[sonny69]

Hi this is my first post on this forum so I hope this is the right place,I have searched the forum for Andrews Pitchfork and come up with nothing?

Currently I am trading EUR/USD,GBP/USD and EUR/GBP,I am learning to just use price with trend lines and support and resistence levels but have recently discovered Andrews Pitchfork lines and have started using these.

Basicaly I was interested to know if anyone else uses these trading forex as most references you find tend to be related to futures or longer term trading.

My intial reaction to using them is positive as they do tend to give good short term profit targets and entry points but I am quite sceptical about using them as its easy to go off on a tangent trying something new and to later find out you have wasted allot of time trying to use something no one else uses.


Any advice or experiences using them would be really appreciated.

[waveslider]

I find Andrews method most helpful when the market is "swinging" rather than in a strong trend. I don't trade forex ( I do trade currency futures), but from what I've seen, the pairs trend pretty strongly. You might be better off using trendlines and channels.

The other point you mentioned about going off on a tangent is applicable to any method, and if you are suseptible to distraction (like me), this is where developing your discipline comes in.

Successful traders often use only one or 2 methods, and may wait around for days or more for that method to flash an opportunity.

Andrews is a worthy method, it is a good illustration of market symmetry.
GOOD luck!

[walterw]

In the past I did study the entire aproach... liked the logic behind... never used due to the subjectivity of selecting "wich" pivots to draw this lines... I think that with screentime this pivots selections may become easy, as anything in life... my two cents, cheers Walter.

[benssol]

the idea of the PF is that the price tend to walk in sine wave around the median line, so the price aiming to rest on the median line 80% of the time

Pivots selection must be on the last settled swing, it's not virtual

and PF can be used as long as they contain the price or their warning lines act as S/R

if you need anything else just tell

[walterw]

Originally Posted by benssol »

the idea of the PF is that the price tend to walk in sine wave around the median line, so the price aiming to rest on the median line 80% of the time

Pivots selection must be on the last settled swing, it's not virtual

and PF can be used as long as they contain the price or their warning lines act as S/R

if you need anything else just tell

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.

[benssol]

Originally Posted by 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

[walterw]

Using the zigzag for choosing pivots its a good idea... I remember, when I did some experimets I used some fractals as well...

I see you have this external lines, how do you get them plotted ?...

nice inputs Benssol... cheers Walter.

[benssol]

Originally Posted by walterw »

Using the zigzag for choosing pivots its a good idea... I remember, when I did some experimets I used some fractals as well...

I see you have this external lines, how do you get them plotted ?...

nice inputs Benssol... cheers Walter.

thanks Walter

MT dont have the complete pitchfork as other platforms

so i use 2 fib channels and set it's levell to 1,2,3, ... then Plot its bands on the median line of the PF