Andrews Pitchfork (Median Line)

Did Tim have a Monday afternoon session today?

Yes it was 1 hour earlier. They went over market structure in AUDUSD USDCAD EURUSD and GOLD

Thanks, I see the replay link is up now.

Higher time frame channel bottom, w/ broken line retest - fib confluence. Watching for a support area/median retest with separation to bring in artillery.

Asian should be setting the range, look to long from the range bottoms if seen, Caution that the Euro open doesn't sweep the bottom, setting quick new lows before any north if the market is so inclined.

fwiw,

update to above pic

I like the reversal points to make sense, (not always the case, or at lease I'm not smart enough to see the geometry) but here we have price bouncing off an AR line coupled with a nice line connecting the bottoms, see in prior post.

The spike up would suggest, that either buyers or imho, short liquidation was probable.

You would really have to be an aggressive gambler to have longed from the spot, so we need to decide if the move is worth trading, if it's really headed north, and how and where to get on.

All Corrective and Impulsive moves have at least 2 moves, As long as the hole shot, (price blasting out of the turn point) Doesn't meet a logical objective. A second push is probable.

Note: the deep correction from the 3720-4280 bull run suggests a possible higher time frame correction may be setting up, so the up side possibly could be limited overall. NIce part about trading you will always know after the fact.

All that being said, if the push back north is on, there's folks waiting in the wings to get long from as close to the blast off spot as possible.

The prior broken resistance levels, now can provide support, usually at least once if they are untested. If there's money sitting there, price should make it's way back to pick it up relatively quickly . Albeit the levels are higher than the median, one could break up their position, entering a smaller entry while holding extra ammo for a lower median test if seen. Target for the scalp is the .382 retrace of the down move coupled with a measured move of the original spike. A retest of the low or short continuation is possible from there

If we hang here till NY open all bets are off and wait for additional PA for help

fwiw

The hole shot made the quartile with out looking back, Bummer.

Range boundaries are generally marked by the edge candles, a retest can be anywhere inside the area, not necessarily the exact pip bottom/top. Any retest back into the lower median/ possible range bottom can be a good R:R setup by dropping to the lower time frames and looking for reversal signals along these edges.

Looking for something like this, if the market would be so kind.

fwiw.........

auxesis,

A mighty fine piece of chart doodling and analysis!


xt

great work you have the same green fork as me. here are some of my charts for today will draw more later. Funny how this drawing works in stocks-gaps hit lines to the nose and you can get stops of .25

It's very kind so far

impressed with you guy's forks....

and it's not even the 5th of November.....

Would you guys happen to know if there are any threads or books written on this idea besides Dr Andrews materials? Thanks

Lol, looks like the Market had other ideas.

I use Fib channels ( located in Mt4 tools-customize ) for time-saving, often they give me clues to non-horizontal lines of support and resistance.


Other than that, I have a link to this andrewscourse guy on youtube, who claims he has the original " secret vault " material by Babson/Andrews.

But it is very expensive and as far as I know Tim is not much in favour of this guy.

Mikula`s book / pdf ( Nhat posted it ) is very good.

I`ll let you know if I find anything else.


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michael

Thank you for the charts, great lesson for me. I am still thinking about how you found the lower channel line in eurusd 30 min, I watched price at that time on exactly the same TF and to me it just looked like a " wash and rinse" move, as probably a push higher was planned already....

No matter if the market liked to move that way eventually, I learn most from traders ( like Tim ) who show their thought process in a sequence of charts ( outlining probabilities ).

( also of notice : finally someone explaining fib arcs and fib fans in one of your past posts, I printed that out, excellent ! )


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michael

looking for longs on gu eu shorts uj

i post real time in the skype room if interested add me eaglestar83

Just wanted to post a chart on EU showing how nicely Warning Lines worked with this hourly chart.

Enjoy your trading day.

FX4Newbies

Some may wonder if median line set can be used on any time frame, while I prefer to trade in the deep water, once in a while I get the hankeri' to scalp around a major s/r area. Attached is a three minute chart that has yielded trades totaling a little over 100 pips this morning.

fwiw,

xt

A quick update of the above chart illustrating that trading is not just finding the right s/r, but there is a time element as well.

In my trading, the relationship of price and time is essential. If there is not only a vibration of price and time in an interesting area of confluence, I sit on my hands until there is one.

An astute observer will notice that the chart has been updated since the first snag posted some four hours ago...why? Because markets change when you are looking at a three minute chart over the course of four hours.

fwiw,

xt