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Swing trading with Andrew's Forks and volume analysis
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Swing trading with Andrew's Forks and volume analysis

  #21 (permalink)
spanish trader
Cordoba. Spain
 
Futures Experience: Beginner
Platform: Ninjatrader, Strategy trader, metatrader
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where you will open a position and what SL and TP you will use in this setup?

I am starting to study how to apply geometry to charts and I was playing with Pitchforks and trend lines to adapt to the moves of the spot gold and this is the result:

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Perhaps i am missing some lines, pitchforks, or perhaps is not good positioned, please feel free to modify this setup if necessary.

I am using 60 minutes Timeframe,
Just an open question looking for some guidance, when do you think we have more probabilities to have a success trade and what SL and TP will you use?

THank you in advance.


Last edited by trendfly; January 15th, 2012 at 12:42 PM.
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  #22 (permalink)
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Gold charts

I like what you've done with the first chart that countertrend slope looks good....I don't understand the placement of it on the line to the far right...usually what you want to do is project it off the swing low, if you are using it in that fashion as action reaction lines. Here is a chart I put together real quick and an explaination of how I came up with it. I'll attach my futures chart as well.

Hope this helps...regardless if gold rolls over just look to sell breaks of flag formations on the way down, that will be the easiest way in case you miss the optimal position at the top.

Attached Thumbnails
Swing trading with Andrew's Forks and volume analysis-gold-chart.jpg   Swing trading with Andrew's Forks and volume analysis-gold.jpg   Swing trading with Andrew's Forks and volume analysis-gc-2-12-60m.jpg  

Last edited by bayfisherman; January 15th, 2012 at 02:27 PM.
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  #23 (permalink)
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bayfisherman View Post
I like what you've done with the first chart that countertrend slope looks good....I don't understand the placement of it on the line to the far right...

@bayfisherman Thank you for your answer.

Do you mean the countertrend line ?
Its to use as a possible reference in the future as the others countertrends.


bayfisherman View Post
usually what you want to do is project it off the swing low, if you are using it in that fashion as action reaction lines. Here is a chart I put together real quick and an explaination of how I came up with it. I'll attach my futures chart as well.

Hope this helps...regardless if gold rolls over just look to sell breaks of flag formations on the way down, that will be the easiest way in case you miss the optimal position at the top.

What is the criteria you use to draw the lines, i have clear how to use pitchforks but i think you always draw extra lines sometimes with same scope and others lines or pitchforks with the most recent trend, trying to touch highs and lows tails. Thats correct or you should consider something more?

and Yes i think delayed embargo on Iranian crude imports could make euro and gold continue downtrend.

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Vocabulary....

when I say slope or frequency I'm talking about a trendline on an angle that catches multi-pivots. I usually draw my trendlines in first to help identify a particulary frequency then draw my fork in last as the lines typically will guide me to the pivots for the fork I need to draw and choice between a standard fork or a M. schiff fork. The other lines about the fork that are projected off swing pivots are called action reaction lines or sliding parallels.

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Thanks for starting this journal. I also use pitchforks, mainly in gold.

Below is a short term setup that is usually good for at least a bounce. In a case like this where the trendline (median line) broke, and retested, it will usually bounce off a point C somewhere along the lower line. I just draw the pitchfork in advance and move my orders up the trendline.

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Gold and AUDchf short


Jolew View Post
Thanks for starting this journal. I also use pitchforks, mainly in gold.

Below is a short term setup that is usually good for at least a bounce. In a case like this where the trendline (median line) broke, and retested, it will usually bounce off a point C somewhere along the lower line. I just draw the pitchfork in advance and move my orders up the trendline.

That's a nice centerline you have there...gold definitely in an uptrend. The turn off my supply level that drove the price down has me looking for a short in the same area. It looks like you've taken a trade there off market structure, resistance becomes support. I'm expecting a return to the 1660's, but I'll be looking for a short up there.

Feel free to post whatever charts you like. I trade mostly currencies. Just took a short in AUDchf...may regret standing in front of that train but it's in the plan to take the setup.

Attached Thumbnails
Swing trading with Andrew's Forks and volume analysis-audchf-daily.jpg   Swing trading with Andrew's Forks and volume analysis-audchf-240m.jpg   Swing trading with Andrew's Forks and volume analysis-audchf-15m.jpg   Swing trading with Andrew's Forks and volume analysis-audchf-1min.jpg  
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AU short 30m

Sliding parallel retest looking promising...would coincide nicely with the AUDchf short.

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Swing trading with Andrew's Forks and volume analysis-au-30m.jpg  
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  #28 (permalink)
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After read a little about Andrews median lines, and studyng gold futures carefully, i think i found a better setup, in the last trend started by gold this new year. I added stochastic and better volumen indicator, i find useful the stochastic, but still i am not sure what mean colors of the volume indicator... How you read the volume bars?

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Last edited by trendfly; January 16th, 2012 at 07:41 PM.
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Volume bars


trendfly View Post
After read a little about Andrews median lines, and studyng gold futures carefully, i think i found a better setup, in the last trend started by gold this new year. I added stochastic and better volumen indicator, i find useful the stochastic, but still i am not sure what mean colors of the volume indicator... How you read the volume bars?

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You can get some information on youtube by searching on Gavin Holmes. It's called VSA, volume spread analysis. Tradeguider.com is his site. Nice looking fork by the way.

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  #30 (permalink)
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According to this charts it looks gold is oversold, I think using mediam lines, stochastic and volume, perhaps its not sufficient to have a winner strategy, i have used a range (48) chart, i have read volume works better when its used with range charts, what you think?

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