 , in order to go long.
ABCD pattern in progress, if ABC angle is 0.786 then BCD angle is expected to be 1.27.
Butterfly formation in progress, price is approaching to the resistance zone 1850-70, but it is too early for going short this week, next week I am expecting a retracement to 1820 around 1.warning line(green line)
daily logarithmic time-frame: failed reaching the Andrew's pitchfork midline hence trying to break down the pitchfork. Meanwhile them MACD signals for short.
daily time-frame logarithmic scale: after failing to reach the midline of the Andrew's pitchfork, breaked the pitchforked down and the classic target for this short position is to the 3rd point of Andrew's pitchfork.
resistance cluster consists of: candles, fibanacci retracement 50% and andrew's pitchfork.
ABCD pattern in progress, if ABC grade is 0.5 then BCD grade is expected to be 2. Price made double bottom and retested neckline about the local resistance zone. I have entered into long position with retest of Lower Median Line of pitchforks by 1789.
ABCD pattern in progress, price entered into ascending channel, with high probability in ABCD pattern if; AC angle is 0.618 then BD angle is awaited to be 1.618 AC angle is 0.382 then BD angle is awaited to be 2.24 to 2.618 AC angle is 0.786 then BD angle is awaited to be 1.27
According to Hagopian Rule ; if prices reverse before reaching the Median Line, leaving a <> they will move more in the opposite direction than when prices were rising toward the Median Line , in this case price has made LH and LL <> which indicates the weakness of ascending momentum
scalping opportunity in JPY, neckline and countertrendline broken, retest is made
scalping opportunity in EURJPY, I am awaiting a revelsal around the H-MLH and 1.warningline, localcountertrendline is broken, price is approaching to the neckline of M, I am thinking about to short, if 2.SECONCOUNTERTRENDLINE BREAKS
The price is approaching to resistance, I am thinking about to go long, IF LOCAL COUNTERLINE BREAKS, SL and TP here are relative, I set up TP and SL according to Entry Point more than 1 to 3 rrr.
scalping opportunity in gold I am in long position untill next resistance around 1811, around which I expect good opportunities for big swings.