Charting the Markets with IG TV: Special show on the Andrews pitchfork
Recorded and broadcast live on Friday the 8th November, just ahead of Remembrance Sunday 2019, STA Committee member Eddie Tofpik appropriately decided to do a special educational show on the Andrews pitchfork. Church on Sunday reminded me that Isaiah 2:4 says: ‘’and they shall beat their swords into ploughshares, and their spears into pruning hooks: nation shall not lift up sword against nation’’.
Eddie, dapper in pale grey suit, pink striped shirt, yellow tie and red poppy, brought along the very same slides he had used at a lecture prepared for an STA monthly meeting a couple of years ago. Normally videos of the talks are only available to STA current members, and his insights here are on a par with what they can see; the difference is that they’re available free to all and sundry on the STA blog (www.technicalanalysts.com) and to IG clients.
This is a tour de force – where he helpfully has bullet points on the charts themselves, encouraging you to pause the video and make notes of salient features – and especially as to how to correctly draw the tines. Using up-to-date data he proves that ‘’it does work out of the classroom…[because] it’s binary: it either fits or it doesn’t.’’ New to me was that the concept goes back a long way, via Babcock to Medieval mathematicians. He elaborates: ‘’I prefer things with pedigree’’, like candles that go back 250 years, and Fibonacci, the brilliant Italian maths genius.
He then moves on to Schiff‘s (adjusted) pitchfork, reminding us that there are also echoes of pitchforks. Jeremy asks good, detailed questions like: ‘’What exactly are you doing?’’, which add depth to the discussion. Both of these pitchforks are new to me. I live and learn. Great stuff!
Click here to watch.
Tags: Andrews Pitchfork, FX, Indices, Schiff pitchfork
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