Noobanalysis
AUDCAD ShortWatching for a confirmation on the H4 and H1 for a good entry.
After a few losses I started to solidify my system and the confirmations I'm looking for.
-Set the pitchfork on the Daily chart and Weekly RSI
-Does the trade coincide with the higher time frame trend? (If no then no trade)
-Is the trade returning to the median line (If no then no trade)
-Will the trade encounter a significant S/R in the direction of the trade? (If yes then no trade)
While I continue to research the use of Median Lines, I have begun looking into Fib retracements to find the best entry points.
USDCAD UpdateThis pitchfork is looking cleaner than it did last night. I think it will bounce off of resistance at 1.26733 and move to the bottom of the pitchfork. If the indicators, MACD and RSI line up I will take a long position back to the centerline. I'm going to keep looking at historical levels and might update this later. Watching a few other charts at the same time but none of them look mature enough to speculate.
USDJPY Broken PitchforkI 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.
GBPJPY Bullish PitchforkI'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 look favorable I would enter a long.
USDCAD WatchPut 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.
NZDUSD Pitchfork UpdatedI 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.
NZDUSDNZDUSD 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.