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Old 01-09-2015, 12:21 AM
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Default Median Line For Beginners

5 Rules For Using Andrews Pitchforks

There are five basic rules for using Andrews Pitchforks:

There is a high probability that price will reach the latest median line (ML)
Price will either reverse at the ML, gap (zoom) through it, or consolidate above/below it
When price passes through the ML, it will pull back and retest the ML before continuing
Price reverses at any ML or ML parallel
When price reverses before reaching the ML, it will move more in the opposite direction than when it was rising toward the ML (Hagopianís Rule)

Rule 1. There is a high probability that price will reach the latest median line (ML)

Rule 1 is demonstrated in Chart 1.

Chart 1. Price Drops To Median Line




Rule 2. Price will either reverse at the ML, gap (zoom) through it, or consolidate above/below it

We see Rule 2 demonstrated in Chart 2 where price reaches the median line and then 'zooms' or accelerates through it.

Rule 3. When price passes through the ML, it will pull back and retest the ML before continuing

Rule 3 is also playing out in Chart 2 as price pulls back and retests the median line after zooming through.

Chart 2. Price Zooms The Median Line And Retests



Here in Chart 3 we have a close-up look at the zoom and retest. After the zoom we have two retests where a nimble trader might get short for some quick trades - when price pushes above the median line these trades would get stopped-out if they were still open.

This chart shows a great example of how we might trade a retest of a fork's median line. Price tests the median line and gets rejected - this rejection serves as our confirmation that this pitchfork is still influencing the price action. After the confirmation we place our entry order just below the median line and wait. When price tests the median line again our order is executed and we are short this market with a tight stop placed just above the retest of the ML. As price declines we work our stop order lower and exit the trade just above the lower median line.


In Chart 4 price reaches the median line and then gaps through before retesting it from below. In this particular pitchfork the price action is slightly offset from the fork's median line and price retests both the median line and the offset line after the zoom. As we saw in Chart 3 the retest of the median line gives us an opportunity to get short.

Chart 4. Gap Through Median Line And Retest

Rule 4. Price reverses at any ML or ML parallel

Price can reverse at the median line as we see in Chart 5. The reversal can also occur at the fork's upper or lower median line or at any of the median line parallels.

Chart 5. Price Reverses at Median Line

Rule 5. When price reverses before reaching the ML, it will move more in the opposite direction than when it was rising toward the ML (Hagopianís Rule)

When price fails to reach the median line of the current fork, Hagopian's Rule says that price will reverse and likely reverse with force. In Chart 6 we see an Andrews Pitchfork that appears to have good quality - we could reasonably expect price to reach this fork's median line but it doesn't. When price reverses it does so with force and moves quickly lower.

Standard-Schiff Pitchfork

Jeremy Schiff was a student of Andrews and he developed the Schiff Pitchfork based on his own observations.

The standard-Schiff Pitchfork is derived by moving the origin of an Andrews Pitchfork one-half (1/2) the vertical distance between the high and low points as shown in Chart 1.

Chart 1. Standard-Schiff Pitchfork

his standard-Schiff fork is describing price action quite nicely. In Chart 2 we highlight the interactions between price and the pitchfork lines. If we were trading Newmont Mining in this timeframe we would want to keep an eye on this chart.

Chart 2. Nice Fork


Modified-Schiff Pitchfork

Schiff presented his pitchfork to Andrews and Andrews suggested a modification.

A modified-Schiff Pitchfork is derived by moving the fork's origin one-half (1/2) the vertical distance and one-half (1/2) the horizontal distance between the high and low as shown in Chart 1. The origin of the fork is now at the mid-point of the blue trendline drawn between the high and low points.

Chart 1. Modified-Schiff Pitchfork


http://www.pitchforkplayground.com/5...ws-pitchforks/
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Old 19-10-2015, 11:04 AM
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Old 19-10-2015, 12:37 PM
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Title is not appropriate of subject.

I thought its Machine Language.
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Old 23-10-2015, 09:43 PM
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DO NOT TRADE ITS FAILURE RULE
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Old 05-09-2016, 11:09 AM
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For those looking to trade this method, look at this thread:
Alan Andrews method - ML and associate lines

apollo12 has posted lots of nice chart examples from recent past.

-- no1lives4ever
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Old 18-11-2016, 01:01 AM
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hi
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Old 21-11-2016, 02:38 PM
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Last edited by nTP; 21-11-2016 at 02:42 PM.
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Old 25-11-2016, 11:09 AM
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update

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Last edited by nTP; 25-11-2016 at 11:41 AM.
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Old 29-11-2016, 06:24 PM
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ea simple chiz hay ekdamsa line touch (mostly) long or short ... line broken new entry long or short ... new pivot == new pitchfork ....

if u want u can consider weekly hi lo ... days hi lo as a pivot then u are free to adjust ur pfork accordingly. if u have 3 bar even u can make a pfork and derive a new trading ranges that you may use for next days levels


ie . the way u can use those levels in intraday trading range ...
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Old 30-11-2016, 10:45 PM
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https://in.tradingview.com/i/Sjfpxh1O/



interday lows are saved today in cash ....

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Last edited by nTP; 01-12-2016 at 06:57 PM.
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