Goldmine!

This is a discussion on Goldmine! within the Trading Journals forums, part of the Reception category; Hi again, There are some traders who use the Pitchfork and its related lines only. They assess the market structure ...

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Old Jun 13, 2010, 5:17am   #64
 
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Re: Goldmine!

FX4Newbies started this thread Hi again,

There are some traders who use the Pitchfork and its related lines only. They assess the market structure an then overlay the fork etc. to gain meaning. The fork really frames the price action thereby giving the trader a way to more accurately assess where price is and where it may go. Traders also use what are called Action and Reaction lines, the theory on which the Pitchfork is based. By the way, it is a drawing tool not an indicator...it also gives price direction and projections ahead of time. I use it in conjunction with other signals. I like the use of confluence myself and have seen other traders do the same.

Thanks for taking the time to check it out. Try it on a couple of your charts just to see how price interacts with it. I think you would find it fascinating seeing it in real-time.

Take care,


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Originally Posted by 4xpipcounter View Post
Interesting. Do you use it as a standalone indicator, or do you use other indicators as a confluence?
Also, as a general rule traders look for a confluence of events in the decision making process. If you use the pitchfork as a standalone, then would you consider yourself as an exception to the rule of using a confluence of events.
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My Pitchfork Goldmine Blog.: The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.
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Old Jun 13, 2010, 7:49pm   #65
 
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Re: Goldmine!

I use the MT4 and can't seem to find the pitchfork. I tried another set of charts and coldn't find it there either. Could you direct me to a site that has it? I'm more interested in experiementing with it on a demo just to see how it works. I know a fwe that use the pitchfork, and they seem to be sold on it.


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Originally Posted by FX4Newbies View Post
Hi again,

The Pitchfork is really a trend tool, but also shows countertrends...The basis for how it works is Newtons' Third Law...for every action there is an equal and opposite reaction. Every 3 alternating pivots that form a pitchfork tell a story about price. It's really a marvellous tool once you understand how to apply it.

Countertrends can be signaled when the outer parallel lines are broken. Just some amazing stuff...

Take care,
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Old Jun 13, 2010, 8:01pm   #66
 
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Locating the Pitchfork on MT4

FX4Newbies started this thread Hi 4xpipcounter,

You can find it on MetaTrader under the Insert Tab...down toward the bottom...Andrews' Pitchfork.

Have fun!

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Originally Posted by 4xpipcounter View Post
I use the MT4 and can't seem to find the pitchfork. I tried another set of charts and coldn't find it there either. Could you direct me to a site that has it? I'm more interested in experiementing with it on a demo just to see how it works. I know a fwe that use the pitchfork, and they seem to be sold on it.
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My Pitchfork Goldmine Blog.: The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.

Last edited by FX4Newbies; Jun 14, 2010 at 12:48pm.
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Old Jun 14, 2010, 3:29am   #67
 
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Re: Goldmine!

All the time I've been trading on MT4 and I noticed it being there. I'll start playing with it. Thanks for your input and help.
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Old Jun 14, 2010, 11:03am   #68
 
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The Pitchfork

FX4Newbies started this thread No problem. The Pitchfork tool on MT4 is very easy to apply. Once you select the tool, you simply click on the pivots you have selected for the fork...Point 1 then 2 then 3...the cursor actually shows which pivot is being plotted. Once you click the last one, the fork appears. Please note that the line of force from 2 to 3 is not shown. Other platforms have the option to show that line or not.

Tell me how you like it once you see it in action some. There are many related lines and concepts to gain the maximum benefit, but just seeing how price respects those lines is interesting to say the least .

Enjoy the day,

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Originally Posted by 4xpipcounter View Post
All the time I've been trading on MT4 and I noticed it being there. I'll start playing with it. Thanks for your input and help.
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My Pitchfork Goldmine Blog.: The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.
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Old Jun 14, 2010, 11:57am   #69
 
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Re: Goldmine!

FX4Newbies started this thread Hello Traders,

A very quiet night for me (London Session). Price was in a very tight range...then came the expected breakout... to the upside. Will post charts later today before the Asian session and then again before the London session.

Have a very busy day. Hope the US session proves to be exciting and profitable.

FYI: The 4-Hr EurUsd chart had shown some bullish sentiment end of last week. We'll see how long it lasts.

Take care,
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My Pitchfork Goldmine Blog.: The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.
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Old Jun 14, 2010, 12:16pm   #70
 
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Re: Chart Updates

FX4Newbies started this thread Hi again,

Morning schedule allowed for a quick post. We'll see if Friday's bullish sentiment will continue. For new pitchfork traders, observe how price reacts when it encounters a fork line (called a tine).

Take care,

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Originally Posted by FX4Newbies View Post
Hello Traders,

A very quiet night for me (London Session). Price was in a very tight range...then came the expected breakout... to the upside. Will post charts later today before the Asian session and then again before the London session.

Have a very busy day. Hope the US session proves to be exciting and profitable.

FYI: The 4-Hr EurUsd chart had shown some bullish sentiment end of last week. We'll see how long it lasts.

Take care,
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My Pitchfork Goldmine Blog.: The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.

Last edited by FX4Newbies; Jun 14, 2010 at 12:23pm.
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