https://uk.tradingview.com/x/spEOTuus/
Note the large sell off before the marked A point. We can see clear support form along the solid red line, and the fact that buyers took it to new highs is proof that buyers were much stronger than the sellers at this point in time.
At B, we can see price finds support along the median line as can be expected according to Dr Alan Andrews research. This coincides really nicely with where we know for a fact buyers were strong before at A.
C is an interesting level, due to it’s close proximity to current price action it’s something I’d be interested in hiding a stop behind.
D is the last minor swing high. If price were to break this level, that would be evidence that buyers were once again stronger than the sellers and a possible trend reversal could be happening.
If price breaks through the support here then I'd be expecting it to carry down to the lower median line parallel.
My 2cents.
Excellent, thank you for this!
I find those Andrews' Pitchforks to be a bit subjective, but those two red lines are clear as day to anyone that's looking. Buyers are going to lap it up down there!
There's no one way to trade. If what you do works for you keep at it and stay focused. =D
Have you done the action reaction course though? I see a massive amount of fork use on the internet that frankly... is just incorrect/not how the tool was developed to be used.
I'd argue that trading is entirely subjective. ;)
Buyers for sure going to lap it up down here. Can already see them starting with that recent wick. Question is where are the sellers?