Goldmine!

[JahDave]

Okay Traders,

Hope you had a great week. The weekly wrap-up of the pairs I follow on the blog are now posted.

Will try to get in on some of the trading action this week. Let's hope the market doesn't get too wild with all the happenings with The Dollar lately.

All the best,

FX4

It's going to be a volatile trading week. I am looking forward to it. I think some big levels will be hit by some big swings this week.

Good Trading,
Jah Dave

 

[FX4Newbies]

Hello Traders,

Hope you all had a great trading week. Had an overwhelmingly busy week. Got in some quick trades on Friday. Very successful week regarding some projects that were on my desktop. Now I can breathe a little easier.

Weekly wrap ups will be posted on the blog by Saturday around midnight EST.

Enjoy your weekend.

FX4

 

[FX4Newbies]

Well I was able to place some trades today, but got into some entanglements on Nzd-Usd. Managed to actively manage the risk and come out ahead...didn't lose any $$$. Made a few on EurUsd...late entries. Should have been a couple of hundred pips for the day, but I am grateful that I lost nothing, but actually made some.

Still not quite in the flow but will keep on.

Hope you all did well today.

FX4

P.S. Recently completed some important travels. Trying to get back in the flow now.

 

[FX4Newbies]

Getting Back On Track

Getting back on track. Sent a signal today on Eur-Usd. Charts are on the blog.

Time for bed.

FX4

 

[FX4Newbies]

Hello Traders,

It's been a while since I posted here. Have been tending to an ill family member and just swamped in so many other areas. Can't say when I will resume. However, you can still follow my weekly wrap-ups on the blog.

Hope this thread has helped some thus far.

All the best,

FX4

 

[FX4Newbies]

Hi Fork Traders,

Continuing to post in this thread that I started several years ago. Will be looking at EurUsd...

Just so you know, my complete trading method includes the Andrews Pitchfork as it gives valuable information that other methods may not.

See you next week,


FX4Newbies

 

[FX4Newbies]

Good Morning Pitchfork Traders!

As promised here is what has happened to EurUsd...following up on the chart shown before:

Price could be retracing in preparation to move to the L-MLH. U.S. news to come... Let's see how things play out.


FX4Newbies

 

[FX4Newbies]

Good Morning Pitchfork Traders!

As promised here is what has happened to EurUsd...following up on the chart shown before:

View attachment 338838

Price could be retracing in preparation to move to the L-MLH. U.S. news to come... Let's see how things play out.


FX4Newbies

And here is the outcome...

 

[FX4Newbies]

Happy New Year!!! I wish us all a great trading year!

Below is some simple analysis using the Andrews Pitchfork. Below is a green "What-If" fork as the price is still coming up from the force of the downtrend. The black trendline at the moment providing resistance while L-MLH, lower green fork line, could be possible support. (Pitchforks are a part of my TA approach). Will continue to follow it this week.

Trade well!

 

[FX4Newbies]

Missed the long entry...at the moment, price is at a critical place. U.S. Core CPI at 8:30 a.m. EST today. Lots could change.

 

[2be]

Missed the long entry...at the moment, price is at a critical place. U.S. Core CPI at 8:30 a.m. EST today. Lots could change.

View attachment 339697

I find that the sharp angles of Andrews Pitchfork makes it useful for reversals and the initial trend indication, Schiff Pitchfork I find useful to indicate trend continuation/or trend change using Standard Deviation 1 and 2, and on larger TF mid SD values, useful for "all TFs display" on charting software like ProTimeReal, or just simply change TF at will.
Schiff Pitchfork - I have to draw it manually as I cannot find one for MT4 which could be be inserted into drawing tools
Your comments would be highly appreciated.
Thanks

 

[FX4Newbies]

I find that the sharp angles of Andrews Pitchfork makes it useful for reversals and the initial trend indication, Schiff Pitchfork I find useful to indicate trend continuation/or trend change using Standard Deviation 1 and 2, and on larger TF mid SD values, useful for "all TFs display" on charting software like ProTimeReal, or just simply change TF at will.
Schiff Pitchfork - I have to draw it manually as I cannot find one for MT4 which could be be inserted into drawing tools
Your comments would be highly appreciated.
Thanks

Hi 2be,

Glad to hear your thoughts....

The Andrews' Pitchfork is an amazing analysis tool...great for trends, countertrends and reversals...even ranging moves. I generally apply the Schiff when the regular fork does not "fit" price well due to a sharp/vertical move in price. The idea of SD is a good one for sure. There is a tool, an indicator, for drawing the Schiff automatically on MT4. Trading View also has that option.

Sent you a DM.

Take care...


FX4Newbies

 

[FX4Newbies]

Missed the long entry...at the moment, price is at a critical place. U.S. Core CPI at 8:30 a.m. EST today. Lots could change.

View attachment 339697

Here is an update. For Fork traders, we know 80% of the time where the price is likely to go...and the market is still on target to get there.

Let's see how the market navigates forward. What I like about Pitchforks is that you can use it with any credible method and the results are simply POWERFUL!!! No escaping it! Remember...these lines are there in advance of price.

Want to add this comment for traders who may not be pitchfork traders... there are rules for drawing the forks for optimal and accurate results. It is not a trial-and-error method, where you "wing it" until it fits price. I saw a video a few years back where the presenter was discussing the Andrews' Pitchfork, and I could tell he did not know how to apply it correctly. If a trader does not know what is what, and follows that video, they would be in a mess...but they might tend to trust it because of the "credible" source, meaning the reputation of the presenter.

Be careful out there people! Not everything online is worth your time, effort, money and in some cases, the trading trauma and drama that is caused.

 

[2be]

Hi 2be,

Glad to hear your thoughts....

The Andrews' Pitchfork is an amazing analysis tool...great for trends, countertrends and reversals...even ranging moves. I generally apply the Schiff when the regular fork does not "fit" price well due to a sharp/vertical move in price. The idea of SD is a good one for sure. There is a tool, an indicator, for drawing the Schiff automatically on MT4. Trading View also has that option.

Sent you a DM.

Take care...


FX4Newbies

Hi FX4Newbies,
Many thanks for your kind assistance.
Will post how I use manual approach using fibs of the recognised impulsive with following it reaction (corrective) from which the pitchfork is drawn.
Best wishes, 2be

 

[2be]

Hi FX4Newbies,
Many thanks for your kind assistance.
Will post how I use manual approach using fibs of the recognised impulsive with following it reaction (corrective) from which the pitchfork is drawn.
Best wishes, 2be

chart below
unfortunately on MT4 Andrew's Pitchford I am not able to add any more Standard Deviation lines
The idea is there to draw Schiff Pitchfork, tough with only one SD lines
On ProTimeReal I can add these additional SD lines
DOW is usually very volatile, at times explosive large moves, one has to be used to that.

 

[FX4Newbies]

chart below
unfortunately on MT4 Andrew's Pitchford I am not able to add any more Standard Deviation lines
The idea is there to draw Schiff Pitchfork, tough with only one SD lines
On ProTimeReal I can add these additional SD lines
DOW is usually very volatile, at times explosive large moves, one has to be used to that.

Hi 2be,

Glad to see you are using Pivots in your analysis. Very valuable info provided with that tool. A question...the arrow markers on your chart, are those trade markers or were they provided by the software or tools you are using? ProRealTime is a very popular trading software...works well. Used it years ago.

 

[2be]

Hi 2be,

Glad to see you are using Pivots in your analysis. Very valuable info provided with that tool. A question...the arrow markers on your chart, are those trade markers or were they provided by the software or tools you are using? ProRealTime is a very popular trading software...works well. Used it years ago.

will explain later

 

[2be]

will explain later

In the distant past I have used different channels and of course trendlines.
Schiff Pitchfork in particular is of interest to me, as it relates to wave / market structure.
You will notice that I draw Fibs including RET and EXT at both ends, that is for convenience.
For example, long time ago with other trader we spend some time looking at the first impulsive to Which Fibs have been applied, our finding was that Dax like to terminate the move at 224, and DOW at 261 to 300 during the session or there about, like today
missed the last 70 points as I left trading desk to see my granddaughter - Pap duties

First chart MT4 with the US session candle bar M5 - top of the Fib channel also have been reached, coincided with SD3 of the pitchfork, beauty

Second chart PTR M5

The arrows are created by ASCtrend, they very much coincide with the crossing of the Smoothed MA5 closed with the Smoothed MA5 closed shifted 5
It is my lazy approach, so I do not want to miss that cross, MA5 also links to the stochs set to 5,3,3, that is a miner thing on a shorter TF but I use that same setup on TFs I use, when stochs play a more important role like on Daily - H4 - M30 in my trading strategy, along side of many other things of course of which PA and market structure are the most important, just sensible.

The third chart is Schiff fork using the MT4 indicator, looks good and the manually drawn ones look ok too, esp on the PTR where the additional SDs can be added.

Mr President did not disappoint yesterday, thought snow was melting in Davos, and the boss of Bank Of America needed instant medical attention and immanent change of pamper.

 

[2be]

In the distant past I have used different channels and of course trendlines.
Schiff Pitchfork in particular is of interest to me, as it relates to wave / market structure.
You will notice that I draw Fibs including RET and EXT at both ends, that is for convenience.
For example, long time ago with other trader we spend some time looking at the first impulsive to Which Fibs have been applied, our finding was that Dax like to terminate the move at 224, and DOW at 261 to 300 during the session or there about, like today
missed the last 70 points as I left trading desk to see my granddaughter - Pap duties

First chart MT4 with the US session candle bar M5 - top of the Fib channel also have been reached, coincided with SD3 of the pitchfork, beauty

Second chart PTR M5

The arrows are created by ASCtrend, they very much coincide with the crossing of the Smoothed MA5 closed with the Smoothed MA5 closed shifted 5
It is my lazy approach, so I do not want to miss that cross, MA5 also links to the stochs set to 5,3,3, that is a miner thing on a shorter TF but I use that same setup on TFs I use, when stochs play a more important role like on Daily - H4 - M30 in my trading strategy, along side of many other things of course of which PA and market structure are the most important, just sensible.

The third chart is Schiff fork using the MT4 indicator, looks good and the manually drawn ones look ok too, esp on the PTR where the additional SDs can be added.

Mr President did not disappoint yesterday, thought snow was melting in Davos, and the boss of Bank Of America needed instant medical attention and immanent change of pamper.

Schiff fork and Andrew's Pitchfork (constant at all TFs) in relation to FIBs(constant at all TFs) drawn on Market Structure(relevant in a particular TF) so it looks like a good marriage, but only part of the story.
DOW M1 chart - I have been using semafor indicator for years, it is an easy at a single glance at the chart as to where draw Fibs, which assist in drawing trend lines and forks too

The different appearance and uses of the Andrew's Pitchfork and Schiff Pitchfork is clearly displayed, as that Schiff indicator still allows for Andrew's Pitchfork to stay displayed on DOW M1 chart on MT4
All pitchforks have their uses, one needs to draw them correctly, and be clear regarding the intended purpose of a given pitchfork, mainly trend continuations or rotation, sounds simple, but in reality one needs to proceed in accordance of the remaining parts of the trading strategy.

White background - DT chart DOW daily with two Pitchforks displayed, a bit too busy but still allowing for looking deeper into "cutlery" stuff
(some might recognize that particular charts from distant past)
The third chart is DOW DT H4 Schiff Fork Modified, I like the idea to choose the better fitting pitchfork, the SD channel stays relatively similar, tha angle changes accordingly, IMHO quite a useful concept. More work needs to be done on that,,,

DOW has been in such a strong Bull trend that the beginning of that trend demands much higher TFs than Daily, so I have opted for areas of Market structure displaying the running (continuation) of that Bull trend.

DOW has a low volatility day so far. Possible inside NYSE session candle bar in place, as even the gap to the last session close has not been filled (partially filled so far)
DOW just have closed the gap to the last session close (around 150 points span from the session L to the session H)
I am done for the week.
Good trades to all!

 

[2be]

In the distant past I have used different channels and of course trendlines.
Schiff Pitchfork in particular is of interest to me, as it relates to wave / market structure.
You will notice that I draw Fibs including RET and EXT at both ends, that is for convenience.
For example, long time ago with other trader we spend some time looking at the first impulsive to Which Fibs have been applied, our finding was that Dax like to terminate the move at 224, and DOW at 261 to 300 during the session or there about, like today
missed the last 70 points as I left trading desk to see my granddaughter - Pap duties

First chart MT4 with the US session candle bar M5 - top of the Fib channel also have been reached, coincided with SD3 of the pitchfork, beauty

Second chart PTR M5

The arrows are created by ASCtrend, they very much coincide with the crossing of the Smoothed MA5 closed with the Smoothed MA5 closed shifted 5
It is my lazy approach, so I do not want to miss that cross, MA5 also links to the stochs set to 5,3,3, that is a miner thing on a shorter TF but I use that same setup on TFs I use, when stochs play a more important role like on Daily - H4 - M30 in my trading strategy, along side of many other things of course of which PA and market structure are the most important, just sensible.

The third chart is Schiff fork using the MT4 indicator, looks good and the manually drawn ones look ok too, esp on the PTR where the additional SDs can be added.

Mr President did not disappoint yesterday, thought snow was melting in Davos, and the boss of Bank Of America needed instant medical attention and immanent change of pamper.

In the first law, an object will not change its motion unless a force acts on it. In the second law, the force on an object is equal to its mass times its acceleration. In the third law, when two objects interact, they apply forces to each other of equal magnitude and opposite direction.
( unless we find Market Makers - and learn how to take advantage of their "facilitating activities") my sarcasm, but serious matter anyway.
It is likely that Newton would agree that MM have a "special place" when his laws are applied to trading - but that is another matter.

It can be and must be said that Newtons laws are very much foundational including the momentum applied in trading.
Since Newton there have been further theories and interpretation of Albert Einstein and others, so we learn that light doesn't travel in straight way and that photons possess some kind of mas. For the purpose of this post lets limit it to Newtons Laws.

At times the most important things have been allotted the less number of attention and words.
The language of motion, momentum and energy of all kind, including emotional energy is often used in describing market condition and PA.
That is the language of fractals, order, chaos and entropy, Market Structure, HH/HL and LL/LH, Impulsive and corrective wave, ABC and 123 structure and many many others.
Once there is understanding of these basic Newtonian laws, one needs wisdom how to successfully apply that knowledge.
This wisdom has to saturate our cognitive processes and activities, trading included.



I think that Andrew's Pitchfork and Schiff Pitchforks relate and coexist well with Market Structure, which is incredibly important concept of TA.
By Market Structure I mean all types of "grid" that can be imposed as background on the PA flow, things like HH/HL and reverse, fractals leading to Zigzags, all type of waves, ABC, 12345/123, abs-abcx, Elliot and Harmonic waves, what is important to me is the ability to determine an impulsive and corrective PA move, one can call it wave, supplemented by geometry and Fibonacci (on price and time) and if possible cycles.
I am convinced that Pitchforks are more useful than Standard Deviation Channel or Fibo Channel, it is due to Pitchfork construction, as FX4Newbis pointed out in the first post, so many years ago. It is constructed using 3 alternating pivots: high-low-high or low-high-low. The center or Median Line (ML) is where the price tends to be drawn to about 80% of the time. The outer lines are where price is generally expected to lose steam.

Different charting software allows for different ways to draw these pitchforks and choose the particular one with the ML line reacting with the PA in the best way for a given purpose one uses the Pitchforks.

Below is an attempt to describe my current take on the subject of pitchforks. It is very limited and most likely not precise enough and at worst containing some cardinal mistakes. I will not be offended, indeed I would be grateful for any comment/s making me to further my understanding of the subject, resulting in more profitable trading.

I am aware that there are at least three types of Pitchforks, Andrew's Pitchfork (the original concept) and two subsequent variations, Schiff Pitchfork and Modified Schiff Pitchfork.

Andrew's Pitchfork
Thanksgiving turkey is usually stubbed several times from different sides with the pitchfork allowing for carving nice slices. When trading is concern, drawing pitchfork when the PA form a fractal pattern of H-L-H or L-H-L comes automatically, and a duration of a prevailing trend might not be such important consideration, so SD 1 usually is enough, as the PA is likely to rotate faster, profits are taken and one waits for another opportunity to come about. This is certainly a very profitable way to trade using Pitchforks, more likely standard Andrew's Pitchfork, as they seam to be less concerned with a longer lasting trends, and seam to be ideal for managing rotation in PA.

Schiff Pitchfork
Schiff Pitchfork - I think that the good place to draw that pitchfork variation is when the first impulsive is identified followed by completed corrective, the expectation is that the first impulsive will be followed by third impulsive, forth corrective and fifth impulsive ( or failed fifth).
If using MT4, I would draw Fibs on that (possible) first impulsive after the second corrective looks like being completed. The Fibs I draw include Retracements and Extensions, (both ways Extensions to make it easier for me - being lazy)
The ML line of Schiff Pitchfork is drawn from the Fib 50% Ret of that impulsive, from where the 50% Ret meets the left side of the box drawn over the whole of that impulsive(charts and link to the video will follow), so basically it is Andrew's Pitchfork when the ML line is drawn from different initial spot.
I addition to the above Schiff Pitchfork often has more Standard Deviation lines in order to contain PA/Trend for a longer time. Of course there nothing wrong in adding when possible more SD lines to the Andrews Pitchfork, one will see that Andrew's Pitchfork has got much steeper angle, and is likely to create another Andrew's Pitchfork, much faster that the Schiff Pitchfork

Modified Schiff Pitchfork
It is similar to Schiff Pitchfork, which is Andrew' Pitchfork drown from different spot.
Modified Schiff Pitchfork is Andrew's Pitchfork drawn from the Fib 50% Ret of that first impulsive impulsive, but the ML is drawn from the middle of the box, thus slightly changing the slope of the drawn ML, and all the SD lines related to that ML.

It is all about the slope of the controlling ML, rendering different Pitchforks more suitable for given application/s in respect of the all important PA and created by it Market Structure.

With multiple pitchforks the ML and SD lines will create a grid of diamonds like shapes, that subject demands much longer explanation - just to mention.

It is rather a long post, I have tried to be more precise, very likely have repeated the obvious. if that is the case please forgive me to have taken your precious time.
In any case I wish all happy stubbing irrespective of whichever Pitchfork one is choosing to use, Trident of Poseidon, or many throng other Pitchforks.
Good trades to all!!!