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FX4Newbies
Registered: Apr 2010
Posts: 574 |
06-11-10 11:38 PM
Konviction,
That blue fork showed two important things:
1. Price failure as the price did not reach its ML.
2. The U-MLH became a switchback line providing support for the move up.
Quote from konviction:
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FX4Newbies
Registered: Apr 2010
Posts: 574 |
06-12-10 03:41 PM
Hello again traders,
On second thought, I think it would be better if I did one post about the general properties of the fork than try to post notes on each chart. Learning how to use the Pitchfork is a study in itself, but the basic understanding would be beneficial.
If you would like to learn how to use it, please let me know.
Enjoy your weekend.
Quote from FX4Newbies:
Hello traders,
I notice that many of you have been downloading the charts I have posted. I suppose some of you are new to Pitchforks and it may help you to understand how they work if make notes on my charts to help you to see what they are communicating. Please let me know how that works.
Have a great weekend,
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FX4Newbies
Registered: Apr 2010
Posts: 574 |
06-12-10 04:20 PM
Hello Traders,
As promised, attached is a chart showing the basics of the Pitchfork. As I mentioned earlier, there are many rules associated with effectively using this wonderful tool, but I think with this basic understanding, you should be able to gain some insight into my charts.
Thanks for your interest.
 pitchfork intro.jpg
This has been downloaded 104 time(s).
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konviction
Registered: Dec 2009
Posts: 1360 |
06-12-10 06:03 PM
Quote from FX4Newbies:
Hello Traders,
As promised, attached is a chart showing the basics of the Pitchfork. As I mentioned earlier, there are many rules associated with effectively using this wonderful tool, but I think with this basic understanding, you should be able to gain some insight into my charts.
Thanks for your interest.
The yellow marking on the chart, is that a entry or are you just marking a resistance point?
I dont see the point in that fork, because its not well respected. The first "test" of the lower fork line resulted in a break, then continued higher, but not within the area of the fork, and there was no test on any of the fork lines.
Overall, why not just draw a schiff fork?..it would probably represent price better. Just my 2 cents.
Kon
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FX4Newbies
Registered: Apr 2010
Posts: 574 |
06-12-10 06:48 PM
The purpose of this chart is to illustrate the basic idea of how a pitchfork works to people who don't know anything or very little about it. The yellow oval's purpose is to show price touching the ML.
Secondly getting into the Schiff and explaining touches etc. is going down a path that I think is too much for someone who is just being exposed to this for the first time. Some are just trying to draw a fork and do it the right way.
I find that giving people tidbits here and there without proper structure and foundation and not showing how they should be integrated as a whole, diminishes the full impact to the new learner.
Just my 2 1/2 cents  . To me that does not benefit the trader in the long-run.
Take care,
Fx4Newbies
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