Andrews Pitchfork In Forex?

[Andrews Pitchfork In Forex?]

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

[Andrews Pitchfork In Forex?]

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

[Andrews Pitchfork In Forex?]

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