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Andrews Pitchfork (Median Line)

  • #4,001
  • Feb 5, 2011 5:05pm Feb 5, 2011 5:05pm
Quoting big_pipin
GreatY

How do you incorporate the fibs into your fork trading?
Lesson 2.. Fibonacci Channel.


Draw your baseline from wave 5 to B or from C to 2, bring line 1 up on top of A or 1. The resultings level represent a series of Support and resistance level. It can add weight to your trading decision as price seems to be repulse from these level. Do you need exemples?
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  • #4,002
  • Feb 5, 2011 5:06pm Feb 5, 2011 5:06pm
Quoting ShanB
This setup is strictly on the etf's...Gkiberd has been around before I knew what trading was and he has been talking about this setup for just as long...Also it works but it is alway on the etf's! SPY, GLD, USO etc. and always on the intraday tf
Of course! There is no gap on forex!
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  • #4,003
  • Feb 5, 2011 5:30pm Feb 5, 2011 5:30pm
Quoting GreatYves
Of course! There is no gap on forex!
What about movement/distance and a following retracement between the ending/opening of sessions (London end/London open the next day), or volatile movements in the hour just prior or at the open of a session, or unusual movement immediately preceding a big news release.

There's many ways to look for tells.

regards
  • #4,004
  • Feb 5, 2011 6:54pm Feb 5, 2011 6:54pm
Quoting auxesis
What about movement/distance and a following retracement between the ending/opening of sessions (London end/London open the next day), or volatile movements in the hour just prior or at the open of a session, or unusual movement immediately preceding a big news release.

There's many ways to look for tells.

regards
Fibonaccis works on all Time Frame. Including Session ranges as well as Daily ranges. Weekly ranges.
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  • #4,005
  • Feb 5, 2011 7:27pm Feb 5, 2011 7:27pm
Lesson 3. Fibonaccis Time Zone.

Swing can be predicted also in times. MT4 gives us the Fibonacci Time Zones tool but this one have to be modified to be of any use.

Apply these value to the Fibo TimeZones properties levels 0.382 0.500 0.618 0.786 1.0 1.272 1.618 2.618 4.236. Now the tool will be usable.

Use Daily Charts to run Fibo TimeZones Cycle projection. As different broker doesn't carry the same amount of bars on their chart this causes discrepancies.

Apply fiboTimeZones from major high to major lows, major low to major lows, major highs to major highs. Look in the futur for line confluence area. These indicates probable turn around point. Here an example on EurUsd very recent past. I have 2 Fibo timezones running showing me the last turn around area.

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  • #4,006
  • Feb 6, 2011 12:52am Feb 6, 2011 12:52am
Quoting GreatYves
Even me i wonder sometimes if people appreciate my post and if i should keep posting, you (Taq) were one of the rare that directly comment my post!
I'm sure plenty of people like me appreciate your posts (and others) without commenting a lot so as not to clutter the thread.

But now I have a question to ask you...

I'm really glad you mentioned Oanda has a beta MT4 now. I like the feed and am experimenting with forks on it, but I'm not thrilled about one aspect of it, namely that on weekends, you can still get some bars that print after Friday 16:59 NY, and before Sunday 13:00 NY. (My usual other feed is off after Friday 16:59 NY and starts up a bit after Sunday 17:00 NY. I get exactly 5*24 H1 bars-per-week which I like for pitchfork accuracy, but this new Oanda feed is expanding my awareness of possibly more legitimate bars to include).

This Oanda feed actually gets about 4 more hours with decent tick volume earlier on Sunday. (Turns out that 13:00 NY is Auckland 7:00AM, so it probably makes sense that's when it starts).

At first I thought these extra 4 "real" hours would present a problem, but I'm seeing that in some cases, forks would fit even better *IF* those were the only extra bars per week. However, those spurious VERY low volume bars (usually 1 tick, but maybe up to 5-10) over the rest of the weekend between Friday 17:00 and 12:59 Sunday are bogus IMO. (Do you agree?) Some weekends, there are 1 or 2 extra bars, but I've seen up to 5 and that just seems wrong for pitchforks that are dependent on bar count between pivots and to the future bars to be accurate, I find these spurious weekend bars to be annoying and they throw off the forks just a bit.

(Note, the EU has twice recently printed pivots in the opening Sunday hours on 2011/01/09 and again on 2011/01/30. The Oanda feed has a lower pivot (by 14 pips) for 1/9 which does affect the PF's that use it more than just the extra bars. The pivot on 1/30 was an exact double bottom (on Oanda) for the H1 bars at 14:00 and 20:00).


What are your observations about pitchforks on the new Oanda MT4 feed, and what do you think about the spurious weekend bars?


Kent
  • #4,007
  • Edited 10:33am Feb 6, 2011 7:46am | Edited 10:33am
Quoting pips4life
I'm sure plenty of people like me appreciate your posts (and others) without commenting a lot so as not to clutter the thread.

But now I have a question to ask you...

I'm really glad you mentioned Oanda has a beta MT4 now....
This is a paradox i am still dealing with! On Oanda original platform there is an option so you can hide these extra bars but not yet on Oanda still beta MT4 platform. I don't know if they will adress this problem, if it is a problem. And PA to be more realistic, i mean you can see a doji on a reversal day where you won't see it on a 17:00 closing bar with other broker. So what's the solution? Move to ensign? I don't know and i hope we address this problem in the near future. I will go check on oanda forum. Maybe they talk about it. Meanwhile, what broker are you using?
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  • #4,008
  • Feb 6, 2011 10:36am Feb 6, 2011 10:36am
Quoting GreatYves
On Oanda original platform there is an option so you can hide these extra bars but not yet on Oanda still beta MT4 platform. I don't know if they will adress this problem, if it is a problem.
I would be pleasantly surprised if they figure out how to solve the problem with MT4. MT4 is very limited in what it can do to manage the bars on a chart. It can't shift the broker time left/right, it can't fill in missing bars during normal hours, and it can't throw away spurious (weekend) bars. However, one relatively "easy" solution for Oanda would be in fact to create a 2nd MT4 data feed that is offline from at least Friday 17:00 NY to Sunday 12:59 (or possibly 11:59). Every other weekend bar is noise to me. However, Oanda may be loathe to do so because what do you do with live accounts? If real ticks occur on weekends, and if those ticks hit someone's SL or TP, the chart should show it. I don't know how they will handle it. I would love it if they created this 2nd feed and if they did, it would at least be good for Demo charts if not for live trading. (However, see below).

Quote
They also have the Sunday stupid bar, and the daily bars start and finish at midnight (EST) but in some case i found fibo timezone to even fit better, And PA to be more realistic, i mean you can see a doji on a reversal day where you won't see it on a 17:00 closing bar with other broker. So what's the solution? Move to ensign? I don't know and i hope we address this problem in the near future. I will go check on oanda forum. Maybe they talk about it.

Please do bring it up on the Oanda forum. The best solution is would be by the broker. That said, I wrote an indicator that may help but it will need some enhancements to do everything that is desired of this Oanda feed. (For example, it won't (yet) throw away spurious weekend bars but it could...)

Improved multi-timeframe/offset/chart period converter, P4L PeriodCon.mq4

This tool can create charts that shift the broker 00:00 time to different GMT offsets. It can also create custom timeframes like M10, H2, etc. (The current posted version v1.8 is not so good for TF's > Daily)

Because it's for my own needs, I'll probably get around to enhancing it to create fixed length charts, and to either throw away spurious weekend data, OR to roll those ticks forward into the next bar. (How would you suggest to handle these extra ticks?)

BTW, Ensign may be a good tool, but on several occasions I've seen PF charts posted by Ensign users that don't agree with my charts, and when I dig into the details, it's usually because their Ensign feed is *missing* significant numbers of bars! A refresh of the data usually resolves it, but what if you are unaware? Seems like a risk/flaw for using Ensign. It's native feature set for PF's does seem to be good though.

Quote
Meanwhile, what broker are you using?
MBT. I like the feed for prices. I've had a few issues with slippage during crazy moves but that's probably like everyone else. Like Oanda it's broker 00:00 bar time is 00:00 NY (broker GMT-5). Sometimes I think I would prefer a cutoff at 17:00 NY (broker GMT+2). But reading H4 and Daily candles is obviously dependent on the broker feed, and maybe nothing is perfect. I experiment using my tool, but the tool has its limitations too. It's fine for pitchforks; it is not always fine with other indicators... it just depends on the details.

Kent
  • #4,009
  • Feb 6, 2011 11:00am Feb 6, 2011 11:00am
Quoting pips4life
I would be pleasantly surprised if they figure out how to solve the problem with MT4....

Devil is in the details. I hold on the comment to Oanda, i want to check if we can transpose week-end hiding feature from the fxgame account to the MT4 account before making it a suggestion to them. Also for the Sunday bar what is best? Is it best to have it and have 00:00 to 00:00 candle and a short Friday but proper PA and messy Pitchfork or to have 5 x 17:00 to 17:00 candle proper for pitchforks but messy PA. It also have implications regarding pivot calculations. This is a debate that should be address at once.
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  • #4,010
  • Feb 6, 2011 11:07am Feb 6, 2011 11:07am
Ok i posted the suggestion on the Oanda Forum anyway. Here's a direct link to it.
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  • #4,011
  • Feb 6, 2011 11:42am Feb 6, 2011 11:42am
zz
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  • #4,012
  • Feb 6, 2011 11:49am Feb 6, 2011 11:49am
Mr Gkiberd,
Thank you for taking the time to answer my question. I knew there had to be a good reason for all the oscillators.
Thanks.
  • #4,013
  • Feb 6, 2011 12:08pm Feb 6, 2011 12:08pm
mmm
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  • #4,014
  • Feb 6, 2011 12:11pm Feb 6, 2011 12:11pm
Quoting GreatYves
Devil is in the details. I hold on the comment to Oanda, i want to check if we can transpose week-end hiding feature from the fxgame account to the MT4 account before making it a suggestion to them. Also for the Sunday bar what is best? Is it best to have it and have 00:00 to 00:00 candle and a short Friday but proper PA and messy Pitchfork or to have 5 x 17:00 to 17:00 candle proper for pitchforks but messy PA. It also have implications regarding pivot calculations. This is a debate that should be address at once.

What capability does the other Oanda platform have? Is it a simple checkbox to hide certain bars? (If so, hide which bars?). Or can you specify a range of hours that you want it to hide? Also, what does the tool do with the hidden bar data... does it discard the PA, or does it roll the PA forward, or into the closest bar?

I see that the Oanda MT4 feed has 6-7 Daily bars-per-week. (E.g. for a 7th, see EU on 2011.01.22). I would prefer to see a regular pattern, so just 6-per-week max, possibly 5-per-week if the data can be intelligently rolled forward. (Maybe even 7/week for a true "Calendar" based chart, but I actually doubt this would be very good -- but until I try it, hey, who knows??)


Most broker feeds are either 119 or 120 H1 bars-per-week. This Oanda feed has at least 124 "legitimate" H1 bars-per-week (with decent tick volume). It may even have 125 if Sunday 12:00 NY is included.

If you think about how to slice and dice the data, every broker has 5-6 Daily bars-per-week, and most have 30-31 H4 bars-per-week. Those brokers that have 5-Daily/week, and 30-H4's/week are virtually always GMT+2 broker feeds. These are 17:00 - 17:00 NY/ET every week. But for every broker that is NOT GMT+2, OR that like Oanda has > 120 H1-bars-per-week, they have almost no choice but to present 6 Daily/week, and usually 31 H4/week. Therefore, the best GMT offsets for an Oanda feed -- to be consistent with 31 H4's/week -- would be one of: GMT-5, GMT -1, GMT+3, GMT+7, GMT+11, GMT+15 (and these last 3 are unlikely to be good for the look of Daily bars because virtually no broker uses them). (Any other GMT offset will cause 32 H4's/week).

Therefore, an Oanda feed with GMT-5 (native), or shifted to GMT-1 or GMT+3 might be worth taking a look at, at least for H4 charts. However, the GMT+3 feed would cause a 1-hour Saturday Daily bar resulting in 7Days/week. (Probably not a good choice).

That's my take on it for now until I get a chance to actually use the charts with a customized offset.
  • #4,015
  • Feb 6, 2011 12:20pm Feb 6, 2011 12:20pm
Quoting gkiberd
mmm
Effectively! Buyers kicked in at 161.84 a perfect .886 retracement, but i cannot see a gap confirming a wave 5 anywhere on this chart. Is an .886 right on the line is sufficient? You seems to mention it is a frequent pattern on EFT. Too bad it isn't the case on forex.
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  • #4,016
  • Feb 6, 2011 12:52pm Feb 6, 2011 12:52pm
Quoting pips4life
What capability does the other Oanda platform have?...
Apparently data hiding cannot be yet transposed to MT4 as a Bar already show up today on MT4 even tought it is set as hidden in my FXTrade Practice account. I have read that a bar does show up as soon as there is a tick of data happening. That why we can even see some 7 daily bars a week as you mention. The big question is: would this really affect trading in a negative way or not. I am running 3 different demo and none have the same amount of bars, or close at the same time. I will setup a MBTrading demo right now! I trust MB as much as i trust oanda. Oanda is a market maker while MB is an ecn. They both have their own advantage. Is MB have micro account size?
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  • #4,017
  • Feb 6, 2011 12:54pm Feb 6, 2011 12:54pm
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  • #4,018
  • Feb 6, 2011 2:09pm Feb 6, 2011 2:09pm
Quoting GreatYves
Apparently data hiding cannot be yet transposed to MT4 as a Bar already show up today on MT4 even tought it is set as hidden in my FXTrade Practice account. I have read that a bar does show up as soon as there is a tick of data happening. That why we can even see some 7 daily bars a week as you mention. The big question is: would this really affect trading in a negative way or not. I am running 3 different demo and none have the same amount of bars, or close at the same time. I will setup a MBTrading demo right now! I trust MB as much as i trust...
If FXTrade has data "hiding", meaning hide weekend bars, the question is does it roll forward the ticks or not? If yes (which is perhaps reasonable), then it makes perfect sense to see a new bar show up at any time on the weekend, BUT, you shouldn't see the NEXT bar formed until the weekend is over. The weekend is just collecting all the ticks and holding them in a single bar, waiting for the weekday to begin and then it could continue with that bar.

I'm just guessing, as I don't have the FXTrade platform open (and don't want to learn a new tool just to find this out).

A "1" lot in MBT is a mini, and the platform allows "0.1" increments, so yes, it allows micro-lot trading.
  • #4,019
  • Feb 6, 2011 3:58pm Feb 6, 2011 3:58pm
Quoting gkiberd
reply
Thanks for your contribution Mr. Kiberd! I appreciate it and will make good use of it
  • #4,020
  • Feb 6, 2011 7:42pm Feb 6, 2011 7:42pm
Quoting GreatYves
Apparently data hiding cannot be yet transposed to MT4 as a Bar already show up today on MT4 even tought it is set as hidden in my FXTrade Practice account. I have read that a bar does show up as soon as there is a tick of data happening. That why we can even see some 7 daily bars a week as you mention. The big question is: would this really affect trading in a negative way or not. I am running 3 different demo and none have the same amount of bars, or close at the same time. I will setup a MBTrading demo right now! I trust MB as much as i trust...
MBTrading doesn't accept Canadian user outside ontario anymore.. This is getting very dumb.I just want a good demo platform for technical analisys and then i can put my live trade true oanda. .. Do you know of any other broker with the 120 bars/5 days a week?
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