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Pitchforks

BANKNIFTY - May monthly expiry and June 1st Expiry May Monthly expiry on 26th Top three months with max FII selling in cash in recent times March 2020 - 65k crores Feb 2022 - 45k crores March 2022 - 43k crores It is already 44k crores in May - so it's a no-brainer that May would come in the top three. big question is - can it match Feb 2020 sell figures? I doubt but Time will tell BNF interesting observation - the first leg fall starting 25 Oct 2021 - 18 % , the second leg fall starting on 3rd Feb again 18 % .. third leg fall started on 5 April - will it again fall 18 % - Time will tell but point worth noting is 18 % from 5th April comes at 31500 levels Every time BNF reaches 20 DMA in recent times - it shows some consolidation before breakout or breakdown .it is approaching 20 DMA , will it consolidate next week? Hypothesis BNF have a high probability to consolidate on Monday / Tuesday & Wednesday as the price would be converging with 20 DMA, trendline resistance, and pitchfork median line. It would give some nice unidirectional move after that Analysis and Trading are different ball games - Analysis is all about imagination and trading is all about discipline. So Trade Safe
NSE:BANKNIFTYShort
by msk_analysis
Trade using Pitchfork and PitchFanPitchFORK + PitchFAn is very acuurate When it comes to find the point of reversal. In this chart one can easily find the point of reversal just by looking at important levels of pitchfork. If pitch fork is drawn accurately it will definitely help you in your intraday/positional trading. Draw pitchfor at daily time frame and then use it in your trading either on hourly/30min/15min/5min it will give you amazing results. good luck guys....
NSE:NIFTYEducation
by Abhi_The_Chart_Reader
Nifty trading setupNifty throughout this week has been trading with high volatility with the concern of Russia & Ukraine war tension + USA rising inflation, the market tends to factor in the news seems like this is going to remain until the end of Feb month or the confirmed decisions, there will be high volatility tug of war bulls and bears on chart reading & day trading perspective I have spotted a head & shoulder pattern on 15 min chart if the 17250 or green line is broken down the price might come down towards 17050-17100 even further it can go down to 16900 nifty has good support on 16700 and 16800 supported by 200 DMA thanks for reading this my pov of chart reading if you have other opinions regarding my analysis do feel free to share your view in the comment box SUPPORT ME BY HITTING THE LIKE BUTTON
NSE:NIFTYShort
by Jimmy_Rebello
DABUR Wait And Watch ?? Look for Low risk, High reward, and High Probability setups- Things to Remember while Trading with the Trend 1. Know what the trend is. 2. The best trades are made in the direction of the trend. 3. Assume that the main trendline or moving average will hold. 4. The longer the moving average is, the better it defines the trend. 5. Wait for the pullback. 6. Don’t chase the market. 7. Don’t fight the market. 8. Even in the strongest trends there should be some retracement. 9. The closer the market is to the trendline, the better the risk/reward ratio is. 10. Use ADX to determine the strength of the trend. 11. Higher the level of ADX , the stronger the trend, below 20 consider the market to be choppy 12. Hold trades longer in a strong trend. 13. Wait for confirmation of a trendline breaking before reversing position. 14. Know where the Support levels are. 15. Place stops outside the Support levels. Thank You..
NSE:DABURLong
by Rvkachhadiya
Get the major levels through Pitchfork like a Pro!Hey everyone, My previous education idea on Fibonacci Retracement got some good response. Today, I’m back with another education idea, explaining an awesome tool called ‘Pitchfork’. Alan Andrew, the creator of Pitchfork tool, got inspiration from Roger Babson’s action reaction lines for the idea of this epic Pitchfork tool. Likewise, Roger also got inspired from Newton’s third law of Gravity, which is action-reaction theory. So, the main root for the idea of this pitchfork tool is Sir Isaac Newton. The pitchfork looks like the gardening/agricultural tool used for picking and throwing loose material. There is a usage of median as its primary support or resistance level. There are 4 types of pitchforks, i.e., Original, Schiff, Modified Schiff and Inside. We will discuss only about Original Pitchfork today, which is used in trending markets. The other types of Pitchforks are used in consolidation or reversal or trending markets too. Comment below if you want to learn about the other types of Pitchforks too. There are few trending ways of trading the breakout of Pitchfork, i.e, Price Failure Rule, Divergence, Mini-Median Line and many more. We will not focus on them right now. Do let me know if you want to try them too. How do I trade the Pitchfork levels? Currently I’m using the Original Pitchfork (for the trending market) with the median levels: 0.5, 1, 1.5, 2. The main median line is red. 0.5 and 1.5 lines are dashed. 1 and 2 are important median lines. Let’s start with the strategy. We shall start from higher timeframe first. I’m using daily timeframe. Here is how to draw it: I started to draw the Pitchfork from the first low (marked with ‘A’) of the current trend, then you shall click on the next high (marked with ‘B’), then the next low (marked with ‘C’). Do not forget to turn on the magnet, because every pip matters while drawing the Pitchfork. Now, you will get the levels to trade. We shall go to the lower timeframes now and check if it is in the same trend till the 15mins timeframe. You have to look for few confirmations on 1 and 4 hourly timeframes before taking the trade. These confirmations may be any candlestick pattern and try confirming with any good oscillator too. Remember, in the starting of a bullish market, you should always long your first 3 or 4 swing trades. Here are some of the observations: Prices will touch these median lines before making any move in 80% of the cases. There are 20% chances that prices might not touch the median levels due to sentiments. After touching any median line, price might want to reverse or pass by the median line. For confirming the reversal, you should look for any candlestick pattern and there should be overbought or oversold situation on your oscillator too. Do not take the trade if any one of them is not present on both 1 hourly and 4 hourly timeframes. The target will be the next median line upcoming in the direction of your trade. (For swing trade) For passing by a median line, price will take a pull back on the 15 minutes timeframe after passing by a median line, in most of the cases. It will always make a wick or some engulfing or doji candles there. These candles are the confirmation that you can trail your SL or get into the trade. Trust me, it is not as easy it looks on the higher timeframe. The main game is taking entry on the lower timeframes. Try back testing this strategy before using it. Always use proper risk management. Trade Safe!
Editors' picks
NSE:BANKNIFTY1!Education
by theTAguy
13
TCS short idea using PitchforkSchiff Pitchfork Since TCS has already fallen below the 0.5 line of pitchfork It is possible to touch the next level, blue line. It is also possible for slight retest before breakdown. Short Entry is possible below yesterday's low at 3385. SL is at the Pitchfork 0.5 line at 3397. Maximum target is higher at around 3290. However, it has already fallen too much. Maybe one more downside is possibly remaining. Being a bit conservative near previous highs, we can exit our trade at level 3350, 3300... Even considering SL and round figure values as support, the first target gives us, minimum RR ratio of 3:1
NSE:TCSShort
by vvb1110
MAHINDCIE, A morning star appearedif you club the price action of the two recent candles (22nd and 23rd) as one single candle i think we have a valid morning star. 1. price is above long term moving averages of 150 and 200 SMA ✔ 2. Price is not above short term moving average of 50 SMA ❌ 3. Uptick in RSI ✔ 4. MACD Ok ✔ 5. price breaking out from triangle pattern ABC ✔ 6. above average volumes ❌ It looks like a good risk-reward trade. More conservative approach maybe to see better volumes. Price penetrating and closing below the lower parallel line of the pitchfork will mean the idea has failed. **I will be posting ideas for my own journal-ing and learning sake and to hopefully spark up educational discussions. Please do not construe them as recommendations as I am just an amateur here to learn :)
MLong
by NNiveshak
Gail, beautifully in sync a thing which struck me about this scrip was how beautifully in sync the higher and lower timeframe pitchforks are. Moving as one. The scrip formed a bullish harami/doji right on the lower parallel line with a long lower tail. So the recent correction maybe over? Next couple of days should be interesting.Will keep an eye 👀 **I will be posting ideas for my own journal-ing and learning sake and to hopefully spark up educational discussions. Please do not construe them as recommendations as I am just an amateur here to learn :)
NSE:GAILLong
by NNiveshak
9
NDX, Dr Andrews would be proudI do not track this scrip:NASDAQ but I just wanted to take a look after the recent big gap down and it surprised me how well it seems to be following the basic pitchfork trading theory The points mentioned on the chart correspond to the following rules: (0) prices at any point will gravitate towards the median line (i) price after reaching the median line will reverse OR (ii) zoom with big candles/GAP through the median line (iii) price will reverse from the lower and upper parallel (support/resistance lines) towards the median line until it doesn't. At some point price will go outside the pitchfork's boundary lines(the prongs), at which point the trend character may be said to be changing.
NASDAQ:NDX
by NNiveshak