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Andrews Pitchfork (Median Line)

  • #341
  • May 29, 2009 10:20am May 29, 2009 10:20am
Quoting TimMorge
Last portfolio update: My 10 year old son has been helping me update my hand drawn charts since last summer. He nailed the turn down in crude when gas was $4.25 a gallon in Chicago--his call was that we'd see $1.50 a gallon gas within six months! Boy, he was dead on!
I imagine he's got a bright future ahead of him. Interested in adopting a 26 year old by any chance?

Good to see you visit us here Tim. We've had a few ML threads kick off, but for some reason they die out after a while, yet the fuzzy line indicator threads thrive.
  • #342
  • May 29, 2009 12:05pm May 29, 2009 12:05pm
Quoting birdt
I imagine he's got a bright future ahead of him. Interested in adopting a 26 year old by any chance?

Good to see you visit us here Tim. We've had a few ML threads kick off, but for some reason they die out after a while, yet the fuzzy line indicator threads thrive.
Glad to be around. I hope my son chooses whatever interests him as a career--I really don't care or know if he'll choose trading.

The more time people spend on fuzzy lines, the more money we make on simple lines we can draw on brown paper bags...

Have a great weekend.

Tim
  • #343
  • May 29, 2009 12:50pm May 29, 2009 12:50pm
Hi Tim:

Thank you for your sharing of the charts. Real nice and clean! Couldn't with you more on that!..Here's my 20-min Eur/Usd. Eur/Usd demonstrated it's impulsive move, started on 05/17/2009, with classical Elliott Wave structures. The corrective wave, started on 05/22/2009. ended today (05/29/2009) with a 3-3-5 corrective pattern; which is also a AB = CD Harmonic pattern. Thereafter, the pair should be in full fledge bull run from here. As of now (05/29/2009 GMT 5:45pm), we should be right now in Wave 3 of the Primary Degree of 3 of 1. Take care.

Have a good one
Jeff


Quoting TimMorge
The more time people spend on fuzzy lines, the more money we make on simple lines we can draw on brown paper bags...

Have a great weekend.

Tim
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Eur Median Lines 05292009(ii).gif Size: 40 KB
Click to Enlarge Name: Eur Median Lines 05292009(iii).gif Size: 38 KB
Click to Enlarge Name: Eur Median Lines 05292009(iv).gif Size: 43 KB
~*~You are only one trade away from humility~*~
  • #344
  • May 31, 2009 3:35am May 31, 2009 3:35am
i am glade to see thread like this .. i used pitchfork as a one of main tool in my live trade.


thanx for author.
Never sell @ lower upward channel unless breacked and vise versa .
  • #345
  • May 31, 2009 5:34am May 31, 2009 5:34am
Hi guys
I want to share one chart what i post on marketgeometry live chat
Nice median line setup with low risk trade.

Have the best
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2009-05-29_gbp240buy.png Size: 33 KB
Click to Enlarge Name: 2009-05-29_gbp30buy.png Size: 52 KB
  • #346
  • May 31, 2009 7:22am May 31, 2009 7:22am
Quoting TimMorge
I thought there were people interested in Market Geometry and Pitchforks. I travel at times. I am in a hotel room on a trip and popped over here and read some posts and decided I'd leave a chart or two and see if it was a nice place.

I see a few names of people I know. I'm old, but certianly not a senior anything...just a chartist and trader.

Tim
What a treat to have you drop in...now that you've found the place perhaps you will visit from time to time. Thanks for posting your charts and giving your thoughts here Tim, very nice charts indeed, but then they always are. No need to wait for the next time you're stuck in a hotel. Safe travels to you.
Listen to the whispers.... You may learn something
  • #347
  • Jun 1, 2009 12:00pm Jun 1, 2009 12:00pm
Just close gbp usd with +571 pips.
Nice one with low risk and thats why i like median line technique
Attached Image (click to enlarge)
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  • #348
  • Jun 3, 2009 5:37am Jun 3, 2009 5:37am
Hi justcatalin,

Really nice profit move there. I have just started out with the pitchfork as a trading tool but Iīm a bit uncertain from where to draw the lines and how to interpret it while price moves up and down to the middle line. What kind of confirmation signals do you use while using the pitchfork, and also, have you adjusted yours or drawn a new one now when the GBP/USD has moved outside of it?

//Thomling
  • #349
  • Jun 4, 2009 10:59am Jun 4, 2009 10:59am
Thomlin:

Median Lines or Pitchforks are one of two or three actual leading indicators. Other than actual price structure and changes in behavior, why would anyone want to use a lagged indicator as a confirmation tool, thus giving away all the 'edge' you gain by using an actual leading indicator?

One reason those of us that use these tools correctly do so well is that we don't pollute them by adding squiggly lined lagged indicators as confirmation tools. A quick test of this is simple: Find a few easy to mark up moves that you can easily see using the major pivots for your median line or pitchfork. Make certain price touches one of the parallels a few times early on during the fork. Then note the price where the fork gives you the buy or sell signal.

Now put a squiggly lagged indicator on the same chart underneath and you'll note that if you do enough of these comparisons, you'll be entering the markets bars and bars ahead of the turn by the lagged indicator. I am unwilling to give up that edge.

If you are just learning, stick with the large, easy to spot pivots and draw, draw, draw. People that state that they can make Median Lines look good looking at historical charts but can't get them work well on real time charts and then go use lagged indicators haven't taken the time to learn this leading indicator tool; instead, they've read the junk material out there on places like investor rt and esignal's web site that will have you shooting your foot off after three or four trades.

Take care.

Tim Morge
  • #350
  • Jun 4, 2009 11:04am Jun 4, 2009 11:04am
Hi Tim:

Couldn't put it better than you. People are so used to having an indicator there that they feel so uncomfortable with one. If they invest more time onto the Andrew's Lines; this tool, besides giving out advanced trading signals, it also exposes us to the lowest risk for any trade. Thanks and take care.

Have a good one
Jeff


Quoting TimMorge
Thomlin:


If you are just learning, stick with the large, easy to spot pivots and draw, draw, draw. People that state that they can make Median Lines look good looking at historical charts but can't get them work well on real time charts and then go use lagged indicators haven't taken the time to learn this leading indicator tool; instead, they've read the junk material out there on places like investor rt and esignal's web site that will have you shooting your foot off after three or four trades.

Take care.

Tim Morge
~*~You are only one trade away from humility~*~
  • #351
  • Jun 4, 2009 12:56pm Jun 4, 2009 12:56pm
Thomling,

There aren't many good sources for Pitchforks, which makes it easy in a way to learn.

You could get the original source material by Andrews but it's tough to read because of the charts being the way they are. I suggest

The Best Trendline Methods of Alan Andrews by Patrick Mikula

Trading with Median Lines by Timothy Morge (yea, the same guy who's posting here)

Also, check out Tim's website

http://www.medianline.com/

Go the archives and read everything he's posted, but preferably after reading one or both of the above books. It'll make looking at all the charts he's done much clearer.

Then draw PFs over and over again. Like anything, it takes lots of practice.
  • #352
  • Jun 5, 2009 3:42am Jun 5, 2009 3:42am
Hi guys and thanks all for sharing,

It sure isnīt easy, I drew one a few days ago (Green PF) and price has moved outside of it and donīt thinks itīs coming back in - price has past to far away. If I would have taken the long trade at 1.6292 I would have lost.

I now have enlarge the PF (Orange PF) so that price is inside and above the lower ML. Is this one still valid or should I draw a new one pointing down - thereīs a quite big retracement there and price has past the 200 MA?

Greatful for all your inputs
Have a great trading day and weekend,

//Thomling
Attached Image (click to enlarge)
Click to Enlarge Name: PF1.jpg Size: 54 KB
  • #353
  • Jun 6, 2009 10:47am Jun 6, 2009 10:47am
Quoting Thomling
Hi guys and thanks all for sharing,

It sure isnīt easy, I drew one a few days ago (Green PF) and price has moved outside of it and donīt thinks itīs coming back in - price has past to far away. If I would have taken the long trade at 1.6292 I would have lost.

I now have enlarge the PF (Orange PF) so that price is inside and above the lower ML. Is this one still valid or should I draw a new one pointing down - thereīs a quite big retracement there and price has past the 200 MA?

Greatful for all your inputs
Have a great trading day...
You can take a look at this video and maybe you understand how works, also you can click on free video commentary to watch all the video posted there.
Regards
Catalin
  • #354
  • Jun 6, 2009 8:52pm Jun 6, 2009 8:52pm
Hi thomlin, just wanna share my chart here
Attached Image (click to enlarge)
Click to Enlarge Name: Presentation1.jpg Size: 78 KB
  • #355
  • Jun 7, 2009 3:15pm Jun 7, 2009 3:15pm
Thanks: Tim, jharteam, Dopey, justcatalin and surya97 for all your inputs,

I have begun studying this and Iīm looking forward to learn more about it so that I can complement this PF technique to my other trading strategies.
Will ofcourse follow this thread to learn even more about it and keep reading and posting my questions to get tips, ideas and help.

Good luck to all of you when the new exciting week begin tomorrow morning.

//Thomling
  • #356
  • Jun 7, 2009 9:30pm Jun 7, 2009 9:30pm
Hi Thomling, i'm still learning too.....
this is my eur/usd 1hour chart....
Attached Image (click to enlarge)
Click to Enlarge Name: Presentation1.jpg Size: 86 KB
  • #357
  • Jun 16, 2009 9:18am Jun 16, 2009 9:18am
Wow! What a great thread!

I have just discovered Andrews Pitchfork and immediately saw it to be an incredibly powerful tool.

Going over to Tim Morge's site to learn more!

Keep posting guys!!
  • #358
  • Jun 16, 2009 9:34am Jun 16, 2009 9:34am
Prior to opening an account to trade FX, I have been trading stocks for longer than I would like to say, (getting long in the tooth), I have used pitchforks as I am a trend trader. I do agree with several of the posters that the lagging indicators are laggards when following FX, learn the trend lines applications or draw them with the Andrews pitchfork tool.
  • #359
  • Edited Jun 17, 2009 2:36am Jun 16, 2009 10:54am | Edited Jun 17, 2009 2:36am
OK - just re-read this and would appreciate it if someone would advise WHEN to use a Schiff Pitchfork as opposed to a standard one.

I can see that you'd do it if the standard one is too steep, but how steep is too steep?

Or am I coming at it from the wrong angle?

Try all 3 types of Pitchfork [standard, Schiff, modified Schiff] and see which fits the following price action best?

Many thanks,

GT3RS
  • #360
  • Jun 17, 2009 5:45am Jun 17, 2009 5:45am
GT3RS:

Ok, first, forget the standard Schiff. About 15 minutes after Dr. Andrews showed Jerome Shiff the modifications, even he stopped using for 99 pct of the charts they were looking at for evaluation at Andrews' house. You basically want to focus on the traditional Median Line and the Modified Schiff.

Modified Schiffs have 3 general uses: 1] coming out of veritcal moves--you'll know when a traditional median line doesn't 'catch price' because it is skewed by the verticality. 2] In a range, you can use Schiff Median Lines to help you know the likely breakout direction, the 'tell', if you know how to use them correctly. This is my own contribution to Schiff's modified line.3] They work very well with currencies because currencies range trade, then break out with a relatively vertical move, then range trade, etc.

Here's the truth: the lines are important, the market structure is the key. Learn market structure and then draw, draw, draw.

Tim
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