Its very similar to the "Squigigly Jiggliy" play. Not to be confused with the "Hippity Hoppity" play. Neither work as well as the "Whammity Bammity". ;)
the "Squigigly Jiggliy","Hippity Hoppity" & the "Whammity Bammity" explained.
Hello Jenna A,I say pitchfork plays meaning that a position(s) was considered/opened using the Andrews Pitchforks as a complimentary comfirmation.I added blue circles around the highest probable trend change points,which in this case is the 50% lines...(These are the areas that one could consider high probability straddles).There is almost always a bounce or restistance at the 50% lines because most traders know about these support/resistance levels...The best way to learn is to just practice,practice,practice...
I want to express that there is no one indicator that works every single time...Anyone that makes a contrary claim is a fool...If you choose to follow that state of mind,get your checkbook out...and keep it out because your going to need it...
For that reason,I added another chart which briefly shows you how the ~QQQQ~ executed a perfect 5-3-5 Elliot wave round trip...meaning the coming correction should be longer in price & time(statistically)...(it was simply a coincidence that this current correction followed the ABC pattern).I could show you many different other technical examples on this same chart.The point is that any one indicator should not be trusted to make high probability trades...Use several indicators and try to find the points in time where different indicators are telling the same story...
...and be cautious following traders that state positions but cannot tell you why they opened them...until after they see whether it played out or not...then all the sudden there is 50 reasons why they did it...LOL...
...remember we are all students in this ever-changing dynamic market...the moment that we dont consider ourselves as student,is the exact moment that we lose tremendous value as teachers...
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