There is a bearish pinbar formed on the 4H chart closed behind 41.50.
41.50 - round number that is.
41.50 - round number that is.
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DislikedThere is a bearish pinbar formed on the 4H chart closed behind 41.50.
41.50 - round number that is.Ignored
DislikedWas thinking about shorting over the weekend - not for me on anything but the shortest timeframes.
Think of it this way - if you turned the silver chart upside down you would see a market in freefall. Would you buy it?
beebIgnored
DislikedWas thinking about shorting over the weekend - not for me on anything but the shortest timeframes.
Think of it this way - if you turned the silver chart upside down you would see a market in freefall. Would you buy it?
beebIgnored
DislikedHi beeb.
I had a go drawing a pitchfork on the 4H. Regular Andrew's
The ABC are (A) swing low on 27/28th Jan. around 26.32
(B) is on 7th March at 36.79.
(C) 33.62 on 15th March.
It looks to be working ok.
Price has hit the median line twice now and been rejected.
Hugging the lower parallel much of the time otherwise.
How does that look to you?
Suggests from my PF price will go back to the lower parallel so ???? to go down through $40 which is my BRN. Might just avoid breaking $40 but it could be close.Ignored
DislikedSuggest you move your C point forward slightly to the next low (that's the "art" lol)......
beebIgnored
DislikedSuggest you move your C point forward slightly to the next low (that's the "art" lol)......
What it "suggests" is that there is current resistance, and that if there is a retracement where you might expect to find support.....You have an up-sloping fork there is no inference from it that price will go DOWN, all it says is where you might find upside RESISTANCE and downside SUPPORT. In order for there to be an inference that price will go DOWN you need resistance from a downsloping fork.....
beebIgnored
DislikedWell looking at my amateur fork I would say we have resistance at the median line - on horizontal support/resistance this is 41.50 and a pinbar has formed.
Confluence of signs.
Target would be the lower quartile. Not drawn in (but will) but by eye price has reacted to this level in the fork.
Currently no indication (yet) that price is falling out the lower side of the fork - so no indication this lady is for turning at the moment.
Fork is strongly bullish still.Ignored
DislikedPoint of info - a quartile is midway between the Median line and the Upper or Lower Parallel - you have not marked them on your chart. I assume you are referring to the Lower Parallel.....
The continued bullishness or otherwise of the fork will be gauged when/where the next low is made.
beebIgnored
DislikedWith ending of the Lybian conflict on the horizon, the sell off is more and more likely...Ignored