Continuing from Pitch Forks Part 1.
This tutorial will demonstrate Fibonacci Pitch Forks, Pitch Fan, and Pitch Forks being used alongside Elliot Wave Theory.
Time Stamps
2:04 – ATOM/BTC Previous COTW (DO NOT TRADE THIS)
- Atom is a very technical altcoin
- Daniel focuses on trading locally and commentates while doing the TA
- BTW, as a swing trader one does not need Exo Charts
- Daniel does not use order flow when he trades altcoins
- Fibonacci speed fan is a very useful tool, Daniel uses it every time when analysing
- For Daniel pulling a fixed range is natural
- He also analyses how long the price is auctioning at the lows and how long at the highs to determine if the time aspect follows the price aspect (is volume lining up with the price). If POC is very close to the highs but the price spends the majority of the time at the lows it is more bearish – there are a lot of trapped traders.
- To see if there is a CCV set up on TV, you have to check where the day opened and take the fixed range tool from there to the previous day open and mark out pdVAL, pdVAH and pdPOC.
23:49 – PITCHFORKS PT. 2
- Reaction at the midline is key. The midline is at least a TP if not the final target. If it offers no support/resistance you trade it to the outer line.
- EW and pitchfork coincide nicely and wave 3 has to be impulsive therefore the target has to be the low of the pitchfork (if down trending).
- Fib pitchfork is for HTF analysis
- Pitchfan is for time analysis
- For confirmation, you can use volume, OI, consecutive candle closes, SFP, etc.
- If the pitchfork was relevant in the past it makes it very powerful but as always you need CONFLUENCE
- History does not repeat exactly but it does rhyme
36:20 – FIBONACCI PITCHFORK
43:00 – PITCHFAN
- A combination of a pitchfork and a speed fan
- This is the tool that encompasses time, price, targets and stop loss and is very powerful
47:41 – LIVE EXAMPLES ON ATOM/BTC
- If the price rejects off of the midline that cannot be wave 3 but can probably be ABC correction
53:38– Q&A