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Andrews Pitchfork (Median Line)

  • #1,801
  • May 5, 2010 7:44am May 5, 2010 7:44am
Quoting anthoniex
I was wondering if I drew my yellow fork too early???
Yellow fork is not valid, the smaller pattern that prompted you to put it in was a wash and rinse ( price faking a reversal and continuing it's original direction.)

The red fork is in play, the initial overshoot needs to be taken into consideration by either using a slider inside or outside (overshoot) the median.

regards
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  • #1,802
  • May 5, 2010 3:19pm May 5, 2010 3:19pm
Quoting auxesis
Yellow fork is not valid, the smaller pattern that prompted you to put it in was a wash and rinse ( price faking a reversal and continuing it's original direction.)

The red fork is in play, the initial overshoot needs to be taken into consideration by either using a slider inside or outside (overshoot) the median.

regards
Thanks Auxesis. I didn't actually take this trade because I didn't wanna wait to see what the price gonna do at the lower MLH. It was time to go ZZZZZ

I want to analyze this again. Can someone explain about the Wash and Rinse, I have a question in my chart. I drew the Green Schiff because it's too steep for traditional ML. According to my chart, Is this what we expect when we see a fakeout/ wash and rinse or whatever you wanna call it? Thanks a bunch...
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  • #1,803
  • May 5, 2010 3:55pm May 5, 2010 3:55pm
I just noticed that prior to the fake Swing High, NO higher Low made yet, Does that mean I shouldn't even bother drawing the new (Yellow) ML???

Or I should draw the yellow ML anyway to help me see and analyze the expected Down Move like what I did with the Green Schiff?

OK.............. No Higher Lows but major Higher High, Is this yellow ML worth drawing????

I hope my question is clear, Good luck with your trading!
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  • #1,804
  • Edited 4:57pm May 5, 2010 4:41pm | Edited 4:57pm
hey how are u man, if i understand those 2 smaller higher high is not enough information for u to call it the trend is change in behavior. also u cuold draw in the yellow fork but u cannot trade from it. if u look at the whole picture and pick the extreme pivots it clearly show u the down trend. Like this in the picture.
Quoting anthoniex
I just noticed that prior to the fake Swing High, NO higher Low made yet, Does that mean I shouldn't even bother drawing the new (Yellow) ML???

Or I should draw the yellow ML anyway to help me see and analyze the expected Down Move like what I did with the Green Schiff?

OK.............. No Higher Lows but major Higher High, Is this yellow ML worth drawing????

I hope my question is clear, Good luck with your trading!
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  • #1,805
  • May 5, 2010 4:54pm May 5, 2010 4:54pm
now lets take some drawing tool and see can we go long there, in my chart if i really aggressive i could go long like u and put the stop in under the swing low but i didnt because i want to see something like this happen. because those small higher high is not enough for u to say it is done correcting the last move. here the 2 pics. Hope it helps .
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  • #1,806
  • May 5, 2010 5:49pm May 5, 2010 5:49pm
Quoting anthoniex
Thanks Auxesis. I didn't actually take this trade because I didn't wanna wait to see what the price gonna do at the lower MLH. It was time to go ZZZZZ

I want to analyze this again. Can someone explain about the Wash and Rinse, I have a question in my chart. I drew the Green Schiff because it's too steep for traditional ML. According to my chart, Is this what we expect when we see a fakeout/ wash and rinse or whatever you wanna call it? Thanks a bunch...
Realize you were in a down trend, that being said the area of interest was at a possible double bottom. As price trends in a direction it leaves a series of highs and lows, you know this. When a correction happens that pattern of highs/lows reverses, the wash and rinse occurs when the last prior trend fractal is taken out (showing a reversal) and then the trend kicks back in. In effect those traders trailing their stops behind the last fractal are stopped out... then price continues.

Seeing this gives usually gives you a good clue to the money side, if you can find a entry, price normally pulls away quickly from these areas. Tim likes to see a quick following pullback from the trend resumption in concert with a broken median retest for entry.

Your initial fork never gave you an entry as price did not respect the lower median on the retest, instead it dove for the double level, if you felt the need to long from that area a slider could have been drawn, price gave you enough room off the initial turn and the retest.

Going long from your area wasn't a bad idea, it just didn't work out... the PA gave you a tight stop for the try.

my $.02. regards
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  • #1,807
  • May 5, 2010 6:00pm May 5, 2010 6:00pm
Thanks again Auxesis and Nguyen.

Is this a pretty good setup? I'm a bit late to enter but Risk Reward ratio still acceptable

Quoting auxesis
Realize you were in a down trend, that being said the area of interest was at a possible double bottom. As price trends in a direction it leaves a series of highs and lows, you know this. When a correction happens that pattern of highs/lows reverses, the wash and rinse occurs when the last prior trend fractal is taken out (showing a reversal) and then the trend kicks back in. In effect those traders trailing their stops behind the last fractal are stopped out... then price continues.

Seeing this gives usually gives you a good clue to the money...
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  • #1,808
  • May 5, 2010 6:14pm May 5, 2010 6:14pm
i have 1 advice to give u. u can see a lot of time i can see the fork go agaisnt the trend but it works perfectly (this is where ur screening time come in to play). i got that a lots but i oscasionally take those trade. " flow with the trend give u 10% of winning" Hope that help. here is the ticks chart
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  • #1,809
  • May 5, 2010 6:31pm May 5, 2010 6:31pm
Quoting anthoniex
Thanks again Auxesis and Nguyen.

Is this a pretty good setup? I'm a bit late to enter but Risk Reward ratio still acceptable
There again, your trying to counter trend trade against a very weak euro. There was some big name buying at 2800 earlier today and price rejected the break, so from the PA you could attempt a long, you should be in positive territory so protect your entry and trail you trade below the lows as price moves to your target.... what ever you get is pips in the bank. Targeting the top of todays pullback is a good area. but be open to the possibility of price heading to your upper median and double the distance of the range, meaning don't take all of it off on the first touch of the center median.

But I'd warn you to be careful of always looking to counter the prevailing move, those trades are fine as long as you understand they are against the overall trend direction, looking for entries in the major direction increases your odds tremendously.

Fwiw, I'm long off the bottom also... we will see how much it wants to reward the risk

good luck, regards
  • #1,810
  • May 5, 2010 6:36pm May 5, 2010 6:36pm
i like it auxeis. these kind of trade, entry, break even quick, and trail stop carefully to protect ur profit. dont expect to get a lot of pips take whatever market give u as a small gift, again " I'd warn you to be careful of always looking to counter the prevailing move, those trades are fine as long as you understand they are against the overall trend direction, looking for entries in the major direction increases your odds tremendously. " well said
Quoting auxesis
There again, your trying to counter trend trade against a very weak euro....
  • #1,811
  • May 5, 2010 9:56pm May 5, 2010 9:56pm
Quoting forkTrader
Drawing pitchforks, and determining targets is the easiet part of using median lines for trading. Difficult point is when to draw the fork, or in other words, when do you know the pivot has formed.
The method I am going to show is simple but it works 90% of the time for me.
For determining is it okay to draw the pitchfork, first thing you have to know is that the current trend is over. It can easily be done here (with the EURO) using a pitchfork.

Andrew's stated in his course that, after price breaks through the lower median line, it often climbs...
Hey ForkTrader, I was trying to practice what you taught me from Allan Andrew A/R method.

I was countertrend trading and made a tiny profit, now I'm back with the trend making some more pips ...I took the chart a couple minutes ago..
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  • #1,812
  • May 5, 2010 10:08pm May 5, 2010 10:08pm
I was confident after making the orange Median Line that I started to draw the chart and wait till the price hit the unbelievable Median Line. Thanks everybody, Good Night and Good Trading!!!
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  • #1,813
  • Edited May 6, 2010 12:01am May 5, 2010 11:43pm | Edited May 6, 2010 12:01am
Quoting taq
Updated chart
I am expecting 142.30 - 140.90 let us see how far it can go??

Regards,
TAQ
http://www.forexfactory.com/showpost...postcount=1755

Both tgts done hope forkers are printing money on this one.

Here is updated chart


Regards,
TAQ
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  • #1,814
  • May 6, 2010 12:02am May 6, 2010 12:02am
Shorted three time on the said pair during Asian Session.

Have a good one
Jeff
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~*~You are only one trade away from humility~*~
  • #1,815
  • May 6, 2010 2:16am May 6, 2010 2:16am
Very nice. Did you study with Tim?

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
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,816
  • May 6, 2010 2:18am May 6, 2010 2:18am
Kapital,

Very interesting dual pitchfork work? Is that how you get your warning lines? If so, good thinking!


Quoting kapital
Let the hunting begin!
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,817
  • May 6, 2010 4:19am May 6, 2010 4:19am
hi fx4newbies,
from everywhere a little bit, morge, pitchforkpimer, kane, mikula.
all what you got on the internet AND a lot of screen hours and own backtesting. take what fits your own style and use it.

good luck


Quoting FX4Newbies
Very nice. Did you study with Tim?
  • #1,818
  • May 6, 2010 10:17am May 6, 2010 10:17am
In words of Tim Morge, Symmetry of the market Beautiful by any Name.

Thanks Tim for sharing the andrews action reaction course.
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Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,819
  • May 6, 2010 10:35am May 6, 2010 10:35am
All the charts messed up today.
It seems it will take at-least a couple of weeks or so for me to have next tradable pivots until than happy trading you all.

Regards
TAQ
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  • #1,820
  • May 6, 2010 10:51am May 6, 2010 10:51am
keep a higher TF perspective in sight. May be you will have a zoom and retest of RL-1 and then there is a high probability that price will head to CL. You might have a good trade in next 2 days.
I dont trade the dragon as did not fit my risk profile. I start shitting my pants if I hit a 30 pips stop. For dragon, sometime reasonable stop can be 50 pips.
I missed this trade, and you had an excellent trade.

Quoting taq
All the charts messed up today.
It seems it will take at-least a couple of weeks or so for me to have next tradable pivots until than happy trading you all.

Regards
TAQ
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Let someone arise from my bones as an avenger. Jesse Livermore
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