Andrews Pitchfork (Median Line)

Quoting antonb1985

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Pitchfork needs to anchored on a pivot. Check out these links for some basics and read through andrews course as well. http://www.trading-naked.com/AndrewsPitchfork.htm http://www.medianline.com

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Quoting Ren1058

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Hi I have traded pitchforks for years and subscribed to coughlan capital for a year a few years ago my take on audusd. We have a confirmed uptrend there is no rational at all for drawing a downward pitchfork anywhere on this chart {image}

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a confirmed uptrend

Quoting asgcorp

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{quote} this depends which TF you are looking at. AU has been in downtrend since 2012 and you have to realize that in order to have {quote} Brent will have to push above 50/bbl and copper above 5500, which is simply not sustaineable due to weak demand in china, also stronger AU makes australian export products less competetive. Bottomline: we had a nice 5 wave move since mid-feb and about to top out near 7700-7750 and then do an a/b/c correction of the move. So I'd be careful going long now (we are in wave 5 now). PS: the chart is still great. )))...

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Quoting vaxx

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Hi Ren1058 Very interesting your analysis. Please help me understand where we enter the transaction using Pitchfork Regards

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Quoting Ren1058

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{quote} I dont really use the fork to make entries I use higher TF forks to give me an idea of 'probable direction' using the various characteristics of price movements within it, ie if price pushes above the median line there's an 80% probability it will hit the upper parallel etc I then switch to the 5 and generally use fib and naked price action to make entries hope this helps

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Quoting Ren1058

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{image}{image}

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Quoting asgcorp

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{quote} nice review on EJ, though be careful since 125.65 is quarter pivot, however I like your read of the general direciton, in fact EJ looks good to test 122.50 if we could take out quarter pivot area with a strong H4 bearish candle, could be a decent run for 300 points.

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Quoting vaxx

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Thanks for the reply Ren1058 How do you know when changing the trend using Pitchfork? You can show the an example? Regards

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Quoting Ren1058

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{quote} Good question I been trading forks long enough now to know that I dont just enter a position when price hits a parallel I want to see price reject the parallel after that I want to drop to a 5 or 15 and see how London open comes out then new york after I am sure we have a definate direction for the trading day and its the expected direction and there are no high impact news events I will look to fade corrections using fib. forks and PA, thats my approach anyway everyone is different and has to find their own style. I don't just use one tool...

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