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Andrews Pitchfork (Median Line)

  • #3,521
  • Dec 30, 2010 4:51am Dec 30, 2010 4:51am
Here is my take on EUR/JPY:
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  • #3,522
  • Edited 6:02am Dec 30, 2010 5:49am | Edited 6:02am
Small scalp trade in EU 60-min. Look @ both price & time (BARS) symmetry.Harmonic traders wet dream let us see how it will unfold??

GY have a look GU daily if you wait for dailies to close you could have missed 100 pips drop frm ML.

TAQ

EU SL HIT.
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  • #3,523
  • Edited 6:31am Dec 30, 2010 6:17am | Edited 6:31am
EU SL HIT for me too. Can not always be right! That`s what MM is for... IF i`d kept sell stop order in place i would never had enter the trade. But got too excited, canceled the order ans sold spot when i thought their was a small pull back. GU did react down nicely... Looking for next trade idea!
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,524
  • Dec 30, 2010 7:35am Dec 30, 2010 7:35am
Quoting atman7
hello guys, "accidentally" came across this thread, I hope to use Pitchfork and will not interfere too much, sorry for my English ... GreatYves, thanks for zigzag indicators we just put into practice and look what out
Strangely i cannot duplicate your fork... What broker are you using?
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Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,525
  • Dec 30, 2010 10:20am Dec 30, 2010 10:20am
Quoting atman7
price reacted to pip .. after reaching UML.
Again Atman, witch broker are you using? You have different fork then me.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,526
  • Dec 30, 2010 12:28pm Dec 30, 2010 12:28pm
Quoting atman7
I have answered this question but I see that my post is gone ....... so that I do borkerul FINANCE STS analysis is because the bar starts at 00.00 daily, with other brokers incomparatie starts at 01.00, 02.00 .. so here there is this difference
I tried with compress hourly charts, same result.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,527
  • Dec 30, 2010 12:37pm Dec 30, 2010 12:37pm
Quoting wallstreet03
is it right ??
Why would it be? You would need L-MLP to show clear resistance. Right now it's syncing like the Titanic... Remember the end of the movie?
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,528
  • Dec 30, 2010 3:01pm Dec 30, 2010 3:01pm
ok ok ! maybe I have understand !

is it right ??
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  • #3,529
  • Dec 31, 2010 2:14am Dec 31, 2010 2:14am
Here is a view of Eur-Gbp...see notes on chart.

Happy New Year to all,

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #3,530
  • Edited 3:33am Dec 31, 2010 3:13am | Edited 3:33am
Quoting wallstreet03
ok ok ! maybe I have understand !

is it right ??
Hello WallStreet03,

Your selection of pivots is good...Pivot 3 could be moved to the other lows just to the left for another view. However, you made the mistake many traders make, then they say forks don't work because they got stopped out . If you look closely, you would notice that price made a lower low and was making lower highs as well...and you have drawn an up-trending fork. Try selecting pivots that would give you a down-sloping fork first (high-low-high) to match the overall trend direction. Take your read from that fork, then add anything else you think would help to clarify the prospect of a trade. The up-trending fork will have you looking for a buy in a downtrend. Not fun.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #3,531
  • Dec 31, 2010 3:31am Dec 31, 2010 3:31am
I have read the comments posted and and have seen the charts attached over the past several pages. A few thoughts have danced in my head that perhaps will help though they my hinder some of you. Not in any particular oder:

1. The use of any trading tool is both objective and subjective, da forks are no different. But if you take two individuals who understand the basics their charts will look similar. Forks, as Andrews taught them, begins with alternative pivots: h-l-h or l-h-l.

2. When used accordingly, median lines will show you probable path of price and where price will run out of energy.

3. median lines have not only a price element but a time element in their mix.

4 the focus of a professional trader is to make a profit irregardless of their interpretation of buy or sell, north or south, up or down....managing your risk is more important then being right about direction. You can be right on direction, but still unprofitable and vis a vie

5. waves that wash up on the shore start in the deep water. Same with charting price, you want an idea of overall direction, look to the deeper water (ie dailies, weeklies), but trade on the time frame of your choice based on what your chosen time frame is telling you.

6. Ability to read the structure of a market is tantamount to your long term success.

fwiw,

xt
  • #3,532
  • Dec 31, 2010 3:40am Dec 31, 2010 3:40am
Quoting xtsunami
I have read the comments posted and and have seen the charts attached over the past several pages. A few thoughts have danced in my head that perhaps will help though they my hinder some of you. Not in any particular oder:

1. The use of any trading tool is both objective and subjective, da forks are no different. But if you take two individuals who understand the basics their charts will look similar. Forks, as Andrews taught them, begins with alternative pivots: h-l-h or l-h-l.

2. When used accordingly, median lines will show you probable path...
Hello Xt,

What you have said is so true. The only one I would like to tweak is this:

4 the focus of a professional trader is to make a profit irregardless of their interpretation of buy or sell, north or south, up or down....managing your risk is more important then being right about direction. You can be right on direction, but still unprofitable and vis a vie

Managing risk is important for sure. A professional trader can tell when they are heading the wrong way and recover... still come out with a plus. In order to do that, they've gotta know when they are out of step with the market. (Hope I didn't misunderstand your point). Other than that, I agree 150% with the rest. On the money!!!

Take care,

FX4Newbies

P.S. You are definitely a seasoned trader and good chartist.
Trade what you see, not what you think or feel. Let the market come to you.
  • #3,533
  • Dec 31, 2010 3:54am Dec 31, 2010 3:54am
Quoting FX4Newbies
Hello Xt,

What you have said is so true. The only one I would like to tweak is this:

4 the focus of a professional trader is to make a profit irregardless of their interpretation of buy or sell, north or south, up or down....managing your risk is more important then being right about direction. You can be right on direction, but still unprofitable and vis a vie

Managing risk is important for sure. A professional trader can tell when they are heading the wrong way and recover... still come out with a plus. In order to do that, they've...
dear sir can you draw the pitchforx on usd cad h4 ! I wont to see the right draw !
  • #3,534
  • Edited 4:28am Dec 31, 2010 4:06am | Edited 4:28am
Quoting wallstreet03
dear sir can you draw the pitchforx on usd cad h4 ! I wont to see the right draw !
One view...not too close up. Here is Usd-Chf...Usd-Cad next..misread your note.

Two options on Usd-Cad...different take. The "right draw" is the one, when drawn in accordance with Andrews' method, gives the trader a good read on price. Does price respect the lines?

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #3,535
  • Dec 31, 2010 7:15am Dec 31, 2010 7:15am
BigPippin,

I opened up a euro chart and tried to walk through my first thoughts on a blank chart. Not sure if it will help you or hinder you and it is by no means complete. Just some things I look at when beginning to mark up a chart.
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  • #3,536
  • Dec 31, 2010 7:36am Dec 31, 2010 7:36am
Signal wait long in this area
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  • #3,537
  • Dec 31, 2010 8:43am Dec 31, 2010 8:43am
Quoting xtsunami
BigPippin,

I opened up a euro chart and tried to walk through my first thoughts on a blank chart. Not sure if it will help you or hinder you and it is by no means complete. Just some things I look at when beginning to mark up a chart.
Wonderful Crayon Drawing - Here is my Fork - I have been working off of.

Look at my Count - I am looking for Wave 5
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  • #3,538
  • Dec 31, 2010 9:09am Dec 31, 2010 9:09am
Thanks xtsunami. Here are my updated charts from my last two trades on e/g and n/j . Both were losers.
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  • #3,539
  • Dec 31, 2010 9:16am Dec 31, 2010 9:16am
...
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #3,540
  • Dec 31, 2010 9:16am Dec 31, 2010 9:16am
Quoting FX4Newbies
Here is a view of Eur-Gbp...see notes on chart.

Happy New Year to all,

FX4Newbies
Where you marked your buy entry..was that at the open of the bar or the close....

If it was the open, that just seemed like a really risky trade. You had no idea the market was going to go higher, why not go long after the market closed and broke those highs, then place your stop under the bottom fork line?..that would seem like a much higher probability trade.
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