Comments on: Andrews Pitchfork on the US Dollar Index Oct 19

By: A Quick Look at the Daily Euro Chart Feb 17 | Penny Stock Trading System Blog

Thu, 18 Feb 2010 07:35:59 +0000

[...] October 19: “Andrews Pitchfork Update on the US Dollar Index” [...]

By: Dan de Man

Dan de Man — Tue, 20 Oct 2009 20:52:55 +0000

Got a buy signal on the 3 10 16 MACD

By: Dan de Man

Dan de Man — Tue, 20 Oct 2009 15:52:55 +0000

Got a buy signal on the 3 10 16 MACD

By: Corey Rosenbloom, CMT

Corey Rosenbloom, CMT — Tue, 20 Oct 2009 03:29:57 +0000

Hey Reader,

I tried different combination, none of which made any sense (the fork would be too high or too low) so those configurations - as you mentioned - gave no helpful insights into the trend or price structure by using the Pitchfork in a classical/standard manner.

It's often through 'unique' uses or non-conventional uses that you get better results, as shown above (this is a Constance Brown style logic).

You're free to select the points as needed for the Pitchfork - you aren't locked into standard price highs or lows, particularly if they don't make sense.

Sometimes it's trial and error, and sometimes the tool won't work at all.

Your main goal is to see structure, and confine the price in a logical method as best as you can.

If need be, just think of these simply as trendlines instead of a specialized tool.

By: Corey Rosenbloom, CMT

Corey Rosenbloom, CMT — Tue, 20 Oct 2009 03:26:40 +0000

Hey Chomen,

Right – I didn't include the larger fractals, but I did highlight the 5-wave fractal move down in the Elliott Post update I linked to.

Totally agreed!

By: a reader

a reader — Tue, 20 Oct 2009 02:11:43 +0000

Hi
a few questions...
I recognize how your chart neatly shows the trend within the 38.2% area of the fork.
However, if the 'handle' of the fork started in 11/08, then why did you by-pass the low of 12/08, and the high of 3/09, for marking your fork tines? This 'first' set of high and low would not have revealed your trend collection of candles.
Likewise if you had selected the 3/09 high as the start of your fork handle, and used your high and low, it would not have revealed your collection of trend in candles.
It seems you have the liberty to select which ever point you desire to start your fork, with any set of high and low you choose; and not necessarily the 'next' set of high and low points. Interesting.

By: chomen

chomen — Mon, 19 Oct 2009 19:12:23 +0000

E-wave looks like 5 down in the C leg, if you know what I mean.