BDZ, good quest re forks. Taken me about 9 months of serious fork(en) work and 12 months of TA in total to feel I have learnt to "draw" the forks with some confidence. Only now do I trust them to the point that they are at the front line of my still evolving Trading Plan. eg. trying to get past the pretty drawing stage & actually get a $ return from all these hours I have put in. LOL
My no 1 rule at mo is to look for the confirmation of a fork with a retest as signal to jump in. The theory as I understand it is that price should hit med line on 80% of occasions when this happens. Based on my charts it happens on a higher %age than that & I think I am ready to trust them!(I know that Totters & others are much more sophiticated than this but until I lose my learner wheels this simple technique will suffice)
ps anyone who reads this and thinks forks are just a ""patten" & questions what "makes 'em work"? should consider what the basis of them is ... price performing/oscillating around median lines. This is what appeals to me about the fork.
