Dislikedlove you guys, we are all one team who believe pitchforks work like charm! tim morge brought me to believe in power of median lines/pitchfork. Guys, i've come across some great indicators for pitchfork/median line / channels, let me share them with you..only golden stuff!! no need to thank me, lets build a killer system. outta these.. also if you have any indicators that automatically draw pitchfork/channels/trendlines or such please share also.. {file} {file} {file} {file} {file} {file} {file} {file} {file} {file}Ignored
Andrews Pitchfork (Median Line)
- #7,801
- Mar 18, 2017 11:53am Mar 18, 2017 11:53am
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
- #7,802
- Mar 18, 2017 12:21pm Mar 18, 2017 12:21pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
A typically drawn fork using a regional L,H,L. It's rather steep and doesn't capture future price action.
Point C could be moved over a bit to L1 and now the fork captures price action quiet well. But to me this is "curve-fitting" the fork or forcing it to work. Yes it looks good and in fact some may make this work for them. For me however it is incorrect.
Point C could be moved over a bit to L1 and now the fork captures price action quiet well. But to me this is "curve-fitting" the fork or forcing it to work. Yes it looks good and in fact some may make this work for them. For me however it is incorrect.
- #7,803
- Mar 18, 2017 12:28pm Mar 18, 2017 12:28pm
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
By identifying relevant swings that are similar sized we can more correctly draw functional forks.
- #7,804
- Mar 19, 2017 8:54am Mar 19, 2017 8:54am
{quote} Drawing median lines should really be based on careful analysis of the price action. Consideration of swings (swing highs, lows and those with confirmed highs and lows) being just one but perhaps the most important. Indicators will not think about the price action for you but they will draw forks that often are quite meaningless. It is highly recommended to avoid such indicators as they will often draw bogus forks. On the other hand if the indicator merely adds items such as warning lines or 50% levels and such after YOU have determined...
definately you are right... pitchforks very are sensitive similar to trendlines (we gotta connect swing highs n lows) n indicators i posted, i did so after research. I also noticed they do taking into consideration swingpoints.
lot of times we dont trade crosses, i noticed using CM strength indicator (see attached) allows us to see strongest pair/weakest currency of the day and allows us to quickly form pitchfork with the indicators i posted.. i have created a template for pitchforks so soon as i see one currency strongest vs. weakest, i apply my pitchforks template bang i know this pair is 20 pips away from median line or something...or its bouncing off median line.. so utilize this indicator..
I cant create new threads
to be able to do that, it says i need to be high influence user..not sure how i become that, but i really want to share what i know to help others.
- #7,818
- Apr 19, 2017 8:20am Apr 19, 2017 8:20am
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
Forks and Fibs are nothing but lines describing overall what price is doing. Relying on them as triggers for trade entries in the long term will probably be frustrating. Price has been bouncing between the lower median line and center line and washed/rinsed April 14 and continued up forming a "V" structure which is important for future trading. After the wash/rinse price "swapped" a few times (white boxes) and may have provided a few buys depending on one's entry strategy.
