Interesting. I happen to be playing with the new chart pattern feature and had Elliot Wave enabled. When I went from the weekly to the daily, a wave count snapped on showing M is in corrective wave C. As I'm a supply and demand kind of guy, to my eye it appears that the C wave will continue down to the lower pitchfork tine, which is validated by the current Anchored VWAP. Though there is a stronger demand zone at $18-$19. Definitely watchlist material. Thank you.
BahamasX
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@sbukosky, Thanks for your comment. Pitchfork (median line) trading it's a complete system of trading. Yes you are right - Andrews (pitchfork or median line) says that now the price is heading lower - target is the lower median line with a very high probability. Very interesting is that on monthly using another pitchfork the target is approx. the same 14.5 - 15.5. I can sent you a photo. You can take a look on SLB ... maybe the same situation ... there are posts for Elliott ...
sbukosky
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@BahamasX, Do you do any "frequency or vibration" shifts to your pitchforks?
BahamasX
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@sbukosky, Honestly I don't understand your question. What do you mean by "frequency or vibration" shifts ...
sbukosky
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@BahamasX, The terms are not used often in trading discussions. I don't know your opinion of WD Gann, but he originated the terms related to price action on the charts. He said that price follows a frequency or vibration just like the radio waves that carry sound. A chart does look much like a cross of FM and AM radio. To bring this down to some common ground, I bought some courses from a fellow who was huge on the Andrews Pitchfork. He would talk about shifts in the stock's frequency by moving the Pitchfork up or down to accommodate the "frequency" or "vibration" within any predominant fork tines. He's been absent from YouTube for some months and I fear he may not be with us any longer. Another fellow who often uses pitchforks is Jeff GreenBlatt. I try to understand the man but his concepts are complicated and I don't see them being predictive, other than his square root calculation based on Gann's square of nine. In his writings he's using frequency and vibration frequently. Fibonacci is tossed into the mix and I use that as a tool also. When normal Fibonacci extensions and retracements don't seem to work, I often find that using square root levels to draw my Fibs suddenly becomes accurate. This all makes me suspect that the market moves on programming using a mix of these algorithms.
BahamasX
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@sbukosky, OK. Finally I understand what you mean. Every line (except curbe lines), every channel, pitchfork etc. who's incapsulate the price evolution gaves the real rhitm (the angle) of that market (horizontal on ranges). When you catch the rhitm (the angle) practicaly you have the future evolution of the price (incapsulated). Everything is ok until the price leaves definitivly the pitchfork - at this moment the rhitm is changed. In this case we can have a change in angle or the angle remains the same but we need another channel, warning lines or pitchforks to incapsulate - to cath the new rhitm. Pitchforks are more powerfull than channels. When you move the handle of the pitchfork you obtain only a double channel ...I like geometry and geometry fits well my requirements. I'm not looking for a high level of accuracy in finding pivots I'm looking only for possible future levels. When I have 3 confirmed pivots I can draw a channel or a pitchfork ...I need weeks to talk about this ...Huge on Andrews pitchfork was in my opinion Timothy Morge who was Andrews apprentice. ruffnerwakelin.com/obituaries/Timothy-A-Morge?obId=17989083
sbukosky
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@BahamasX, The fellow I mentioned but did not name, is Fractal Flow on YouTube. One of his courses that I bought was Euclidian Geometry and trading. Before that, I studied Michael Jenkins, who is, or was, big on geometry. I've played with some calculus too, but it all became cumbersome. Coincidently on that, I have a friend who is an engineer and thought he found the holy grail of trading GDX, based on calculus. I studied it some and finally pointed out that his turning points closely match the 11EMA. Much easier.
BahamasX
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@sbukosky, Thanks for Fractal Flow channel, It fits me. Here you have some Michael Jenkins free books. forexfactory.com/thread/981509-michael-s-jenkins-teachings. I respect "KEEP it SIMPLE" using geometry (only straight lines) and for dynamics - Newtonian Mechanical (action/reaction principle).
BahamasX
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@sbukosky, Congratulations. In May the price hit your target ($18-19) and in September mine ($14.5-15.5). I took some time to look at the price trends... and the comments... Thanks and good luck.
BahamasX
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Sorry I forgot. You can take a look on SLB ... maybe the same situation ... there are posts for Elliott ...