Pitchforks — Chart Patterns — TradingView (2024)

Brett done?

BRETTUSDT.P

, 240Long

CryptoKnee

If you find this information inspiring/helpful, please consider a boost and follow!Quite the dump. Pitchfork has been responsive.Watching how this impulse retraces.Could just be prof taking but, need a bit more clarity.A nice step would be a reclaim of 0.96Waiting for some clues to play off of, but a nice impulse complete is a nice anchor to play off of....

3

1

Pitchforks

Pitchforks are used as part of a popular analysis and trading technique. In essence, there are 3 key elements to it: 2 outside parallel lines that provide support and resistance and a median line in between them. To use a pitchfork correctly, identify 3 points that are consecutive highs and lows, where the first point represents the start of a trend. The median line connects the first point to the midpoint of the other 2. Additional lines can be added at a set number of standard deviations from the median, forming parallel trend channels.

Pitchforks can be used to identify buying and selling opportunities at those lines (for trading bounces or breaks), depending on the specific rules of entry and exit a trader may have. Conservative traders will look for additional confirmation. Apart from Andrew's Pitchfork there are variations like the Schiff Pitchfork, the Modified Schiff pitchfork and the Inside Pitchfork. TradingView has smart drawing tools for all of these techniques and there is a popular chat where users share pitchfork-based ideas.

AMS Seeking Long-term Low

AMS

, 1WLong

runyamhereUpdated

Angloplat chart shows that price is in long-term decline and we are getting close the COVID low price. Price action has respected the Pitchfork and we see an area where there will be expected to be strong support, the intersection of the Pitchfork support and the horizontal support line. Before we get there we might find a turning point where the lowest price of...

2

ES1! big picture update

ES1!

, 1W

discobiscuit

My bullish count for ES1!. I have us in wave 3 of (5) of ((3)) of V.It looks like wave 2 has completed. I expect ES1! to grind up the rest of the spring and summer, with target of ~6000 and the median line of the pitchfork drawn from COVID-19 low, January 2022 high and October 2022 low.

Gold's last leg toward 2308 +/-. 30/May/24

XAUUSD

, 240Short

SteveTan

XAUUSD probably trending down toward wave (b) yellow of expanding flat (a)(b)(c)(yellow) in wave in b (blue circled). Probably a "good news" for gold on this coming Friday Core PCE Price Index.

CHZUSDT

, 5DLong

CrazyS

BINANCE:CHZUSDT COINBASE:CHZUSD Hello Traders Chiliz is one of my suggestions for the altcoin market. You can clearly see long-term accumulation of the price and the break in pitch-fork structure strictly. Highly potential for the alt rally season. The best strategy for altcoins is to allocate a certain percentage of assets (for example, 10% of the...

4

support level

YM1!

, 60Long

forkman

The Dow seems to be at a support level, if the support holds, the uptrend is likely to continue

📉Think Outside the Box BTC!📈

BTCUSDT

, 1D

CrazySUpdated

BINANCE:BTCUSDT COINBASE:BTCUSD Hello Dear Traders. 🔴The market has reached the end of its suffering range and our team's holiday break is nearing its end.⚡️ In this post I will track the BTCUSDT movements as long as it stays inside the Box.🔴The past few weeks, the pressure of market volatility was very high and we needed a break. We will review the...

3

Quilter Seeking a Weekly/Yearly Low

QLT

, 1WLong

runyamhereUpdated

Quilter is moving into a long weekly cycle, currently in week 42. Price is also seeking a yearly low, the last was the COVID low and we are well below that level. Ideally we want price to go below the previous weekly low (R16.61), this gives a good runway to the upside. The dashed pink line is where we will have confirmation of a weekly low by closing above this...

further price reduction

ES1!

, 30Short

forkman

It seems that due to the maintenance of conditions by the Federal Reserve, the possibility of further price reduction is possible

1

BTCUSD morning update

BTCUSD

, 1D

discobiscuit

I'm looking for key support of 65541.11 to hold, and for a daily higher high to complete an impulse wave off 56547.64 low.The regular flat that ended at 56547.64 seems too shallow for a wave 4 or a wave 2 of higher degree. If we continue to impulse higher, my primary bullish count will have this be a 5th wave extension, to complete a primary wave 3 around...

Bullish Continuation Likely

COIN

, 1DLong

IAmSatoshi

Back above the daily Cloud for COIN with a successful Falling Wedge breakout. Recent US regulatory clarity on ETH ETFs also positive news as COIN will be the custodian.

6

NQ1! morning update

NQ1!

, 1M

discobiscuit

With NQ1! reaching higher highs on the monthly, it adds to the wave ((5)) impulse off the October 2022 low. It suggests we need to finish a smaller impulse, have a correction, and then one final impulse to reach a top for the market. Price target is the median line of the pitchfork, and bulls are very likely to get it at some point.In summary, I have NQ1! in...

ETHUSD/ETHBTC afternoon update

ETHUSD

, 720

discobiscuit

Very intriguing bullish setup for ETHUSD and ETHBTC. ETHUSD holding support at .618 Fibonacci drawn from pivots at 4093.88 and 2100. There are different bullish counts that can be drawn from 879.80 low, will know more if price gets above 4093.88 and how price moves above that resistance.ETHUSD move may be magnified by bullish ETHBTC setup, if low of 0.04474 can...

2

Tesla's kangaroo still hopping. 20/May/24

TSLA

, 1WLong

SteveTan

TSLA kangaroo still boxing/ hopping inside the ring (triangle) since end of 2021. Strong support if there was a pullback toward 186 +/-. Which is confluence zone of 1) POC of Volume Profile (red horizontal line) 2) 233 weekly EMA (white MA Line) 3) Pitchfork lower channel (blue).

2

📈Quick BBSUDT 2H Long Setup📉

BBUSD

, 120Long

CrazySUpdated

BINANCE:BBUSDT BINANCE:BBUSD 📈Quick BBUDT 2H Long Setup📈 ⚡️long position with mid-risk status.⚡️ TP 1-2-3-4 and SL are on the chart. The Alternate scenario: If the price stabilize below the Bollinger midline, the setup will be cancelled ⚠️Don't forget to de-risk your positions.⚠️

4

Schiff show: VIX gap filled.

VIX

, 1D

Hellork

Volatility is near record lows. Low VIX is often associated with market tops. 0day options have been pushing VIX down further than normal though. Judging from the many solid candles on the monthly chart, the month often closes near tops and bottoms. So there should be plenty of time. The writing is on the wall. But it would not be surprising to see stock prices...

1

4

📈Bitcoin on its way to $80K? / Serial analysis on BTC📉

BTCUSDT

, 240Long

CrazySUpdated

BINANCE:BTCUSDT COINBASE:BTCUSD Hello dear traders. ⚡️ In this post I will track the BTCUSDT movements from 11 Apr - 18 Apr. 📈 What to Expect Next? 💡The price of Bitcoin is in a vital situation. As long as the price is above the BB midline, the bullish scenario is quite valid.The bullish scenario targets are on the price chart. 🔑Key Insights: The...

21

3

Apple still not out of wood (triangle). 17/May/24

AAPL

, 1WShort

SteveTan

AAPL still forming a triangle pattern. Probably a -14.90% drop by end of May ( so sell in May still working") or early June.

2

Pitchforks — Chart Patterns — TradingView (2024)

FAQs

How to use the pitchfork tool on TradingView? ›

To utilize the pitchfork indicator, first draw a trend line connecting two extreme points to form a pitchfork. Depending on the analyst's preferred pitchfork location, a third point is then set either above or below the second point.

How do I get chart patterns on Tradingview? ›

To add Chart Patterns to the Chart, open the Indicators, Metrics and Strategies menu, go to the Technicals tab and select Chart Patterns.

What is the pitchfork trading strategy? ›

What is the Andrews Pitchfork trading strategy? Developed by Dr. Alan Andrews, the Andrews Pitchfork trading system is an old trading technique that projects potential support and resistance lines. It is a channel-based analysis technique that uses three to five parallel lines to find sharp trading opportunities.

How to read pitchfork indicator? ›

To use a pitchfork correctly, identify 3 points that are consecutive highs and lows, where the first point represents the start of a trend. The median line connects the first point to the midpoint of the other 2.

What is the difference between pitchfork and Schiff pitchfork? ›

The Andrews pitchfork is the standard pitchfork but there are two other versions of Schiff pitchforks and modified Schiff pitchforks. The difference is that with the Schiff setting is that the angle or slope of the median line is much flatter than that of a standard setting.

How to easily identify chart patterns? ›

Trendlines are important in identifying these price patterns. Some that can appear are flags, pennants, and double tops. Volume plays a role in these patterns, often declining during the pattern's formation and increasing as price breaks out of the pattern.

Is there any indicator for chart patterns? ›

The Half Cup indicator detects and displays patterns with the shape of a Half Cup , initiating a channel. From this channel, breakouts are detected and highlighted with dots. Users can control the shape of the Half Cup and the channel length through various settings.

Can AI identify chart patterns? ›

Our AI-based Chart Pattern recognition engine automatically detects 26 pattern types across four time intervals (15 minutes, 1 hour, 4 hours, 1 day) for hundreds of assets, saving traders hours of manual chart scanning. Traders can easily monitor all trading signals in our Signals Summary section.

What is the most powerful pattern in trading? ›

The head and shoulders chart pattern and the triangle chart pattern are two of the most common patterns for forex traders. They occur more regularly than other patterns and provide a simple base to direct further analysis and decision-making. Try a demo account to practise your chart pattern recognition.

How to use Andrews pitchfork correctly? ›

The Andrew's Pitchfork lines are drawn by placing three different points at a previous trend's end and then drawing a line starting from the first point, running through the middle of the second and third points. This series of three trend lines are used to identify the market trend and reversals.

How to use the pitchfork tool? ›

It is created by placing three points at the end of previous trends and then drawing a line from the first point that runs through the midpoint of the other two points. The reason this indicator is called a "pitchfork" becomes apparent from the shape that is created in the chart.

How do pitchforks work? ›

A pitchfork or hay fork is an agricultural tool used to pitch loose material, such as hay, straw, manure, or leaves. It has a long handle and usually two to five thin tines designed to efficiently move such materials. The term is also applied colloquially, but inaccurately, to the garden fork.

How many points does a pitchfork have? ›

Andrews' Pitchfork is a channel-based analysis technique developed by Alan Andrews. It is plotted using three points, each marking an important pivot point. It is suggested that one of the following schemes be used: in an uptrend, trough-peak-trough; in a downtrend - peak-trough-peak.

How to use inside pitchfork? ›

The Inside Pitchfork's origin is located at 1/2 the vertical distance and 1/2 the horizontal distance between the high and low points (first two points set). An Inside pitchfork (just like a Standard pitchfork) is created by first drawing a trend line between two extreme points.

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