February 28, 2011
- in Uncategorized by schooloftrade
andrews pitchfork technical indicator settings for Ninja Trader 7
– Andrew Pitchfork
o We posted the settings for this indicator.
o Uses three trend lines as possible support and resistance levels
o Add the pitchfork with 3 points
§ 1. At the end of the a trend
§ 2. Find a major swing high/low
§ 3. Find the next major swing high/low on the opposite side
o This is a calculation to define a price channel that SHOULD come into play
o You are trying to PREDICT with the Andrews pitchfork
o I don’t like to predict, I would rather react
o So instead of using the pitchfork, I use trend lines and look for SOLID PRICE LEVELS to confirm.
o I draw trend lines as my MAIN focus, because the REAL PRICE is what I need to pay most attention.
o I don’t trust calculations, I only trust REAL PRICES
o Use the trend lines first as your most important, but beware of the location of the pitchfork high, low, and middle.
o We want to buy at the lows and sell at the highs, while avoiding the middle.
– Don’t trust calculations, I trust price levels
o Fib levels, moving averages, VAH/VAL, Andrews pitchfork levels
o I don’t trust these unless we have a SOLID PRICE LEVEL to work with.
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– IF I could only take 2 trades per day, where would they be?
o Sell the HOD/buy the LOD
o Trade the PHOD/PLOD
o Those are the two highest % times you will see.
o If we cant test the HOD/LOD/PHOD/PLOD then look to sell the highs of the sideways range, or buy the lows of the sideways range.
– Zen Fire or CQG data?
o Personally I know nothing about CQG data other than how to get it as a member.
o Zen fire works very well I am sure of that
o I will be testing the CQG data very soon, but it took is provided for NT7
– Difference between fibs and pitchfork is the fibs define extensions and retracements and the pitchfork finds price channels
– TradeTheNews.com is a paid service I have been using 5 years now
o $175/mo worth its weight in GOLD
o Better Bloomberg terminal
o Certainly cheaper
o Has ALL the global news in one spot.
o Use it for the split second audio news alert to make me aware of what’s going on
o As a member you can get the benefit of this in our trade room w/out spending the 175/mo.
o Don’t try to understand everything, there’s a TON of news on here, so beware not to try and do too much.
o
– Which months do the DOLLAR index trade? Same front month as the emini, bonds, currencies
– 03, 06, 09, 12
– March, June, Sept, Dec
– I watch the same timeframes too
– 34range, 21r, 13, same stuff
– Just remember the dollar correlation is a negative one
– Which times during the day do we watch?
o I watch full 24 hours a day, 5 days a week
o Use the chart template and that will guarantee that YOUR charts look exactly like MY charts.
– What’s the difference fear and lack of confidence
o Experience is the biggest reason why I will avoid a trade because I lack confidence.
o Fear is of the UNKNOWN, experience will show you that you have seen everything once before.
o I can’t lack confidence without experience.
o Experience is EARNED, you can’t buy it, or get it from a friend.
o I can make getting that experience a lot easier and MUCH MORE productive when you’re watching charts.
o Keep track of every trade you take, and don’t over trade
o Review these trades EVERY day and find out why they were winners and why they were losers.
o We cover all of this in training and in our video materials.
o I can dramatically lessen the learning process by making sure that EVERY trade I take is following my rules
o After 2 weeks of practice, I can now go back and see WHY some trades didn’t work out.
o Lack of following rules, lack of learning from the past, this will result in repeating the same mistakes you did while a rookie.
