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Pitchforks

Long FTX TokenBINANCE:FTTUSDT FTX Token - FTT has exited the major descending fork after printing an RSI Bullish Swing Rejection on the daily timeframe. The next logical target for FTT is the trigger line of the major descending Pitchfork. I plotted a Modified Schiff Pitchfork and an ARC on the chart, to demonstrate the likely paths to the trigger line. Both have held price well up to this point. I went long with a stop just below the prior low pivot. Entry = $30.60 Stop Loss = $28.55 Take Profit = $40 Fat_Fat
FTX:FTTUSDLong
by Cousin_Fat_Fat
2
XAU/USD Short/Long - 5/15m - Post NY Open - May 23 2023Using 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 price seems to be dancing around a major support or resistance and it can be seen that is was respected in the recent past. First trade had a stop above previous high and was taken at the retest of the red channel on the 5m. The trade idea was that price could go down to test the major support from the long term PF once again. Once we realized that price is recovering and respecting the lower bound of the red channel, the sell was taken out at half the SL since it was obvious that the SL will eventually be hit. The second trade was a buy on the premise that price is now respecting the red channel which it did and it went up to the other channel boundary. The TP was put at the channel top boundary since it is highly likely that price will touch it after testing the lower boundary. The SL was put below the hour candle and under the lower boundary as well. Price hit TP where we took 90% profits, leaving a runner set at $1983 as our TP2. This is likely to happen as price has broken/retested the larger time frame parallel and will head to the next parallel as we have seen it happen before. No partials were taken and it was a fairly quick move.
OANDA:XAUUSDLong
by MisterPitchfork
XAU/USD Short - 5/15m - Post NY Open - May 18 2023We 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 resistance that price retraced back to and retested after breaking (we can see this parallel acting as a support twice in the past). First 1:2 trade was taken after the retest was confirmed with a rejection doji which signaled a drive down following momentum. SL was above the base doji and TP was at the 0.25 parallel on the other side (following the PF rule of: what happens above, so below). The second trade was a 1:1 which was used to further capitalize on the move as the PF is further validated by what price is doing. Once the median line was broken, the sell was taken on the retest with an SL above the previous 15m and same TP as the first trade. Both trades hit TP and price rejected from this level.
OANDA:XAUUSDShort
by MisterPitchfork
TSLA bearish analysisOn weekly chart the price (almost) reached both the solid blue top pitchfork line and the middle orange pitchfork lines. Additionally, weekly RSI reached the dotted green resistance trendline. These are all bearish signs. On daily chart, RSI has a bearish head-and-shoulders pattern and there is also a divergence between RSI (with purple trendline pointing downwards) and the PRICE (the purple trendline poingint upwards). Again, these are bearsih signs. My previous TSLA idea was bullish and it went up 54% (from 137.80 to 212.11 when I gave the close signal), see related idea.
NASDAQ:TSLAShort
by TradersForecast
XAU/USD Short - 15/30m - Post NY Open - May 16 2023On 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 minimum drawdown. The SL was above the retest base to ensure plenty of room if price decides to push up one last time. Another PF (purple) was drawn for a short term bearish outlook which agrees with the bias of the 4H PF . The major support of the short term PF also agrees with the support of the long term PF which creates our confluence. As seen, there were further break and retests for more trades which is where the second trade was taken. 1st trade was a 1:2 and no partials were taken. 2nd trade was also a 1:2 and was entered on the break of the white dotted line. From here, we can clearly see that price is breaking and retesting supports on the 3D plane. The second trade entry was similar to the first one in the sense that the entry was at the break of the retest base with an SL above the base with the TP being the same place as the first trade. Both hit TP and we can see that price starts to consolidate after signaling a support has been reached.
OANDA:XAUUSDShort
by MisterPitchfork