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Andrews Pitchfork (Median Line)

  • #3,461
  • Dec 28, 2010 4:12pm Dec 28, 2010 4:12pm
The count on e/j off 1hr.
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  • #3,462
  • Dec 28, 2010 4:22pm Dec 28, 2010 4:22pm
Got burned on e/j, so now I'm looking at this retracement on eur/gbp.. at least this one is in an uptrend, and has had a nice sell off, perhaps the move will continue. Blue schiff fork shows that it's possible.
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  • #3,463
  • Dec 28, 2010 4:46pm Dec 28, 2010 4:46pm
My view of the EUR/JPY. If you look at the 1 hr count there is an
extra push in there that I did not count. Ive seen this happen on occasion, especially on lower time frames there is a shakeout and an extra push down/up when the previous trend is strong! Low holiday volumes probably partly explain it.

I tend to look for candle patterns near these levels. If Eur/Jpy may make a double bottom or 1-2-3 patterns, that could be a good area for a long.
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  • #3,464
  • Dec 28, 2010 4:59pm Dec 28, 2010 4:59pm
i feel the same way, it continues to surprise me when people put up their charts and my forks are drawn different to theirs, not wrong, just different.

one of the interesting transitions i have made with forks is that i have begun to view them as no more than showing me 1] the place (price) of low risk entry and 2] the place (price) of high probability exit

i have heard it said forks do other things such as, dictate the probable path of price. this used to make sense to me, but today i prefer to say market structure, dicates the probable path of price, not the fork

i use forks in a very simple manner, so perhaps forks do much more than 1] and 2] above

nevertheless, thinking this way has completely changed my relationship with forks, and for the better


Quoting big_pipin
Interesting, but it does seem rather subjective, like forks them-selves, no two traders seem to draw the same forks..well sometimes, but not always.
  • #3,465
  • Dec 28, 2010 5:24pm Dec 28, 2010 5:24pm
Tim says - Structure - Context - Frequency

Importance in that order

I use the Fork to - "Frame the Trade" - Structure dictates when I enter
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  • #3,466
  • Dec 28, 2010 5:37pm Dec 28, 2010 5:37pm
Quoting PeterE
i feel the same way, it continues to surprise me when people put up their charts and my forks are drawn different to theirs, not wrong, just different.

one of the interesting transitions i have made with forks is that i have begun to view them as no more than showing me 1] the place (price) of low risk entry and 2] the place (price) of high probability exit

i have heard it said forks do other things such as, dictate the probable path of price. this used to make sense to me,...
Maybe the structure is in the GEOMETRY???? Regardless, everyone has their own way.... and its all good as long as it works for you!
  • #3,467
  • Dec 28, 2010 6:18pm Dec 28, 2010 6:18pm
Some fork are undeniable. When price react to it so often... Hehe while i am writing this message, e/u bounce of an energy point very noticeably. I'm long for a scalp. Or that could just be the re-entry i was looking for yesterday... We'll see.
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  • #3,468
  • Dec 28, 2010 7:04pm Dec 28, 2010 7:04pm
Quoting PeterE
i feel the same way, it continues to surprise me when people put up their charts and my forks are drawn different to theirs, not wrong, just different.

one of the interesting transitions i have made with forks is that i have begun to view them as no more than showing me 1] the place (price) of low risk entry and 2] the place (price) of high probability exit

i have heard it said forks do other things such as, dictate the probable path of price. this used to make sense to...
Even just saying "market structure" doesn't fully solve the problem, because then I could ask "market structure on WHAT time frame?"

Know what I should do??.. JUST trade off ONE chart, ALWAYS...ignore the others. No trader can win 100% of the time, so what difference does it make if we trade using 3,4,5 or more charts, or if we use only one?

We will always have losers no matter what, so why not make trading as simple as possible?
  • #3,469
  • Dec 28, 2010 7:40pm Dec 28, 2010 7:40pm
excellent idea,

i think tim and shane dont do MTF analysis, and myself i use just 240 and 60, it seems to work

Quoting big_pipin
Know what I should do??.. JUST trade off ONE chart, ALWAYS...ignore the others.
  • #3,470
  • Dec 28, 2010 7:51pm Dec 28, 2010 7:51pm
Quoting big_pipin
Even just saying "market structure" doesn't fully solve the problem, because then I could ask "market structure on WHAT time frame?"

Know what I should do??.. JUST trade off ONE chart, ALWAYS...ignore the others. No trader can win 100% of the time, so what difference does it make if we trade using 3,4,5 or more charts, or if we use only one?

We will always have losers no matter what, so why not make trading as simple as possible?
Hello Big Pipin,

Seems like you have already incorporated alot into you trading. Maybe what would also help you is to take some time and just look at price...watch how it behaves. Let it talk to you, then apply the tools you already know to what price has already said. Make a study of price.

Regarding the use of multiple time-frames...works well for me because that is how I see the picture. You've gotta get to the place where you find what works for you...what you see over and over again.

Take care,

FX4Newbies

P.S. The Pitchfork Primer course may not be a bad idea to get some grounding, but you will still need to marry it to the dynamic movements in the market...back to letting price teach you some things.
Trade what you see, not what you think or feel. Let the market come to you.
  • #3,471
  • Dec 28, 2010 7:57pm Dec 28, 2010 7:57pm
Quoting PeterE
excellent idea,

i think tim and shane dont do MTF analysis, and myself i use just 240 and 60, it seems to work
For my behalf, i am very comfy with eur/usd. Trading one or two pair is more then enough. 240 min is perfect for busy people. Even daily. At least it's good to see what the daily is doing.
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  • #3,472
  • Dec 28, 2010 8:02pm Dec 28, 2010 8:02pm
Quoting GreatYves
For my behalf, i am very comfy with eur/usd. Trading one or two pair is more then enough. 240 min is perfect for busy people. Even daily. At least it's good to see what the daily is doing.
Attachment
The 240 min (H4) is good to watch as it can give an idea of a longer move. When there is a set-up on H1, the rain is about to fall. By the time the M15 gets the message, it is time to look for the entry. Some traders, like Joe DiNapoli (I believe), enter on M5...and of course, the Daily and Weekly tell where the market is trying to go overall. Always good to know what the big picture looks like.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #3,473
  • Dec 28, 2010 8:26pm Dec 28, 2010 8:26pm
I know its a bit early from the london session, but I got long from the bounce. I didnt want to miss this one like I have on others this week. Besides, if this fork is REAL, then I wont be stopped anyway.
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  • #3,474
  • Dec 28, 2010 8:56pm Dec 28, 2010 8:56pm
Quoting big_pipin
I know its a bit early from the london session, but I got long from the bounce. I didnt want to miss this one like I have on others this week. Besides, if this fork is REAL, then I wont be stopped anyway.

Just can't see two of your pivot, can you please show us a more compress chart? I am trying to duplicate it on my MT4. And btw, witch trading platform are you using it seems nice!
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  • #3,475
  • Dec 28, 2010 9:27pm Dec 28, 2010 9:27pm
Quoting GreatYves
Just can't see two of your pivot, can you please show us a more compress chart? I am trying to duplicate it on my MT4. And btw, witch trading platform are you using it seems nice!
It's thinkorswim, but id rather use esignal, i just am not going to pay 120 for a live feed.
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  • #3,476
  • Dec 28, 2010 10:03pm Dec 28, 2010 10:03pm
Quoting big_pipin
I know its a bit early from the london session, but I got long from the bounce. I didnt want to miss this one like I have on others this week. Besides, if this fork is REAL, then I wont be stopped anyway.
Hi pipin nice chart for EJ I am also with you on that one.
In EG you are repeating the same mistake you are trying to fit the fork look at your P3 point .In EG price can reverse from here bcz trend is upward but still trade is risky for me.

Remember H-L-H OR L-H-L STRUCTURE only don't go for intermediate swing H or L in the time frame you are trading you will get confuse.

Regards,
TAQ
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  • #3,477
  • Dec 28, 2010 10:33pm Dec 28, 2010 10:33pm
Quoting taq

Remember H-L-H OR L-H-L STRUCTURE only don't go for intermediate swing H or L in the time frame you are trading you will get confuse.

Regards,
TAQ
Example please?

And I dont have a position in Eur/jpy, it's eur/gbp that im long in.

I match my fork pivots to agree with the price action. As you can see on the blue fork for eur/gbp, the price tested the median line, and the bottom fork line twice.

I dont like "messy" forks when the price does not fit inside of it.
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  • #3,478
  • Dec 28, 2010 10:48pm Dec 28, 2010 10:48pm
Quoting big_pipin
Example please?

I match my fork pivots to agree with the price action.
This is the point I want you to clearly understand. Do the opposite what you are doing.
Let the price action confirm your pitchfork.

Donot try to force your PF,donot shift pivots to force price inside fork, check all 3 PF by using SWING HLH OR LHL structure , than let the price confirm your PF. If all 3 (andrew, schiff & modified schiff) not able to confirm than wait for other pairs or other opportunities to come let it go.
  • #3,479
  • Dec 28, 2010 10:52pm Dec 28, 2010 10:52pm
Just sharing another view of Eur-Gbp...not trying to confuse the issue. I'm not convinced about bullish from this view. Price fell outside of green fork met resistance and fell again. Hmm...Need a tell to confirm.

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #3,480
  • Dec 28, 2010 11:00pm Dec 28, 2010 11:00pm
I tried my best to frame eurgbp. Here's what it look like to my opinion.
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