GBPUSD - 4-hour Traditional Pitchfork Nails FOMC Drop

20 Eyl 2017

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 movement. Pitchforks and Fibonacci are a powerful combination!