Forks, Price and Three Minute Charts
This thread will try and “systematize” buying and selling utilizing a mixture of worth motion (PA) and median traces or Andrew’s Pitchforks (we’ll discuss with them as forks for brief).
Why 3 minute charts? Sure they’re quick however they provide the chance to amass understanding of how worth strikes and how forks can assist in a single’s buying and selling plan in a comparatively quick time. In different phrases your buying and selling thought will play out fairly rapidly as in comparison with ready for a H4 or each day chart for days and weeks.
I consider PA comes first. PA identifies the patrons and the sellers and finally the place to purchase and promote. Forks assist describe the PA and in addition they assist with targets however they aren’t used to sign trades…not less than on this thread.
In order a basic system the sequence of study will happen as follows:
1. Determine which method worth is swinging.
2. Determine patrons and sellers
3. Apply fork.
I begin with a zoomed in chart so I can concentrate on present worth motion and not fear about what’s going on to the left not less than initially. I mark the patrons and sellers as proven. I do not make any judgements about what worth has finished. To this point simply observing.
That is Fridays’ shut. So we’ll se what occurs.
I will clear this up a bit however the texts are makes an attempt to establish necessary PA and what occurs as worth interacts with earlier PA.