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Andrews Pitchfork (Median Line)

  • #1,781
  • Edited 7:43pm May 4, 2010 7:26pm | Edited 7:43pm
Quoting Scrutch
When I saw the harmonics on the mini (white) fork median line I felt cozy with trying a long. Price pushed above the upper median line (red) and just tagged my sliding parallel, then did a retrace and tagged the 61.8 fib and began a strong push upwards. I wanted to see several things taken out before entering...sliding parallel, 50.0 fib, the even number fractal (135.00), and the 4 hour high.
If you look at the M5 chart you can get a clear picture of what I was watching at the time of entry. There was about a 10 pip pullback after all levels were...
Thanks. I know the advantage of detail movement in smaller timeframes. It's just M5 kinda scares me, because I used to get TRAPPED in 5 minute time frame and try to chase the trade. That's pretty much how I killed my first account...

I'll do it very carefully now..
  • #1,782
  • May 4, 2010 7:59pm May 4, 2010 7:59pm
On the trade in question, I used the M5 (at times the M1) so I can clearly see the pullback (I want to see what the pullback price action looks like) and make my entry...then it's back to the M15 to monitor the trade as it progresses. Most of my AML's are drawn on an H1 or H4 chart (the mini formation was drawn on the M15) and then I crank the time frame down to the M15/M30. When I use a M15/M30 time frame, I consider myself to be in semi-scalp mode...I do manage the trade, rather than taking everything off at a certain price level. This let's some of the 'quickie' trades show some nice runs at times and allows one to take partial size off at potential S/R areas until stopped out.
Quoting anthoniex
Thanks. I know the advantage of detail movement in smaller timeframes. It's just M5 kinda scares me, because I used to get caught in 5 minute time frame and try to chase the trade. That's pretty much how I killed my first account...

I'll do it very carefully now..
Listen to the whispers.... You may learn something
  • #1,783
  • May 4, 2010 8:01pm May 4, 2010 8:01pm
You'r welcome...
Quoting FX4Newbies
Hi Scrutch,

Somehow I got turned around with the labeling. That was throwing me for some reason. Thanks for refreshing me on that. I counted his waves correctly, but the label for Wave 1 seemed strange. I haven't used labels for some time. Maybe I should start again
Thanks for bringing me back to clarity.

FX4Newbies
Listen to the whispers.... You may learn something
  • #1,784
  • May 4, 2010 8:55pm May 4, 2010 8:55pm
Mr. Morge good to have you here.

Here is my updated GJ chart let's see how it gonna react from here.

Happy trading you all.
TAQ
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  • #1,785
  • May 4, 2010 9:06pm May 4, 2010 9:06pm
This is my first attempt at a link...
AML Indii

If it doesn't work the AML indicator is on page 39 ~ post #584...at the bottom of the post.

Quoting TimMorge
Thanks for the reply. I trade through ECNs, but I am looking for suggestions for traders just starting out with $10K or less.

AL indicator--do you mean a Median Line indicator or something to help you draw A/R lines and are these available for people--meaning, can I point newbies to them somwhere here? I am fairly MT4 friendly...

Tim
Listen to the whispers.... You may learn something
  • #1,786
  • May 5, 2010 1:16am May 5, 2010 1:16am
out of the trade with the close of a good seperation candle above the ml.

maybe we get a sideway channel or a retracement. don't know but we get a new simple setup. and the target is now the lower ml.

good luck
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  • #1,787
  • May 5, 2010 1:37am May 5, 2010 1:37am
Quoting Alexandra.L
out of the trade with the close of a good seperation candle above the ml.

maybe we get a sideway channel or a retracement. don't know but we get a new simple setup. and the target is now the lower ml.

good luck
nice trade Alexandra.
  • #1,788
  • May 5, 2010 2:02am May 5, 2010 2:02am
I'll check this one in the morning....
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  • #1,789
  • May 5, 2010 2:19am May 5, 2010 2:19am
Let the hunting begin!
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,790
  • May 5, 2010 2:51am May 5, 2010 2:51am
gbpchf 4h now @ UMLH, 161.8%, major top resistance area, top of channel....interesting pair to watch.

Thanks Alexandra and Tony, very interesting charts.

Good trading to all.
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Be like water.
  • #1,791
  • May 5, 2010 2:54am May 5, 2010 2:54am
I realized after posting the previous chart that I should have included a fork at the bottom as well, thus widening the stop hunting area. Nevertheless, the hunt is on!
Attached Image (click to enlarge)
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,792
  • May 5, 2010 2:57am May 5, 2010 2:57am
Since we talk broker a bit, for those havent know much the nature of our beloved (and hated) brokers, Darkstar's post is really a good stuff to read.

http://www.forexfactory.com/showthread.php?t=7484
Manage your risk accordingly and you're half done your home work.
  • #1,793
  • Edited 3:19am May 5, 2010 3:13am | Edited 3:19am
Possible piercing of the trendline may occur ,thus the need to look at a lower timeframe (15 min) for a long entry (if your bias is long).
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,794
  • May 5, 2010 3:16am May 5, 2010 3:16am
I'm not sure whether my Pitchfork is in the right direction or not..

could someone here, kind enough to comment, please.

Thanks in advance.

http://img11.imageshack.us/img11/3928/renkoandfork.png
  • #1,795
  • May 5, 2010 3:37am May 5, 2010 3:37am
Is this what Tim calls a switchback?
Attached Image (click to enlarge)
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,796
  • May 5, 2010 4:19am May 5, 2010 4:19am
Quoting Satni
I'm not sure whether my Pitchfork is in the right direction or not..

could someone here, kind enough to comment, please.

Thanks in advance.

http://img11.imageshack.us/img11/3928/renkoandfork.png
Hi satni i don't use renko charts with MLs so its difficult to comment but I always trade from tried & tested lines only in this case its not yet tested.
Can you draw a downsloping PF from last SH, DB & SH ,I think that is still in action.

Regards,
TAQ
  • #1,797
  • Edited 5:39am May 5, 2010 5:04am | Edited 5:39am
Quoting taq
Hi satni i don't use renko charts with MLs so its difficult to comment but I always trade from tried & tested lines only in this case its not yet tested.
Can you draw a downsloping PF from last SH, DB & SH ,I think that is still in action.

Regards,
TAQ
Hi taq,

thanks for responding, here's my PF on 30mins EU.

I just want to be sure my drawing hit the right pivots.

p/s sorry for late reply, I was out for some urgent meeting.

http://img580.imageshack.us/img580/3...ko30minnew.png

Ok, by the time of my posting this minifork below, the Major fork above is still in Action. Eu is still down..Thanks Taq.

http://img504.imageshack.us/img504/2...s2minifork.png
  • #1,798
  • May 5, 2010 8:31am May 5, 2010 8:31am
Forkers! You are the best!

http://img294.imageshack.us/img294/2387/woweudaily.png
  • #1,799
  • May 5, 2010 9:02am May 5, 2010 9:02am
I was wondering if I drew my yellow fork too early???
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  • #1,800
  • May 5, 2010 9:37am May 5, 2010 9:37am
Quoting anthoniex
I was wondering if I drew my yellow fork too early???
It appears that the Red Fork medianline is still in force at that time.

I'm learning this episode too(when it fails), got that on EU 15mins, about same

time as in your EJ.
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