Get started

Pitchforks

AUDJPY Sell OpportunityPrice Action Analysis: The bullish pitchfork (marked in green) failed to reach its median line, leading to a breakout below the lower parallel. This breakout signaled a shift in market sentiment, potentially indicating a bearish reversal. Drawing Conclusions: In response to the breakout, a bearish pitchfork (marked in pink) was drawn to assess the potential downward trajectory of the pair. What followed was a test of the intersection of these two pitchforks, a critical zone that often serves as a pivot point for price movements. The price action confirmed the significance of this area as the pair swiftly started its descent, breaching multiple lows within a single bar. Trade Setup: Based on this analysis, a sell opportunity arises at the upper parallel of the pink pitchfork. This level offers an attractive risk-to-reward ratio of 1:3 Placing a sell limit entry at this point provides an opportunity to enter the market if the price retraces to the predetermined level. Risk Management: To safeguard against potential losses, a stop-loss order should be placed at 94.472. Profit Target: In pursuit of the desired risk-reward ratio, the profit target is set at 92.814. This level aligns with the lower parallel of the bearish pitchfork. Note: Remember that while technical analysis can provide valuable insights, the Forex market is inherently volatile. It's essential to stay updated on market news and developments that could impact your trade, and to continually refine your strategies based on real-time observations. Happy trading!
Short
by getmohsin.py
JSE Top40: At Pitchfork ResistanceThe JSE Top40 index has been trying to break the resistance of the Pitchfork to the upside, however it has continuously met failure, now price is within the timing band to drop into a half cycle correction into the end of June 2023. The line in the sand (on chart) is 69,756.50, going below this at any moment means we are in for a deeper correction. This is a high probability scenario given that the US dollar index (DXY) is showing signs of bottoming.
JSE:J200Short
by runyamhere
The USDZAR Now in Intermediate DeclineThe USDZAR pair fell out of a parallel channel, bounced off the Pitchfork and backtested the channel. On its way down, it broke out of the major Pitchfork and also went below 20 June 2023 price, defining a cycle failure. Currently we see price recovering the 200 day moving average at a point where a median line intersects a pink support trendline, this is within time window for a half cycle bottom in this pair, we now watch how price reacts with the mid-line while being aware that price action is within a falling wedge whose resistance runs parallel to the resistance of the Pitchfork. If we overcome the mid-line we next look at the next line especially where it intersects the major Pitchfork. Where we get a strong reaction followed by a swing high will give an indication of a cycle high with expectation for price to go lower.
Short
by runyamhere
XRP a bear flipping.If you find this information inspiring/helpful, please consider a boost and follow! Any questions or comments, please leave a comment! Also, check out the links in my signature to get to know me better! I have been posting more on my other accounts, tbh fyi. XRP update. Could not break .6732 and respecting PF so looking lower for now. .6732, bulls have to flip back. .5507, is a must hold for me, yuge level, MO. Waiting for an impulsive reaction at these level, not an all in limit buy for me.
Short
by CryptoKnee
Bullish NZDCHF Trade - Pitchfork & Rectangle BreakoutIntroduction: I'm looking at a potential bullish trade opportunity on the NZDCHF pair. The price is currently attempting to cross the median line of a bullish pitchfork, and it has also broken out of a rectangular pattern. A recent support level seen at a sliding parallel just below the median line. This sliding parallel has been respected 4 times in the recent past. I expect the price to come back here again. Setup: Bullish signs as it tries to breach the median line. Additionally, the recent breakout from a rectangular pattern adds to the positive momentum. Entry and Target: I plan to place a buy limit order at the sliding parallel. My target is set at the upper parallel of the pitchfork, as I expect the price to continue its upward movement. Stop Loss: To manage risk, I'll place a stop-loss order a few pips below the previous low. This level provides a safety net in case the trade doesn't go as planned. Notes: As the trade progresses, I'll be employing trailing stops to protect profits and lock in gains. It's important to monitor the price action closely for any signs of reversal or trend continuation. Best of luck with the trade! Remember to perform your own analysis and adjust the trade parameters to your risk tolerance and trading style. Disclaimer: This analysis is for educational purposes only and not financial advice. Always conduct your own research and risk assessment before making any trading decisions.
Long
by getmohsin.py
Market Frequency - Kite Analysis - US30 H1 - LongAnalysis - Black: D1 long fork (between the lower parallel and the upper parallel). - Red: H4 long fork (upper parallel). Pevious week's levels. - Orange: H1 long fork (between the lower and the sliding parallel). Pevious day's levels. - Yellow: m15 long fork (over the lower parallel). Next move - Purple: H1 trendlines - Blue: H1 levels to be retested - Short correction, long trend. If the H1 fork breaks it is short. Target is the median line of the H4 long fork.
FX:US30Long
by MarketFrequency
1
Market Frequency - Kite Analysis - UsdJpy H1 - ShortAnalysis - Black: D1 long fork (between the median line and the upper parallel) - Red: There is no H4 fork. Previous week's levels - Orange: H1 short fork (over the lower parallel). Previous day's levels. - Institutional investors are leaving the market. Next move - Purple: H1 trendlines - Blue: H1 levels to be retested - Long correction and short trend. If the H1 fork breaks, it is long. The range market has a great chance.
Short
by MarketFrequency
3
Market Frequency - Kite Analysis - EurJpy H1 - ShortAnalysis - Black: D1 long fork (between the upper parallel and the median line) - Red: There is no H4 fork. Previous week's levels - Orange: H1 short weak fork (over the upper parallel). Previous day's levels. - Institutional investors are leaving the market. Next move - Purple: H1 trendlines - Blue: H1 levels to be retested - Long correction and short trend. If the H1 fork falls, it is long. The range market has a great chance.
Short
by MarketFrequency
Market Frequency - Kite Analysis - CadJpy H1 - ShortAnalysis - Black: D1 long fork (between the median and the upper parallel) - Red: H4 short strait fork (over the upper parallel). Previous week's levels. - Orange: H1 short fork (over the upper parallel). Previous day's levels. - Institutional investors are leaving the market. Next move - Purple: H1 trendlines - Blue: H1 levels to be retested - Long correction, short trend. If the H1 fork falls, it is long. The range market has a great chance.
Short
by MarketFrequency
Bidvest (BVT) Seeking Early TopBVT confirmed a cycle low on 31 May, however this low did not fail (did not go lower than 3 March). Looking at the RSI we can see it close to being overbought while on the chart we see price arriving at the median of the Pitchfork, these are conditions where price makes an early top or Half Cycle High before turning downwards & go decisively lower than 31 May price. A swing high confirmation with rejection at the median line would be a good entry point for a short position.
JSE:BVTShort
by runyamhere