aveshecco

aveshecco

This 4-hour traditional pitchfork was already on the charts at the time of the FOMC announcement. Price initially increased but then found resistance along the upper parallel of the pitchfork where it turned around and at the time of this post has dropped over 150 pips! The turnaround point was also a Fibonacci projection. No such thing as "random" price...

aveshecco

A Shark Harmonic Scan gave a Potential Reversal Zone (PRZ) at the green rectangle. A traditional pitchfork using the X to A swing of the harmonic pattern intersects that PRZ giving us an idea of where in the PRZ price may turn around. Not an entry at this time, as I would expect price to move lower and tag the pitchfork median. If it happens great, if not then...

aveshecco

4-hour Best Fit Pitchfork on GBPJPY. A perfect touch of the lower parallel. The median, while no to the pip touches, does appear to be a consolidation zone. There is also a nice touch of the upper parallel with the turnaround confirmed by TAB29. This pitchfork is one to keep an eye on for future trade opportunities.