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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Kona who wrote (24191)5/25/1999 4:22:00 PM
From: Chip McVickar  Read Replies (1) of 44573
 
Kona,

GZ would be a better person to ask...but I will give it a try.
Remember this is my interpretation...he might answer somewhat differently?

#1....
The fork from sept/oct98 is one example of a major long-term fork with extended tines.

The lower tine was never seriously broken until this last week when the market broke 1350±. After all those months....you can say this fork is now obsolete...out of the picture as a reliable trading guide. Trading the signals in a rising fork, one could have purchased at 925 SPX and not sold until the middle tine was broken about 1245spx. Total of about 320 points. However sell signals in any rising fork is generated by the bounce off upper and middle tines....selling off either of these is more typical when trading pitchforks. But theoretically this forks' signals "as a rising fork" remained in use until recently when the lower tine was broken last week.

#2
Now >>Good signals off long forks can last for a few days<<

By this I meant the spread and tine extension...nothing to do with the handle.
By entering on a lower tine....you expect to see the middle tine.
Watch the signals...either a break for the upper tine or sell.
Reach the upper tine....watch the signals, either sell or break for an extended upper tine.
Spreads in a good size fork can be 50 points on a 60min chart 10-15 points on a 5min chart. Each time frame is tradable and has it's own parameters. At least that is what I've found to be true.
Hope this answers your question?
Chip
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