My recent trade...I don't really wait for the 50%..being a greedy sob and always worried that it won't get to the 50% anyhow I almost always start selling around the 38.2..hey it's easy money..Btw I mostly enter on second candle confirmation and miss more pips that way..but it's a safer way to enter a trade and them fibs are strong magnets
Here's a close up..also please note that when fork is on a down move then I place the nr1 of the fork structure a bit higher, and when the fork is placed on a up move I place the nr 1 a bit lower..works for me..experiment to find what works for you:
Jane thanks for posting the nice explanation of the Andrews Pitch Fork..I really think it's a brilliant instrument that works perfectly when one knows the trend of the pair in question..now combine this with dem fibbies and you're cooking!
I'll try to post some previous trades..some I missed being busy with trading stocks and reading PR's and filings etc..I'm slowly trying to make Forex trading 75% of my trading activity..give me time~
Here my entry on the second candle ran me straight to the 50% and more..try this stuff on paper for awhile and you'll see why I'm having fun
This one shows you gotta have patience and a stoploss..I know many don't care for it, but I had my butt burned plenty so I have one always..Forex is so filled with tantrum moves I'm not taking any chances..btw I traded this Fork twice..very greedy!
Here I played the second candle entry and got out when it got to the 38.2..when I saw the third candle open higher than the second's body I entered again and rode it to the 50..it went way higher than that and I cursed a whole bunch of times
Going down was a very easy play..the second candle was easy entry and the third candle went down to the 50 very smoothly
I'm playing the fibs long .....around 1.9977 (23.6) looks like the next resistance coming..I will play the fork short when I get my second red candle..doji being formed right now might be the tip off for change in direction: