andberg
Short

20150904 USOIL CL1! following pitchfork

FX:USOIL   Crude Oil (WTI)
73 2 3
I recently visit FORKER and found him very interesting so I draw my first pitchfork and found that USOIL             can return to 37$ area

comments are welcome

please trade carefully

Related Ideas

forker PRO
a year ago
Hey andberg - nice one :)

Thank's for mention me. I'm happy to help out everybody who's interested in in this philosophy of Action/Reaction with the Andrews Pitchfork.

Alltough we don't see the anchor point, the fork is absolutely valid.
This is a example of perfection. So we should not expect the markets to act so precise at the Extremes, like we see here at the U-MLH (Upper Medianline Parallel), the CL (Centerline) and the L-MLH (Lower Medianline Parallel). Price often not only touches, but also fluctuate around these lines. Then we need to pay attention to priceaction like support, resistance, closes above/below the CL and outside the lines etc. .

Here we clearly see price finding support & resistance at the extremes and also at the centerline, after the break of it and the PB (Pullback) to it.
Again - dont expect it to be exact like this all the time. This would burn a wrong expectancy in your trading brain and then you start to press the market into the fork...that's not what we want to do with this framework, these tools!

What we can project, according to the rules of the Fork (A/R) is, that if price is pulling back to the CL and turns the other way around (from where it came) we can expect a PB to it bevor continuing further to this new direction. And in this case to the downside.

Your 37 is absolutely possibel (...it's all possible ;-) ) and (but it) has a 80% chance to reach it.
The rule of reaching the CL (or any other A/R line) over 80% of time comes into play here. And this is the reason why the 37 could be a potential (read it again - potential!) target/support area.

I have put together a small course - it's free.
Please don't expect too much, it's just "raw" at this time, but it is giving you a clue of trading with the law of nature - Action & Reaction.

http://mytradingcoach.usefedora.com


I appreciate any comments and feedbacks (Private Message me) what kind of information, tools etc. you would like to have in such a full featured course.
I'm thinking about to translate the full course (it's in german at this time) into english, adding videos and much more. So please don't hasitate to give me more ideas if you like this concept.

Hope it helps everybody §8-)
forker
Reply
andberg PRO forker
a year ago
Thank you very much for this extensive comment, keeping in mind your warnings
Taken your course just yesterday, was very easy to understand and will follow eventual session
Reply
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