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Andrews Pitchfork (Median Line)

  • #1,641
  • Apr 20, 2010 12:49am Apr 20, 2010 12:49am
Satni, yes - I understand, good you mentioned. I have almost the same setup on 1hr. Have a look at the weekly, is GU trying to reverse from below a major support level or dropping really hard in the next days/weeks ?

Good luck and thank you. maybe you could PM me with the info. But only if you have time, no rush necessary.

Be like water.
  • #1,642
  • Apr 20, 2010 1:33am Apr 20, 2010 1:33am
eurcad showing some signs of weakness, sharp rise correcting...I`m moving stops to BE as soon as possible, as I don`t usually trade this often.
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-04-20_eurcad1hr.jpg Size: 264 KB
Be like water.
  • #1,643
  • Apr 20, 2010 1:53am Apr 20, 2010 1:53am
usdcad daily and 4hr showing also some correction from sharp up move recently, maybe later to drive it up again prenews because of BoC rate statement....( warning : speculation ).

Pin bar on daily.........

Stops to break even soon, UC is always so choppy....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2010-04-20_usdcad_daily.png Size: 61 KB
Click to Enlarge Name: 2010-04-20_usdcad_4hr.png Size: 57 KB
Be like water.
  • #1,644
  • Apr 20, 2010 1:56am Apr 20, 2010 1:56am
ms, your fork on which your entry seems to be based is out of control. price has reached the 80% rule. look for any congestion area which may help you.
just another view of eurcad and look at the sideways channel.

good luck
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad2004.gif Size: 14 KB
  • #1,645
  • Edited 2:13am Apr 20, 2010 2:11am | Edited 2:13am
Yes, you are right. My mistake, I always either miss better pivot starting points or could have more precise setups if I zoom out more. justcatalin can do that very well......

Thank you, always appreciate constructive criticism....

==========

eurgbp 1 hr. " bearish engulfing ", or DBHLC ( james16 thread ) bar...
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-04-20_eurgbp_1hr.png Size: 73 KB
Be like water.
  • #1,646
  • Apr 21, 2010 12:34am Apr 21, 2010 12:34am
Hope some of you took that eurcad and usdcad yesterday.

Here is pre-market London usdchf 4hr, resistance at 50% innerline, if that is not broken maybe a correction to the downside again.....before it goes up finally to the weekend ( speculation ).

Good trading to all.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2010-04-21_usdchf_4hr.jpg Size: 115 KB
Click to Enlarge Name: 2010-04-21_usdchf_4hrzoom.png Size: 89 KB
Be like water.
  • #1,647
  • Apr 21, 2010 11:55am Apr 21, 2010 11:55am
I have placed a sell @93.58 ( I know, not the best price ). At the moment I just cant see how it can go much further than 94.00.

I`m holding on to this during the few next days, lets see.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy4hapril21.jpg Size: 241 KB
Be like water.
  • #1,648
  • Edited Apr 22, 2010 6:53am Apr 21, 2010 9:25pm | Edited Apr 22, 2010 6:53am
Hello Alexandra,

Like your chart work. Saw another situation where I thought we have to wait and watch. Chart is attached. This is where I guess patience pays.

Take care and safe trading.

Quoting Alexandra.L
right now i for myself do not see any good setup in the eurusd.
support is coming in. maybe it is a flag in the higher tf. how knows right now?
we should not force a trade.
the red fork is an inside fork.

good luck
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd4hr1.gif Size: 32 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,649
  • Edited 11:46pm Apr 21, 2010 11:31pm | Edited 11:46pm
It will be interesting to see what happens as price nears the confluence of the Red, Green and Blue lines.
Attached Image (click to enlarge)
Click to Enlarge Name: fork 1.gif Size: 22 KB
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #1,650
  • Apr 22, 2010 1:26am Apr 22, 2010 1:26am
i like always to see why price stopped..in this case the 50% line.
you have to be carefull based on market structure that cadjpy is not forming a bull flag..you will see it at the regchan.
a price below the 50%line should bring the new gray fork in play.
otherwise think about a good stop placement.

good luck



Quoting msmarple
I have placed a sell @93.58 ( I know, not the best price ). At the moment I just cant see how it can go much further than 94.00.

I`m holding on to this during the few next days, lets see.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy-h4-2204.gif Size: 15 KB
  • #1,651
  • Apr 22, 2010 1:32am Apr 22, 2010 1:32am
hi fx4newbies

yes i have the exact same setup. here we see the hagopian rule in play.
swings are getting smaller so a breakout will surely occur.

good luck


Quoting FX4Newbies
Hello Alexandra,

Like your chart work. Saw another situation where I thought we have to wait and watch. Chart is attached. This is where I guess patience pays.

Take care and safe trading.
  • #1,652
  • Apr 22, 2010 2:22am Apr 22, 2010 2:22am
Quoting Alexandra.L
i like always to see why price stopped..in this case the 50% line.
you have to be carefull based on market structure that cadjpy is not forming a bull flag..you will see it at the regchan.
a price below the 50%line should bring the new gray fork in play.
otherwise think about a good stop placement.

good luck
Hi Alexandra,

I am totally unsure....I thought it will drop, but CAD is still showing strength. by accident I looked at the weekly and it looks as if the move could go much higher ......

Stops placed tight. Thank you !
Be like water.
  • #1,653
  • Apr 22, 2010 7:09am Apr 22, 2010 7:09am
this bearish engulfing needs confirmation but good seperation at the uml so far.

seems the new down fork is in play.

good luck



Quoting msmarple
Hi Alexandra,

I am totally unsure....I thought it will drop, but CAD is still showing strength. by accident I looked at the weekly and it looks as if the move could go much higher ......

Stops placed tight. Thank you !
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy-h4-2204-1.gif Size: 16 KB
  • #1,654
  • Apr 22, 2010 7:57am Apr 22, 2010 7:57am
Thanks, I saw it, out now. really helps to see which fork is in control - probably why Tim emphasizes so much to look at the structure of the market in total.

Be like water.
  • #1,655
  • Apr 22, 2010 11:01am Apr 22, 2010 11:01am
Should have drawn the Blue pitchfork as a Schiff. Blue WL and Hagopian now in play. As the saying goes - live and learn. No denying the nice fork dynamics though.
Attached Image (click to enlarge)
Click to Enlarge Name: f 1.gif Size: 19 KB
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #1,656
  • Apr 22, 2010 12:32pm Apr 22, 2010 12:32pm
no i don't think so...we have to learn to interpret the fork correct...
drawing them afterwards is no big deal but to interpret them realtime is the real task.

the normal blue fork which you have drawn was good.
price went through the ml with a gap and could not get to the outer ml. (1. sign) after that it closed below the ml (2. sign) and when preice went down to the lower ml you could have drawn a sliding parallel(3.sign)
so what was wrong with that normal fork?

good luck


Quoting fxhermit
Should have drawn the Blue pitchfork as a Schiff. Blue WL and Hagopian now in play. As the saying goes - live and learn. No denying the nice fork dynamics though.
  • #1,657
  • Apr 22, 2010 2:05pm Apr 22, 2010 2:05pm
Thanks for your input Alexandra.L.
You are absolutely right in your observation and your points are well made. I guess it fits Andrews observation that "each fork tells it's own story." After the fact drawing doesn't help in the immediate trading, of course, but it does add to the never ending learning experience.
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #1,658
  • Apr 22, 2010 11:27pm Apr 22, 2010 11:27pm
Does this fit into Tim's minimum 2:1 the risk/reward ratio for going long from the lowest level?
What are the chances,that we can hit the medianline?

I think you guys must have got the answers all figured out.. Have a great trading day!


http://img255.imageshack.us/img255/6285/weekdrop.png
  • #1,659
  • Apr 22, 2010 11:37pm Apr 22, 2010 11:37pm
Just tidying up my EURUSD H4 chart. This is what I currently have marked up:
Green fork with a Green WL
Blue fork with 2 Blue WL's
Red fork with Sliding parallels
Magenta inside fork
Attached Image (click to enlarge)
Click to Enlarge Name: f 4.gif Size: 26 KB
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
  • #1,660
  • Apr 22, 2010 11:47pm Apr 22, 2010 11:47pm
On my H1 chart it looks like price is wanting to test the underside of the Blue WL. Will be interesting to see what happens around the Magenta ML.
Attached Image (click to enlarge)
Click to Enlarge Name: f 5.gif Size: 20 KB
Stay calm, be brave, wait for the signs - Jasper Friendly Bear
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