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Pitchfork and Its Modifications From ScratchHi, traders! Trading View gives us great opportunities to gain as much profit from analysis as it’s possible. Many tools indicators, including custom indicators let traders to extract all insights from the price action plot. However, many of us don’t know about very useful tools that TW gives us “from the box”. Well, today we’ll speak about pitchfork and its modifications. Pitchfork The technical indicator known as Andrews Pitchfork is not that well known and is rarely used by novice traders. However, it is a quick and easy way for traders to identify possible levels of support and resistance for price. 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 to draw? Put the first point to the start of a new trend, second point on the next higher high, and the third to the lower low. Shiff Pitchfork But it’s good when we have no corrections. Try to draw pitchfork after it and you’ll fail. Fortunately, this problem has been solved with Shiff Pitchfork. It has the same properties like the Original one, but the “corrections bug” is fixed. How to draw? Put the first point to the start of correction (pump), second point on the next higher high/lower low, and the third to the lower low/higher high. Well, frankly speaking, the Original Pitchfork works well only on trend markets. For the corrections Shiff Pitchfork was invented. But what should we do with other cases? choppy market< for instance? Don’t worry, everything has been already invented. The Modified Shiff Pitchfork The Modified Shiff Pitchfork is heuristic above the Shiff pitchfork that specializes on sideways market movements. How to draw? Put the first point to the start of sideways movement, second point on the next higher high/lower low, and the third to the lower low/higher high. DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
BEducation
by Skyrexio
2
[Trade Review]How I traded $CRM, $TLRY,$U, + psychology TALK In this video I will reviewing trades I took 6/16/2021 which were $CRM,$TLRY $SQ that were posted in a pervious video about the set up on my New Series *Set Ups For the Week Traded these tickers using my knowledge of technical Analysis , sharing my levels: Support & Resistance , my trendlines , Fibs, Waves, Price Action, Channels , Emas, and prior experienced , while providing both bullish & bearish scenarios for you to be able to understand my analysis and wait for confirmation as always! In the second part of this video I rant about trading phycology and use yesterdays loss as an example I hope yall enjoy!
PEducation
by Raulf-m
2
[Trade Review]How I traded $PLTR, + TALKS ON EUPHORIA/ LOSSES In this video I will reviewing trades I took on 6/15/2021 which were $PLTR taking a small loss practicing my risk management not a problem since im confident i will make it all back. Traded these tickers using my knowledge of technical Analysis , sharing my levels: Support & Resistance , my trendlines , Fibs, Waves, Price Action, Channels , Emas, and prior experienced , while providing both bullish & bearish scenarios for you to be able to understand my analysis and wait for confirmation as always! Make sure to leave a comment for feedback about cutting back on the trading review videos let me know guys! Will be making videos on trading phycology due to the euphoria in the market so look out!
NASDAQ:TLRYEducation
by Raulf-m
4
[Trade Review] How I traded $SNAP, $NIO + RECAP SET UPSIn this video I will reviewing showing/ explaining $NIO & $SNAP that were posted in a pervious video about the set up on my New Series *Set Ups For the Week Traded riot & NIO using my knowledge of technical Analysis, sharing my levels: Support & Resistance, my trendlines, Fibs, Waves, Price Action, Channels , Emas, and prior experienced , while providing both bullish & bearish scenarios for you to be able t to understand my analysis and wait for confirmation as always! Want to see more content like this? Like and Subscribe! *DISCLAIMER: These videos are for educational purposes only. Nothing in this video should be construed as financial advice or a recommendation to buy or sell any sort of security or investment. Consult with a professional financial advisor before making any financial decisions.*
NYSE:NIO
by Raulf-m
Possible Sell Coming ?Points to Consider - The death cross preceded the economic downturns in 1929, 1938, 1974, and 2008. There have been many times when a death cross appeared, such as in the summer of 2016, when it proved to be a false indicator. Analysts also watch for the crossover occurring on lower time frame charts as confirmation of a strong, ongoing trend. Regardless of variations in the precise definition or the time frame applied, the term always refers to a short-term moving average crossing over a major long-term moving average. Hidden divergences signal a possible trend continuation. FIB Confluence zone acting as Resistance. This is just an idea for Analysis. Please do not SELL based just on this :)
COINBASE:ETHUSD
by TraderLeVeR
1
What topics do you want to learn about?3 years in the market, studying each day has taught me a lot, and I'm still learning each day. But with a background in Psychology and an interest in Education, I want to know that part of the markets YOU want more information about. In the comments below, list off some simple topics for beginners that want someone to help explain things from anything charts, what indicators are valuable, and lastly how psychology create the patterns we see on our Trading View apps. Let me know in the comments below and ill make a post tailored to your inquiries and tag you for ease of use!! If you see someone ask your question, drop a like on their comment or saw "following" as a reply to their comment. This way ill know which topics are priority!!
C
by SwayzePunkz
12
how to risk smartly? position sizing, risk n reward, SL n TP 👌Risk refers to the probability of a negative event happening in your activities; an event that goes contrary to your intended outcome. Risk is part and parcel of the cryptocurrency trade. It is the chance of an undesired outcome on the trade, which translates to making losses. For instance, a 50% risk on a short position simply means that there is a 50% probability that the Bitcoin price will rise, resulting in a loss on your part. Today, we take you through the simple rules to follow when managing risk in crypto trading. Types Of Risk The crypto trading world is exposed to four main types of financial risks: Credit Risk This risk affects crypto projects. It is the probability of the parties behind the crypto project failing to fulfill their due obligations. Credit risk is mostly attributed to theft and fraud in the crypto market. A good example is the hacking of Binance in 2018, which led to over $40 million loss. Legal Risk Legal risk refers to the probability of a negative event occurring with respect to regulatory rules. For instance, a ban on cryptocurrency trading in a specific country. A practical example of legal risk is when the states of Texas and North Carolina issued a cease-and-desist order to Bitconnect cryptocurrency exchange due to suspicion of fraud. Liquidity Risk Liquidity risk in respect to crypto trading refers to the chance of a trader being unable or incapacitated to convert their entire position to fiat currencies (USD, YEN, GBP) that they can use in their every-day spending. Market Risk Market risk refers to the chance of coin prices moving up or down contrary to your desire in an open position. Operational Risk Operational risk is the chance that a trader is unable to trade, deposit, or even withdraw money in their crypto wallets. Main Risk Management Strategies The rule of thumb in crypto trading is: “Do not risk more than you can afford to lose.” Given the gravity of risk in crypto trading, we generally advise traders to use not more than 10% of their budget or monthly revenue. Also, trading with borrowed money is not advisable as it puts them in a credit risk position. Risk management strategies can be broadly categorized into three: risk/reward ratio, position-sizing, as well as stop loss & take profits. 1. Position Sizing Position sizing dictates how many coins or tokens of cryptocurrency a trader is willing to buy. The probability of realizing great profits in crypto trading tempts traders to invest 30%, 50% or even 100% of their trading capital. However, this is a disruptive move that puts you at serious financial risks. The golden rule is: never put all your eggs in one basket. Here are three ways to achieve position sizing. Enter Amount vs Risk Amount This approach considers two different amounts. The first involves money you are willing to invest in every single deal. We advise traders to look at this amount as the size of each new order they take, regardless of its type. The second involves money at risk, i.e. the money that you stand to lose in case the trading fails. This is how you define your enter amount: A = ((Stack size * Risk per Trade) / (Entry Price – Stop Loss)) * Entry Price Let’s say we wish to purchase BTC with USDT with a target of $13,000. Our parameters would be: Stack Size: $5,000 Risk per Trade: 2% Entry Price: $11,500 Stop Loss: $10,500 Our enter amount would be: A= ((5,000 * 0.02) / (11,500 – 10,500)) * 11,500 = 1,150 The ideal amount to invest in this deal is $1,150 or 23%. However, due to our Stop Loss, we only risk 2% as it will stop the trade once it reaches the determined level. Risk trading in cryptocurrency Elder’s “Sharks” and “Piranhas” This concept of position sizing relates to diversifying your investments. Dr. Alexander Elder, who is credited with the concept, suggests two rules: Limiting every position to 2% risk. Elder compares risk to a shark bite. Sometimes you would wish to risk a huge amount, but the risk would be huge and catastrophic as a shark bite. Limiting trading sessions to 6% per session. In a losing streak, you may end up spending everything you own little by little. Elder compares this risk to a piranha attack, which takes small bites of its victim until it consumes it all. Following Elder’s sharks and piranhas approach results in no more than three open positions per 2% each or six ones per 1%. Limiting results in reverse compounding; losses get smaller and smaller with each subsequent loss you make. Kelly Criterion The Kelly criterion is a formula developed by John Larry Kelly in 1956. It is a position sizing approach that defines the percentage of capital to bet. It suits long-term trading. A = (Success % / Loss Ratio at Stop Loss) – ((1 – success %) / Profit Ratio at Take Profit) Using the previous example, the features would be: Stock size: $5,000 Invested Amount: $1,150 Success %: 60% Entry Price: $11,500 Stop Loss: $10,500 Loss Ratio: 1.10 Take Profits: $13,000 Our result would be: A = (0.6 / 1.10) – ((1 – 0.06) / 1.13) = 0.19 This means you should not risk more than 19% of the entire capital of $5,000 for you to arrive at the best possible outcome in a series of deals. 2. Risk/Reward Ratio The risk/reward ratio compares the actual level of risk with the potential returns. In trading, the riskier a position, the more profitable it can get. Understanding the risk /reward ratio enables you to know when to enter a trade and when it is unprofitable. The risk/reward ratio is calculated as follows: R = (Target Price – Entry Price) / (Entry Price – Stop Loss) From the previous illustration: Entry price: $11,500 Stop Loss: $10,500 Target price: $13,000 Our ratio would be: R = (13,000 – 11,500) / (11,500 – 10,500) = 1.5 or 1:1.5 A ratio of 1:1.5 is good. We advise traders not to trade with a ratio lower than 1:1. 3. Stop Loss + Take Profit Stop Loss refers to an executable order which closes an open position when a price decreases to a specific barrier. Take Profit, on the other hand, is an executable order that liquidates open orders when the prices rise to a certain level. Both are good approaches to managing risk. Stop Losses save you from trading in unprofitable deals while Take Profits let you get out of the trade before the market can turn against you. You can make use of Trailing Stop Losses and Take Profits which follow the rate’s changes automatically. Such a feature, however, isn’t available at the majority of crypto exchanges. Fortunately, with crypto terminals like Superorder, you can set your Trailing Stop Losses and Take Profits right from the terminal. Winning Strategies Accept Failures Risk is part and parcel of trading. Besides, we cannot eliminate it but only manage it. You should, therefore, accept your losses and rely on plan-based decision making to realize profits in future trades. Consider Fees New traders often do not know the fees that come along with trading. Such include withdrawal fees, leverage fees, etc. You should consider these in your risk management. Focus on the Win Rate Risks will always be there to discourage you from trading. However, focusing on the number of times you win helps to develop a positive attitude in trading. Measure Drawdown This refers to the total reduction of your initial funds after a series of losses. For instance, if you lost $1,000 from $5,000, your measure drawdown is 10%. The higher the amount, the more you would need to inject into a trade for it to recover. As Dr. Elder advised, stick to a 6% risk limit. Please click LIKE button and Appreciate my hard work. Must follow me for latest crypto real time updates. Thank you.
NYSE:TWTR
by BTC-fire
It's time to Exit !A broken trendline is a technical signal that can suggest a change in trend is at hand. If low volume (rather than high volume) accompanies the break of a trendline, the signal is not as strong or convincing. It can make sense to wait a day or two to make sure that the trendline break is legitimate. A pullback is a pause or moderate drop in a stock or commodities pricing chart from recent peaks that occur within a continuing uptrend. A pullback is very similar to retracement​ or consolidation, and the terms are sometimes used interchangeably.
NASDAQ:TSLAShort
by farshicl
The Great men of the trading worldAs a trader of over 20 years, there has been a lot of trial and error. A lot of learning, it’s still continuing! I wanted to share some interesting pointers with the community; People see charts really look deeper than that. I regard a couple of men in trading terms as the “Greats” Would there be others you consider? Why? Let’s start – the only order is the age (timestamp) rather than preference to their work. Charles Henry Dow (November 6, 1851 – December 4, 1902) was an American journalist who co-founded Dow Jones & Company. Little known fact, Dow also co-founded The Wall Street Journal, which has become one of the most respected financial publications in the world. He also invented the Dow Jones Industrial Average as part of his research into market movements. This guy has his own chart. He developed a series of principles for understanding and analyzing market behavior which later became known as Dow theory, the groundwork for technical analysis. Dow theory explained The Dow theory is based on the analysis of maximum and minimum market fluctuations to make accurate predictions on the direction of the market. According to the Dow theory, the importance of these upward and downward movements is their position in relation to previous fluctuations. This method teaches investors to read a trading chart and to better understand what is happening with any asset at any given moment. With this simple analysis, even the most inexperienced can identify the context in which a financial instrument is evolving. Furthermore, Charles Dow supported the common belief among all traders and technical analysts that an asset price and its resulting movements on a trading chart already have all necessary information already available and forecasted in order to make accurate predictions. Based on his theory, he created the Dow Jones Industrial Index and the Dow Jones Rail Index (now known as Transportation Index), which were originally developed for the Wall Street Journal. Charles Dow created these stock indices as he believed that they would provide an accurate reflection of the economic and financial conditions of companies in two major economic sectors: the industrial and the railway (transportation) sectors. ------------------------------------------------ This is another interesting topic in it’s own right, but not for this article. “Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor.” Charles Dow. ------------------------------------------------ Many of our modern techniques fit into Dow theory in some way, shape or form and most people do not realise this. ===================================================================================================================================== R.N Elliott – Elliott waves to most Ralph Nelson Elliott (28 July 1871 – 15 January 1948) was an American accountant and author, whose study of stock market data led him to develop the Wave Principle, a form of technical analysis that identifies trends in the financial markets. He proposed that market prices unfold in specific patterns, which practitioners today call Elliott waves. Elliott Said “The forces that cause market trends have their origin in nature and human behaviour” as well as “Forces travel in waves, as demonstrated by Galileo, newton and other scientists.” -------------------------------------------- Wave Theory In the early 1930s, Elliott began his systematic study of seventy-five years of stock market data, including index charts with increments ranging from yearly to half-hourly. In1938, he detailed the results of his studies by publishing his third book, The Wave Principle. Elliott stated that, while stock market prices may appear random and unpredictable, they actually follow predictable, natural laws and can be measured and forecast using Fibonacci numbers. Soon after the publication of The Wave Principle, Financial World magazine commissioned Elliott to write twelve articles (under the same title as his book) describing his new method of market forecasting. In the early 1940s, Elliott expanded his theory to apply to all collective human behaviors. His final major work was his most comprehensive: Nature's Law –The Secret of the Universe published in June, 1946, two years before he died. In the years after Elliott's death, other practitioners (including Charles Collins, Hamilton Bolton, Richard Russell and A.J. Frost) continued to use the wave principle and provide forecasts to investors. Frost and Robert Prechter wrote Elliott Wave Principle, published in 1978 (Prechter had come across Elliott's works while working as a market technician at Merrill Lynch; his prominence as a forecaster during the bull market of the 1980s helped bring Elliott's wave principle its greatest exposure up to that time). I wrote a few months back an article on the application of Elliott (Click the image for the link.) ============================================================================================================================= Richard Wyckoff This method has had a lot of popularity recently on social media and in @TradingView Richard Demille Wyckoff (1873–1934) was an early 20th-century pioneer in the technical approach to studying the stock market. He is considered one of the five “titans” of technical analysis, along with Dow, Gann, Elliott and Merrill. At age 15, he took a job as a stock runner for a New York brokerage. Afterwards, while still in his 20s, he became the head of his own firm. He also founded and, for nearly two decades wrote, and edited The Magazine of Wall Street, which, at one point, had more than 200,000 subscribers. Wyckoff was an avid student of the markets, as well as an active tape reader and trader. He observed the market activities and campaigns of the legendary stock operators of his time, including JP Morgan and Jesse Livermore. From his observations and interviews with those big-time traders, Wyckoff codified the best practices of Livermore and others into laws, principles and techniques of trading methodology, money management and mental discipline. From his position, Wyckoff observed numerous retail investors being repeatedly fleeced. Consequently, he dedicated himself to instructing the public about “the real rules of the game” as played by the large interests, or “smart money.” In the 1930s, he founded a school which would later become the Stock Market Institute. The school's central offering was a course that integrated the concepts that Wyckoff had learned about how to identify large operators' accumulation and distribution of stock with how to take positions in harmony with these big players. His time-tested insights are as valid today as they were when first articulated. Although it seems complex – the logic still holds strong and has been seen even in recent Bitcoin moves. (click article – below) to see the types of Schematics. --------------------------------------------- Wyckoff said “Successful tape reading is a study of Force; it requires ability to judge which side has the greatest pulling power and one must have the courage to go with that side.” ================================================================================================================ WD Gann William Delbert Gann (June 6, 1878 – June 18, 1955) or WD Gann, was a finance trader who developed the technical analysis methods like the Gann angles and the Master Charts, where the latter is a collective name for his various tools like the Spiral Chart (also called the Square of Nine), the Hexagon Chart, and the Circle of 360 Gann market forecasting methods are purportedly based on geometry, astronomy and astrology, and ancient mathematics. Opinions are sharply divided on the value and relevance of his work. Gann authored a number of books and courses on shares and commodities trading. There are several techniques using Gann methodology; Here’s one on Gann Fans Gann said “Time is more important than price. When time is up price will reverse.” ===================================================================================================================== Another great man worth a mention, purely on these quotes 😉 If everyone is thinking alike, then no one is thinking. Benjamin Franklin Wyckoff would call this composite man logic! Make yourself sheep and the wolves will eat you. Benjamin Franklin And this is how I feel the crypto market is currently looking. Any others you think should be on the list, mention in comments and why? Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Education
by Mayfair_Ventures
139