Actually that's the Schiff as originally intended, there's many software pkgs that have the Schiff and Modified Schiff reversed in nomenclature. The Original Schiff places the origination of the forks (median sets) handle at 50% price, P0 to P1, on a vertical axis with P0. The Modified Schiff uses 50% both time and price P0, P1. From the following chart you will see the reason why most prefer the Modified version as it is actually the natural channel formed from the 3 fractals, P0,P1,P2 with the 50% retrace marked. regards, here's a link to another site that deals strictly w/forks... and comments from a gentleman that was in the room when Jerome Schiff and Dr. Andrews discussed the Shiff, fwiw http://www.marketgeometry.com/forum/showthread.php?t=443
forks are ok but they only are useful in a trending market. since the markets range most of the time , on its own you wouldnt make money because sideways markets will eat you up... i would recommend finding something to add to the tool that helps you work a sideways market
Yes, TOS calls a mod schiff fork like the one I had drawn in the example. What you call it doesn't really matter, as long as the forks are well tested and "valid". I know that website, Tim morge is an Idol among "Forkers" . I think he runs his own hedge fund too.
Do you trade forks? I would disagree with that statement. This chart of wynn shows price in a range over the last 5 months, but looking at the larget picture, its obvious that wynn is in an uptrend. Because forks cover such long periods of time, even a multi-month range period usually isnt a problem, as long as its trading within the fork. Generally speaking one should go long in an upfork, and short in down forks, a 200sma can be used to help determine trend, and assist with timing, as well as the momentum.
been trading forks for 3 years and i find horizontal supp/resistance is far more powerful than them in both trending and range markets
here is an example off your own chart. as far as forks go there is only one b grade setup (in green). now compare that to the supp/resistance setups
Price is above all those red circles except the red circle near 80, making all those red circles, now support levels.