For those interested in charting only..I usually try to keep the...

For those interested in charting only..

I usually try to keep the charts I post as simple as possible and easy to understand, so that the overall message is clear to those who do not use charting very much, if at all.

However, for those who do have a deeper interest in charting, I have included a more complex version of last night's chart which includes a second, downward sloping red pitchfork. The red pitchfork covers a shorter time period and can be regarded as short term price movements within the overall context of the longer term blue & green pitchfork. It shows how price movement can conform with multiple pitchforks (with different time spans) at the same time.



Note for example how the limits of price movements on some days perform exact touches on the red lines as well as on the lines of the other pitchfork, reacting to both sets of limits. Some may regard these exact touches as mere coincidence, using the argument "if you draw enough lines, eventually everything makes a perfect touch on something". However, I see them as following established patterns of behaviour.

Most of my charts for my own use contain three concurrent pitchforks reflecting the long, medium and short term. Clearly these are too messy and confusing to be of interest to most others on HC, but I find them useful.

Anyway, as I said earlier - for interest only..

Regards,
Bones