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Old 02-17-2008, 05:55 PM
swingscalper swingscalper is offline
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Re: Andrews Pitchforks

I'm relatively new to pitchforks and median lines (MLs). I've got some questions to turn to the experts on pitchworks and MLs here.

1) My understanding is that the effectiveness of technical analysis largely depends on the visibility of the pattern/signal. Pitchforks and MLs, in many cases (unless with confluence with Fib numbers and trendlines), are not that visible to the markets. Will this relative invisibility limit its effectiveness?

2) How often does the pitchforks/MLs set-up for intraday trading? Can it be used as a main tool for intraday trading? I've looked back the intraday data several months back and haven't found many good set-ups. If that is the case, then pitchforks/MLs are only secondary tools for intraday trading and their value are very limited with that regard.

I'm an intraday swing trader and I just want to convince myself that there are enough value in pitchforks and MLs therefore I can dig more into this subject. So far I'm not convinced. Correct me if I'm wrong.

Many thanks.

Swingscalper.

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