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Andrews Pitchfork (Median Line)

  • #521
  • Jun 25, 2009 4:39am Jun 25, 2009 4:39am
Quoting pips4life
You could try these that I posted Sep 2008:
http://www.forexfactory.com/showthread.php?t=109305
"New very cool CandleTime and session time Clock indicators "

"P4L CandleTime.mq4" is what you want, but "P4L Clock.mq4" is also very handy for world session times that auto-correct for ST/DST regardless of which timezone you are in.

Pips4life
Many thanks - very handy!
  • #522
  • Jun 25, 2009 5:56am Jun 25, 2009 5:56am
Quoting luSan
Trying to learn about the folks...
seeking for some trading objectivity...
so many lines...
so many potential pivot points...
in so many time frames...
I see so many different presentations of the same charts.
it seems very discretionary to me...
what am I missing?
Here's an easy tip for beginners:

Don't get discouraged when you see posts with forks that use 'other' pivots' that what you would have considered the 'main' high and lows.

Besides being a professional trader and money manager, I teach at the traders at the exchanges and also mentor. When you first start out, you don't have the 'eyes' generally to see the fancy 'parlor tricks' we use on a lot of our entries, so it may seem to your eyes that it so artistic and not repeatable.

Yes, there is art involved, especially the better your 'eyes' get.

But if you forget the art for now and concentrate on just drawing forks from the major highs and major lows and wait for price to interact with them and observe what happens, you'll begin to see the same trade set ups you see some of us using here.

Get comfortable seeing and using the main pivots without the parlor tricks first. THEN, you will slowly gravitate to the nuances or art or parlor tricks at your own speed. We learn them or invent them because the fancy forks or forks taken from slightly different sets of pivots do specific functions when price has done something in a specific manner and we know then price is likely to unfold in a specific way--so these fancier or parlor trick forks are more likely to interact with price, hence give us more trade ntry opportunities.

But you will see 80-90 percent of the trade opportunities we see if you use the major pivots. Don't be intimidated! Take your time, focus on the major pivots and draw until you begin to see the trades. Wait for price to do what you expect it to do before you try to enter--don't just draw a line and hop or expect it is the right line and price will come to it and turn; instead wait for price to come to it and how that it is likely to turn. Then find an entry.

But go slow, be persistent, do your homework using the major forks and you'll find this is a terrific tool--one of the ONLY leading indicators--and it isn't that hard to learn the basics.

Good luck.

Tim
  • #523
  • Jun 25, 2009 6:01am Jun 25, 2009 6:01am
Quoting luSan
Ok...I am also south bias...
because of:
1) @ the median...a resistance locus?
2) Wave feeling
3) Bearish 1D candle

and my folks are different than yours....
a different restaurant...
I am looking at a somewhat similar fork to yours, except a 50% line in lower channel caught the resistance and failure to break above made the position weak for a move back to lower MD.
  • #524
  • Jun 25, 2009 7:07am Jun 25, 2009 7:07am
Up sloping blue median from last night has failed. The correction rounded out and doubled off the .386, took out a prior low and entered short on the retrace/retest of the red median.

Peeled off part to pay for stop, rest running south.
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  • #525
  • Jun 25, 2009 7:38am Jun 25, 2009 7:38am
Move the stops down to the top of the last high, Unemployment claims has given some volatility watch this thing when it gets to yesterdays low.
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  • #526
  • Jun 25, 2009 8:01am Jun 25, 2009 8:01am
be careful down here, good place to take some more off and wait to see if the area breaks.
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  • #527
  • Edited 8:44am Jun 25, 2009 8:34am | Edited 8:44am
Quoting TimMorge
Here's an easy tip for beginners:

Don't get discouraged when you see posts with forks that use 'other' pivots' that what you would have considered the 'main' high and lows.

Besides being a professional trader and money manager, I teach at the traders at the exchanges and also mentor. When you first start out, you don't have the 'eyes' generally to see the fancy 'parlor tricks' we use on a lot of our entries, so it may seem to your eyes that it so artistic and not repeatable.

Yes, there is art involved, especially the better your 'eyes' get....
Tim, thanks for the advise.
Yes, I must do eye training and go slowly.
Yes, I will stick to the very basics
Yes. I will keep my beloved PA in mind.
All, it is fantastic observing everyone lines.
Thanks to all that share your analysis.

My training wheels?
1. 2 forks in 15M
2. 1 fork in 1H
and
3. the last 2 pivots S/R in the 15M
4. yesteday 1D high and low

Regards,
Empty as water and soft as a facing wind mountain
  • #528
  • Jun 25, 2009 8:43am Jun 25, 2009 8:43am
My wheels look like:

M15: PA just bounced from the ML --> it will either go back to the top of the channel or come back and break through.
1H: PA just bounced from ML--> unclear direction at the moment
PA just about yesterday low--> critical moment

PA NOW direction? Unclear.
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Empty as water and soft as a facing wind mountain
  • #529
  • Jun 25, 2009 9:00am Jun 25, 2009 9:00am
just some thoughts on inner PA,

price for the moment seems to be channeling parallel to the fork, neutral south bias atm. I would have liked to see price attack the low stretching away from the angle of the fork ( sometimes it takes a whack or two to break them if they are going to fall, but it would show some intent).

If your determined south, you could possibly add back what was taken off lower for a chance to hit the channel again.... stops must be no higher than the original entry, don't want to give back profits.

me just gonna let the rest ride


fwiw...

great day everyone.
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  • #530
  • Jun 25, 2009 9:02am Jun 25, 2009 9:02am
Lol and before I can post the last reply, I'm stopped out on the remainder.
  • #531
  • Jun 25, 2009 9:08am Jun 25, 2009 9:08am
John:

I liked this chart a lot and in full agreement with you when pointing out those on this chart. I have in fact, adjusted my 'sliders' for this move. The hourly and the 20-min charts are STILL in bullish stance. Let's see if I will get stop out for these longs. Take care. Nice charts and thanks.

Edit: ... and that price actions as you can see, the opposing sliding parallel stopped dead on. As some claims, it's curve fitting, I for one would NEVER do such thing to lie to myself.

Have a good one
Jeff


Quoting auxesis
be careful down here, good place to take some more off and wait to see if the area breaks.
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~*~You are only one trade away from humility~*~
  • #532
  • Jun 25, 2009 10:00am Jun 25, 2009 10:00am
Price actions now should be controlled by the violet red down sloping Andrew's now; looking for retracement to short the market. For my long, took partial profits at the Black up sloping Median Lines and the rest of my longs got stopped out at BE. Take care.

Have a good one
Jeff
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~*~You are only one trade away from humility~*~
  • #533
  • Jun 25, 2009 12:58pm Jun 25, 2009 12:58pm
Here's a trade I've got open on USDJPY.

Entry at red arrow. Stoch in oversold and turning, failed test of purple median line, also at a reaction line. Price had obeyed the lower purple parallel line nicely earlier on.

Entered short at 96.33 - got a better entry with a tighter stop on 15 minute charts - and sat around all day waiting for it to move.

US house price data gave it a kick start and I'm now 53 pips to the good.

Target is at 95.60 - this is just above the confluence of yellow reaction line, yellow median line, light purple median line, purple reaction line, purple lower parallel AND 61% Fib line!!!

If it gets there, it will give me 70 pips.

Loving the median lines!

Happy trading!
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  • #534
  • Jun 25, 2009 8:28pm Jun 25, 2009 8:28pm
Good evening Atlast, Jeff, smjones, everyone.

I am new to this thread, though I am familiar with some of you from your posts on other threads. To see if I am getting off to a correct start selecting where/how to draw the Fork, I have attached a EU M30 chart. I presume fork placement is correct, but if not, please advise. Thank you.
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  • #535
  • Jun 25, 2009 8:56pm Jun 25, 2009 8:56pm
Hi THome:

Nice to see you here! Yes, your fork is correctly tacked and this is a fork that has NOT been tested yet, so let's see if prices will come back down to the your lower median line for a potential long setup. Or for even larger perspective of the over all trend, you can place another larger fork (Black) to gain perspective of the over all trend posture. Play around with it and practice as much as possible. that's the only way to have a good feelings how prices interact with the Andrew's Lines.

Best
Jeff


Quoting traderathome
Good evening Atlast, Jeff, smjones, everyone.

I am new to this thread, though I am familiar with some of you from your posts on other threads. To see if I am getting off to a correct start selecting where/how to draw the Fork, I have attached a EU M30 chart. I presume fork placement is correct, but if not, please advise. Thank you.
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~*~You are only one trade away from humility~*~
  • #536
  • Jun 25, 2009 10:18pm Jun 25, 2009 10:18pm
Quoting traderathome
Good evening Atlast, Jeff, smjones, everyone.

I am new to this thread, though I am familiar with some of you from your posts on other threads. To see if I am getting off to a correct start selecting where/how to draw the Fork, I have attached a EU M30 chart. I presume fork placement is correct, but if not, please advise. Thank you.
Hi TaH,
Nice to have you here...you draw some pretty neat charts.
You might want to put a mini Andrews on as well, to see current PA. The mini rejected the first move up and is testing the upper median line at the moment. Just another way to see how the current PA is reacting.
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Listen to the whispers.... You may learn something
  • #537
  • Jun 25, 2009 10:45pm Jun 25, 2009 10:45pm
This is a modified Schiff that has been in place of the 60-min Eur/Usd chart since the mid of April, 2009. Up at this moment, price actions have been interacting exceptionally well with this Andrew's Lines set and its Warning Lines. Yesterday, (06/25/2009), the inception of the up move, again, was right at the Median Line of this Thick Black Up Sloping Modified Schiff. Take care.

Have a good one
Jeff
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~*~You are only one trade away from humility~*~
  • #538
  • Jun 25, 2009 10:53pm Jun 25, 2009 10:53pm
Quoting Scrutch
Hi TaH,
Nice to have you here...you draw some pretty neat charts.
You might want to put a mini Andrews on as well, to see current PA. The mini rejected the first move up and is testing the upper median line at the moment. Just another way to see how the current PA is reacting.
Done! Thanks, Scrutch.
  • #539
  • Jun 29, 2009 9:23pm Jun 29, 2009 9:23pm
Quoting traderathome
Done! Thanks, Scrutch.
The mini formation is starting to turn into an intermediate formation.
Making higher highs on the M30 and just poked above the Friday's high.
Decision time...?
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Listen to the whispers.... You may learn something
  • #540
  • Jun 30, 2009 9:02am Jun 30, 2009 9:02am
There are times when the failure distance of PA's retest of the median can be used to adjust the fork for targeting.

Often times the method is the use of sliding parallels but sometimes the angle of the set can be altered and set to the top/bottom of the retest attempt that will give an extra level to watch.

fwiw.
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