DislikedThis is my chart euro usd 4h timeframe
I expect euro to go at sliding paralel then upIgnored
Dislikeddoes it make sense to have a sliding paralel if price never reaches those lines?...just wondering..also to the sliding lines have to be evenly seperated?Ignored
DislikedHey Kent, good to hear from a fellow pitchfork user. Nice charts. There are three main methods I use to draw PF's - the standard Andrews' fork, the Schiff and the modified Schiff. I don't claim to be an expert but it's hard not to be taken back when you see price respecting these levels as frequently as they do, even more so on the higher time frames in my experience.
See if you can decipher this chart and see how they all played a part in todays price action, and the two that are in play at the moment. Difficult to pick a direction now although I am inclined to favour the short side, I'll see what forks are being respected in the morning.
blue = standard, red = modified Schiff, turquoise thick (in play) = Schiff,
magenta thick (in play) = retracement standard fork.Ignored
Dislikeddoes it make sense to have a sliding paralel if price never reaches those lines?...just wondering..also do the sliding lines have to be evenly seperated?Ignored
Dislikedpips4life...with that many lines, HOW can you possible trade without saying to yourself.."price might reverse here" every time it goes up or down 20 pips or whatever it may be?...Not to mention you have horizontal s/r lines as well. On a chart like that, why not just draw a regular fork and trade off the 3 lines of the fork?Ignored
DislikedJust for the record, the correct way to draw the Schiff as laid out by Andrews is to draw the origin from the midpoint of price between points A and B, the modification that I have made to draw the origin from the midpoint of both time and price is one that I made myself. There was some logic behind this, although whether it performs any better or worse I am yet to see.
Here's a chart of what I've been seeing this morning on GJ. I still see no clear direction either way but there is opportunity to profit on the lower time frames.
Also, if anyone wants a good text to learn the basics of pitchforks and action/reaction theory you can download from here: