What are the main differences between a normal Pitchfork and a Modified Pitchfork?
- #1,963
- Edited 8:42am Feb 16, 2020 8:18am | Edited 8:42am
- Joined Jun 2018 | Status: Trader | 866 Posts
There are some rules that should be followed when drawing forks whether by hand or using the pitchfork tool provided in most trading platforms. 1. Pivots A, B, and C must always be in a H,L,H or L,H,L sequence. It is incorrect to choose pivots in a H,H,L or a L,L,H sequence. 2. Although not mandatory it is helpful to choose obvious swings with well-formed pivots. 3. A correctly drawn fork can be verified as valid if pivot A to B is equal to C to D. This assumes that the sine wave of the fork is complete. But one can project C to D even if it has...
Now, compare this: and you will easily see where the Secret Angle fits in....
You NEVER will be the person you could be, without pressure & discipline
- #1,964
- Feb 16, 2020 8:39am Feb 16, 2020 8:39am
- Joined Oct 2017 | Status: Trader | 12,472 Posts
What are the main differences between a normal Pitchfork and a Modified Pitchfork?
Notice : Mid-Point between P1 and P2 is the (Focal
) Point where Centered Moving Averages cross in the Middle of the operative Price Action Sinewave
- #1,965
- Edited 9:17am Feb 16, 2020 8:56am | Edited 9:17am
- Joined Jun 2018 | Status: Trader | 866 Posts
{quote} FYI Notice : Mid-Point between P1 and P2 is the (Focal
P
You NEVER will be the person you could be, without pressure & discipline
- #1,967
- Feb 16, 2020 9:08am Feb 16, 2020 9:08am
- Joined Oct 2017 | Status: Trader | 12,472 Posts
When the "Median Line" is in the Center of the Price Action sinewawe, it describes Price Action correctly !
By construction the Line linking 2 "Focal Points" of the same degree is ALWAYS in the middle of the related sinewave.
The key word here is "by construction"
By construction the Line linking 2 "Focal Points" of the same degree is ALWAYS in the middle of the related sinewave.
The key word here is "by construction"
- #1,971
- Feb 16, 2020 2:52pm Feb 16, 2020 2:52pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
A Standard median line. Pivots A, B and C originate this median line. A to B projects C to D. Confidence in pivot C may allow one to take advantage of price moving to D. Once price reaches D it is what price does at D that determines what one may or may not do in terms of trading. The five rules previously posted offer some rudimentary considerations.
Consider that once A, B and C have formed one does not know what is going to happen. We don't know that price is going to be so well-contained as this fork is doing. This is important because we are really trading once A, B, C has formed and then based on what happens if and when D occurs. In this case price that has occurred after D is really in hind-sight.
Many beginning forkers spend hours trying to find forks that show price being contained as is this one thinking that this is the goal when really it is not. These beginning forkers then try to trade the diagonal parallels as diagonal support and resistance. Others call this frequency and assume that if price is respecting a line or lines that it will hold. While a certain degree of frequency does occur with median lines it is in my experience wishful thinking. Once such a fork is found that is containing price action so well is just about the time that price will fall out of it. Trading forks is based on the original A, B, C, and D. Once price becomes channelized as this one essentially has become then that is what one is trading... Channels. Channels are not median lines.
Having said the above I will describe how modified shiffs in a certain look like a channel but it is not for the purpose of channelizing but rather to use it for the purpose of measuring.
Consider that once A, B and C have formed one does not know what is going to happen. We don't know that price is going to be so well-contained as this fork is doing. This is important because we are really trading once A, B, C has formed and then based on what happens if and when D occurs. In this case price that has occurred after D is really in hind-sight.
Many beginning forkers spend hours trying to find forks that show price being contained as is this one thinking that this is the goal when really it is not. These beginning forkers then try to trade the diagonal parallels as diagonal support and resistance. Others call this frequency and assume that if price is respecting a line or lines that it will hold. While a certain degree of frequency does occur with median lines it is in my experience wishful thinking. Once such a fork is found that is containing price action so well is just about the time that price will fall out of it. Trading forks is based on the original A, B, C, and D. Once price becomes channelized as this one essentially has become then that is what one is trading... Channels. Channels are not median lines.
Having said the above I will describe how modified shiffs in a certain look like a channel but it is not for the purpose of channelizing but rather to use it for the purpose of measuring.
- #1,972
- Feb 16, 2020 3:06pm Feb 16, 2020 3:06pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
This is the same sequence of price. Again A-B projects C-D. In this case D is not reached. This is called a Hagopian.
Once price clearly continues to move on one can change the fork from a standard to a modified Schiff. So again A-B still projects C-D. Notice how the modified Schiff measures the swings. So such a scenario presents a potential opportunity to trade long once D occurs.
Once price clearly continues to move on one can change the fork from a standard to a modified Schiff. So again A-B still projects C-D. Notice how the modified Schiff measures the swings. So such a scenario presents a potential opportunity to trade long once D occurs.
- #1,975
- Edited 5:42pm Feb 16, 2020 5:03pm | Edited 5:42pm
- Joined Mar 2009 | Status: Trader | 2,571 Posts
- #1,980
- Feb 17, 2020 6:39am Feb 17, 2020 6:39am
- Joined Sep 2014 | Status: FF is a waste of time | 1,361 Posts
All median lines or Andrew's Pitchforks drawn according to the rules are correct. It is not a requirement for a fork to contain price. In fact Andrew's originally did not use outer parallels at all because he traded based on how price interacted with the median line based on A,B,C and D. He did not use them as channels.
if you're doing we all have results with all