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Pitchforks in all its glory

  • #21
  • Jul 10, 2006 11:43am Jul 10, 2006 11:43am
Quoting soso_beton
I've been into pitchforks in the past unfortunately I couldn't find a way to trade them. But evrey once in a while I see great pitchforks (in hindsight ) and I am simply amazed by the accuracy price respects the pitchfork.

Current EURUSD H4 and GBPUSD H1 charts. Both are the kind of pitchfork setups that the guy from TradingNaked loves it as I remember. For GBPUSD notice how beautiful the price tested the median line, headed back up to the upper ML then plunged right into the bottom ML. Same thing does EURUSD. Simply beautiful. Unfortunately untradable by myself.
I've not had time to investigate all this but there may be some useful info here
http://www.forexfactory.com/forexfor...ight=pitchfork


I would like to have a go with this in MT4 but can't find it in the tools, any clues anyone?
Peter
  • #22
  • Jul 10, 2006 12:25pm Jul 10, 2006 12:25pm
Hi,

Yes I saw the link, I have too a lot of info about pitchforks but couldn't trade them.

For MT4 right click on the toolbar in the objects section and then Customize. You'll see in there Andrew's Pitchfork. Add it to your Selected list.

Quoting PeterFM
I've not had time to investigate all this but there may be some useful info here
http://www.forexfactory.com/forexfor...ight=pitchfork


I would like to have a go with this in MT4 but can't find it in the tools, any clues anyone?
Peter
-soso
  • #23
  • Jul 10, 2006 1:36pm Jul 10, 2006 1:36pm
Quoting soso_beton
Hi,

Yes I saw the link, I have too a lot of info about pitchforks but couldn't trade them.

For MT4 right click on the toolbar in the objects section and then Customize. You'll see in there Andrew's Pitchfork. Add it to your Selected list.
Thanks SoSo
Simple when you know how, isn't it?
Pete
  • #24
  • Jul 11, 2006 10:23am Jul 11, 2006 10:23am
Follow up Friday's post for USDCAD daily http://www.forexfactory.com/forexfor...3&postcount=17

At least 200 pips run up.

For now I have modified a little the blue fork to contain the price better. I wonder if blue fork will reclaim control.
Attached Image
-soso
  • #25
  • Jul 11, 2006 10:32am Jul 11, 2006 10:32am
EURJPY hourly.

I would SHORT if price reaches a confluence zone of the green fork with the blue UPL.
Attached Image
-soso
  • #26
  • Jul 11, 2006 4:40pm Jul 11, 2006 4:40pm
EURCHF Daily.

Nice fork the green one. The blue one is not formed yet, but notice the ML is acting as a trendline before forming. Let's see how it unfolds. I personally will look for a short opportunity here.
Attached Image
-soso
  • #27
  • Jul 13, 2006 4:36am Jul 13, 2006 4:36am
GBPUSD 30M. SHORT near confluence.
Attached Image
-soso
  • #28
  • Jul 13, 2006 4:46am Jul 13, 2006 4:46am
USDCAD Daily.

Old Blue fork (dotted line) is no valid anymore. Green fork contains price the best for now. New possible fork, the Purple one, is up sloping also. Looking for LONGS in the next days.
Attached Image
-soso
  • #29
  • Jul 13, 2006 9:25am Jul 13, 2006 9:25am
Follow up http://www.forexfactory.com/forexfor...1&postcount=27

A small bounce but on overall price failed to go down. Only one valid fork remains, adjusted a little to better contain price.
Attached Image
-soso
  • #30
  • Edited 2:02pm Jul 13, 2006 12:47pm | Edited 2:02pm
Excellent thread guys!

I had just happened to find an article somewhere about pitchforks and came here to discuss it and here it is going already!

I've only been using them for a couple days on a demo account, but I'm not finding it that hard to get them set up on live trades. I pop them in place as soon as I think it's topped or bottomed. I await confirmation and adjust them appropriately ('cause hey, who can call the tops and bottoms all the time?).

Here's a strange idea. Draw the pitchforks on a 5 or 10 period EMA rather than on the bars. As EMAs lag, as soon as you see a peak in the EMA to draw the pitchfork on, you'll probably also already see confirmation in the actual price.
  • #31
  • Jul 14, 2006 4:50pm Jul 14, 2006 4:50pm
Here's a chart of a pitchfork on the 10 period EMA.

I drew them in real time. I should have taken a screen shot, but it confirmed, very very nicely.
Attached Image
  • #32
  • Jul 16, 2006 5:11pm Jul 16, 2006 5:11pm
Hi grickherder,

Interesting ideas, keep em coming. I for one am trying to keep everything as simple as possible, no indicators just forks and price.
-soso
  • #33
  • Jul 16, 2006 5:12pm Jul 16, 2006 5:12pm
New week open, EURJPY 1H chart. I am short as of now, let's see how it goes.
Attached Image
-soso
  • #34
  • Jul 16, 2006 5:22pm Jul 16, 2006 5:22pm
GBPUSD 30M chart. One of the Brown and Purple forks will fail. I favor the Brown fork, price seems to respect it. Also notice the incoming confluence area between the thre forks. I will monitor a little more but most likely I will take a LONG here.
Attached Image
-soso
  • #35
  • Jul 16, 2006 9:05pm Jul 16, 2006 9:05pm
I really like these turning point pitchforks you've been posting.

I think every channel eventually gets violated and every trend comes to an end.

I saw a cool presentation that involved closing a third of your position in a pitch fork trade at different points.

http://www.tradeology.com/lessons/andrew/an.html

Basically, the idea is that you enter the Andrew's Pitchfork trade with the assumption that it will change direction, exiting the channel in the opposite direction of your trade, but still at a profit.

Until it does, you'll see pitchforks get violated rather than confirmed. I suppose it might be useful to look at larger time frames. I drew some pretty crazy looking pitchforks that looked plausible on the 15 minute chart, but blatantly ridiculous on the 1hr.
  • #36
  • Jul 17, 2006 2:38am Jul 17, 2006 2:38am
Previous GBPUSD analysis failed. Here's what I see now, 1H chart. There is a Blue fork that contains price nicely. I will be following it until it breaks.
Attached Image
-soso
  • #37
  • Jul 17, 2006 2:55am Jul 17, 2006 2:55am
Hi grickherder,

Yes forks are are nothing more than price channels with a a median line. There are many articles/books presenting methods to trade forks, I don't know but for me it just didn't work. What I am trying now is trying to trade bounces of lines of valid forks and also confluence points - like 2 or more forks or a trendline meeting a fork. For now it doesn't go to well but I'm still in the research phase. Nothing is certain for now regarding a trading technique using forks.

There are 2 things that I need to nail down:
1) How one can anticipate a valid fork? Or simply what are the chart attributes that tell us there is a high probability of an incoming valid fork formation. It's all about last pivot, why choose it.
2) How one can trade a fork. Or when and why to enter a trade.


Thanks for the link, that is one method of trading the fork it seems.


Quoting grickherder
I really like these turning point pitchforks you've been posting.

I think every channel eventually gets violated and every trend comes to an end.

I saw a cool presentation that involved closing a third of your position in a pitch fork trade at different points.

http://www.tradeology.com/lessons/andrew/an.html

Basically, the idea is that you enter the Andrew's Pitchfork trade with the assumption that it will change direction, exiting the channel in the opposite direction of your trade, but still at a profit.

Until it does, you'll see pitchforks get violated rather than confirmed. I suppose it might be useful to look at larger time frames. I drew some pretty crazy looking pitchforks that looked plausible on the 15 minute chart, but blatantly ridiculous on the 1hr.
-soso
  • #38
  • Jul 17, 2006 5:23am Jul 17, 2006 5:23am
Quote
Yes forks are are nothing more than price channels with a a median line.

Actually not really, forks are median lines with channels built around it. The whole premise of median lines/pitchforks are to show "balance" points, hence why they are called median lines. Your attempts of trading confluence areas are a good strategy, the creator of the forks claimed prices will return to their "balance" point, or median line 80% of the time, and this was the main criteria he traded them on I think.
You can quit and they won't care, but you will always know.
  • #39
  • Edited 5:53am Jul 17, 2006 5:37am | Edited 5:53am
It is amazing how the old tools are the most reliable ones.
Take a look.
After a huge rally price stops at lower band of AP
Attached Image
Johann Channels and cycles are everything
  • #40
  • Jul 17, 2006 7:32am Jul 17, 2006 7:32am
Quoting soso_beton
Hi grickherder,

Yes forks are are nothing more than price channels with a a median line.
Though a very simple tool, the philosophy behind them is quite sophisticated. Median lines, or pitchforks if you like, are much more than simple price channels. They contain both price and time elements that few recognize. If you can master this one tool, you would need nothing else to trade.

But, to master the concepts takes many hours of study and hard work. You must ask yourself if you have that kind of ethic. I would not trade with out having "da fork" on my charts. I can position, swing, and scalp using this simple tool while using the same strategies.

Before you make up your mind it is useless to you, take the time to explore it. Draw on your charts, not one or two, nor ten, nor a mere hundred. I have literally drawn "da forks" on thousands of charts.


fwiw,

XT
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