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Pitchforks in all its glory

  • #41
  • Jul 17, 2006 8:35am Jul 17, 2006 8:35am
Hi xtsunami,

Indeed I have oversimplified the description of a fork I guess, as Akuma pointed out also. My bad .

I didn't rule forks out, else I wouldn't bother to explore them anymore. It is just in the past I have failed trading on them. But my overview on trading has changed quite a bit since then. Thus a new try.

As for the how time is contained in the fork...I have heard it too many times in the past, not only particularly fork related, and I (like many others around here) have no idea what that means. How about providing an example?

Thanks for the input, I'm sure there's a lot of work involved with mastering forks, as with mastering trading in general.


Quoting xtsunami
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
-soso
  • #42
  • Jul 17, 2006 10:39am Jul 17, 2006 10:39am
What are some good books on Andrews pitchforks that you guys would recommend?
  • #43
  • Jul 17, 2006 11:37am Jul 17, 2006 11:37am
The best trendline methods of Alan Andrews by Patrick Mikula
Great book. Make you see trendlines in a different way and has a great aproach to AP.
Johann Channels and cycles are everything
  • #44
  • Jul 17, 2006 12:43pm Jul 17, 2006 12:43pm
Quoting bluemonkey
What are some good books on Andrews pitchforks that you guys would recommend?
I have heard Timothy Morge' stuff is quite good: http://www.medianline.com/

Also check this site http://www.trading-naked.com/AndrewsPitchfork.htm. Here you'll also find the original course of Alan Andrews.
-soso
  • #45
  • Jul 18, 2006 4:14am Jul 18, 2006 4:14am
An update from yesterday´s chart
Quoting Tragapips
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
  • #46
  • Jul 18, 2006 5:07am Jul 18, 2006 5:07am
Nice Tragapips. Do you think you could zoom out or scale the chart a little? Cause the forks pivots are not visible.

Quoting Tragapips
An update from yesterday´s chart
-soso
  • #47
  • Jul 18, 2006 5:13am Jul 18, 2006 5:13am
GBPUSD 1H chart, aggressively zoomed out so forks are visible.

Red fork is longer term, visible on 4H chart.
Attached Image
-soso
  • #48
  • Jul 18, 2006 5:20am Jul 18, 2006 5:20am
USDCAD 4H.

I like the Blue fork, again the ML is acting as a trendline before fork formation. I'm shorting it.
Attached Image
-soso
  • #49
  • Jul 18, 2006 7:16am Jul 18, 2006 7:16am
One of the tricky things of AP is to find the right set up. Yesterday i found not satisfactory the way price plays with the lower line. so today i play a little and select the high of July 7 as the pivot of the median line. As you see in the previous chart now price slide on the lower line. So i guess this a most accurate set up.
Look the chart here
Johann Channels and cycles are everything
  • #50
  • Jul 18, 2006 11:03am Jul 18, 2006 11:03am
Soso
I have to say thank you for this thread. The first time I saw a Pitchfork chart was a year ago and I believed it was useless. But this second encounter is very different. In fact this tool is perfect in the way i¨m looking the charts right now. So again thank you.
Last chart of the day. Let´s see how price rebound on the median line. Very strong support.
Johann Channels and cycles are everything
  • #51
  • Jul 18, 2006 11:18am Jul 18, 2006 11:18am
Glad you find it useful . I had a first attempt too in the past, but failed miserabily. Let's hope it will work out better this time.

Anyhow, please continue and do post your charts and thoughts regarding pitchforks.

Quoting Tragapips
Soso
I have to say thank you for this thread. The first time I saw a Pitchfork chart was a year ago and I believed it was useless. But this second encounter is very different. In fact this tool is perfect in the way i¨m looking the charts right now. So again thank you.
Last chart of the day. Let´s see how price rebound on the median line. Very strong support.
-soso
  • #52
  • Jul 18, 2006 11:26am Jul 18, 2006 11:26am
Eurchf 4h.
Attached Image
-soso
  • #53
  • Jul 18, 2006 11:51am Jul 18, 2006 11:51am
One thing that comes to me again and again regarding drawing pitchforks. It is more important that price respects the lines than choosing a clear top/bottom as a pivot. Thus many times I sacrifice placing the 3 pivots right at a clear top or bottom. And usually one pivot will be moved around the top/bottom so that the fork contains price better.

See previous chart on GBPUSD at http://www.forexfactory.com/forexfor...2&postcount=47
Now notice the the second pivot of the Purple fork is not right at the bottom but a little higher. In effect then see the ML of this fork is a acting as a trendline, even before fork have been formed.
Now the result, a few hours laters, price briefely touches the UML of this fork and heades back down, thus confirming that the price respects the fork.
Consider if it would have been chose clear textbook pivots then price would not react as nice near the ML and would have been find itself outside the fork in the end.

Chart attached.
Attached Image
-soso
  • #54
  • Jul 19, 2006 4:27am Jul 19, 2006 4:27am
GBP-USD is near an upper band.
http://img144.imageshack.us/img144/9...usd7li5.th.gif

Zoom out picture.Maybe is confusing but look the magenta lines.
http://img153.imageshack.us/img153/7...usd8sk7.th.gif


Let´s see what happen.
Johann Channels and cycles are everything
  • #55
  • Jul 19, 2006 4:56pm Jul 19, 2006 4:56pm
Look how price almost touch upper magenta line then go down looking for orders and then takes again its way up. The chocolate line is pitfork line too. Remember news are price in
http://img313.imageshack.us/img313/3...6163107rs7.jpg[/url]

Look how price cross a lower line (plum colour)(up arrow) and an upper line (Kakhi color) with a nice rebound.

This is a zoom out to see the origin of the pitchforks.
http://img128.imageshack.us/img128/3...6164823ns3.jpg[/url]

and the plum coloured one
http://img225.imageshack.us/img225/7...6165448ib3.jpg[/url]
Johann Channels and cycles are everything
  • #56
  • Jul 20, 2006 4:16am Jul 20, 2006 4:16am
Ouch. I can´t believe i did´t see this yesterday.
Have in mind that theory says price will hit the median 80% of the time.

http://img228.imageshack.us/img228/8...6041445lq2.jpg[/url]
Johann Channels and cycles are everything
  • #57
  • Edited 7:44am Jul 20, 2006 6:31am | Edited 7:44am
As you can see I opened a long GBP/USD @ 1.8467 Target 1.8537-39 (median line and high june 7) 2nd Target 1.8550-60
http://img88.imageshack.us/img88/162...3055zw0.th.jpg
Johann Channels and cycles are everything
  • #58
  • Jul 20, 2006 3:19pm Jul 20, 2006 3:19pm
Move stoploss @1.8476
Stopped out at 18:29 CEt
Result: +9
Johann Channels and cycles are everything
  • #59
  • Jul 20, 2006 4:35pm Jul 20, 2006 4:35pm
Pitchforks seems to work really well on the GBPUSD don't they? Thanks for sharing the stop loss move that you did. Anytime you are stopped out and still get a profit is a good trade, in my books.
  • #60
  • Jul 21, 2006 2:52am Jul 21, 2006 2:52am
OH Boy. Price reach the second target today.
I know what everybody will say: That happen when you play with a tight stop loss.
Johann Channels and cycles are everything
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