As of 07/01/2022
  Indus: 31,097 +321.83 +1.0%  
  Trans: 13,289 +132.53 +1.0%  
  Utils: 993 +23.33 +2.4%  
  Nasdaq: 11,128 +99.11 +0.9%  
  S&P 500: 3,825 +39.95 +1.1%  
YTD
-14.4%  
-19.4%  
 +1.2%  
-28.9%  
-19.7%  
  Targets    Overview: 06/29/2022  
  Up arrow32,300 or 29,900 by 07/15/2022
  Up arrow14,000 or 12,500 by 07/15/2022
  Up arrow1,000 or 925 by 07/15/2022
  Up arrow12,100 or 10,750 by 07/15/2022
  Up arrow4,000 or 3,700 by 07/15/2022
CPI (updated daily): Arrows on 6/23/22
As of 07/01/2022
  Indus: 31,097 +321.83 +1.0%  
  Trans: 13,289 +132.53 +1.0%  
  Utils: 993 +23.33 +2.4%  
  Nasdaq: 11,128 +99.11 +0.9%  
  S&P 500: 3,825 +39.95 +1.1%  
YTD
-14.4%  
-19.4%  
 +1.2%  
-28.9%  
-19.7%  
  Targets    Overview: 06/29/2022  
  Up arrow32,300 or 29,900 by 07/15/2022
  Up arrow14,000 or 12,500 by 07/15/2022
  Up arrow1,000 or 925 by 07/15/2022
  Up arrow12,100 or 10,750 by 07/15/2022
  Up arrow4,000 or 3,700 by 07/15/2022
CPI (updated daily): Arrows on 6/23/22

Bulkowski's Steelcase (SCS) Trading Quiz, Andrew's Pitchfork


Released 3/31/2022.

SCS: Quiz

Below is a slider quiz to test your trading ability. Captions appear below the pictures for guidance, so be sure to scroll down far enough to read them.


1 / 3
chart pattern

What chart patterns can you find? Look for the following (if you find others, great!): 2 falling wedges, ascending broadening wedge, right-angled and descending broadening formation, ascending triangle, 2 symmetrical triangles, broadening top, double bottom.

The answers are on the next slide.
2 / 3
chart pattern

Instead of going through a simulated trade, I thought I'd review Andrew's Pitchfork.

See next slide.
3 / 3
chart pattern

This is a hand drawn representation of Andrew's Pitchfork because my homebrew program doesn't copy the image correctly onto the clipboard.

Select 3 pivot or turning points: Use the weekly price chart to pick 2 major turns (a high point and corrective low, such as BC in the chart, if it were on the weekly scale) and transfer to the daily price chart. Select a third turn where the current trend originated (a previous low in a rising market or high in a declining market, A). Andrew used 3 consecutive turning points. All 3 points should be of similar magnitude, be at least 3 days apart (each) and make a T shape, such as the three turning points A, B, and C shown.

In an up trending market, a break of the lower line suggests support has been broken; in a down trending market, penetration of the upper channel line suggests a burst through resistance. Breaks above and below the channel lines produce changes in the short to intermediate term trend.

Expect market tops to occur at the middle line or between the middle line and the upper channel line and market bottoms to occur at the middle line or between the middle line and lower channel line. The median (center) line often serves as a place where price makes a temporary reversal. The price tends to return to the midpoint 80% of the time. Reversals at the median line are good places to enter, re-enter, or add to positions.

When prices form a pivot but don't reach the median (middle line A in this case) line, they often make up for it when they form the next turn by traveling even further in the opposite direction. At the start of a move, prices typically close beyond (either above or below) the median line. Draw new lines using the new turning point (where it just crossed the median line). If prices now fail to move beyond the new median line, expect a trend change.

The End.

See Also

 
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