SOLANA - Schiff Pitchfork PatternSOL 1-hr. Chart Analysis
Basically, Schiff's Pitchfork have three lines, and each line starts from one of the pivot points. The lines are called the UPPER LINE (UL), the LOWER LINE (LL) and the MEDIAN LINE (ML). The pitchfork is intended as a quick and easy way for traders to identify possible levels of SUPPORT & RESISTANCE for an asset price RANGE.
This cycle of Trend-Line i check out from 1st july to 10 july for CRYPTOCAP:SOL Supoort and Resistance signals of 18, 19 20 to 22 dollar price ranges. It indicates that soon it will be reach out again their lowest support mark of $18 price range within next 24hrs.
Always #DYOR & Trade wisely by using #StopLoss
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Andrew's Pitchfork
Venkeys, the ingredients are present for a mighty chicken run!Venkeys formed bullish kicker candle on above average volumes, right on the lower parallel line of the pitchfork and looks set to breakout above the recent consolidation range.
Stock is above 150 & 200 SMA ✅
MACD and RSI are A-ok ✅
CMP 3060. My Short term target 3780 (or maybe i'll trail until it hits the median (center) line depending on the strength shown) SL below the consolidation range 2755.
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Andrew's Pitchfork Suggesting Downside BreakoutThe median line on andrew's pitchfork has a high chance of being hit once a fork is formed and moves significantly toward the median.
The last time it swept the range of the triangle and made a pitchfork it hit the median line at the same time it hit the bottom of the triangle.
With the most recent triangle range sweep the median line is below the bottom of the triangle so it will have to break the downside support line to get to it.
So I am still trading with a bearish bias on alts and waiting for a large pullback on BTC before looking for longs.
How To Use Andrew's Pitchfork To Find Head And ShouldersHere's something I've been using recently with andrew's pitchfork. If you use a 2x extension on the width rather than the pitchfork itself, then it often defines a trend line which helps to identify a head and shoulders pullback.
Ideally the head will go deep into the extension and then the right shoulder tags it after a retrace. The idea is the trade is entered very close to finding the right shoulder, such as using momentum confirmation.
On this chart the right shoulder is found using the RSI curling back upward. Additionally the candlestick signal on the volume indicator finds a bullish green trend bar.
It also is confirmed by the parabolic SAR reversal.
The pitchfork is constructed by finding a sharp movement in the opposite direction of the trend. To find the center point of the pitchfork you using andrew's rules you typically pick a major swing reversal.
I often will instead use linear regression to find a slope that fits the overall trend and make the center line parallel to that rather than having the slope be very dependent on a single trade on the chart. However in this case using the swing low worked for the setup.
This example is a tweak of the chart from "Tata Power: Nice Short-term Opportunity" by techtrail.
Nifty 50 Weekly: Bounce off the Support LineThe Nifty 50 index bounced off the lower parallel of the Wyckoff reverse-trend-channel. Here is the chart with pitchforks. Notice how price bounces off the first warning line of the green pitchfork.
Outlook is bullish for the Nifty as long as the recent lows are not violated...
Learning/Trade Action Reaction Set as taught by Dr AndrewsAlthough the Action/Reaction method as taught by Andrews is a very good trading setup but is less known by Indian traders so am explaining it step by step.
First we draw a Multi Pivot Line : A line drawn across 3 or more pivots without touching prices in between.
The next step is to locate a previous low or high pivot point to use for drawing an action line.
Next, a parallel line was drawn to the right of the C/L, Notice that it is the same distance from the C/L as the corresponding Action line.
The Law of Physics stated by Newton that Action and Reaction are equal and opposite is applied and it works wonderfully.
One can train his eyes by drawing such set and in case of doubts/questions just ask I would try to reply.
Happy learning and wishing all mates a profitable Prosperous NEW YEAR 2018 .