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@Snoop, in chat you said you were trading CL since Aug 25th pitchfork line, can you post an image of this? I've tried to draw it but not seeing any confluence.
Glad you asked Mike. I've been meaning to start a thread/journal where I can post how I trade them. I'm just going to post the chart without notes - pressed for time, plus I'll never finish it. It should speak for itself. It's drawn from the 25th lows to 26th highs to 27th lows, and schiffed. Originally drew it as a standard fork but after a couple of days noticed that schiff applied.
Chart 1: zooms in on Aug 25 so you can see the starting point.
Chart 2: covers the recent days to current
Note: it was only around Aug 31 that I saw the need to schiff, so the first chart won't show much action outside of the points I've drawn it from. The solid lines are the main pitchfork, and the dashed lines are warning lines. I'm using MC which doesn't have great pitchfork tools, so I have to do this manually. Someday I'll provide some specs to MC to fix this.
You may know this already but bear with me, as I've seen many miss this. The key is to find a defining turning point - Aug 25th turned into one but often you miss so you then have to adapt. A significant pitchfork should see price react, specifically at the median line but the parallels and warning lines as well. When it reaches these lines, it should reverse or zoom through. Not great structure if it's hanging around or bouncing above and below repeatedly, without reaching the midpoint line (which I don't have drawn in) At that point I start looking for a new structure. Anyway, much more than I wanted to say but I can't just post without some explanation.
Mike here is how i proceed to form my Pitchfork. I use the Fibonacci tool and draw lines manually:
First find a swing (two tops with one bottom) and link these points using the Fibonacci tool (only need these percentages: 0%, 50%100%).
Draw a line at the middle, it should pass through the 50% level on both legs. Copy/Paste this line and place one at the top and again at the bottom.
Next add some secondary lines still using the Fibonacci tool.
You can add as many levels as you want:
Here is another angle using two other legs:
In most of my schemas i use two angles: One up, one down to get a high level perspective and build different what-if scenarios.
so looking at the past 3 days I find an anchor for blue pf and this is good price turns down at 50 line(A) and from that I can draw brown pf and this good price bounces at 50 line(B), eventually that 50 line turns into a resistance.
