Fun With PitchForks

[hwsteele]

Video number 3:

 

[megamuel]

Great stuff Steeley! Enjoying the vids! I love your accent (not in a gay way!). You sound like a stoned cowboy! Lol. Looking forward to the next installment. I'm guessing you'll wait for price to leave the subfork before making a trade? How long have you been trading like this? What are your results like using pitchforks? How come you've decided to share your strategy out of curiosity? Sorry for all the questions! Take care.

Sam.

 

[hwsteele]

Great stuff Steeley! Enjoying the vids! I love your accent (not in a gay way!). You sound like a stoned cowboy! Lol. Looking forward to the next installment. I'm guessing you'll wait for price to leave the subfork before making a trade? How long have you been trading like this? What are your results like using pitchforks? How come you've decided to share your strategy out of curiosity? Sorry for all the questions! Take care.

Sam.

First off thank's.
Second...a stoned cowboy? I can honestly say I have never gotten that one before! lol.
I will blame that on the microphone that I use. :cheesy:
Third... just to let you know I most likely wont have the next video up til late this weekend and maybe not til Monday.
Monday is a holiday for us here in the good old U.S. of A.
Forth...
I have not been trading like this for very long. A few months at best.
I mostly trade with time and not price so to speak.
As such a friend pointed out that I should work on something that had "nothing" to do with time and see if I could make a go of it. (That was more like a "haha you can't do it" type of thing)
So I picked pitch forks cause I remember that I liked them when I first started out but at that time was never able to make a go of them. They are great in hindsight but not so good in real time because of the reasons I listed in the first video.
I will explain the entry when I do the next video as judging from your guess above you are off a little.

Forks a great tools now that I use the rules with them. Over all I would say that I win about 8 out of every 10 trades with them.

Why share?

Why not?

Funny thing but I always have the beast break throughs in my studies of the markets when I share things.
And if it helps just one person then it was worth while.

 

[megamuel]

Haha well I just meant that you sound really relaxed like you've just smoked a reefa and because I'm from the UK the only time I hear a Texan accent like yours is on old cowboy films! Hope I didn't offend, I meant it in a nice way!

Damn the suspense will kill me waiting until Monday! Ah well, guess it will give me time to practice my forking in the meantime! Actually I had a go on a different chart and was wondering if you'd be so kind to check it for me? I'll attach it. Its on EUR/GBP - Blue is main for, Red is sub fork, Yellow is 88%. Is it correct? Until the last few bars anyway...

I was only curious about you sharing as some people always expect something in return or have ulterior motives! But you seem like a decent chap! Thanks again and have a good weekend and holiday on Monday. Cheers,

Sam.

 

[hwsteele]

Haha well I just meant that you sound really relaxed like you've just smoked a reefa and because I'm from the UK the only time I hear a Texan accent like yours is on old cowboy films! Hope I didn't offend, I meant it in a nice way!

Relaxed? Yes most of the time I am. Very laid back, just ask my girl friend.
As far as the Texas accent I am really From Detroit Michigan!
I have been in Texas for quite a few years so I have a bit of a mix of northern nasal and suthern drawl. Perfect if I do say so my self.


Damn the suspense will kill me waiting until Monday! Ah well, guess it will give me time to practice my forking in the meantime! Actually I had a go on a different chart and was wondering if you'd be so kind to check it for me? I'll attach it. Its on EUR/GBP - Blue is main for, Red is sub fork, Yellow is 88%. Is it correct? Until the last few bars anyway...

The chart you loaded looked good to me!
That would have made a nice little trade.

I was only curious about you sharing as some people always expect something in return or have ulterior motives! But you seem like a decent chap! Thanks again and have a good weekend and holiday on Monday. Cheers,

Something in return? Hmmm
Learn it well and use it to to make lots of good trades!
That way when I write a book about this "Forking" method you can write a scathing review!:cheesy:

arty: Have a great weekend!

 

[Shakone]

Ladies and gentle-mens of all ages...
Step right up...Step right up here and come along with me as we have some fun with PitchForks!

That's right folks take a ride on a PitchFork, not quite a broom but a little bit better to use to figure out witch way the market may go!

Come along with me, all it cost is a little of your time!

Come one come all, swingers or scalpers, it simply does not matter...Any one can ride!

I can understand the concept of support and resistance, and support becoming resistance, whether or not they work is always argued, but the concept at least makes sense to me. Likewise, I can understand why trendlines could work, they're a bit subjective to me, but again the concept makes some sense. As does the concept of momentum and some other things. What I can't understand is the concept of the pitchfork. Can you explain why it works or should work?

 

[hwsteele]

I can understand the concept of support and resistance, and support becoming resistance, whether or not they work is always argued, but the concept at least makes sense to me. Likewise, I can understand why trendlines could work, they're a bit subjective to me, but again the concept makes some sense. As does the concept of momentum and some other things. What I can't understand is the concept of the pitchfork. Can you explain why it works or should work?

I will explain after I make the next video.

 

[megamuel]

arty: Have a great weekend!

Well I just asked your girlfriend and yes she agrees - you are very relaxed Hey! Put that pitchfork down! As for your accent, Detroit, Texas... Its all the same to me really - I'm a Brit! Still think you sound a little cowboy like though

Looking forward to the next vid and finding out how you trade this setup. I want to see how it would have worked on the chart I posted. Hopefully when I know the setup we can run through a few on here. Who knows I may even risk some pennies on it!

Shakone, good question. I was going to have a go at answering it but I'm not really intelligent enough so I'll leave it to Steele. However, I would say that concept is not dissimilar to that of using pivot points (High highs, higher lows, lower highs lower lows). The added bonus being that when you join up the last 3 points (using a standard pitchfork) you get a predicted price channel. Doesn't always work but have a go placing some pitchforks, you'd be surprised how often price reacts around the lines.

Sam.

 

[Shakone]

First I just want to say this is not a criticism of anything explained in this thread or of pitchforks, I'm looking forward to more from HWSteele and his explanation. So this is just my perspective. As I go further along in my learning, it seems to me that the things that 'work', that price reacts to with regularity, are things that everyone sees, and importantly sees the same thing, the things that have little or no ambiguity. If you take a fibonacci, if it is the all time high and low you're plotting it between, then perhaps you could say everyone sees the same thing. If it is some intraday fib plot, or over a few days with ambiguous rules for the high and low, then the number of people seeing that is reduced dramatically.

Trendlines and channels I see in the same way. Some people draw the extremal trendline so that all price is contained within the line, some people use internal, or allow price to go through as long as it doesn't close through etc. Some people include weekend bars, others don't. Some people will plot the line on the X hour chart, and then watch on the Xmin chart, which gives a different value for the line than the X hour chart. You'll need particular rules to draw the trendline, and they may not be the same as everyone elses.

Not everything is ambiguous. Yesterdays high, low and close are known by all. Weekly high and low. Where price turned (on a particular timeframe. Floor trader pivot points and others.

So for the technical trader, if you forget any mystical ideas about Fibinacci's being in nature and all that, and just focus on the bars, how relevant can something be if very few people can see it. By the way, megamuel, I've plotted some pitchforks, and price does seem to react there, but I'm nto sure if that is because there are several lines plotted, or because I'm choosing to draw my pitchfork after the fact so that it looks good.

 

[hwsteele]

Well I just asked your girlfriend and yes she agrees - you are very relaxed Hey! Put that pitchfork down! As for your accent, Detroit, Texas... Its all the same to me really - I'm a Brit! Still think you sound a little cowboy like though

Looking forward to the next vid and finding out how you trade this setup. I want to see how it would have worked on the chart I posted. Hopefully when I know the setup we can run through a few on here. Who knows I may even risk some pennies on it!

Shakone, good question. I was going to have a go at answering it but I'm not really intelligent enough so I'll leave it to Steele. However, I would say that concept is not dissimilar to that of using pivot points (High highs, higher lows, lower highs lower lows). The added bonus being that when you join up the last 3 points (using a standard pitchfork) you get a predicted price channel. Doesn't always work but have a go placing some pitchforks, you'd be surprised how often price reacts around the lines.

Sam.

First I just want to say this is not a criticism of anything explained in this thread or of pitchforks, I'm looking forward to more from HWSteele and his explanation. So this is just my perspective. As I go further along in my learning, it seems to me that the things that 'work', that price reacts to with regularity, are things that everyone sees, and importantly sees the same thing, the things that have little or no ambiguity. If you take a fibonacci, if it is the all time high and low you're plotting it between, then perhaps you could say everyone sees the same thing. If it is some intraday fib plot, or over a few days with ambiguous rules for the high and low, then the number of people seeing that is reduced dramatically.

Trendlines and channels I see in the same way. Some people draw the extremal trendline so that all price is contained within the line, some people use internal, or allow price to go through as long as it doesn't close through etc. Some people include weekend bars, others don't. Some people will plot the line on the X hour chart, and then watch on the Xmin chart, which gives a different value for the line than the X hour chart. You'll need particular rules to draw the trendline, and they may not be the same as everyone elses.

Not everything is ambiguous. Yesterdays high, low and close are known by all. Weekly high and low. Where price turned (on a particular timeframe. Floor trader pivot points and others.

So for the technical trader, if you forget any mystical ideas about Fibinacci's being in nature and all that, and just focus on the bars, how relevant can something be if very few people can see it. By the way, megamuel, I've plotted some pitchforks, and price does seem to react there, but I'm nto sure if that is because there are several lines plotted, or because I'm choosing to draw my pitchfork after the fact so that it looks good.

Just to let you guys know I will be back in the "office" tomorrow so the information will continue then.

Oh, just so you know Mr Sam, my girlfriend is in LOVE with Doctor Who. Not the new one but the old one. She said I am a cross between him and Bruce Willis.
Scary but true!:-0

 

[megamuel]

Ahh we both have a Dr. Who connection then because I look like an Ood....

 

[hwsteele]

Ahh we both have a Dr. Who connection then because I look like an Ood....

Good God man!:-0

 

[hwsteele]

Ok ladies and gentlemen The following is what I was doing on my day off instead of sitting in front of the computer working on trading stuff...


I took A trip with the family to Fossil Rim Animal Park just out side of Glen Rose Texas.
This was the family favorite animal.
She was gentle and kind and did not slobber on us. :clap:

This one on the other hand DID slobber all over me and parts of the inside of the van!

The signs said that zebras like to taste fingers so we didn't feed this guy from our hands

These two animals are called Thread Starterous:cheesy:and Sweetie lovelyous

Oh and just so I can stay on topic for the thread I saw a guy with a pitch fork. He didn't use it right though...Kept using it on hay.

 

[hwsteele]

OK, back in the saddle again.
I am in a trade right now I am short the eur-usd with 1.3660 and then 1.3615 as targets to be modified as needed.
Put a 5 swing fork up and the hour chart and you should be able to figure out how I got my targets.

Getting things ready to start my next video.
Should be up in an hour or two.

 

[hwsteele]

The first target was just hit!:clap:

 

[megamuel]

The first target was just hit!:clap:

Good stuff! Now where is this video!

 

[hwsteele]

Good stuff! Now where is this video!

Making them now.
I am working on number four...

 

[hwsteele]

Here are the two videos I made today.
Sorry it took so long but I had about a thousand interruptions!!

 

[megamuel]

Great vids Steele, thanks so much. I just had a look at the chart I posted and applied my new knowledge to it. That would have made a killer trade! It's a lot simpler than I was expecting, I think even I can have a go at this!

Actually, I also have a suggestion, hope you don't mind. But I was thinking - you know when there is a 5th swing once the 88 is passed. You look at how the candle closes in relation to the pitchforks. That part is a bit vague for me. I mean, at which point is too high? Or low if the case may be. So why not use the 88 fib for that too? Draw it from the subfork median line to the low/high and if it closes in the 88 then trade it. Would that work? I like to have strict rules to follow thats why that came to mind instantly!

Oh and by the way - I noticed when you were drawing your subforks that they were sometimes snapping to places you didn't want. You can turn that magnet off if you want. Just go to Tools>Options>Objects and change magnet sensitivity to 0. Sorry if you knew that already!

Thanks again for the videos. I'm already excited to give this a go! What TF do you use? 1hr? How do you handle money management, do you always exit in stages? You looking at any setups at the moment? If so just tell me the pair and I'll try and see if I can draw the same lines! Cheers!

Sam.

Sam.

 

[megamuel]

My name is Sam, not sure I mentioned that! Lol!