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Andrews Pitchfork (Median Line)

  • #2,981
  • Oct 29, 2010 1:21am Oct 29, 2010 1:21am
Quoting forkTrader
Lazy Z in AU, but the stop is too damn big
Worked out so perfectly
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Let someone arise from my bones as an avenger. Jesse Livermore
  • #2,982
  • Oct 29, 2010 2:46am Oct 29, 2010 2:46am
The $64,000 Question....
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2,983
  • Oct 29, 2010 2:51am Oct 29, 2010 2:51am
Quoting xtsunami
It is my belief that markets are not random, but are predictable. A part of that predictability is having a philosophy of market movement that says markets have symmetry to them. When you trade long enough, certain patterns will emerge, like a veil being lifted. You will see things that you have not seen before. It comes with experience and work, lots of work.
I concur 1000%!!!
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2,984
  • Oct 29, 2010 2:57am Oct 29, 2010 2:57am
I am leaning more towards the downside. I think the current upward swing is about done. I think we will be heading down in EUR
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Let someone arise from my bones as an avenger. Jesse Livermore
  • #2,985
  • Oct 29, 2010 4:48am Oct 29, 2010 4:48am
GJ is not really going up as the retail traders 59% thought, and itīs not going down to major daily support. Hmmmm....



__________________
michael
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Be like water.
  • #2,986
  • Oct 29, 2010 6:48am Oct 29, 2010 6:48am
I have this chart euraud 4h, the pattern or structure kindly provided in the Backing thru Charts thread and I tried to apply the fork to it.

What I experience time and again is that I have to search for the correct pivot. Other than indices like the S&P where Support and Resistance levels are much more " respected ", in FX price often overshoots or breaks a level slightly.

So in that situation, do you have a method to determine that more objectively or is it just a matter of experience ?

Thanks for any idea or suggestion.

__________________
michael
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Be like water.
  • #2,987
  • Oct 29, 2010 8:42am Oct 29, 2010 8:42am
Michael,

It is not my intent to sound demeaning, but it may unfortunately come accross that way. The chart you posted, euraud hourly chart is in a trading range and trying to put a useful median line set in the middle of it is difficult at best.

A median line set is best when using major swing highs and lows. The noise between them will significantly effect their usefulness for hunting trend entries.
  • #2,988
  • Oct 29, 2010 10:00am Oct 29, 2010 10:00am
Yes, thank you. It`s not demeaning at all, any criticism is very much appreciated.

I drew that fork more or less to see the level or area better - in case price drops. I`m not hypnotized by the belief that price has to reach the ML in 80% of the setups ( correctly drawn that is ). Rather, I learn a lot by just watching how price reaching the ML is often simultaneously at an important Fib or % level.

Do you BTW have a mentoring service similar to Tim Morge or Dr. Dologa ?

Just asking, because you recently gave us some " secret Bruce Lee techniques ".

Thank you for responding.


____________________
michael
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Be like water.
  • #2,989
  • Edited 12:53pm Oct 29, 2010 10:48am | Edited 12:53pm
Here is an update from earlier.

(I switched the B pivot for the upsloping fork to the higher swing high since I saw that there wasn't a big difference in the slope.)
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: HOURLY EU 2.GIF Size: 33 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2,990
  • Oct 29, 2010 11:35am Oct 29, 2010 11:35am
Quoting msmarple
What I experience time and again is that I have to search for the correct pivot. Other than indices like the S&P where Support and Resistance levels are much more " respected ", in FX price often overshoots or breaks a level slightly.

So in that situation, do you have a method to determine that more objectively or is it just a matter of experience ?

Thanks for any idea or suggestion.
_________________
michael
Taking into account xtsunami's response to you, do some "trimming of the hedges" and work with what's left.

Consider this a Bruce Lee moment.

http://www.freewebs.com/fedayi25/133...L531133596.jpg

"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2,991
  • Oct 29, 2010 11:56am Oct 29, 2010 11:56am
Quote
Do you BTW have a mentoring service similar to Tim Morge or Dr. Dologa ?


No, not at all.

xt
  • #2,992
  • Oct 29, 2010 1:04pm Oct 29, 2010 1:04pm
If anyone here is interested in teaming up via chat to do some weekend charting I'm open for suggestions as to how to go about achieving it.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2,993
  • Oct 30, 2010 11:51pm Oct 30, 2010 11:51pm
Quoting kapital
If anyone here is interested in teaming up via chat to do some weekend charting I'm open for suggestions as to how to go about achieving it.

good idea kapital. add me via skype. zero_kazuya.
  • #2,994
  • Oct 31, 2010 12:14am Oct 31, 2010 12:14am
[quote=kapital;4133696]Taking into account xtsunami's response to you, do some "trimming of the hedges" and work with what's left.

Consider this a Bruce Lee moment.


========================================



Wonderful. Yes, thank you.



__________________
michael
Be like water.
  • #2,995
  • Oct 31, 2010 12:20am Oct 31, 2010 12:20am
Quoting kapital
If anyone here is interested in teaming up via chat to do some weekend charting I'm open for suggestions as to how to go about achieving it.

I am also on skype (rarely), but maybe we can setup a room.

I like meebo.com ( multiple messenger, no download necessary ), there inside you can setup a group.

skype : turf1965
Meebo : ranfx

For long-term, maybe ask Nhat and eaglestar how they plan or realize it.


_________________
michael
Be like water.
  • #2,996
  • Oct 31, 2010 1:45pm Oct 31, 2010 1:45pm
My name on skype is kapitalone.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2,997
  • Oct 31, 2010 2:08pm Oct 31, 2010 2:08pm
Looks like EU will have a gap up on the open of around 40 pips.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #2,998
  • Oct 31, 2010 5:52pm Oct 31, 2010 5:52pm
fwiw
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  • #2,999
  • Edited 8:49pm Oct 31, 2010 8:20pm | Edited 8:49pm


looking good so far.. hit my tp at 1.6044 this morning.

EU might be ranging until London open..later we can see clear direction north or south.
i think we might be goin north.

my mistake..
i was checking on USDCHF as well.
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  • #3,000
  • Oct 31, 2010 10:18pm Oct 31, 2010 10:18pm
Kicking off the week with very good frequency.

I'm going to keep an eye on both downsloping forks. Sometimes, when price doesn't respond to one in a given area, it will respond to the other one (in the same area).
Attached Image(s) (click to enlarge)
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
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