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Andrews Pitchfork (Median Line)

  • #4,301
  • May 23, 2011 4:31pm May 23, 2011 4:31pm
Quoting Gemini
Alex C, I've had this Euro fork on my screen for a long time, ever since price bounced off 1.2923, which could have been expected given that this was the previous upswing's CIB line.

I'm curious what would convince you to go long? What kind of bounce would you like to see off the LML parallel?

Also, have you taken a look at the wider weekly context ? I'm not saying it's going down for sure, but some bearish arguments definitely exist.

Gemini, I didn't go long. I just noted its location.

The Euro has lost its momentum when it broke the LML.
The angel has changed. Now the schiffed pitchfork is in play as far as I see.

Good luck to you.
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  • #4,302
  • May 24, 2011 2:47am May 24, 2011 2:47am
Although the weekly context does not seem conducive to a long, I think that your daily upsloping fork definitely has some value. It is definitely something that many people will have on their screens.

On a 10 min. chart, the structural buildup around the LML is evident. Whether it holds longer term is far from proven in my opinion, but short term, one can't deny that the LML is having some impact.

Best of luck to you too.
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD (10 Min) 24_05_2011.jpg Size: 78 KB
  • #4,303
  • May 24, 2011 2:59am May 24, 2011 2:59am
GC 5min with a couple of nice sp entries - A is 1471

beeb
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  • #4,304
  • May 24, 2011 12:45pm May 24, 2011 12:45pm
An update on my previous fork. Beeb: how do you choose your A? Do you just pick the spot that creates the best frequency?
Attached Image (click to enlarge)
Click to Enlarge Name: $EURUSD (15 Min) 24_05_2011.jpg Size: 95 KB
  • #4,305
  • May 24, 2011 2:14pm May 24, 2011 2:14pm
Quoting Gemini
An update on my previous fork. Beeb: how do you choose your A? Do you just pick the spot that creates the best frequency?
That's a difficult one Gemini but I do try and stick by the rules as much as I can by taking swing lows and highs.

By looking at this chart I saw there were obvious B and C points and the reasonable thing to do was look at the swing low for the A. It happened to have good frequency so I went with it.

As I have said on another thread IMHO there is "art" as well as "science" in forks...

beeb
  • #4,306
  • May 24, 2011 5:53pm May 24, 2011 5:53pm
Quoting kapital
Gotta luv those forks...
Absolutely!!! Great Mod. Schiff there Kap.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #4,307
  • May 25, 2011 4:36am May 25, 2011 4:36am
I have not been trading for sometime, as I was busy in other things ... today is my first trade ... after a long time ....
Shorted EUR ... with a 20 pips stop loss
Attached Image (click to enlarge)
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Let someone arise from my bones as an avenger. Jesse Livermore
  • #4,308
  • May 25, 2011 6:21am May 25, 2011 6:21am
My stop loss was saved by 3 pips, and now moving to break even ...
Attached Image (click to enlarge)
Click to Enlarge Name: eur30m 25-5-11(2).jpg Size: 98 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #4,309
  • May 25, 2011 10:02am May 25, 2011 10:02am
After my trade was closed @ BE, I analyzed EUR again .. and this gap CL looks promising
Attached Image (click to enlarge)
Click to Enlarge Name: eur1hr 25-5-11(1).jpg Size: 79 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #4,310
  • May 25, 2011 10:22am May 25, 2011 10:22am
Entered short again on EURUSD
Attached Image (click to enlarge)
Click to Enlarge Name: eur1hr 25-5-11(2).jpg Size: 90 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #4,311
  • May 25, 2011 4:17pm May 25, 2011 4:17pm
Quoting forkTrader
After my trade was closed @ BE, I analyzed EUR again .. and this gap CL looks promising
Hi forkTrader,

FYI, your CL/Action/Reaction set is in fact the same as the Mod. Schiff (magenta) of the Andrews (black) fork shown here.

The dark blue Andrews down fork never contained the down move but it was part of of energy point where it intersected the black fork and bounced up.

A 3rd Andrews (light blue, up) could then be drawn. It's ML was touched exactly where the magenta Mod. Schiff ML is. From there it bounced down to the Schiff of the dark blue.

These conflicting up/down forks have been respected at the major lines, and the result is a triangle so far. Confusing for sure.
Attached Image (click to enlarge)
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  • #4,312
  • May 26, 2011 1:06am May 26, 2011 1:06am
Got Long GU
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Let someone arise from my bones as an avenger. Jesse Livermore
  • #4,313
  • May 26, 2011 6:53am May 26, 2011 6:53am
Booked 84 pips profit on 3/4 of the GU trade, and left 1/4th running ..
Attached Image (click to enlarge)
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Let someone arise from my bones as an avenger. Jesse Livermore
  • #4,314
  • May 26, 2011 8:51am May 26, 2011 8:51am
Looking like a wedge is forming in EU .. risked 27 pips with half the leverage of normal ..
Attached Image (click to enlarge)
Click to Enlarge Name: eu 30 m 26-5-11(1).jpg Size: 95 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #4,315
  • May 26, 2011 9:55am May 26, 2011 9:55am
Now moving stop to breakeven ...
Attached Image (click to enlarge)
Click to Enlarge Name: eu 30 m 26-5-11(2).jpg Size: 92 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #4,316
  • May 26, 2011 11:14am May 26, 2011 11:14am
Forktrader I'm in the same trade for difefrent reasons.

Beeb: last time I checked trading was 80% science 20% art, not the other way around

Anyways, whatever works for YOU.
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  • #4,317
  • May 26, 2011 11:24am May 26, 2011 11:24am
Quoting Gemini
Forktrader I'm in the same trade for difefrent reasons.

Beeb: last time I checked trading was 80% science 20% art, not the other way around

Anyways, whatever works for YOU.
Gemini - I didn't quote percentages, all I said was "IMHO there is "art" as well as "science" in forks..."

I won't dispute your numbers but if you are correct why can't 80% people succeed if they just follow the recipe?



beeb
  • #4,318
  • May 26, 2011 5:24pm May 26, 2011 5:24pm
A few observations as I follow the trade
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  • #4,319
  • May 26, 2011 10:21pm May 26, 2011 10:21pm
Havn't posted here in a while. How's everyone doing? Anything new?
  • #4,320
  • May 27, 2011 12:25am May 27, 2011 12:25am
my EU long trade was closed in profit (while I was sleeping), ... and now I am short EU ...

hey big_pipin ... I am doing great. How about you? How is your trading going?
Attached Image (click to enlarge)
Click to Enlarge Name: eu 20m 5-27-11(2).gif Size: 32 KB
Let someone arise from my bones as an avenger. Jesse Livermore
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