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As many i look at various indicators. Among them i find the Pitchfork one of the easiest way to anticipate where price could go given the current conditions. It's fast too as you just need 3 pivots. I like it too as i consider price likes to follow key ratios like 50%, 100%, 150%, 200% etc. As a Fork contains these ratios they are easy to draw or project on a chart. But i use them as a point of reference or a relative guide. I do not trade the lines that compose a Fork as pure levels of S/R at least not as i do with Market Profile which i consider the ultimate indicator to reveal key levels as the day progress. With Market Profile i won't have a problem to fade a level while using a fork i'll prefer to wait and see how price react first.
Now, i have added the RUSSELL (TF) for your eyes only:
One word of caution, TF's price action is a bit different. Seems less precise so i need to use more lines to hide the forest and make the game tougher to play
Here is my prediction for the RUSSELL (TF) and the next leg :
OK i must admit fading the top line was quite seducing specially that we are Friday, end of the afternoon. My bet was that not enough energy was left to break this top line.
I was finishing up my journal and decided to share some charts here.
TF made new highs this week. Now it is in a retracement and resting. It is definitely working into a wedge. The prevailing trend is still up. The retracement has not taken out any market structure to the downside yet.
ES has been building a tremendous energy coil.
I think we might see some significant moves start soon. Will it be up or down? We will let price tell us and we'll try to repond accordingly.