This idea is based on a Classic P0 - P3/P4 Andrew pitchfork which was used primarily for picking Powerful Pivot 5's and the resulting change in trend. What you will find when you look at this chart is that once you get the touch of the ML (P5) you can draw a new pitchfork and conclude that if indeed it is a P5 Pivot the market 80% of the time will reach the ML......which it has. If it passes beyond it, the next high probability target if the ML holds is the Upper MLH.
PS: You will also notice we have Time Pressure coming in on the P5 Pivot Hour of 144 & 180. For those of you who look at Fibonacci and Gann these numbers should be very familiar :)
Always remember
Timing Is Key!
Comments
sublimares2
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Very clean and nice chart- delighting the eyes. The pitchfork pivots should be hooked up at P1 and P2. If you use Schiff Pitchfork the supposed P5- in my counting would be P2- will hit the ML.
Timing_is_key
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Hello Sublimares2,
Appreciate your comments and Chart. Most of the forks are telling me the same thing....ie. a retracement at least to your P1 level and most likely to the intersection of your purple apex and Upper "blue" MLH.......From this point I will let the NEW forks tell me the next chapter of this move. I have includes a variation to the same chart I posted - I just changed the handle from my P0 to my P2.
Sincerely,
TIK
apollo12
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ur using 0 ml 3-4 and modi schiff0 ml 3-4(in another audcad example ) to identify the P5 . my quarry is if that ML is a 2P line ,in that case predictability increased or not.
Timing_is_key
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Hello,
The Mod Schiff P0 - P3/P4 was a pitchfork used by Andrews to isolate a P5 area, sometimes it hit the ML nicely and reverse or sometimes just miss ( price failure ) but don't expect it to hit all the time, If the ML is a 2P also it would be more of a case that you could use the ML as a good centreline to measure action/reaction points, not really to add predictability for a P5, that special pitchfork is all that was needed. What you can do is pull up a standard P2 - P3/P4 pitchfork also as price may terminate at P5 "between" both ML's....That would add to predictability. Hope that answers the question:)