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Andrews Pitchfork (Median Line)

  • #1,981
  • Jun 2, 2010 2:15pm Jun 2, 2010 2:15pm
Someone asked me about the entries. My response:

Glad you asked about entries...please see attached chart. Your stop would be placed below the low of the previous red candle...around 1.2165 i.e. below support. The price and time are built in to the way price interacts with the pitchfork tool. I will be posting a simple explanation for members who may not be pitchfork traders.

Enjoy and take care

.
Quoting FX4Newbies
Chart attached is continuing from this morning.
Attached Image (click to enlarge)
Click to Enlarge Name: June2-2010-2A.jpg Size: 100 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,982
  • Jun 2, 2010 3:29pm Jun 2, 2010 3:29pm
Quoting FX4Newbies
Someone asked me about the entries. My response:

Glad you asked about entries...please see attached chart. Your stop would be placed below the low of the previous red candle...around 1.2165 i.e. below support. The price and time are built in to the way price interacts with the pitchfork tool. I will be posting a simple explanation for members who may not be pitchfork traders.

Enjoy and take care

.
I'm a forker, but I'll take any advice from a pro trader. I still have a hard time when I have forks side other forks. Sometimes this means the stock is in a range, but thats not always the case.

Someone wanna give me any helpful advice that can maybe simplify things for me? Thanks.

Here's and example on Ebay.
Attached Image (click to enlarge)
Click to Enlarge Name: ebay.jpg Size: 243 KB
  • #1,983
  • Jun 2, 2010 3:31pm Jun 2, 2010 3:31pm
Also is Tim not making any new videos on his website?

marketgeometery.com?
  • #1,984
  • Jun 2, 2010 5:19pm Jun 2, 2010 5:19pm
A trader asked about how to avoid being stopped out...placed two trades one with a stop loss and one without. Was stopped out of one, the other was profitable. Here was the answer:

What you have experienced is typical in the market. However, you have to strategically place your stops. Using Cash Stops...just selecting a number of pips from your entry, may not be the best way. You need to hide your stops behind the buyers and sellers in the market. How do you locate them? One way for sure is to observe where support (where there are pending buying orders) and resistance (where there are pending selling orders) areas are. Your stops should be placed on the other side of these areas. The idea is to use these orders as a buffer that would shield you from any market action to take you out. For example, if you were selling with resistance overhead, your stop should go above the resistance level.

Sometimes, if I use a larger stop that is hidden behind a support or resistance area, I place an alarmed line maybe 15 to 20 pips or so from my entry to alert me if the market is moving in the opposite direction. That way I can re-evaluate my setup and entry.

And yes, they do hunt the stops...that is money for them.

Hope that helps.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,985
  • Jun 2, 2010 5:25pm Jun 2, 2010 5:25pm
I think he is in the process of upgrading the site...it should be ready in about a week or two I think.

Quoting big_pipin
Also is Tim not making any new videos on his website?

marketgeometery.com?
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,986
  • Jun 2, 2010 5:39pm Jun 2, 2010 5:39pm
Hi big-pipin,

Made some notes on the attached chart. Hope it helps.

FX4Newbies

Quoting big_pipin
I'm a forker, but I'll take any advice from a pro trader. I still have a hard time when I have forks side other forks. Sometimes this means the stock is in a range, but thats not always the case.

Someone wanna give me any helpful advice that can maybe simplify things for me? Thanks.

Here's and example on Ebay.
Attached Image
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,987
  • Edited 9:49pm Jun 2, 2010 9:25pm | Edited 9:49pm
This is my current view of the Eur/Usd. We will see how it plays out.

Quoting FX4Newbies
Someone asked me about the entries. My response:

Glad you asked about entries...please see attached chart. Your stop would be placed below the low of the previous red candle...around 1.2165 i.e. below support. The price and time are built in to the way price interacts with the pitchfork tool.

Enjoy and take care

.
Attached Image (click to enlarge)
Click to Enlarge Name: June2-2010-2CEd.jpg Size: 99 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,988
  • Jun 2, 2010 10:30pm Jun 2, 2010 10:30pm
Quoting FX4Newbies
This is my current view of the Eur/Usd. We will see how it plays out.
FX4Newbies, your entries in this trade are way too riskier than it has to be. It worked out in positive direction that is good for you, but it just does not always happen like that.
For EURUSD, now I am interested in buying as the previous structure of lower lows and lower high is violated.
Even if you would have placed a 20 pips stop, it could have easily be taken out.
I think nobody hunts your stop it just that we plan poorly for the trade and do not hide it below the market structure (the way Tim teaches), we get stopped out and blame it on the bigger players. FX markets are very volatile and EURO has a noise factor of 30 pips these days.
I have watching you posting chart for this trade thats why I am expressing my thoughts on it. I pretty much live off trading. My friend 20/30 pips are way too much precious to risk on these setups.
If you really are so much anxious to trade, put on a 1 min chart and you might find better setups.
Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,989
  • Edited 4:56am Jun 3, 2010 1:45am | Edited 4:56am
Thank you ForkTrader for your thoughts. Stops definitely could be smaller if you wait for another trade. My main purpose though was to show how forks work, where to enter etc...the mechanics of it to another trader. If your stop is unprotected by the market structure, yes, they do run the stops, then take the market in the direction of the trade. This is why they have to be protected.

How many pips do you normally use for your stop, if you don't mind me asking? Glad you are successful. Have seen your charts and enjoy your analysis.

Keep up the good work and don't stop sending your comments

Thanks,

FX4Newbies

P.S. How long have you been trading?


Quote=forkTrader;3773442]FX4Newbies, your entries in this trade are way too riskier than it has to be. It worked out in positive direction that is good for you, but it just does not always happen like that.
For EURUSD, now I am interested in buying as the previous structure of lower lows and lower high is violated.
Even if you would have placed a 20 pips stop, it could have easily be taken out.
I think nobody hunts your stop it just that we plan poorly for the trade and do not hide it below the market structure (the way Tim teaches), we get stopped out and blame it on the bigger players. FX markets are very volatile and EURO has a noise factor of 30 pips these days.
I have watching you posting chart for this trade thats why I am expressing my thoughts on it. I pretty much live off trading. My friend 20/30 pips are way too much precious to risk on these setups.
If you really are so much anxious to trade, put on a 1 min chart and you might find better setups.[/quote]
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,990
  • Edited 3:08am Jun 3, 2010 1:54am | Edited 3:08am
Just keeping you posted

FX4Newbies

Quoting FX4Newbies
This is my current view of the Eur/Usd. We will see how it plays out.
Attached Image (click to enlarge)
Click to Enlarge Name: June3-2010.jpg Size: 95 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,991
  • Jun 3, 2010 5:20am Jun 3, 2010 5:20am
Just taking a snapshot before the news.
Attached Image (click to enlarge)
Click to Enlarge Name: June3-2010B4News.jpg Size: 95 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,992
  • Jun 3, 2010 7:26am Jun 3, 2010 7:26am
Chart is attached. Will post again before London session.

FX4Newbies

Quoting FX4Newbies
Just taking a snapshot before the news.
Attached Image (click to enlarge)
Click to Enlarge Name: June3-2010AfterNews.jpg Size: 75 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,993
  • Jun 3, 2010 1:02pm Jun 3, 2010 1:02pm
FX4Newbies, why dont you try a setup like this, I have not traded EURUSD today, as I got a fill on my GBPUSD limit sell order @1.4740.
Forks drawn from very close pivots gives you the probability that price will reach the ML 80% of the time but trading them may be not very profitable thing to do.
Try to find forks that gives you the path of the price movement as this modified schiff is showing the path of price on EURUSD 30min chart.
A retest of the MPL was a good short opportunity. There are good chances that EURUSD will touch the ML.
Attached Image (click to enlarge)
Click to Enlarge Name: 060310 eurusd 30min.gif Size: 22 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,994
  • Jun 3, 2010 7:05pm Jun 3, 2010 7:05pm
Hi ForkTrader,

Will certainly compare both forks and see how they reinforce each other. Price arriving at the ML of one may be the MLH of another. Thanks for that approach

Always good to look at things from another angle.

Good trading to you,

FX4Newbies

Quoting forkTrader
FX4Newbies, why dont you try a setup like this, I have not traded EURUSD today, as I got a fill on my GBPUSD limit sell order @1.4740.
Forks drawn from very close pivots gives you the probability that price will reach the ML 80% of the time but trading them may be not very profitable thing to do.
Try to find forks that gives you the path of the price movement as this modified schiff is showing the path of price on EURUSD 30min chart.
A retest of the MPL was a good short opportunity. There are good chances that EURUSD will touch the ML.
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,995
  • Jun 3, 2010 11:11pm Jun 3, 2010 11:11pm
Quoting kapital
If anyone is interested in doing some real-time chatting and charting, I've created a room on Paltalk entitled "Pitchfork Trading". Come on in!!!

The store is open once again!
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,996
  • Jun 4, 2010 12:59am Jun 4, 2010 12:59am
Price has been showing good frequency with this median line set. Now, it makes it down near the bottom quartile in this chart and is trying hard to avoid it. What might this mean?
Attached Image (click to enlarge)
Click to Enlarge Name: HOURLY EU.GIF Size: 31 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,997
  • Jun 4, 2010 1:12am Jun 4, 2010 1:12am
Here are some reasonable, short-term targets.
Attached Image (click to enlarge)
Click to Enlarge Name: 15MIN EU.GIF Size: 28 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,998
  • Jun 4, 2010 2:16am Jun 4, 2010 2:16am
Quoting kapital
Price has been showing good frequency with this median line set. Now, it makes it down near the bottom quartile in this chart and is trying hard to avoid it. What might this mean?
This is how i see the EURUSD H1, May be time to be bullish, but not till end of today
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-h1-20100604.gif Size: 27 KB
  • #1,999
  • Jun 4, 2010 2:23am Jun 4, 2010 2:23am
Target met....now let's see if the MML will hold or will it price make a break for the LML.
Attached Image (click to enlarge)
Click to Enlarge Name: 15MIN EU.GIF Size: 47 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2,000
  • Jun 4, 2010 2:35am Jun 4, 2010 2:35am
i am just starting to learn about median lines,so i will post a few charts here,
as regards to entry i look for a test of the action reaction line then sell or buy the retest.

exit is the median line is this correct ?

thanks in advance
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