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Andrews Pitchfork

  • #1
  • First Post: Nov 6, 2006 7:28am Nov 6, 2006 7:28am
Most of us have heard of Andrews Pitchforks and some will have experimented with plotting them. I looked at this indicator a while ago but to be quite honest i soon moved on as it seemed that trend lines were more usefull. Well now i am what you could call a "Born again pitchforker" i have found that when i plot them sensibly they help indicate reversal points, highlight trends and they have helped me plot my trend lines more accuratly.

I dont profess to be a pitchfork guru or indeed any kind of expert, in fact i may not even be using them as the creator intended all i want to do is share with anyone who is interested my findings and hopefully debate and discuss how we can make this part of our trading arsenal.

Please feel free to join in and take part, if you are an expert i would greatly appreciate your expertise, if im wrong about something tell me. If you know nothing about them but would like to learn what we are you are doing then great, it'll be great to hear from you even if its just a "Hi".

What i must re-iterate though is that these are my own personal views and findings, if you want more official (not sure if thats the word i am looking for) information then either do the Google thing or just ask on here and we will point you in the right direction

Lyndon
  • #2
  • Nov 6, 2006 8:02am Nov 6, 2006 8:02am
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD class=cat_title vAlign=top>Andrew's Pitchfork</TD></TR><TR><TD>


<TABLE cellSpacing=1 cellPadding=1 width="100%" border=0><TBODY><TR><TD width="15%"></TD><TD class=dic_termdefs vAlign=center width="85%" nd="1">A technical indicator that uses three parallel trendlines to identify possible levels of support and resistance. The trendlines are created by placing three points at the end of identified trends. This is usually achieved by placing the points in three consecutive peaks or troughs. Once the points have been placed, a straight line is drawn from the first point that intersects the midpoint of the other two.



Also known as "median line studies".

<CENTER> </CENTER></TD></TR><TR><TD colSpan=2></TD></TR><TR><TD></TD><TD class=dict_invsays vAlign=center nd="2">The chart shown here makes it clear why this indicator is called a pitchfork. The first point drawn on the chart forms the handle, while the lines extending from the other two points will make up the prongs. </TD></TR></TBODY></TABLE>

</TD></TR></TBODY></TABLE>
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  • #3
  • Nov 6, 2006 8:03am Nov 6, 2006 8:03am
There was a great discussion on forks and their use not too long ago, it seems to have dissapeared from the index, but here is the direct link:

http://www.forexfactory.com/forexfor...ead.php?t=6265
You can quit and they won't care, but you will always know.
  • #4
  • Edited Mar 3, 2007 2:56pm Nov 6, 2006 8:07am | Edited Mar 3, 2007 2:56pm
Quoting Lyndon001
Most of us have heard of Andrews Pitchforks and some will have experimented with plotting them. I looked at this indicator a while ago but to be quite honest i soon moved on as it seemed that trend lines were more usefull. Well now i am what you could call a "Born again pitchforker" i have found that when i plot them sensibly they help indicate reversal points, highlight trends and they have helped me plot my trend lines more accuratly.

I dont profess to be a pitchfork guru or indeed any kind of expert, in fact i may not even be using them as the creator intended all i want to do is share with anyone who is interested my findings and hopefully debate and discuss how we can make this part of our trading arsenal.

Please feel free to join in and take part, if you are an expert i would greatly appreciate your expertise, if im wrong about something tell me. If you know nothing about them but would like to learn what we are you are doing then great, it'll be great to hear from you even if its just a "Hi".

What i must re-iterate though is that these are my own personal views and findings, if you want more official (not sure if thats the word i am looking for) information then either do the Google thing or just ask on here and we will point you in the right direction

Lyndon
Hi Lyndon

well, I got no experience with pitchforks, and actually just testing them out. have a look at this one.

pink is the one you had in a different thread. dotted white fork is a tentative one, and at the intersection, so should we expect a decent move, and if so, in what direction. I would think up, since the main fork hasnt been broken, but we shall see.

g

missed the chart, hopefully its up this time
With a break always expect a pullback, otherwise, you're dead meat/
  • #5
  • Nov 6, 2006 9:45am Nov 6, 2006 9:45am
Akuma

thanks for the info i just had a skim thru but i need a bit of time to digest whay is being said there, are you still trading them. I noticed there are some videos about too, I'll post some links soon.

Lyndon
  • #6
  • Nov 6, 2006 10:24am Nov 6, 2006 10:24am
ghitz

Look in post #2, we have got the same pitchfork (purple) except you are on the 4hr and i am on the 1hr. I was trading off this one last week. I reckon we were spot on with that one and i reckon it is quite a powerfull one. I am messing around with the white dotted one at the moment and i cant decide.

Im guessing now but it seems as though it is too short term with that NFP candle in the middle of it, it doesnt contain the price action like the other one, well see though.

I think your right about the bullishness although we have an FR 50% and the pivot just above it, i reckon it will need a little oomph to power through those imho.

You know that indicator i mentioned, you are already using it, i use the zig-zag all the time now especially for finding pitchforks, at the moment i can find no real use for it on its own but i stick it behind the candles and i can see pitchforks all over the place.

I believe plotting pitchforks is like trading chart patterns, you wont see them on every peice of price action but they turn up every so often. If they are obviously standing out and screaming at you then they are there and proberbly valid where as if you have to look for them then they proberbly aren't and you are looking at nothing, hope that makes sense
  • #7
  • Nov 6, 2006 10:57am Nov 6, 2006 10:57am
Quoting Lyndon001
ghitz

Look in post #2, we have got the same pitchfork (purple) except you are on the 4hr and i am on the 1hr. I was trading off this one last week. I reckon we were spot on with that one and i reckon it is quite a powerfull one. I am messing around with the white dotted one at the moment and i cant decide.

Im guessing now but it seems as though it is too short term with that NFP candle in the middle of it, it doesnt contain the price action like the other one, well see though.

I think your right about the bullishness although we have an FR 50% and the pivot just above it, i reckon it will need a little oomph to power through those imho.

You know that indicator i mentioned, you are already using it, i use the zig-zag all the time now especially for finding pitchforks, at the moment i can find no real use for it on its own but i stick it behind the candles and i can see pitchforks all over the place.

I believe plotting pitchforks is like trading chart patterns, you wont see them on every peice of price action but they turn up every so often. If they are obviously standing out and screaming at you then they are there and proberbly valid where as if you have to look for them then they proberbly aren't and you are looking at nothing, hope that makes sense
Mmmm, thought you had a better indicator than the zigzag.....I was getting excited of using a better one

yes, agree with you regarding: a) the white one; and b) upside is limited by fib, pivot, etc. Also, dont know if you are familiar with the Vegas Tunnel. well, it is also just below the Vegas. (ema 144, 169) on the hourlies. Break of tunnel should confirm a long with some decent potential. Furthermore, at this time of the day, and prior to US elections, I doubt this will move.

One thing that it is signalling is that there is still no change of direction, and trend is still up, unless broken down. We have to wait.

Do you trade cable?

g
With a break always expect a pullback, otherwise, you're dead meat/
  • #8
  • Edited Mar 3, 2007 2:56pm Nov 6, 2006 11:06am | Edited Mar 3, 2007 2:56pm
Quoting Lyndon001
ghitz

You know that indicator i mentioned, you are already using it, i use the zig-zag all the time now especially for finding pitchforks, at the moment i can find no real use for it on its own but i stick it behind the candles and i can see pitchforks all over the place.
Im just using the zigzag to isolate significant swing points, otherwise, I'm with you on that one, dont know any other relevant use.

ah, have a look at this other one in yellow. another possibility.

anyway, thanks for your comments.

g
With a break always expect a pullback, otherwise, you're dead meat/
  • #9
  • Nov 6, 2006 12:12pm Nov 6, 2006 12:12pm
g

Sorry to get you going with the zigzag thing but i just found it really usefull.

looking at your yellow one it doenst seem to fit, the candles are not obeying it, look at the black one though, i just tweaked it, i reckon this one will prove or disprove itself within the next few candles.

Lyndon

edit: oops forgot the chart
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  • #10
  • Nov 6, 2006 12:20pm Nov 6, 2006 12:20pm
Quoting Lyndon001
g

Sorry to to you going with the zigzag thing but i just found it really usefull.

looking at your yellow one it doenst seem to fit, the candles are not obeying it, look at the black one though, i just tweaked it, i reckon this one will prove or disprove itself within the next few candles.

Lyndon

edit: oops forgot the chart
mmmm, could be. eurusd, just triggered a 123 for the long, target at around 2765, then there is the vegas tunnel that tends to be quite good for trending markets (no trend today, though).

i dont like the time of day for decent moves (lets see if the Asian session disagrees), so i guess downtrending pitchforks cant be ruled out also.
With a break always expect a pullback, otherwise, you're dead meat/
  • #11
  • Nov 6, 2006 12:20pm Nov 6, 2006 12:20pm
one thing i have noticed is there seems to be more chance of the pitchfork being valid if you follow the zigzags
  • #12
  • Edited Mar 3, 2007 2:56pm Nov 6, 2006 12:27pm | Edited Mar 3, 2007 2:56pm
Quoting Lyndon001
one thing i have noticed is there seems to be more chance of the pitchfork being valid if you follow the zigzags
I have to agree with you. Also, depending on the time frame, the strength of the trend.

anyway, found this on google.

g
With a break always expect a pullback, otherwise, you're dead meat/
  • #13
  • Nov 6, 2006 1:00pm Nov 6, 2006 1:00pm
ghitz that presentation is awsome! Tim Morge is da man!
-soso
  • #14
  • Nov 6, 2006 1:00pm Nov 6, 2006 1:00pm
Sorry i posted the wrong chart earlier, i am getting ahead of myself and confusing the hell out of myself. Right i have looked at your yellow on different timeframes and at the moment i think it is plotted in the right place. I reckon its a very young pitch fork so you may need to tweak it as new candles appear but it looks good for now. I have plotted it on my metatrader but i tell you what i have noticed, if i post my most recent fiber 4hr, look at the time and price differencies on the candles and compare it to yours. I first noticed it on the highlighted one, i didnt realise there was such a difference beween brokers
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  • #15
  • Edited Mar 3, 2007 2:56pm Nov 6, 2006 2:08pm | Edited Mar 3, 2007 2:56pm
Quoting Lyndon001
Sorry i posted the wrong chart earlier, i am getting ahead of myself and confusing the hell out of myself. Right i have looked at your yellow on different timeframes and at the moment i think it is plotted in the right place. I reckon its a very young pitch fork so you may need to tweak it as new candles appear but it looks good for now. I have plotted it on my metatrader but i tell you what i have noticed, if i post my most recent fiber 4hr, look at the time and price differencies on the candles and compare it to yours. I first noticed it on the highlighted one, i didnt realise there was such a difference beween brokers
these are my prices at tthe swings.

lets see if that yellow fork is ok. i would agree with you that it is very young.
With a break always expect a pullback, otherwise, you're dead meat/
  • #16
  • Nov 6, 2006 2:09pm Nov 6, 2006 2:09pm
Quoting soso_beton
ghitz that presentation is awsome! Tim Morge is da man!
soso_beton,

good you liked it. I just browsed it a bit, and have been saving to read tonight. hopefully it will bring some light.

g
With a break always expect a pullback, otherwise, you're dead meat/
  • #17
  • Nov 6, 2006 4:33pm Nov 6, 2006 4:33pm
Hello all.
Lyndon, thanks for your PM's, mate, and initial reaction to this thread is that it could develop into something really good.

I was looking at EUR/USD GBP/USD USD/JPY and USD/CHF this morning at around 10.00 am until around 12.00noon, and actually plotted perfect starts to young pitchforks on all of them.

Unfortunately, early promise just fizzled out and, as we all know, the market just went sideways. However, an encouraging start.

I've just had a quick look at the pitchfork.pdf that was on offer earlier, and it looks really good, so I'll have to put some time aside in order to study it.

Good on yer, mate. Keep on pitchin'!
  • #18
  • Nov 7, 2006 11:48am Nov 7, 2006 11:48am
Looks like two pitchforks compromised today, although the longer term one is looking good.

ive got an idea for naming the pitchforks so we know which one we are talking about and using different types of lines to show validity and whether compromised. That way forks can stay on the chart and we can see if they come back into play at a later date in much the same way as trend lines.

i didnt trade today as i wasnt sure what impact the elections would have.

Any thoughts

Lyndon
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  • #19
  • Nov 7, 2006 12:00pm Nov 7, 2006 12:00pm
Quoting Lyndon001
Looks like two pitchforks compromised today, although the longer term one is looking good.

ive got an idea for naming the pitchforks so we know which one we are talking about and using different types of lines to show validity and whether compromised. That way forks can stay on the chart and we can see if they come back into play at a later date in much the same way as trend lines.

i didnt trade today as i wasnt sure what impact the elections would have.

Any thoughts

Lyndon
hi lyndon

i did take a position yesterday afternoon on comment of long term pitchfork (or valid pitchfork if you prefer), with tight stop, testing the setup. decided to close as it was late, and as mentioned, pivot, fib, and time of day would deterr any move up. how mistaken. lesson learned.

today I learned something about pitchforks that I dont know how to describe yet. however a couple of charts will do the job.

Cable Charts to come.
With a break always expect a pullback, otherwise, you're dead meat/
  • #20
  • Edited Mar 3, 2007 2:56pm Nov 7, 2006 12:09pm | Edited Mar 3, 2007 2:56pm
Daily cable chart, with live-valid pitchfork, similar to eurodollar.

next post will have 4 hr chart this morning, showing what was unfolding
With a break always expect a pullback, otherwise, you're dead meat/
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