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A couple general comments about forks
1 "when they're hot, they're hot and when they're not they're not!"
Forks seem to work like clockwork for a while on an instrument then all of a sudden they don't... forks very fickle
2. The angle of the mid line seems to have importance (and is maybe part of #1). Would like to see some research (on the distribution, etc) of angles that are involved in beautiful forks and those that are blatant failures.
zdo |
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zdo,
Thanks for your reply. I think I have a idea why your pitchforks may be working intermittently. The markets, of course, alternate between frenetic activity (e.g. early this week) and sluggishness (e.g. the latter part of this week). With time-based charts, this push-stop-push-stop action is captured faithfully, so the charts move in fits and starts. However, when you use tick charts or volume charts ("share" charts on Tradestation), the market's jerky action is smoothed out, and as a result, pitchforks work much more reliably. I think that the reason for this is that pitchforks, by their very design, capture the energy of the markets, so if that energy is smoothed out, the results are more reliable.
On the attached chart, you can see that my pitchfork is still working. It has a pretty steep angle, which I would have thought might make it less likely to be a valid fork, but the market is still respecting it.