MisterPitchfork

MisterPitchfork

Based on the weekly chart, price is expected to push lower after jumping higher at the opening. Looking at the short term PF, price should pull back up to the 0.5 parallel to retest which is now a resistance after the harsh daily rejection. After that, we expect it to continue lower and fully form the bottom wick of the weekly candle. We can see we have some...

MisterPitchfork

Using the long term PF , we can see that price has respected a major support once again and jumped up to one of the parallels that was used as support/resistance before. Looking at the short term PF (purple), price was also rejected a resistance which is why the first trade was a sell after price broke that red channel. This red channel is usually drawn when...

MisterPitchfork

We have one long term 4H PF and price broke a major support after some news at 8:30 (red line). A shorter time frame PF drawn on the 30m timeframe shows a clear path for price to follow. Upon drawing the PF , we see that 0.25/0.75 parallels are relevant and price is respecting them. As price dropped closer to the median line, the 0.25 parallel became a...

MisterPitchfork

On the long term bullish 4H PF , price broke and retested a major support turned resistance at NY open. This tells us that gold is bearish despite the news at 8:30 which produced the big jump up. After the retest, price was bound to go down and touch the red parallel which is where we put our TP. Our entry was after price broke the base of the retest to ensure...

MisterPitchfork

2 PFs in this case showed confluence that price might be making another rally up. Downward PF shows that ceilings are being broken and retested which suggests Gold is becoming bullish. Looking at the upwards PF , we can see that floors are being respected included parallels. The upwards PF had parallels (dotted lines) that were also respected in confluence...

MisterPitchfork

2 trades taken, first short and last long. The short in the middle was another opportunity that I was looking to take but did not. Long term PF slope is clearly being respected and validated so we followed accordingly. First trade was entered after price failed to touch the major ceiling and broke below a significant bullish candle that foreshadows a break of...

MisterPitchfork

With 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...

MisterPitchfork

From 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...

MisterPitchfork

long 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...

MisterPitchfork

Using 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...

MisterPitchfork

Using longer term PF , we see price has respected a major ceiling and used a parallel a higher floor. Waited for price to react as expected once we reached the floor again and entered after price beat the previous high and created structure. The short term PF drawn on the 15m timeframe was also used to better time the buy. We see price breaking the major...

MisterPitchfork

Tapping into weekly and monthly demand zones which is shown by a less steep trend - still see down-trending median line respected and a lower low is expected Current target is the daily demand zone coming up and entry will have to be made once 4H support is broken on the restest. If supported with confirmation, look for rejection at the prev 2D resistance

MisterPitchfork

In weekly and monthly supply - approaching daily supply and will look for a sell around the intersection of the up-trending blue and orange median lines Supply could bring us back to the target shown but if supply is removed, then a restest should be in order to buy with a target at the top of the weekly supply zone.