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Pitchforks

Bearish Speculation: Short from here, or from 17600? I have presented some ideas where this downtrend is interpreted as Elliott's triple zigzag (WXYXZ) (see also links below). So let's continue the speculation. If the Z wave of it is now developing, it would have, by definition, a three-wave zigzag structure (WXY as presented, but ABC also possible) comprising 3-3-3 waves. No wonder this chart begins to decline from here onward, but if BTC shows at least some strength the next week, an ideal double top setup will be complete (bullish scenario excluded from consideration here). For H & S's right shoulder (or a symmetrical triangle), if FE 1.786-2.000 is the target zone (FVG agrees with it), and if we confirm a smaller double top at around 17600, it would be another ideal setup for the bearish progressive wave (here an impulse, 12345). This scenario is nothing more than a speculation, but it is theoretically clean and would support my WXYXZ hypothesis. I have not mentioned Gann Square, but its presence would be self-explanatory (if you hate it, please ignore it. This idea isn't affected by removing it). Pitchfork is also for reference (based on the hypothetical downward impulse). Just so you know, I premised the Z wave as WXY, not ABC- because this could, in my opinion, develop into WXYXZ where the actual bottom is below 12500 (possibly 9500-7500?).
Short
by jackrabbitrage
XAU/USD Short - 5/15m - NY Open - Nov 18 2022With the long term PF showing a clear bearish bias, we used the short term purple PF for a short entry. After testing a significant ceiling on 4H PF and we broke the floor on the 15m PF , an impulse short was taken with a stop above previous high/ceiling. TP was set at the floor support of both 4H/15m PFs which makes an area of great confluence. Trade was 1:2, no partials. Fairly quick trade as it only took 20 or so minutes. We closed our position just under TP at 1:1.5 to ensure profit was taken before any big retracement since this is a strong support. Could of let it run to TP to get the full profit and could have also left a small runner with SL at BE so execution needs improvement.
OANDA:XAUUSDShort
by MisterPitchfork
XAU/USD Short - 5/15m - Post NY Open - Nov 17 2022From the 2 long term 4H PFs (one bullish, one bearish), we see that price has broken 2 floors over the London session and retested both of them (first green circle) which is an indication that the market bias is bearish. The next floor is not for some time so we were looking for a retracement to enter short. The short term purple PF provides us with more details on potential short entries on lower timeframes since the path is not clearly defined with the long term PFs alone. The purple PF shows a clear channel between the two 0.5 parallels. Price did a fake out on the major floor and pushed up without a retest so the idea was to wait for price to hit a significant ceiling before dropping again to retest the floor. Trade was a 1:2, taking 50% around 1:1 (SL to BE). Good execution, entered on a retest after a fake out on the significant short term PF ceiling. Price fell right back down after testing that parallel where we set our TP. SL was above the previous high.
OANDA:XAUUSDShort
by MisterPitchfork
BITCOIN AT THE BOTTOM OF PITCHFORK WITH WEEKLY DIVERGENCEA lot of negative sentiment on the market right now, and with everyone expecting BTC to drop to 12.000-10.000 area, there is a high probability that BTC creates even temporary bottom. Fear index currently at 23 (extreme fear). Also BTC is near the cost of production, and historically BTC always bottomed above the value of production. As you can see BTC price respected this pitchfork throughout the whole bull run. That doesn't mean it would be saved by 2X extension. It could still pierce trough the support, create the capitulation bottom, and then slowly bottom out here. Nice area to dollar cost average, and to start buying.
BNC:BLXLong
by AjnoudaSikret
XAU/USD Short - 5/15m - NY Open - Nov 16 2022long term PF on 4H shows us the slope is still valid as price keeps respecting the ceiling and floor. Once price hit the ceiling, it started making its way down to the most recent floor (bottom of red parallel channel). We waited for the first dotted parallel to be broken as that one is clearly being respected (same move down as Nov 15 Asian session). 1:1 was the aim but execution was poor. Retail sales data came out positive for USD at 8:30am and we know that 9:30am will have another reaction to this high impact news. Hence at 9:30, price pushed up to our dotted parallel then fell down to our most recent floor which is our TP. Trade was a sell stop after the break of the 5m candle (9:35am) Trade taken on 5m due to high volatility but Tradingview does not allow for 5m chart publishing.
OANDA:XAUUSDShort
by MisterPitchfork
PTRA - Pitchfork Breakout! 😲These EV's have been getting smashed up so bad but it may finally be time to consider an entry. I've been tracking quite a few of these for some time and they've been long locked in these pitchfork channels. This week PTRA will print a whole candle body outside of the pitchfork channel and that is worth noting. Also worth noting is that most other EV's are still locked in their pitchfork although some of them have had some impulsive days. But anyhow I won't be buying up here... I will wait for a pull back and look for good technicals to get in 👍🏻. TLDR: I am not getting long here I am waiting for a pull back. Not advice.
NASDAQ:PTRALong
by dRends35
2
Corrective wave scenario This is supplementary/alternative to my previous idea. Examining the internal waves of my presupposed "impulse," I realized some counts might mismatch Elliott's Law. Instead, this move may form a corrective wave, e.g., complex correction (WXYXZ, Gray) or Diagonal Triangle (ABCDE, red; could be longer if with a thrust). The chart would be self-explanatory, but the Triangle annotation is shifted for visibility. In either scenario, the retracement in the fourth (corrective) wave is deeper than that of the impulse.
by jackrabbitrage
XAU/USD Long - 30m - Pre NY Open - Nov 14 2022Using one long term PF on the 4H, its obvious that we can drive again to the top after testing the major floor. Red parallel lines help us on lower time frames to enter more precisely. 1:2.5 trade but could have been more since market had volume to move and a smaller SL could have been used with the help of parallels. The parallels help with that in the sense we are more confident it will go up after it breaks/retests the first one.
OANDA:XAUUSDLong
by MisterPitchfork
2
LABU target price based on pitchfork analysisTwo pitchfork lines (one with dashed lines and one with sold lines) neatly matched their bottom lines. The price (approximately) reached that level 5 times. Further, the solid's middle red line matches pretty well the dashed pitchfork top lines. All these makes for a more confident prediction(s). The first is that the price will reach above 14 (the top dashed line), as marked. That would be above 75% increase from current price. At that point the price may or may not temporarily fall back after which I expect to continue up reaching above 22 (the marked top solid pitchfork line). That's over 175% profit. I have been long on LABU since 6.47 (as posted elsewhere).
AMEX:LABULong
by TradersForecast
XL - Will Hit $0.5!!! 😵The chart that apparently no-one is interested in except for craic has been one of them most interesting charts for practicing techniques. The highlighted area with 2 dojis is a retracement and it reveals that a phi or equidistant related continuation will follow. And that means it should move passed this middle band of fibs all the way down to the 1:1 @ 0.62 which will probably mean it will tag the 1.618 long range fib down at $0.47. Also notice that price is leaving the pitchfork , - this is an indication of selling climax and bottom arriving imo . I will be watching middle band fibs as price has not crossed yet, but this is going to $0.5 I think and what a buy it could be for a BIG bounce. See you at $0.5 Not advice.
X
by dRends35
2