Andrews Pitchfork (Median Line)

Quoting bunjow

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Yes I understand what you are saying about control points for trendlines, but they are subjective (just like it is for drawing all normal trendlines). What i like about justcatalin's unique way of drawing schiff forks is that it is a 100% mechanical way to draw trendlines that are accurate and also seems to provide earlier signals than the traditional median line or the traditional modified schiff that was taught by Mr. Andrews.(imo) While it is true that the downtrend fork i drawn could be considered to have failed (since it did not reach the median...

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Quoting kain775

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{quote} Hi Winston, thanks for your view You have a differant median line to mine, but I notice both of ours are projecting a downtrend. I have been studying median lines for approximately 1 month, but I honestly don't think my median lines drawn were invalid, and the yellow median line set was in control and had been previously tested too. My understanding is that when an energy point comes and price hits it, price will either have a strong reaction to it and bounce or price will plow through it. Taking the direction of price into considering it...

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Quoting MaxenshteinD

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{quote} I know, however what is the logic behind it in terms of microstructure ?

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Quoting Winston Reed

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Forks have the ability to highlight market flow and direction. They can be purposely drawn counter to that flow. Swings are the most fundamental market structure and using them as a foundation to draw forks is essential. Using forks is quite discretionary and it is not a system. I submit so-called system trading is the reason the vast majority of traders fail. The lines are not trading signals in and of themselves. In some situations line confluence or X marks the spot occurrences in the context of market structure and PA may be signals. {image}...

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Quoting michaellobry

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{quote} Thank you for your input! I dove into the graph you posted and edited it with circles, lines and text. Question: - is the text in the photo correct? Or did I write anything wrong that you could correct? - are the lines drawn correctly? Orange = pitchfork. Red line = de-mark-trendline {image}

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Quoting Winston Reed

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Understand indicators and you will be endlessly frustrated as you try to understand why the indicator failed.

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Quoting Winston Reed

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Trading is difficult only because the search to learn to trade is difficult. Trading is difficult because the search to learn usually involves laziness (a desire to find something that tells you when and how to trade...indicators). Trading is difficult because learning to trade involves denial of studying the actual market rather than studying things that attempt to tell you what the market is doing...indicators. Trading is not so difficult once you understand the market. Understanding the market involves understanding market structure not indicators....

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Quoting michaellobry

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{quote} Happyness can't be bought, rich people are statistically not happier than poor people. One might conclude that becoming happy cannot be reached with money, while people with another perspective conclude that money will give you more options to become happy. VS The market can't be understood by indicators, technical analists using indicators cannot learn from market structures this way. One might conclude that the market can't be studied by studying indicators, while people with another perspective conclude that indicators will give you more...

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Quoting kapital

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INTERSECTION-MANIA! Are the intersecting points of 2 opposing pitchforks significant in any way? {image}

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