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Andrews Pitchfork (Median Line)

  • #7,701
  • Oct 23, 2016 12:00pm Oct 23, 2016 12:00pm
$USDX Daily
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  • #7,702
  • Oct 24, 2016 5:11pm Oct 24, 2016 5:11pm
GBP/USD 1hr
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  • #7,703
  • Oct 25, 2016 5:25am Oct 25, 2016 5:25am
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Pound speaks with 2 fork tongues.
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  • #7,704
  • Oct 25, 2016 7:55am Oct 25, 2016 7:55am
http://invst.ly/2llt6
  • #7,705
  • Oct 25, 2016 8:30am Oct 25, 2016 8:30am
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  • Oct 25, 2016 11:44am Oct 25, 2016 11:44am
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  • Oct 26, 2016 6:23am Oct 26, 2016 6:23am
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  • Oct 26, 2016 9:12am Oct 26, 2016 9:12am
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  • #7,709
  • Oct 26, 2016 8:47pm Oct 26, 2016 8:47pm
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  • #7,710
  • Oct 27, 2016 9:00am Oct 27, 2016 9:00am
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  • #7,711
  • Oct 27, 2016 12:04pm Oct 27, 2016 12:04pm
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  • #7,712
  • Oct 29, 2016 4:00pm Oct 29, 2016 4:00pm
Quoting AlexC
GBP/USD 1hr {image}
Pitchfork traders, newbies who want to learn... heads up! (*I know a lot about PF's, but I'm still learning too, by the way)

It is hard to find a better series of examples of going with the flow than the recent GBPUSD,H1 (GU) charts by AlexC! (Start with the link; see his recent posts in this thread).

He keeps it simple. He doesn't insist on continuing with the current trend. He checks for PF resonance. He watches for turns, and draws forks in another direction when appropriate.

Now to expand a little, however... Alex may well have drawn all of the forks in my messy GU chart below (I'm lazy to screen capture separate charts). My blue up-fork matches Alex. The rest are others that I would consider are based on the major pivots, where "major" is defined as the most extreme in price.

Therefore, my magenta (down) fork, has the B pivot further to the left than Alex's as shown in his most recent chart. His B pivot it to the right of mine, but it is hard to argue that his fork has some great resonance. I probably would not have drawn it.

My advice to PF traders -- maybe flawed because it clutters the chart and that is the drawback -- is to be aware of both.

The magenta fork, if considered alone, shows a fork that is somewhat respected, but price peaked above it before coming down to approach the magenta ML, but held shy(!). Since it reversed shy of the magenta ML, that is a bullish sign when price again challenges the magenta UML, which it does perfectly. Yes, it bounces nicely, but it's only a pullback because the next time it busts through. (Obviously hindsight. My biggest flaw would be to take that trade at the magenta UML touch and then to expect too much! I might have held on only to lose my profit when it retests and breaks magenta ML. So, no way am I implying I'm an expert myself; I'm still learning).

Alex didn't post a GU chart here for Oct 28, but mine shows at the grey circle an excellent confluence of targets. As price is coming down, the black fork is the fork based on the most recent 3 major existing pivots, and classically, it hit the ML near perfect, and bounced nicely. The red pitchfork (not blue like Alex's) is what I'd say is the next-main fork 1-major-pivot prior to black.

1-more pivot prior to that would be the magenta down-fork, which worked well.

Yet 1-more prior to that, and also based on major pivots would be the green up-fork. There's a little evidence of ML resonance, but it did not hold as well as others.

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Comment to AlexC... still a fan of your charts. Like your profile picture. You are obviously a realist, and adjust your Fx sails accordingly.
  • #7,713
  • Oct 29, 2016 4:04pm Oct 29, 2016 4:04pm
AU,H1. Recent perfect test (shy by 0.3p) of black ML. Notice prior black ML and UML resonance. Magenta MS (ModSchiff) included, which makes it messier. (My flaw).
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  • #7,714
  • Edited 8:36pm Oct 29, 2016 8:08pm | Edited 8:36pm
Quoting pips4life
{quote} Pitchfork traders, newbies who want to learn... heads up! (*I know a lot about PF's, but I'm still learning too, by the way) It is hard to find a better series of examples of going with the flow than the recent GBPUSD,H1 (GU) charts by AlexC! (Start with the link; see his recent posts in this thread). He keeps it simple. He doesn't insist on continuing with the current trend. He checks for PF resonance. He watches for turns, and draws forks in another direction when appropriate. Now to expand a little, however... Alex may well have drawn...
Hi Pips4life, Thanks. I did continue the hourly GU posts where I left off here, on another thread on page 2 http://www.forexfactory.com/showthre...=612650&page=2
You can see how price goes from ML to ML respecting quartiles along the way. Price at last reached a symmetrical triangle formed by the two PF's MLs and broke upward.
Since Justcatalin hasn't posted here going over 4 years now, I started a new thread, Charting with Median Lines. I contacted FF help so they can move the new thread from Trading Journals to the Interactive Trading forum. Your posts are welcome.
  • #7,715
  • Oct 29, 2016 9:18pm Oct 29, 2016 9:18pm
Hello fork traders! So I'm going to probably offend some but I guess I'm a little used to that. Anyway here it goes:

Drawing good-looking forks is really something anyone can do after a week or so of practice. High-low-high or low-high-low and BOOM you've
got a great fork. Now what do you do? Do you buy a test retest of an upsloping lower median line? Do you sell a break of a retest of a downsloping median line? When do you sell an upsloping fork or buy a downsloping fork? Must you always go with the trend? Do you have to trade the lines? No. It's much more than the lines. I don't rea'lly want to offend but it seems most of the threads on Andrew's Pitchforks are just that: how to draw picture perfect forks and really not much more than that. So many draw fork after fork of numerous pairs but offer nothing beyond this. This is sad and misleading.

There is more to fork trading forks than drawing forks. The PA that created the forks needs to be reckoned with. Acquiring this knowledge IMHO is not readily available for free. I'm currently paying a handsome sum to acquire the knowledge necessary to understand how to trade using forks. What I am learning is not available for free. One thing is for sure. Drawing forks is really secondary to trading forks. You must understand the PA first. If you draw the forks first you will have a difficult time being profitable on a live platform.

Sorry to blow everyone's cover but it needed to be said.
  • #7,716
  • Oct 29, 2016 10:29pm Oct 29, 2016 10:29pm
Quoting Winston Reed
Hello fork traders! So I'm going to probably offend some but I guess I'm a little used to that. Anyway here it goes: Drawing good-looking forks is really something anyone can do after a week or so of practice. High-low-high or low-high-low and BOOM you've got a great fork. Now what do you do? Do you buy a test retest of an upsloping lower median line? Do you sell a break of a retest of a downsloping median line? When do you sell an upsloping fork or buy a downsloping fork? Must you always go with the trend? Do you have to trade the lines? No. It's...
well said
Success is a Journey Not a Destination....... kind regards ramzam
  • #7,717
  • Oct 30, 2016 11:37am Oct 30, 2016 11:37am
Quoting Winston Reed
Hello fork traders! So I'm going to probably offend some but I guess I'm a little used to that. Anyway here it goes: Drawing good-looking forks is really something anyone can do after a week or so of practice. High-low-high or low-high-low and BOOM you've got a great fork. Now what do you do? Do you buy a test retest of an upsloping lower median line? Do you sell a break of a retest of a downsloping median line? When do you sell an upsloping fork or buy a downsloping fork? Must you always go with the trend? Do you have to trade the lines? No. It's...
Enlightning us with some examples of what you mentioned is appropriate at this time.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #7,718
  • Oct 30, 2016 12:47pm Oct 30, 2016 12:47pm
I have. My thread in the journal section has some examples of rational behind trades using forks. I challenge those posting nothing but forks to explain them and what they plan to do with them. Posting 10, 15 or more beautifully drawn forks only shows you can draw a fork. What next?
  • #7,719
  • Oct 30, 2016 3:04pm Oct 30, 2016 3:04pm
Quoting Winston Reed
I have. My thread in the journal section has some examples of rational behind trades using forks. I challenge those posting nothing but forks to explain them and what they plan to do with them. Posting 10, 15 or more beautifully drawn forks only shows you can draw a fork. What next?
Thanks. Nice journal.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #7,720
  • Nov 15, 2016 12:06pm Nov 15, 2016 12:06pm
Quoting Winston Reed
Hello fork traders! So I'm going to probably offend some but I guess I'm a little used to that. Anyway here it goes: Drawing good-looking forks is really something anyone can do after a week or so of practice. High-low-high or low-high-low and BOOM you've got a great fork. Now what do you do? Do you buy a test retest of an upsloping lower median line? Do you sell a break of a retest of a downsloping median line? When do you sell an upsloping fork or buy a downsloping fork? Must you always go with the trend? Do you have to trade the lines? No. It's...

Well said but having second opinions of pitchforks is good. There are infinite ways of trading pitchforks so I guess you don't have the only one that is profitable, could you share your trading rules please? I guess no, because it has taken your time to develop them and you think that are precious (logic).
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