beeb
XAU/USD & XAG/USD - Gold & Silver Traders Thread
have you read the intro?
beeb
Yes, but it is giving me a hard time. The high in the fork in your example is not the high of that swing high. At least, it ain't look to be.It seems to me that the high is the one that is referenced at SP2, near B.
As I understand I need to use a hi-lo-hi or a lo-hi-lo to draw a fork, but then I see forks that don't seem to be valid ones, still, they work.
You must place a handle in the fork, where are you starting it from?
You caught me. What is that? Let me google it... Ohh! It seems there are different types of forks. Maybe that's what is driving me crazy.
I'll read more and then I'll come.
Thanks.
- #18,265
- Apr 5, 2012 8:04am Apr 5, 2012 8:04am
- | Commercial User | Joined Oct 2010 | 1,778 Posts
It seems to me that the high is the one that is referenced at SP2, near B.
As I understand I need to use a hi-lo-hi or a lo-hi-lo to draw a fork, but then I see forks that don't seem to be valid ones, still, they work.
Learn the difference between forks and action/reaction lines - both are valid but obviously different.
You need to do some more work
beeb
- #18,266
- Apr 5, 2012 8:04am Apr 5, 2012 8:04am
Read the quick guide to forks in the opening post
eg this fork is an unmodified schiff from three marked FIXED pivots
beeb
EDIT - just to be clear the pivots are the red A,B and C not the green circles which are just showing supp and resistance along the ML
I see what you were saying about the ABC...there seems to be no perfect downfork currently on the h4.....so.....
Adjusted my h4 chart a little....took some "artistic" freedom....the upper and lower parallels seem to like it a little better
Does that look a little more like something that would be agreeable for you? Or did I take to much artistic license?
Life's a bitch....so be a dog and cover it!
- #18,267
- Edited 8:23am Apr 5, 2012 8:10am | Edited 8:23am
- | Commercial User | Joined Oct 2010 | 1,778 Posts
Excellent write up beeb...easy to follow...very well written....thxs for sharing.
I see what you were saying about the ABC...there seems to be no perfect downfork currently on the h4.....so.....
Adjusted my h4 chart a little....took some "artistic" freedom....the upper and lower parallels seem to like it a little better
Does that look a little more like something that would be agreeable for you? Or did I take to much artistic license?
The rule is to use what works best as the only requirement is to put money in the bin... but "Technically" your fork is not valid as the A is not a swing high or low.
You could use the forks in #18367 or #18381 on 240 mins if that suits....
beeb
Yes it is. You need to go high - low - high and the A is the high the B is the low and the C is the NEXT high.......
Learn the difference between forks and action/reaction lines - both are valid but obviously different.
You need to do some more work
beeb
... I think what has been causing me problems to understand this thing is that MarketScope only has Andrew's Pitchfork tool, wich is different from Schiff Pitchfork.
Again, thanks.
- #18,269
- Apr 5, 2012 9:00am Apr 5, 2012 9:00am
Glad it helps
The rule is to use what works best as the only requirement is to put money in the bin... but "Technically" your fork is not valid as the A is not a swing high or low.
You could use the forks in #18367 or #18381 on 240 mins if that suits....
beeb
Life's a bitch....so be a dog and cover it!
- #18,270
- Apr 5, 2012 9:05am Apr 5, 2012 9:05am
After reading this... http://www.linnsoft.com/tour/techind/pitchfork.htm
... I think what has been causing me problems to understand this thing is that MarketScope only has Andrew's Pitchfork tool, wich is different from Schiff Pitchfork.
Again, thanks.
Life's a bitch....so be a dog and cover it!
OMG, it seems to be an endless story. 
