Fxprotrader
Ausbildung

When to Draw a New Median Line Set (Educational)

FX:AUDUSD   Australischer Dollar/U.S. Dollar
508 5 43
I get a lot of pm from traders in the community, who ask me how to use the pitchforks the right way. Like every other tool, there is more than one way to use them and the results may differ. The best answer on how to use them is to choose the way that works the best for you but no matter which way you choose you definitely have to understand that by far the most important factor to use each tool is market structure. In this post, i will show you the easiest way to read structure in order to have a good feeling when to draw a new median line set, in the direction of the trend.

In the chart below, reading the structure from the top we may see that price is in making LH & LL something that indicates that we are in a downtrend. Suddenly price reverses, taking out the last LH of the down move which signals a potential change of behavior.



This is the time where median lines come in play..! We use major swings points ABC and draw a pitchfork but we take no action till we see that the slope is working extremely well and the pitchfork is an active one.



On its way up price finds good support and resistance at the parallels of the median line (red, green arrows) and we are now confident that the set is an active one. From that point, every time price reaches a parallel we watch for a setup completion based on our strategy. The best option is to trade setups in the direction of the trend. A final word should be that it is a better option to draw your sets in the higher timeframes to have a better picture on the markets. In case you wonder which of the three pitchforks (Schiff, modified) you should choose, the answer is to go with the one which represents the better path of price with the most valid slope.

I could write a ton more of info about median lines but there is a limit on the number of characters we should use in the posts.

I hope you find this useful..! Ask comments below, and like the post so others can see..!
Excellent.. I use fractals with the pitchfork!! very powerful indeed
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Fxprotrader Antilogs
@Antilogs, Well done..!!
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can you use the above rules for an intraday/short timeframe trade??
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@ticker1, Absolutely..
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we would like to see more posts like this :)
thanks
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