I was asked how can the Pitchfork be drawn if it is not on the platform. My response is below: Not sure what software or broker you use. I don't think Oanda has it. It can be drawn with the trendline tool only. Here are the steps: 1. Select the three pivots, and number them 1,2 and 3. Make sure 2 is further in time from 1 etc. and that the pivots are alternating: a high-low-high combination or low-high-low. 2. Connect Pivot 2 and Pivot 3 with a trendline. This represents the line of force. 3. Find the middle of that line. 4. Draw a trendline from Pivot 1 through that mid-point an extend past it (the mid-point) to the right. This would give the ML. 5. From Pivots 2 and 3, draw lines parallel to the ML and voila! You may also try using a free technical analysis software like Ninja Trader in conjunction with your trading platform: one for trading and one for analysis. If you have any other questions please feel free to ask. Take care,
Well... Price did find support at red U-MLH and blasted off at the open for about 85 pips. Expecting as usual that the ML of thicker green fork wll be the target. See if you can spot the whales at the Support area before take off? (Not marked on chart). Take care trading, FX4Newbies
Did not have much further to go...it moved so fast tonight. At the ML we need to be watchful to see what the next setup will be. Take care,
These charts came about because of a discussion with another trader. They located a developing Gartley sell pattern within the Pitchfork. (Gartley not shown). Please see notes on charts. Take care, FX4Newbies
Price is beginning to consolidate at first Warning Line. Time will tell if it begins to fall or just roll around...or will it shoot up again?