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  • #105,821
  • Jun 4, 2009 4:11am Jun 4, 2009 4:11am
Quoting SpecialEd
Good morning. Usually if pa "respects" at least one of the outer tines of the "fork", and if it tends to retreat back to the middle tine, called the midline or median.

Draw the pitchfork beginning by spotting a middle high or low pivot (depending on the trend of the TF you're drawing in). Add a left/high pivot and then a right/low pivot. The fork appears, and you track it along.

Hope this helps, Notch.
Ed
Thanks Ed. What if the price respects the outer line but then retraces straight through the median line to the otherside?
  • #105,822
  • Jun 4, 2009 4:13am Jun 4, 2009 4:13am
Quoting KillerWhale
I'm going to sleep, it's 2 am here.
Dreaming of shorts. For EU and GU.


good night Killa...make more pips in your sleep!
  • #105,823
  • Jun 4, 2009 4:13am Jun 4, 2009 4:13am
Quoting Chicky
What shorts? I played long in the previousl week. Yesterday and today gave a long shot at both end of the current trade, however played short after last nights testing long for a double top.

Maybe you are talking about my previous method, that changed direction and number of positions as market moved up and down until finding a proper direction to place my position with greater r/r. The last short that I carried all the way from 1.3700 or 1.3800 to I don't know from where I got a moderate retrace was a pain. But was finally able to get my own...

wow .. sounds complicated.. but it sounds like you know your stuff happy for u
  • #105,824
  • Jun 4, 2009 4:16am Jun 4, 2009 4:16am
They are testing our nervous system now.
  • #105,825
  • Jun 4, 2009 4:17am Jun 4, 2009 4:17am
Quoting psiholog
lets not forget unemployment in the eurozone ROSE yet again. not only that...last week there was a consumer prices report which was UNCHANGED. now with rates at 1% you would think that report would have risen but it didnt. all this data indicates....rates at 1% or possibly even lower because the eurozone is not far behind the US. tonight will be wild...trichets statement will be the most important speech this year so far. hell...im tired beyond recognition yet im staying up for the entertainment...and the trend that will follow
Last month during the speech Trichet mentioned extraordinairy meassures and price went down about 200 pips - then he said it was for later and price shot back up - all in a matter of minutes.

Today they will most probably just announce that they will start what was said last month, as ECB doesn't usually suprise. I will not trade the news but will be there for the reaction :-)
  • #105,826
  • Jun 4, 2009 4:19am Jun 4, 2009 4:19am
Quoting F.x.
What would your SL be?

I'm actually expecting not only a retracement but a full trend reversal, to put us back in line w/ the downtrend started at 1.60. But I'm not going to play that until it's confirmed, since I can also see the case for a continuation of this current bull run that would take us well above 1.60. Best to wait as see how this 50% fib plays out before taking anything too serious.
SL @ 1.4380 would work for me. I don't set SL since they all come home in the end and I just let the trade run and open new ones. Can spend 1.000 pips per trade going wrong without any panic for my acc.
  • #105,827
  • Jun 4, 2009 4:20am Jun 4, 2009 4:20am
Quoting notch
Thanks Ed. What if the price respects the outer line but then retraces straight through the median line to the otherside?
It will often bounce off that line as well - or if it penetrates, it will be only slightly, followed by a pullback. Pitchfork users usually draw a "sliding parallel" line through that point of retreat and use that for future resistance/trade point. For example, if price is moving up through that sliding parallel (sort of a new tine on the fork), then you might execute a buy outside that point.

PM me for more info if you like.
Up or down, gimme a ticket
  • #105,828
  • Jun 4, 2009 4:23am Jun 4, 2009 4:23am
Quoting SpecialEd
It will often bounce off that line as well - or if it penetrates, it will be only slightly, followed by a pullback. Pitchfork users usually draw a "sliding parallel" line through that point of retreat and use that for future resistance/trade point. For example, if price is moving up through that sliding parallel (sort of a new tine on the fork), then you might execute a buy outside that point.

PM me for more info if you like.

Thanks. I'll Google it first since Perry Kaufman doesn't even mention it in his book!
  • #105,829
  • Jun 4, 2009 4:24am Jun 4, 2009 4:24am
Quoting forexer83
They are testing our nervous system now.
I have to say
That's funny dude.
  • #105,830
  • Jun 4, 2009 4:24am Jun 4, 2009 4:24am
Quoting Hell7
Last month during the speech Trichet mentioned extraordinairy meassures and price went down about 200 pips - then he said it was for later and price shot back up - all in a matter of minutes.

Today they will most probably just announce that they will start what was said last month, as ECB doesn't usually suprise. I will not trade the news but will be there for the reaction :-)

probably best thing to do during the speech...things can get wild. as for me...i scalped 120 pips worth of pips during the rise back up from 1.4100...how i did it...i dont even know lmao!!!!... one thing is certain though...if 1.4250- is tapped....i guarantee i will sell with a position twice the size of my regular positions...i am willing to risk my gains for the day as the potential i see for reversal is....great.
Different opinions highly valued, ignorant to slander.
  • #105,831
  • Jun 4, 2009 4:24am Jun 4, 2009 4:24am
......
Attached Image (click to enlarge)
Click to Enlarge Name: hh.gif Size: 21 KB
  • #105,832
  • Jun 4, 2009 4:26am Jun 4, 2009 4:26am
...first sign...M1 under 200 EMA.
  • #105,833
  • Jun 4, 2009 4:28am Jun 4, 2009 4:28am
Quoting notch
Thanks. I'll Google it first since Perry Kaufman doesn't even mention it in his book!
Notch, try this:
http://www.trading-naked.com/AndrewsPitchfork.htm
  • #105,834
  • Jun 4, 2009 4:34am Jun 4, 2009 4:34am
Quoting Atlast
Notch, try this:
http://www.trading-naked.com/AndrewsPitchfork.htm
Thanks Atlast. Here's another one - http://pitchforktrader.com/charts.html.
Up or down, gimme a ticket
  • #105,835
  • Jun 4, 2009 4:34am Jun 4, 2009 4:34am
Quoting Atlast
Notch, try this:
http://www.trading-naked.com/AndrewsPitchfork.htm

Thanks.

I just had a quick peak. It looks like a good site so I'll probably spend a few hours there! later.
  • #105,836
  • Jun 4, 2009 4:35am Jun 4, 2009 4:35am
Can someone tell me what the current GMT time is? I am confused by daylight saving times...
  • #105,837
  • Edited 4:35am Jun 4, 2009 4:35am | Edited 4:35am
forexer83 http://www.forexfactory.com/images/s...ser_online.gif Heck is that Wilson in that picture?
  • #105,838
  • Jun 4, 2009 4:37am Jun 4, 2009 4:37am
Quoting increase
forexer83 http://www.forexfactory.com/images/s...ser_online.gif Heck is that Wilson in that picture?
  • #105,839
  • Jun 4, 2009 4:38am Jun 4, 2009 4:38am
Quoting TrooperCoope
Can someone tell me what the current GMT time is? I am confused by daylight saving times...
GMT is 09:38am.
Up or down, gimme a ticket
  • #105,840
  • Jun 4, 2009 4:42am Jun 4, 2009 4:42am
Quoting SpecialEd
GMT is 09:38am.
Thank you!
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