I thought I'd start a thread of my own that's focused on trading of Pitchforks. For those seeking a price action only trading style, it doesn't get much better than this. I've posted several charts from the last thread that show the amazing accuracy of this tools ability to forecast future s/r levels. Note the ATR indicator on some of my charts. This is to help calculate future price moves, and is not used as an entry or exit tool. So lets begin.
Rimm. Here the old fork was broken, but the warning lines, the lines of equal distance below the original fork found s/r nicely, and we can now use these lines to forecast future s/r levels.
BWLD. Price hasnt done the best job staying within the blue fork, however its more bullish than bearish, so the only question is when we will see support. 35 would be a good support zone, but I'd hope to see it bounce before then. Resistance is clearly tested with the warning lines. The further price falls, the lower our profit target becomes. Not the best setup imo.
ABFS. Not sure what to on this one just yet because we have tests at both support and resistance. It appears this is a symmetrical triangle pattern, in which case price should continue its trend...in this case downward.
Here is PTEN w/ action re-action lines. The MPL stands for multi-pivot line. It's similar to a trend line, except it often cuts through trend to connect to multiple swing pivots. The MPL shows us the angle (speed) and direction the market is headed. Simply put.