I have discovered a very simple and surprisingly effective way to construct pitchforks based on Hull MA (100), in all of the similar cases a sliding parallel near the middle line has worked as a high-probability target. Should price move so rapidly that it penetrates thru the middle line you can expect target #2 to be reached, however it is more common for price to produce several bounces to the upside before heading to the bottom line. Each bounce will be your shorting opportunity. Make sure to hide stops a bit above the latest bounce structure!
Note
It may be worth trying a short already, either right now at the pitchfork line or a bit higher at the structure.Trade active
I ended up shorting @ 2 107 between the first and the second structure with a stop @ 2 115. I hope this is it.Trade closed manually
I closed the trade with a tiny profit when it became apparent that price is heading higher. Now reverting back to my original plan.Order cancelled
Idea discarded.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.