Andrews Pitchfork (Median Line)

In regards to the gold chart, here's how I view it...... pulling from a daily futures chart.

You discussed a hunt for "C"... which to me is the million dollar question concerning median lines, for every setup that placement of "C" is the overriding element. To trade "C" naked, not waiting for it to form and then trade the following setups is more difficult but the rewards can be substantial, specially when you contain your risk by trading the extreme edges.

In this chart, the above mentioned spike is as you said a basic double bottom on the larger time frame, the immediate price action as discussed earlier plays into this scenario quite well. imo. Of course everything looks great in hindsight, but if I was playing this setup I would feel confident in anchoring "C" as discussed but I'd look back into the lower median for entries.... none shown.... I guess a case could be made using an inside channel (see chart 2), I think that would line up with Eaglestar's charts.

However we differ in our views regarding running median sets, my value of a set diminishes quickly after I feel price has met it's target, following price action needs to be defined by a closer set of anchor points .... running sets are, to me, like this inside channel a product of a higher time frame fork.

regards,

a

To note; the first chart, the initial "A" point has the look and feel of an exhaustion type move.......

Great comments.


Fyi, in about a minute, the market will open. This is the kind of intra-fork resonance I'm looking for, but I have no idea where the AJ is going to open, and how it will "feel". Just posting it as a live example. (DONT TRADE IT!)

Comparing charts for fun....

Just south of here and a few more 2hr bars you have a congruence of several different looks. 78.6 fib (teal), Gartley pattern (yellow), channel off the prior 3 swing points (green dash) and median undershoot projection (magenta dashed), a reversal here makes sense....

regards

Thanks guys for giving some interesting insight and analysis. I was beginning to wonder where you were hiding I hope my charts have helped even the experienced senior member observers. If any comments please feel free to pm me also to give direct advise.

tnx pips4life and auxesis too for your thoughts and ideas!

this all helps me to get a better idea about trading styles and how median lines are used! all very helpful for me!

i have drawn every gold fork which was shown here and litterally every gives good entries. and i have drawn all of them before too. my challenge is rigth now first to decide which fork i will use and second to do not hesitate if there is an entry with good r-r-r = risk-reward-Ratio and third divide between short and Long term trades. and most of all not to be too ambitious ;-)).

tnx

4 hour charts. I will be posting mostly 4h and daily for a while. If you have any requests just ask. I am here to help.

Great discussion guys!

In the "hunt for C", the resonance found on the fork's modified schiff could also be used as a means of validating the C pivot.

been trying lately..

Almost ripe

some c pivot hunting.. or bunting

Are there any median line traders in this thread who trade binary options?

Hi

How to insert symbol and price in the left lower corner?

Thank you

USDCHF 30m


NZDUSD 30m


AUDUSD 30m


GBPUSD 30m

Is it correct? I'm trying to understand how to draw pitchfork correctly.

p3 pivot seeming that it slided a bit towards right side

1. Go through several dozen pages of this thread, if not this whole thread. At least study the first several, and the last several pages. Draw a bunch of forks yourself. Re-create the charts that others drew.
2. IMO, get rid of the grid lines on your chart.
3. Stick with major pivots for the most part. Use price extremes. However, if the Andrews fork does not capture all of the price action between the UML and LML, then you may consider adding an alternative fork to capture the full width.
4. Get one of the indicators that draw "quartiles" and at least the Mod.Schiff variation. Some of the indicators are attachments in previous posts in this thread. MT4's native capabilities by themselves suck. (I use my own private tools).
5. Consider zooming out, and sometimes zooming in to get a different and sometimes better perspective.

I hadn't looked at this GJ chart, but zoomed out it was an absolutely beautiful "hunt-for-C" opportunity back on Mar 18. There is great intra-fork resonance to both the Andrews and the Mod.Schiff. Two of the most important resonances are the Mod.Schiff UML and the Andrews ML, both between pt1(A) and pt2(B). The next is the first pink circle below pt2(B). To me, that would be evidence enough to go long right as point C formed. (NOT for the faint of heart).

After pt3 formed, there were as many as 5 opportunities to go long at the Mod.Schiff LML, in part because of the evidence that the Mod.Schiff had already had good intra-fork resonance, so post-fork (after pt3) resonance would be somewhat more likely. (It's not a rule, just a guideline). Possibly there were other trade opportunities where there are gray and pink circles, but they would be tougher to justify real-time.

I do not have a good read of any current setup. Maybe if it retests the MS ML, it might be a long opportunity, but on the other hand, that was an extremely close-but-shy approach to a previous H1 pin-bar high. We've already retraced a big % of the move. Anything is now possible. The blue line connects two major pivots, which could offer possible resistance.

Followup. How did my last "hunt-for-C" live setup play out? Well, EJ moved up 475 pips so far... unfortunately without me! I did in fact go long during the 2nd Sunday bar, even though the 1st bar had slightly exceeded my ideal target. I had a fantastic entry that worked right away, and I made a nice initial profit that I closed, in part because the 1st opening bar shook my faith in the setup, somewhat. (Not every broker even has that first bar at 17:00 ET). I figured on re-entering at a pullback, which I failed to discern properly. Sometimes I suck at live trade management, and would be embarrassed to admit just how little of this great setup that I took advantage of. I need to do a better job to keep a portion of it going for the long run.

After a nice initial 150p move up, it did come down close to, but did not touch the Andrews LML. I had my finger on the trigger to re-enter after just a couple more pips... which never came. After that, I'd say re-entering anywhere with the precision that I shoot for looks very tough to me. I don't see any clarity anywhere as the move went up, just that it kept going up loosely following up-but-beneath the LML.

Got EU, GU, AU moves.. Apple sell

banked the profits when it reached the ML. but still bearish to me... entered 0.01 lot short
http://gyazo.com/78052fedbba8921d00d26f0ee29d327a

Here are the indicators that I use. Let me know if they don't work for any reason. I modified the often used Alerter4u to be able to use customizable sounds.