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Andrews Pitchfork (Median Line)

  • #2,341
  • Jul 21, 2010 9:04am Jul 21, 2010 9:04am
Quoting taq
Thanks todder . I use PF & price action @ ML & Support & Resistance zone.

I covered my GJ & Holding EJ shorts. Now reenter GJ @ 133.577 with small position . Let us see how it will unfold.

Regards,
TAQ
Updated charts GJ & EJ . Let us see how they will unfold from here.

Happy trading you all
TAQ
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  • #2,342
  • Jul 21, 2010 10:14am Jul 21, 2010 10:14am
Overall situation look bad .
Here is S&P 240-min chart. I am not trading this.
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  • #2,343
  • Jul 21, 2010 4:42pm Jul 21, 2010 4:42pm
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Let someone arise from my bones as an avenger. Jesse Livermore
  • #2,344
  • Edited 8:47pm Jul 21, 2010 7:46pm | Edited 8:47pm
I see lots of different time frames being used .
Is this a correct application of the forks? thanks.
http://my.jetscreenshot.com/demo/20100722-cas5-57kb.jpg
  • #2,345
  • Jul 21, 2010 10:24pm Jul 21, 2010 10:24pm
Quoting taq
Overall situation look bad .
Here is S&P 240-min chart. I am not trading this.
Why's it look bad? seems you have a clear short signal there by the arrow.

Here is a fork (the black one) I drew in, and was wondering why it wasnt on your charts.

thanks.
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  • #2,346
  • Jul 21, 2010 11:56pm Jul 21, 2010 11:56pm
Quoting big_pipin
Here is a fork (the black one) I drew in, and was wondering why it wasnt on your charts.

thanks.
That is one of the possibity but there are some reasons why i didn't draw that.
1. First & foremost Pivot 3 is not @ any significant level like if it had been reverse from ML or DT/DB or U/L-ML i would draw that as caution.

2. Instrument like ES @ 240-min including globex this black PF is too steep & For me the swing size from P2-P3 is too small & not tradable.

Hope it will clear your doubt.
  • #2,347
  • Jul 21, 2010 11:57pm Jul 21, 2010 11:57pm
What do you guys do when price approaches a double bottom or double top? How do you trade these "Signals"?

Do you ignore it until it fits inside a fork, and bounces off the lower fork line (for longs), or would you take a small position?

Here is a chart of ODP (office depot) and I want to go long, but it broke the lower fork line of the original fork, and as of now, there is no new fork I can draw. Should I wait for a retrace and go short, or try and go long near these lows?
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  • #2,348
  • Jul 22, 2010 12:21am Jul 22, 2010 12:21am
Quoting todder
I see lots of different time frames being used .
Is this a correct application of the forks? thanks.
http://my.jetscreenshot.com/demo/20100722-cas5-57kb.jpg
Time frame doesn't matter. You only need 3 pivots for PF trading H-L-H or L-H-L sequence.
Ask this question yourself can you trade the forks you draw. There are no swings to trade from in your chart?


Regards,
TAQ
  • #2,349
  • Jul 22, 2010 1:55am Jul 22, 2010 1:55am
I only care what price does at the ML, Upper lower ML, sliding parallels, warning lines, and MPL.

Quoting big_pipin
What do you guys do when price approaches a double bottom or double top? How do you trade these "Signals"?

Do you ignore it until it fits inside a fork, and bounces off the lower fork line (for longs), or would you take a small position?

Here is a chart of ODP (office depot) and I want to go long, but it broke the lower fork line of the original fork, and as of now, there is no new fork I can draw. Should I wait for a retrace and go short, or try and go long near these lows?
Let someone arise from my bones as an avenger. Jesse Livermore
  • #2,350
  • Jul 22, 2010 4:40am Jul 22, 2010 4:40am
If I were to draw something like this, would this then warrent a trade, or would you still pass on it because the fork hasnt been propery tested? Thanks.
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  • #2,351
  • Jul 22, 2010 5:10pm Jul 22, 2010 5:10pm
It looks like the market went the opposite way as compared to your latest arrow made on your above chart.However I did notice that for some reason you said you would not trade that chart,I would be interested to learn why please?
.
In what circumstances can one expect these forks to signal a move only to find that price moves in the opposite direction as far as I can see. For example is this because the price has not hit the median line at any time beforehand?

Using the forks can anyone kindly let me know which examples on the forks are the safest places to trade please? Not to loose being the main priority as I understand Mr Buffett says. Thank you
  • #2,352
  • Jul 22, 2010 8:28pm Jul 22, 2010 8:28pm
Quoting big_pipin
What do you guys do when price approaches a double bottom or double top? How do you trade these "Signals"?

Do you ignore it until it fits inside a fork, and bounces off the lower fork line (for longs), or would you take a small position?

Here is a chart of ODP (office depot) and I want to go long, but it broke the lower fork line of the original fork, and as of now, there is no new fork I can draw. Should I wait for a retrace and go short, or try and go long near these lows?
The way you choose to trade Office Depot is entirely up to you, big_pippen, but, I would be looking for clues in the market structure when hunting a trade.

Median lines are a wonderful tool ( I have used them for many years), but a tool used without context is just pretty lines on a chart. Market structure, ie: understanding swing highs and lows, the areas where buyers and sellers are lurking, et al, give you the context.

From your chart, support is in the 3.50 area, I would be looking for clues in that area that the time was right for a long.

fwiw,

xt
  • #2,353
  • Jul 23, 2010 5:18am Jul 23, 2010 5:18am
Very true Xtsunami,

I had an interesting chart setup yesterday that showed how important market structure is. Price had completed P5 and turned upward. Price took out some highs had a minor pullback, where I drew a red fork around a L-MLH from another fork (now removed). Price sold off a little then blasted up. The market structure at the point of the gray box was key as the minor sell-off was a move in preparation to go higher, so the green fork was the play. Its all about training the eyes to see...to see the market.

Take care all,


Quoting xtsunami
The way you choose to trade Office Depot is entirely up to you, big_pippen, but, I would be looking for clues in the market structure when hunting a trade.

Median lines are a wonderful tool ( I have used them for many years), but a tool used without context is just pretty lines on a chart. Market structure, ie: understanding swing highs and lows, the areas where buyers and sellers are lurking, et al, give you the context.

From your chart, support is in the 3.50 area, I would be looking for clues in that area that the time was right for a long.

fwiw,

xt...
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Trade what you see, not what you think or feel. Let the market come to you.
  • #2,354
  • Jul 23, 2010 11:48am Jul 23, 2010 11:48am
Thanks for the input. The problem I have is this: Look again on this ODP chart where I marked 1,2,3, and 4

1. ODP makes a bottom around 1.00 (blue)

2. Over the next couple months it rallies and hits the median line. If I was long from the bottom at 1.00, I'd scale out here (red line). Price continued to move up, and make highs around 5.00.

3. Price makes a small reversal and continues higher to 7.50, but it NEVER gets back back down to the median line..and this fork spans over a 13 month period!. How would you trade this if you never had a bounce off the lower fork line, but really wanted to get in? .

4. At the pink line here, this is the only place I can see (if I was trading off the fork) where price bounced off the median line and broke highs and went higher. But if you were trading this fork, do you see any other long signals?
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  • #2,355
  • Edited Jul 25, 2010 2:13am Jul 24, 2010 6:46am | Edited Jul 25, 2010 2:13am
Hello Big_Pipin,

My first answer starts with a question. What time frame was this chart? Could not find it. Thinking Monthly...just don't want to guess. Maybe the test/retest was on a smaller time frame. Think fractals. If while looking at this time frame you suspect a turn in the making, drop down to a lower time frame.

Take a look to see what you find there.

FX4Newbies

Quoting big_pipin
Thanks for the input. The problem I have is this: Look again on this ODP chart where I marked 1,2,3, and 4

1. ODP makes a bottom around 1.00 (blue)

2. Over the next couple months it rallies and hits the median line. If I was long from the bottom at 1.00, I'd scale out here (red line). Price continued to move up, and make highs around 5.00.

3. Price makes a small reversal and continues higher to 7.50, but it NEVER gets back back down to the median line..and this fork spans over a 13 month period!.[u] How would you trade this if you never...
Trade what you see, not what you think or feel. Let the market come to you.
  • #2,356
  • Jul 27, 2010 12:01am Jul 27, 2010 12:01am
My charts for EU. Weekly, daily, 1hr.
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  • #2,357
  • Jul 27, 2010 12:17am Jul 27, 2010 12:17am
USD/JPY monthly. Over due for bounce?
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  • #2,358
  • Jul 27, 2010 1:20pm Jul 27, 2010 1:20pm
big_pippin,

Some thoughts marked on the attachment to your question regarding ODP. I think it is self explanatory, if not, please pm me and I will explain.

fwiw,

xt
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  • #2,359
  • Jul 27, 2010 7:39pm Jul 27, 2010 7:39pm
I am very busy now with trading and also an unofficial skype marketgeometry room, so I will post my charts of the day when I can. If anyone is interested in chat skype me eaglestar83 I just started using a photo capture program called FastStone It is very light powerful and fast. My photobucket uploader extension has not been working for Firefox, but I have found this to be even faster. 2 clicks and my screens are uploaded to photobucket (ftp premium account). Just a heads up for those that take alot of screenshots.
Charts for the day
Most of these are action reaction lines- both equidistant and non equidistant that i am learning to draw. I draw my action reactions lines by modifying the fib channel to increments of 1's and -1's so they are equidistant. I will be making a video on how to do this shortly.
Any thoughts from advanced line traders are encouraged.
Enjoy.
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #2,360
  • Jul 27, 2010 7:57pm Jul 27, 2010 7:57pm
Does a black background bother anyone?..Here is my gbp/usd on 1hr.
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