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Andrews Pitchfork (Median Line)

  • #7,541
  • Mar 29, 2016 3:30am Mar 29, 2016 3:30am
So basically do you jump on a trade just because there is a good r/r
Maybe we should look also to price action and don't let Tools use us
  • #7,542
  • Mar 29, 2016 8:53am Mar 29, 2016 8:53am
Quoting AlexC
{quote} Splain? Well, it's a buy, perhaps late, but with good r/r based on fork. Will be monitoring it closely.
Your "dash" lines are what?
  • #7,543
  • Mar 29, 2016 11:05am Mar 29, 2016 11:05am
Quoting AlexC
{quote} Splain? Well, it's a buy, perhaps late, but with good r/r based on fork. Will be monitoring it closely.
Not to get on your case but there are several things wrong here, you're chasing by buying middle of the move, price is ranging so it's a noman's land. These has been no indication to either up or downside move. You're curve fitting the forks. I took a tab at it and it's still in dead in my opinion. You need to 1. analyze strucure and where it flowing and 2 .place forks in strategical manner not simply what looks best to the eye. Look into 123 reversal and 2b patterns for a way to Guage swing reversals. Srry for crapy spell I'm typing on phone
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  • #7,544
  • Mar 29, 2016 2:31pm Mar 29, 2016 2:31pm
Quoting antonb1985
{quote} Not to get on your case but there are several things wrong here, you're chasing by buying middle of the move, price is ranging so it's a noman's land. These has been no indication to either up or downside move. You're curve fitting the forks. I took a tab at it and it's still in dead in my opinion. You need to 1. analyze strucure and where it flowing and 2 .place forks in strategical manner not simply what looks best to the eye. Look into 123 reversal and 2b patterns for a way to Guage swing reversals. Srry for crapy spell I'm typing on...

The fork was drawn about 10 days ago (mod schiff) without curve fitting. Fork was holding price well inside lower median line and quartile dashed line. Price was going to break one way or the other as compression is seen on weekly. I don't usually trade during Asian session so I took a small position. Trade was stopped out. Thanks.
  • #7,545
  • Mar 29, 2016 2:52pm Mar 29, 2016 2:52pm
Quoting pips4life
{quote} Sitkhi, Kudos, that was a decent projection on AUDUSD for a retrace, then down to ML. There was more too it, as the chart shows, but overall, you suggested a strong AU peak could be in play, and that the downfork could be helpful. (See how the black PF did hold at a touch, but it was taken out before a bigger fall; very hard to have predicted that aspect of the chart!). You will recall that you were challenged that there was no reason to draw a downward pitchfork. I completely disagree! One should always draw both up and down forks using...

Afraid I dont agree with the idea of (bad) bias. As far as I understand it the dominant major fork rules price until such time as that fork is clearly broken. Sure you can have mini/minor forks within a major fork but if pointing in the opposite direction you must understand that you are trading against the Dominant fork, its a complex correction at best and yes they can be traded but they're inheritantly risky. Purists would never trade against the major fork after price has been confirmed to be obeying it and neither would they be drawing major forks in the opposite direction. I remember the story of another trader I know who was a gold bug and was constantly drawing upward forks during the last 3 year downturn and eventually stopped trading that instrument due to his bias. Just my 2 cents
  • #7,546
  • Mar 29, 2016 3:04pm Mar 29, 2016 3:04pm
I was waiting with my order but nothing to do, maybe we'll can see a pullback to the Gold line, but not sure if it can offer a place to put my stop
We'll see....
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  • #7,547
  • Mar 30, 2016 11:14am Mar 30, 2016 11:14am
DJ 4hr
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  • #7,548
  • Mar 30, 2016 11:37am Mar 30, 2016 11:37am
Possible plays
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  • #7,549
  • Mar 30, 2016 3:04pm Mar 30, 2016 3:04pm
Maybe a long here
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  • #7,550
  • Mar 30, 2016 3:06pm Mar 30, 2016 3:06pm
aud usd H4
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  • #7,551
  • Mar 30, 2016 3:07pm Mar 30, 2016 3:07pm
nzd usd h4
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  • #7,552
  • Mar 30, 2016 3:24pm Mar 30, 2016 3:24pm
no median line in here, but related to the above. Daily USDX chart. Dollar dipping right into strong demand zone. You add the pieces of the puzzle together.
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  • #7,553
  • Mar 30, 2016 3:39pm Mar 30, 2016 3:39pm
gbp usd daily
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  • #7,554
  • Mar 30, 2016 3:41pm Mar 30, 2016 3:41pm
Quoting asgcorp
aud usd H4 {image}
Is there a setup here? What's you approach?
  • #7,555
  • Mar 30, 2016 3:50pm Mar 30, 2016 3:50pm
I see a maybe eventual setup here but it's a,longshot.allot of things can happen here.
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  • #7,556
  • Mar 30, 2016 3:54pm Mar 30, 2016 3:54pm
yeah posted it elsewhere. H4 NZD USD and AUD USD bearish wolfe waves. NZD USD potentially could push towards 7000 but then the game is over.
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  • #7,557
  • Mar 30, 2016 4:03pm Mar 30, 2016 4:03pm
It's vertical there ain't nothin here. Trading is like chess, it always has multiple outcomes so it better to concider them all you will always be ahead of the game. Just cuz I drew something does not mean I will take positions. If price confirms my assumption I will take otherwise I'm open to all posibilities.
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  • #7,558
  • Mar 30, 2016 4:07pm Mar 30, 2016 4:07pm
wolfe wave is a classic TA pattern. You can read about it here. wolfe wave patterns.
  • #7,559
  • Mar 30, 2016 4:17pm Mar 30, 2016 4:17pm
Don't mean anything just cuz it looks like it don't mean price will act that way. For every time it forms there is 10 others where it fails.
  • #7,560
  • Mar 30, 2016 4:21pm Mar 30, 2016 4:21pm
Quoting antonb1985
Don't mean anything just cuz it looks like
no comment. good luck anton.
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