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Andrews Pitchfork (Median Line)

  • #3,701
  • Jan 10, 2011 8:04am Jan 10, 2011 8:04am
Quoting auxesis
Time for partial taken and stops moved up for a free ride
Auxesis,

I like your charts, well done!
  • #3,702
  • Jan 10, 2011 9:27am Jan 10, 2011 9:27am
Quoting auxesis
Time for partial taken and stops moved up for a free ride

Trade the breakout?
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  • #3,703
  • Jan 10, 2011 10:05am Jan 10, 2011 10:05am
Quoting big_pipin
Trade the breakout?
Big Pippin,

Imho, your betting dollars for dimes chasing a breakout.

Just using the old chart for illustration, price is currently in a war from 9950-85.

If I'm playing long with the purple upwards fork, I want to get long from the bottom tine(lower median) targeting the center or upper, preferably with price respecting that line and affording me a base of support for stop placement.

When I saw the current pa, it looked like some type of gartley, abcd retracement so I cashed in some and look to possibly long some more from a retracement, note overall we are making lower lows highs, but the temptation to long off the higher time frame double bottom was a great r:r setup.

If price breaks the channel, old trendline, you could look to long from that line on a retracement back into it, if there's proper TA & some supporting base made by price around or just below where you are looking. In that case the trendline becomes the center median of an Action/Reaction set, measure the bottom median distance and project a new down sloping line of equal distance and that lines your new target, once again, price can mutate before it gets there so trail and protect yourself.

I personally would consider that a sub-prime setup and if taken, using a smaller than normal size entry.

fwiw........
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  • #3,704
  • Jan 10, 2011 2:53pm Jan 10, 2011 2:53pm
Quoting auxesis
Big Pippin,


If price breaks the channel, old trendline, you could look to long from that line on a retracement back into it, if there's proper TA & some supporting base made by price around or just below where you are looking. In that case the trendline becomes the center median of an Action/Reaction set, measure the bottom median distance and project a new down sloping line of equal distance and that lines your new target, once again, price can mutate before it gets there so trail and protect yourself.

.......
Can you give an example of this. Your saying the blue trend line would become the median line ?... the action and re-action lines would go where?
  • #3,705
  • Jan 10, 2011 2:59pm Jan 10, 2011 2:59pm
Did I draw this right?

You wouldnt go long on a down-sloping median line set would you? As Tim says, you get 10% by going with the trend. Not exactly sure what he ment by that tho.
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  • #3,706
  • Jan 10, 2011 6:23pm Jan 10, 2011 6:23pm
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Comments are appreciated
  • #3,707
  • Jan 10, 2011 6:28pm Jan 10, 2011 6:28pm
Quoting ScoTTyBEEE
Hi GreatYves, I see you use harmonics to trade also. This is something I would like to learn and use in combination with the pitchfork. Can you recommend any books or websites for me?

Thanks.
Forex-tsd dot com have a nice free section on harmonic trading, you will certainly find a lot of informations in there to get you going. As for books, Scott M. Carney have 3 books, but the two last are must have. Harmonic Trading vol. 1 and vol. 2. Also he have a site Harmonictrading dot com. Two indicators are must have: zup (many version and different setup, last is v90) and korharmonics they both behave differently and are good to have and understand. If you trade higher TF beware the prz (price reversal zone) maybe big and sometime redraw a couple time as long as the proportions of the pattern are still valid. So use it as an indicaton of a nearby reversal, it can be combined with any other method. I like it with pitchfork.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,708
  • Jan 10, 2011 6:58pm Jan 10, 2011 6:58pm
Quoting big_pipin
Did I draw this right?

You wouldnt go long on a down-sloping median line set would you? As Tim says, you get 10% by going with the trend. Not exactly sure what he ment by that tho.
BP,

Remember you were the one who said "Long the Break?" I want to be long from the lower medians or range bottoms.

For every chart there are many variables to contend, you pick yours and as long as price complies you stay the course. Ideally we want to try and pick one that has the best chance and offers the greatest reward for our risk.

My set up was a two fold, price playing a horizontal range long from the bottom to top, and price respecting an up-sloping fork.

On the charts you'll see several different examples of a range/channel/measure of price movement being doubled. Normally I find that when a channel breaks you have a combination of two forces playing out. You have a new channel that's formed from the past three swings, p0,p1,p2 looking for a line copied from the p0-p2 drawn from the p1 to possible p3, you will see this as a modified schiff, in addition to the AR drawn from the old channel with it's width doubled.

This doubling of width/range is seen in the markets all the time, you have even heard Tim talk about doubling ranges as targets, that's just a horizontal AR setup.

Will price end at any particular line? No on knows till after the fact but you do expect to see price react at these levels or lines. Where you see confluence of lines you should take note specially when price approaches them.

don't know if this helps?
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  • #3,709
  • Jan 10, 2011 7:04pm Jan 10, 2011 7:04pm
My 2 cents on the loonie, (i am Canadian), 1.000 have been support for a long time, now the support is broken, 1.000 maybe resistance for a while. 1.000 is a very psychological level for USDCAD.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,710
  • Jan 10, 2011 7:31pm Jan 10, 2011 7:31pm
Quoting GreatYves
My 2 cents on the loonie, (i am Canadian), 1.000 have been support for a long time, now the support is broken, 1.000 maybe resistance for a while. 1.000 is a very psychological level for USDCAD.
Obviously the Loonie has been doing well, and Par was bantered back and forth for some time even though historical levels for the pair are down close to .90.

Although the overall trend is down, I'm shooting a little higher closer to 1.01/1.015 area for the retrace where some stiff resistance should come in.

time for some football.
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  • #3,711
  • Jan 11, 2011 2:49am Jan 11, 2011 2:49am
Quoting GreatYves
Forex-tsd dot com have a nice free section on harmonic trading, you will certainly find a lot of informations in there to get you going. As for books, Scott M. Carney have 3 books, but the two last are must have. Harmonic Trading vol. 1 and vol. 2. Also he have a site Harmonictrading dot com. Two indicators are must have: zup (many version and different setup, last is v90) and korharmonics they both behave differently and are good to have and understand. If you trade higher TF beware the prz (price reversal zone) maybe big and sometime redraw a...
Thanks for the reply, harmonics and pitchfork I'd imagine would go well as they incorporate the larger market structure.
  • #3,712
  • Jan 11, 2011 5:56am Jan 11, 2011 5:56am
My view on NU 240-min.

Let us see how it will unfold.

TAQ
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  • #3,713
  • Jan 11, 2011 8:01am Jan 11, 2011 8:01am
Quoting GreatYves
My 2 cents on the loonie, (i am Canadian), 1.000 have been support for a long time, now the support is broken, 1.000 maybe resistance for a while. 1.000 is a very psychological level for USDCAD.
From the comments and responses of some folks here, I think I am looking at completely different charts....
  • #3,714
  • Jan 11, 2011 8:24am Jan 11, 2011 8:24am
...
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #3,715
  • Jan 11, 2011 10:30am Jan 11, 2011 10:30am
This is my take on the potential path of price within this setup.
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #3,716
  • Jan 11, 2011 1:11pm Jan 11, 2011 1:11pm
Quoting taq
My view on NU 240-min.

Let us see how it will unfold.

TAQ
Updated chart NU . Price is not behaving as expected . Close my position wait for other opportunity.

S&P is @ a very crucial point PA with volume is suggesting weakness If it start cracking It can go upto 1120-30 zone bcz there is no major support zone in btw.
Will post charts later. Good night.

TAQ
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  • #3,717
  • Jan 11, 2011 3:28pm Jan 11, 2011 3:28pm
Quoting xtsunami
From the comments and responses of some folks here, I think I am looking at completely different charts....
I am not sure what you mean by this? Am i completely wrong? What chart are you looking at? Please en-light me!
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,718
  • Jan 11, 2011 3:50pm Jan 11, 2011 3:50pm
Quoting taq
Updated chart NU . Price is not behaving as expected . Close my position wait for other opportunity.

S&P is @ a very crucial point PA with volume is suggesting weakness If it start cracking It can go upto 1120-30 zone bcz there is no major support zone in btw.
Will post charts later. Good night.

TAQ
Longer term daily chart is more clear.

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Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #3,719
  • Jan 11, 2011 7:24pm Jan 11, 2011 7:24pm
usd/jpy

short at 86.36 stop just above 83.50, target 81.50.

fwiw
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  • #3,720
  • Jan 11, 2011 7:46pm Jan 11, 2011 7:46pm
Quoting xtsunami
usd/jpy

short at 86.36 stop just above 83.50, target 81.50.

fwiw


Nice setup!

I guess you mean you already short @ 83.36? You write 86.36.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
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