Azo on daily. Price came right up to the tick on this green bar it seems, and we moved on little to average volume. Lets see if the rally lives tomorrow.
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pitchforks
- Thread starter racehorse
- Start date
i wonder if anybody has done a statistical test on the effectiveness of the pitchfork... T-pitchfork,schiff pitchfork, warning lines,running parallel lines etc..I have the book integrated pitchfork analysis.Within its first pages Dr Dologa states the effectiveness of the pitchfork is hugely dependent on the choice of pivots leaving it as expected completely to the discretion of the the user. As I am reading this book, many thoughts pop into my head of ways to test its effectiveness. Would it work on renko bars charts?? or Point and figure to effectively isolate and study just the price??he uses only time charts in this book. Claims say median line will be tested 80% of the time trick is you gotta pick the right pivots!?? But what constitutes the appropriate pivots?? Price testing and retesting or in other words reacting to upper and lower parallel lines?? The most significant highs and lows??Just wanna see if anybody has done some testing on this matter or is everybody just cruising alone.. blindly using it in conjunction with other tools. I am new to trading and all but i do like to use common sense, the way I see it is that if the tool on its own isn't obeyed at least 50% of the time, its useless, not saying it has to be profitable 50% of the time since that would be too easy but price has to at least pause at one of these median lines once in a while. This book is cluttered with loads of info, fibonacci techniques, jenkins circles, gann angles, etc.... Looking for confluences in signals.. That's great and all but how effective is the pitchfork on its own??Its almost as if he is using it as a decorating tool on his charts, or a guide on where price is going, nth reg good old regural trendline could do?
anyways hopefully somebody has done some testing, and can shed some light on this matter... I am gonna roll my sleeves and test it anyways but would love to see what others think,or if anybody has taken course on it from Tim Morge or anybody else who is successful using it.
anyways hopefully somebody has done some testing, and can shed some light on this matter... I am gonna roll my sleeves and test it anyways but would love to see what others think,or if anybody has taken course on it from Tim Morge or anybody else who is successful using it.
tim knight gave a cla on a wed at think or swim after the close and when showing the gann lines, he said move em around ,the second pivot,til you see one of the lines show up as support, it's all arbitrary and short term, can't answer your pitchfork questions,i'm new, i watching kon to see how well they are respectedQuote from slavduja:
i wonder if anybody has done a statistical test on the effectiveness of the pitchfork... T-pitchfork,schiff pitchfork, warning lines,running parallel lines etc..I have the book integrated pitchfork analysis.Within its first pages Dr Dologa states the effectiveness of the pitchfork is hugely dependent on the choice of pivots leaving it as expected completely to the discretion of the the user. As I am reading this book, many thoughts pop into my head of ways to test its effectiveness. Would it work on renko bars charts?? or Point and figure to effectively isolate and study just the price??he uses only time charts in this book. Claims say median line will be tested 80% of the time trick is you gotta pick the right pivots!?? But what constitutes the appropriate pivots?? Price testing and retesting or in other words reacting to upper and lower parallel lines?? The most significant highs and lows??Just wanna see if anybody has done some testing on this matter or is everybody just cruising alone.. blindly using it in conjunction with other tools. I am new to trading and all but i do like to use common sense, the way I see it is that if the tool on its own isn't obeyed at least 50% of the time, its useless, not saying it has to be profitable 50% of the time since that would be too easy but price has to at least pause at one of these median lines once in a while. This book is cluttered with loads of info, fibonacci techniques, jenkins circles, gann angles, etc.... Looking for confluences in signals.. That's great and all but how effective is the pitchfork on its own??Its almost as if he is using it as a decorating tool on his charts, or a guide on where price is going, nth reg good old regural trendline could do?
anyways hopefully somebody has done some testing, and can shed some light on this matter... I am gonna roll my sleeves and test it anyways but would love to see what others think,or if anybody has taken course on it from Tim Morge or anybody else who is successful using it.