[benssol]

	Quote:	walterw
	Nice Benssol ¡¡...and welcome aboard.. would be interesting if we could expand the topic right on this thread... As I mentioned before, when I see a chart and I want to get started, the very first question would be, wich pivots should I correctly choose to draw the pitchfork... could you give us some graphic examples on this topic ? so we can learn how this is correctly done... would be really great ¡¡ thanks Walter.

thanks alot walter

you've experience with the tool

so as you know

to select the 3 points of the PF you can select it with your eyes on the last completed swing
or to practice first you can use the ZigZag indicator

after drawing it setting the entries and targets is easily
the idea in the parallel lines

upper and median and lowe lines

any confluence with those lines and S/R level is important
any confluent with those lines and another PF lines also is important

the median line is the most important, it is the pivot that the prices tend to rest at it and play around it 80% of the time


in case of a single PF
when price resting @ the median line its undecesion case
when it breaks it to the lower the first target is the lower median line
and the same if it breaks above it

also you can add a warning outside lines to the PF
and they are a parrallel lines to the upper and lower PF median lines

those warning lines serving the action/reaction principle

so if the prices breaks the PF completetly it's target is the first warning line

every line breaking usually require a return for testing

in the attached chart GU 4H
I attached the zigzag to make it clear
you can see the whole picture
the PF in bold blue and the warning lines are dotted around the PF

-look at the prices at the median line
-look at the first test for the upper median line at 28Sep and the return of the price to the median line
-look at the first failure attempt to test the lower line and the retrun of the price to the median line in 22Oct
- then see the break of the PF completely from the upside then the resistance at the first warning line then the price return to the eternal median line and it's bounce from this area

so this pitchfork deserve to stay on the chart even if another one appear

I hope all this post be helpful to anyone

also it will be great if you share your experience Walter


thanks again