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forkies

  • #1
  • First Post: Nov 13, 2008 12:42pm Nov 13, 2008 12:42pm
forks. schiff forks. variations. whatever

ill explain how i draw mine later if anyone is interested

white lines is how i expect the move to be
wll see

im lookin to short at the intersection of the forks for a target of low 130s somewhere ill determine a better place to exit later on
Attached Image (click to enlarge)
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  • #2
  • Nov 13, 2008 12:53pm Nov 13, 2008 12:53pm
Another one. Excellent. Look forward to your use of them.
  • #3
  • Nov 13, 2008 1:03pm Nov 13, 2008 1:03pm
Cheers for opening a thread on forks. Im new to these forks but ill try my best in posting some setups i manage to find.
  • #4
  • Nov 13, 2008 1:17pm Nov 13, 2008 1:17pm
lets start
heres usdcad

ill start with daily
ill take the last 3 swings

as u can see i draw a fibo from the low to the high. at the intersection of the fibo this is where my first pitchfork point goes.

the second goes on the high and the 3rd on the pullback

basically find the last swing points and do what i described and showed in the picture
Attached Image (click to enlarge)
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  • #5
  • Nov 13, 2008 1:19pm Nov 13, 2008 1:19pm
you mean the first pitchfork point goes to 50% of the fibo? sorry im lost a little.

Quoting boxingislife
lets start
heres usdcad

ill start with daily
ill take the last 3 swings

as u can see i draw a fibo from the low to the high. at the intersection of the fibo this is where my first pitchfork point goes.

the second goes on the high and the 3rd on the pullback

basically find the last swing points and do what i described and showed in the picture
  • #6
  • Nov 13, 2008 1:23pm Nov 13, 2008 1:23pm
next
i go to 4h or 1h
and do the same thing

as we can see here the fork was broken to the upside so now technically our target is the main middle line of the big fork we drew at first
when that happens i draw a regular fork
means i start my first point on the first swing low
second on the high
3rd on the 3rd point which is now the blue fork

the target is the intersection where i put the pink box
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  • #7
  • Nov 13, 2008 1:24pm Nov 13, 2008 1:24pm
Quoting belekas
you mean the first pitchfork point goes to 50% of the fibo? sorry im lost a little.
yep when u draw the fibo u get the line and the levels
the first point of the fork goes at the intersection of the fibo line and the 50% level
  • #8
  • Nov 13, 2008 1:43pm Nov 13, 2008 1:43pm
I hope we have finally broken out of the messy price action of the past few days. I hope there is some clean action tomorrow.
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  • #9
  • Nov 13, 2008 2:09pm Nov 13, 2008 2:09pm
thanks jami for your chart

heres mine
gbpjpy still mainly in downtrend
id like to short around the pink box if we get there

if not then the area around the ellipse could be another place for a reversal/start of a new downward move
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  • #10
  • Nov 13, 2008 5:10pm Nov 13, 2008 5:10pm
Quoting boxingislife
thanks jami for your chart

heres mine
gbpjpy still mainly in downtrend
id like to short around the pink box if we get there

if not then the area around the ellipse could be another place for a reversal/start of a new downward move
hello boxingislife,
i can see u guys are forking the market without me...well hope im welcomed?....if not i will still have say it loud "LET'S FORK THE MARKET 2GETHER!!!" count me in cos im fully loaded to learn and give mine as well....peace.
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Respect a man, and he will do all the more.
  • #11
  • Nov 14, 2008 12:34am Nov 14, 2008 12:34am
Morning folks,
Yestertday afternoon the Euro broke out of congestion and headed higher. It has found resistance at the Schiff 4 hr UPL. Lets see if it can gather some steam to break it and hit the blue median line. Failing that there is always the tried and tested congestion towards the LPL of the blue fork.
Happy trading.
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  • #12
  • Nov 14, 2008 1:44am Nov 14, 2008 1:44am
hey jami

heres my updated gbpjpy
price went over the pink box but reversed and founf resistance
now the blue fork is mainly in play if it holds we could see a nice downmove if not then we could see further retracement towards the purple line which is the UML of a bigger fork


welcome urchman
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  • #13
  • Nov 14, 2008 2:16am Nov 14, 2008 2:16am
Took a scalp trade this morning. I should have sold the retest of UPL of the red fork at 1.2760. I missed it as i was not fully focussed. Sold 1.2748 for a nice ride to 1.2700.
BTW. Red is a Schiff fork.
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  • #14
  • Nov 14, 2008 2:33am Nov 14, 2008 2:33am
jami would u agree that schiff forks contain price better?

coz after drawing many forks, the schiff forks became my favorite and i noticed that price played inside of em nicely
  • #15
  • Nov 14, 2008 2:36am Nov 14, 2008 2:36am
Good morning. Boxingislife, can you take a look at my forks on GBP/USD. I tried drawing them like you do, with the 50% fibo interception. Take a look at the following 30m chart. If we break the UML of green fork, we might head up towards the blue forks ML. Looks like price is trading inside a possible bullish flag formation. Makes sense or not? Cheers
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  • #16
  • Nov 14, 2008 2:39am Nov 14, 2008 2:39am
Quoting boxingislife
jami would u agree that schiff forks contain price better?

coz after drawing many forks, the schiff forks became my favorite and i noticed that price played inside of em nicely
The honest answer is that i don't know as my knowledge and experience is still in its infancy. However, in his seminars Morge repeats again and again that those of you who trade cash fx pay attention to Schiff forks. Even he admits that he does not know why price respects the Schiff forks more in cash fx.
  • #17
  • Nov 14, 2008 2:59am Nov 14, 2008 2:59am
Quoting belekas
Good morning. Boxingislife, can you take a look at my forks on GBP/USD. I tried drawing them like you do, with the 50% fibo interception. Take a look at the following 30m chart. If we break the UML of green fork, we might head up towards the blue forks ML. Makes sense or not? Cheers
your target will prob be the intersection of the blue and the green around the 5220's area

heres how mine look like
red: first daily its just a regular fork with the most recent swing points

blue one: the 4h chart. this one is a schiff fork which is the one drawn from the intersection of the 50% fibo. i placed the fibo to show where my starting point is. again the most recent swing points and its very similar to the daily one

then 1h the purple one its a schiff fork. i showed the fibo too on where the starting point is. not the most recent swings but its a fork that has proved itself for a while

i havent done any further analysis on this but without going in details wait for teh purple median line to be tested. if it holds try shorts from there if that breaks then its off to the purple and red line confluence. should hold there and reverse a couple dozen pips
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  • #18
  • Nov 14, 2008 3:01am Nov 14, 2008 3:01am
I still think regular vanilla forks are more powerful than Schiff forks personally. It depends on the time frame though, as the lower time frames appear to be more erratic and visibly contain a higher frequency of steep, violent moves (perhaps caused by news) that render the regular forks ineffectual at describing price, so the shallower forks have to do. But if you find a good regular fork, price will stay in it, and respect it to the pip longer than it will any Schiff or any of the variations in my experience. Sometimes forks are visible, obvious, describe price perfectly and are easy to make money from. Sometimes they're not. I am not convinced the solution is to invent some other structures in an attempt to compromise with price.
  • #19
  • Nov 14, 2008 4:40am Nov 14, 2008 4:40am
Boxingislife could you post your USD/JPY chart. Thanks in advance.

edit: im posting mine.
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  • #20
  • Nov 14, 2008 4:52am Nov 14, 2008 4:52am
here it is

one thing i forgot to mention is that schiff forks are prob better to use when the swing points are steeper. otherwise regular forks would work just fine. but then again im always leaning towards drawing schiffs since i personally prefer them.

yellow is the last major swing points i got on my daily chart. its a schiff since the moves were steep. green and red are just regular forks. blue is a small timeframe schiff fork.

possible target is the intersection of the blue median and yellow upper if the red upper breaks. if not then wll prob see a retest of the green lower and wll see what happens there
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