Swing trading with Andrew's pitchforks and volume analysis journal

Sorry haven't been around much been really busy with day trading futures....had a friend show me these lines...always nice to see the big picture.

Oil Daily, great LML bounce and right back to the ML. If anyone is interested in day-trading forex...may be opening a trade room soon, just fishing around to see what kind of interest is out there. Shoot me a note and I"ll keep you posted.

NQ 240m some lines I've been watching follows UJ or vice versa price action very similar at least what do you think?

Well enough for now...Rock on traders!

Eu 20m pretty lines here...

AU 20m

gu and cad 240m

Felt drawing and playing some tunes tonight so here's euro dollar, looks like we be headed down...

GU good frequency here..

CAD 240m

Interesting confluence there at this price in CL 240m

Hi , Nice charts ...I wondered how you use volume in your analysis ....do you follow Tim Morges work ?
...I remember him saying that volume was pointless as the whales can hid their volume ?

Cheers

At one point I was looking at some VSA principles. Excessive volume as well as lack of volume I think are worth looking at. I have some daytrading things that I look at intraday as well that is volume based for futures mainly bid ask footprint charts/ some market profile stuff...I think is relevant. Did get my foundation with Tim, then most of what I do is just from practice of drawing. Thanks for the comment.

Yea , I studied allot of Tim's stuff too .....I've been finding volume quite useful lately but a bit worried about it not being reliable data and distracting from price .

I'm trading 2 minute NQ .

I noticed your using Ninja charts ...do you know what the Volume up down indicator is ? is it tick volume or buyers/sellers volume ?

I don't know anything about volume data .

Cheers

NQ 240m

Hi bayfisherman,

I've been attempting to use forks here and there in my trading and as you seem to have experience with them - have you conducted any statistical study to reconfirm the ~80% success rate?

Thank you,
Chris

up down tick volume I think of tick charts frequency or speed of the auction so to speak for instance I believe a 150 tick chart has 150 movements up down whatever then it prints the bar... buy sell volume I look at bid ask charts it's called the footprint. Market Delta has top of the line stuff for that...you can take their trial for free. You can youtube it "bid ask footprint" and get some info on the subject. For futures it's really the transparency you need for intra-day trading because you can see all of the executed orders for the order flow within your 2 min bar...it's the wizard behind the curtain. It's how you can identify "aggressive" buying and selling to make sound trading decisions at your price levels. You can identify high volume/activity price levels with it. Market profile uses this concept...they work well together -- bid ask data along side volume profiles from previous historical data...it's what the pros mainly use for futures trading.

In the time that I"ve been working with pitchforks, channel projections, trend lines, etc. it seems to me that analysis is just more about identifying symmetry/frequency and the efficiency of the symmetry/frequency, once you've identified it to help recognize strength and weakness. Hope this helps.

No not really as far as backtesting the fill percentage of the median line...on your higher time frame charts like the 240s dailys weeklys etc. it does a good job of framing up the market to give you an idea of where price could go. The modified schiff fork is just a channel projection, it's one of the easiest technical analysis tools you can do and you can do that with a simple trend line. My favorite trade is a symmetrical abc correction for a continuation pattern at "c". Just draw a trendline from x to b and project off a to get c...you can do this with any two successive pivots/swings...draw the trendline and project it off the swing high formed in between the two swing lows...try that exercise for yourself and see how many times it gets filled...

swing forms at b lower high project trendline xb off a take entry at c with target back to x...you can do this on any timeframe.

you can see the pitchfork lines here are the same...the pitchfork tool though does give you the ability to project the 50% - 50% other percentage levels based on the measurement from a to b on slope xb. I think of these channel projections and pitchforks like angled fibonnacci meaurements based on halves instead of the fibonnacci numbers....ive seen pitchforks with fibonacci percentages in them but I've never pursued it...it's just a measuring tool. You can use your trend channel tool in the same fashion

My favorite thing about using slope and frequency is that it's always in there no matter what market you are framing up...once you find it it continues to work work until it doesn't or changes, then you can adjust as it changes...

I'm not opposed to many different forms of analysis...like price patterns, when you can get confluence with your price pattern and your supp/resis areas you've got something to work with I think. We'll see if this fade works out today.

CL 240m been watching these lines of late..