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South Central Iowa | Sure thing! I would feel like I had one eye if I didn't use either technical or fundamental. It gets cloudy and murky at times, but all I care to trade in are corn and soybeans largely, with a handful of other things. I feel I should pay attention to all that could effect it.
I like the forks and my speed resistance lines. There are lots of effects, but I sure wouldn't neglect traditional charting. It does well too. An example still in soybeans.
Recently, we had a textbook descending triangle in soybeans. The chart is below. The top of the triangle was $10.32'4 and the base was $9.84'0 as I drew it. With the falling top, tradition charting told a person that something was awry. When we broke the support line on August 1, the target would be a descent of 48'4c down to $9.35'4. The first place we picked up support and recovered slightly after the Wasde was released on August 10th was..... $9.35'4. A funny thing about this chart was I made it because one of our many pitchfork adherents (not the primary ones) was arguing that price was going to rise by saying that we were making higher highs and higher lows, which was and is still false. That is why the markings of high and low are on it. He then went on to debate with me that people who know forks understand the true structure and the structure of the soybean market was up. The structure of the market was not up and there were forks that show that, like the ones in the first link I gave you. Traditional charting techniques also said the same. My SRL's did as well. The forks can be a neat tool, but like my SRL's or many other tools, there is almost always something pointing up while something else points down. It's our job to sort it out. I wouldn't forsake traditional charting techniques like pattern recognition or identifying the pivot points. It's a very simple tool, just add it.
 (Descending Triangle.png)
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 Descending Triangle.png (62KB - 18 downloads)
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Forks and technicals. Help me believe.
