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Fibonacci GONE WILD

  • #261
  • Nov 23, 2007 2:17am Nov 23, 2007 2:17am
hey southermind how do you use the pitchforks? with fbs what does is help with?
BK
  • #262
  • Nov 23, 2007 2:33am Nov 23, 2007 2:33am
I hope you guys and gals bought the bounce. I know I did.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2HR CABLE.GIF Size: 33 KB
Click to Enlarge Name: 4HR EURO.GIF Size: 28 KB
  • #263
  • Nov 23, 2007 2:41am Nov 23, 2007 2:41am
Here is another look at the EUR/USD using the Daily chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: DAILY EURO.GIF Size: 32 KB
Click to Enlarge Name: EURO 4HR.GIF Size: 26 KB
  • #264
  • Nov 23, 2007 2:59am Nov 23, 2007 2:59am
Quoting bksujal
hey southermind how do you use the pitchforks? with fbs what does is help with?
BK

Anything that price responds to enough on a consistent basis is useful, and pitchforks happens to be one of them, just like fibs.

Pitchforks are drawn by locating three significant points where price has made a high/low or served as a sharp reversal point. Just as with fibs, you have to draw the lines and see how it works out. Below are naked charts with just pitchforks of the recent charts I posted for the Euro and Pound. I have highlighted the points on which the pitchforks were drawn.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURO PITCHFORK EXAMPLE.GIF Size: 26 KB
Click to Enlarge Name: CABLE PITCHFORK EXAMPLE.GIF Size: 30 KB
  • #265
  • Edited 3:45am Nov 23, 2007 3:31am | Edited 3:45am
The previous chart had the incorrect drawing (deleted). This is the example I wanted to give.
Attached Image (click to enlarge)
Click to Enlarge Name: USD JPY PITCHFORK.GIF Size: 31 KB
  • #266
  • Nov 23, 2007 3:54am Nov 23, 2007 3:54am
That was great buying opportunity at the lower pitchfork line.
Attached Image (click to enlarge)
Click to Enlarge Name: 4HR EUR JPY.GIF Size: 34 KB
  • #267
  • Nov 23, 2007 4:00am Nov 23, 2007 4:00am
This is a massive selloff!!! Have we reached the bottom or is there more to come?
Attached Image (click to enlarge)
Click to Enlarge Name: 4HR EUR USD.GIF Size: 29 KB
  • #268
  • Nov 23, 2007 4:25am Nov 23, 2007 4:25am
Pitchfork stood the test. Fib line was at that level as well.
Attached Image (click to enlarge)
Click to Enlarge Name: 2HR USD JPY.GIF Size: 32 KB
  • #269
  • Nov 23, 2007 5:45am Nov 23, 2007 5:45am
Looks like the shorts are riding that pitchfork all the way down. The recent bounce off the fib/pitchfork convergence was a great long trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4HR AUD JPY.GIF Size: 33 KB
Click to Enlarge Name: 4HR AUD JPY CLOSEUP.GIF Size: 28 KB
  • #270
  • Nov 23, 2007 6:50am Nov 23, 2007 6:50am
A break of the lower pitchfork line and we're headed lower.
Attached Image (click to enlarge)
Click to Enlarge Name: DAILY CABLE.GIF Size: 28 KB
  • #271
  • Nov 23, 2007 7:02am Nov 23, 2007 7:02am
Quoting southernmind
This is the first time out of four attempts that price was unsuccessful at breaking through the red middle pitchfork line.

It seems that was the signal to go short.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2HR GBP JPY.GIF Size: 42 KB
Click to Enlarge Name: 2HR GBP JPY CLOSEUP.GIF Size: 34 KB
  • #272
  • Nov 23, 2007 7:07am Nov 23, 2007 7:07am
very messed up picture!!
{Link Removed}]
  • #273
  • Nov 23, 2007 8:10am Nov 23, 2007 8:10am
Quoting kenari05
very messed up picture!!

To the untrained eye, of course.

It's better than creating separate charts for each drawing.
  • #274
  • Nov 23, 2007 8:17am Nov 23, 2007 8:17am
hey southernmind did you receive my pm? If not then please read it and add me on yahoo.
BK
  • #275
  • Nov 23, 2007 11:48am Nov 23, 2007 11:48am
Price has reached the upper pitchfork line again. I believe this is going to sell offf back under 108.00 after the stock market closes.
Attached Image (click to enlarge)
Click to Enlarge Name: 2HR USD JPY.GIF Size: 31 KB
  • #276
  • Nov 23, 2007 12:16pm Nov 23, 2007 12:16pm
Good stuff, southernmind. I agree with you on the gbp/jpy as I don't think it will break through the resistance. As for the usd/jpy, I haven't really looked at it myself, but the channel looks perfect. Easy money to be made right there.
I dream, therefore I become.
  • #277
  • Nov 23, 2007 12:18pm Nov 23, 2007 12:18pm
Quoting southernmind
Let me ask a question: Does anyone feel that a trendline which once served as support or resistance should not be considered to serve as the same again? I had this discussion with someone and he says that once the line has been broken it should not be considered again in the same manner. I beg to differ. Sure, price may break it on occasion but it still can turn out to be useful for a period of time. The most recent chart I posted for GBP/USD demonstrates this claim. One thing about charts is that they do not lie.
I am in agreement with you. A trendline is a trendline, no matter if it has been broken or not. It can still act as support even if it has been broken. I actually just posted something about this somewhere, maybe my journal; can't remember now. Anyways, if you look at any historical chart, price will break and move away and then come back to it and follow it.

Southernmind, you are really on top of this. I can't keep up with trying to analyze my charts to see if they are in agreement with yours or not. Before I do, BAM, there goes another one up! I'm going to post some weekly thoughts if I have any.
I dream, therefore I become.
  • #278
  • Nov 24, 2007 4:31am Nov 24, 2007 4:31am
Well, I was incorrect in assuming price might fall back under 108.00 after the market closed. It actually closed above the highs of the U.S. session. Go figure!! Price also broke above the outer green pitchfork line.

I added two descending trendlines (yellow) to the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 2HR USD JPY.GIF Size: 33 KB
  • #279
  • Nov 25, 2007 12:30pm Nov 25, 2007 12:30pm
The first chart shows how the pitchforks and trendline are drawn on a weekly chart. The second one is a closeup on the daily with fib lines added.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USD CAD WEEKLY.GIF Size: 32 KB
Click to Enlarge Name: USD CAD DAILY.GIF Size: 29 KB
  • #280
  • Nov 25, 2007 12:46pm Nov 25, 2007 12:46pm
If price decides to target the 100% on either end, that adds up to a lot of pips from where price is currently.
Attached Image (click to enlarge)
Click to Enlarge Name: 2HR EUR JPY.GIF Size: 34 KB
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