Here you go, and a video alsocoming. Median Lines work on anything you can measure.
Thank you for the video! Very interesting. Now it's much clearer for me at some point about pitchforks.
Andrews Pitchfork (Median Line)
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{quote} Wow.
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Eagle, why do you have two opposing forks/ median lines? Why not pick one and trade that direction? I look at these charts and its a bit confusing because I don't know what direction to take when looking at this analysis. Also what's the fundamental difference between a fork and a median line set if any. Thanks .
This is how I'm looking at it right now and I appreciate input from those with more experience.
1. Identifying swings as shown. This GBPUSD daily appears to be uptrending. The zigzag tool may be helpful but not necessary. I find it filters out "unimportant swings"
2. The HL is signaled by bar 1 a wrb closing near it's high. At this point we wouldn't know if this is a swing low or not but we can anticipate that it might be.
3. Bar 2 and 3 give much confidence that this might be a real swing low so we can anticipate and draw in a pitchfork as shown. This is a Schiff and it may not be correct but it doesn't matter.
4. If we have confidence that the swing low is real (as signaled by the PA in bars 1, 2, and 3) then we can venture an initial trade as shown by the arrow with SL just below the swing low.
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Again learning here and just posting observations.
1. GBP/USD is in uptrend.
2. Pitchforks help us anticipate where price might start heading.
3. Bar 1 is a wrb engulfer signaling a possible swing high with downside potential.
4. Once price follows through we can anticipate this is a swing high and draw in a new pitchfork projecting price downward.
5. Bar 2 is a nice retracer but I am still working out entries so I can't give an exact entry method at this point.
1. GBP/USD is in uptrend.
2. Pitchforks help us anticipate where price might start heading.
3. Bar 1 is a wrb engulfer signaling a possible swing high with downside potential.
4. Once price follows through we can anticipate this is a swing high and draw in a new pitchfork projecting price downward.
5. Bar 2 is a nice retracer but I am still working out entries so I can't give an exact entry method at this point.
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