This post has been selected as an answer to the original posters question
Never knew there were any actual relationships between the two let alone any trading course on a relationship between the two either.
With regards to understanding of the creation of each method, well there is plenty of information via the Web regarding that as you would know. I myself do not know of any relationship course, however I would find it quite simple in using both given the right time and instrument, or towards a considered stock trade, and others I am sure will sound off what and how they would do. Yet there are quite a mix of traders here of which some being simply price traders so each to their own on that.
Needless to say, depending on what your trading as you know both are extremely useful tools.
The way I view this is, Fibonacci is a more mathematically based number based tool that works both vertically, horizontally and circular application accordingly. Meanwhile Andrews PF is obviously Pitch forked shaped created by a 3 points at the end of created trend-lines which create channels of support & resistance accordingly.
Hope that makes a bit of sense anyhow, and apology if my reply is off the mark to your thoughts.
Interesting juxtaposition of indicators (since it never occurred to me ).
If you place a Fib band indicator on your chart it seems likely the mid pitchfork will coincide with the 50% Fib level, the bounding trend lines the 0% and 100% Fib levels.
Edited to add: a popular hypothesis that I have yet to study is that Fib bands are related to the way traders at institutions are taught to buy and sell, 50% corresponding to the "no clue but deep pockets" school of thought.
Last edited by bnichols; December 15th, 2012 at 11:42 PM.
When constructing a pitchfork you "pick" 3 swing points, their orientation/separation in price and time are critical since they determine the orientation of the fork.
When constructing a fib retracement you "pick" two swing points; this will yield both the typical internal retracements as well as external retracements which are actually swing "continuation" extensions when the 1st point is violated.
When construction a fib extensions you "pick" three points; if you draw a line between the 1st and third and offset it to the 2nd you have created a measured move channel.
The 1.38 external retracement (and sometimes the 1.27 and lesser the 1.62) is (are) sought after for the harmonic corner trade.
Strip out time and just do price with CL range chart with external retracement buy: image 2 & 4.
Moving on to the next swing with 1,2,3, extention channel off a higher low image3:
Theres a lot of "price" swing harmonics here, next step is intersecting median vertices as horizontal S & R ( wait that sounds like complete BS) image 1:
So pick your 3 swing points, are they pointing up? down? sort a sideways? sort a subjective isn't it?
I dont know if books would help, loads of stuff on the internet and in free webinars; go there and grill the "experts"
Then set up your tools and apply them to the real live market, learn by doing.
Last edited by peterg; December 16th, 2012 at 03:21 PM.