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Andrews Pitchfork (Median Line)

  • #1,921
  • May 24, 2010 6:36am May 24, 2010 6:36am
Quoting forkTrader
Closed my short trade for 90 pips profit.
Hopefully somebody has benefited from it.
Can you please explain your thought process/triggers when entering/exiting this trade?

cheers

fxp
  • #1,922
  • May 24, 2010 7:54am May 24, 2010 7:54am
It was simple, any forker would have done the same. It is a classical setup.
I already had a short bias on EURO when I closed my long position on friday. Look at the multitops and the loss of efficiency in teal colored fork.
I drew in the red fork to see how price acts within the red fork.

EURO opened with a jump down and never closed above the red sliding parallel line. I was looking for a safe short entry.
I locked in the short trade at the third retest of sliding parallel in price congestion. Circled area.

I exited few pips above the red fork ML.
Sometimes markets just gives you money like that. Nice and easy.

Quoting fxprocessor
Can you please explain your thought process/triggers when entering/exiting this trade?

cheers

fxp
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 52310 eurusd 15min setup.gif Size: 30 KB
Click to Enlarge Name: 52410 eurusd 15min detail.gif Size: 28 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,923
  • May 24, 2010 9:15am May 24, 2010 9:15am
Quoting forkTrader
It was simple, any forker would have done the same. It is a classical setup.
I already had a short bias on EURO when I closed my long position on friday. Look at the multitops and the loss of efficiency in teal colored fork.
I drew in the red fork to see how price acts within the red fork.

EURO opened with a jump down and never closed above the red sliding parallel line. I was looking for a safe short entry.
I locked in the short trade at the third retest of sliding parallel in price congestion. Circled area.

I exited few pips above the red fork...
Nice. Thanks for the explanation.

I trade price action bars but have recently started using forks to pinpoint entries.

Please see attached chart for an entry I took today.

GBPUSD had made an engulfing bar on the 30 minute chart so I had an upside bias. Price retraced to the 62 fib and LML. I took an entry with 10 pip stop and exited at the median line. Risk reward was not great but still a winner. The big fast down bar made me think price may continue down but the confluence area worked very well. I need to learn to hold onto these but nice to grab a little winner to complement my usual trading.


cheers

fxp
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd median 62 fib.gif Size: 15 KB
  • #1,924
  • May 24, 2010 11:21am May 24, 2010 11:21am
It is true what Forktrader says about the 1min chart. I recently became aware of this myself.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1MIN GJ.GIF Size: 29 KB
Click to Enlarge Name: 15MIN GJ.GIF Size: 32 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,925
  • May 25, 2010 12:29am May 25, 2010 12:29am
Quoting forkTrader
Closed my short trade for 90 pips profit.
Hopefully somebody has benefited from it.
Nice trade FT.
I am still holding the short expecting some more downside .
Here is my EU view.

Regards,
TAQ
Attached Image (click to enlarge)
Click to Enlarge Name: 146.gif Size: 21 KB
  • #1,926
  • May 25, 2010 6:30am May 25, 2010 6:30am
Maybe consideration of Trigger line breakdown on EU60mins chart(mini fork) should be
give better selling power. Mainfork is in Blue, the trigger line is green. Minifork is in red,the trigger is in Magenta.

http://img21.imageshack.us/img21/8766/triggerline.png
  • #1,927
  • May 25, 2010 7:23am May 25, 2010 7:23am
Looking for a long entry in GBPUSD
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 52510 gbpusd daily.gif Size: 25 KB
Click to Enlarge Name: 52510 gbpusd 15min.gif Size: 22 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,928
  • May 26, 2010 12:54am May 26, 2010 12:54am
This 4 hour chart continues to show that price is still moving in the lines and bouncing nicely for trade entries. Anyone else have this fork?

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-052610-1.gif Size: 26 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #1,929
  • May 26, 2010 1:24am May 26, 2010 1:24am
I am more focused toward this setup
Attached Image (click to enlarge)
Click to Enlarge Name: 52610 gbpusd 15min.gif Size: 16 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,930
  • May 26, 2010 1:36am May 26, 2010 1:36am
Quoting forkTrader
I am more focused toward this setup
where are the times and numbers there i am thinking that is 15 minute chart like this one
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-052610-2.gif Size: 28 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #1,931
  • May 26, 2010 1:43am May 26, 2010 1:43am
I am sorry I cropped the chart too much to reduce its size. Also it was GBPUSD
Attached Image (click to enlarge)
Click to Enlarge Name: 52610 gbpusd 15min.jpg Size: 103 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,932
  • May 26, 2010 2:17am May 26, 2010 2:17am
looking at this on my charts. I could be wrong.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd-052610-1.gif Size: 26 KB
Click to Enlarge Name: gbpusd-052610-2.gif Size: 27 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #1,933
  • May 26, 2010 2:50am May 26, 2010 2:50am
hit my entry order and huge 37 pip bar with good seperation.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-052610-4.gif Size: 26 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #1,934
  • May 26, 2010 2:55am May 26, 2010 2:55am
I messed up on the first entry. Next fill was at 4346. I am targeting 4480 area. I see you have a target above 1.45
Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,935
  • May 26, 2010 3:03am May 26, 2010 3:03am
Quoting forkTrader
I messed up on the first entry. Next fill was at 4346. I am targeting 4480 area. I see you have a target above 1.45
if you see the abcd pattern you have a measured move up to the green vertical/blue median line convergence. I use the fib expansion tool for this. Just my thoughts
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-052610-5.gif Size: 28 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #1,936
  • May 26, 2010 3:14am May 26, 2010 3:14am
Missed my entry, but price should climb here to 25% before running out of energy unless it continues to median line on a spike
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-052610-4.gif Size: 33 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #1,937
  • Edited 4:06am May 26, 2010 3:56am | Edited 4:06am
I was looking at a couple lines on EJ. Looks like price is bouncing off of mod schiff fork uml and fork warning line. look for possible longs/retrace coming on lower tf. Measured move almost to the pip. Wow!

Thank you Tim Morge and Forexfactory for my 600th post. I love you guys.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy-052610-4.gif Size: 28 KB
Click to Enlarge Name: eurjpy-052610-6.gif Size: 30 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #1,938
  • May 26, 2010 5:55am May 26, 2010 5:55am
eagelstar on a roll today.....

I have put GBPUSD on breakeven stoploss and after that I had a nice long position in EURUSD.
What a day today.
Here is the EURUSD setup.
Attached Image (click to enlarge)
Click to Enlarge Name: 52610 eurusd 60min.gif Size: 28 KB
Let someone arise from my bones as an avenger. Jesse Livermore
  • #1,939
  • May 26, 2010 9:59am May 26, 2010 9:59am
Quoting forkTrader
eagelstar on a roll today.....

I have put GBPUSD on breakeven stoploss and after that I had a nice long position in EURUSD.
What a day today.
Here is the EURUSD setup.
for some reason this chart may hold more frequency and my gu long is still alive
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd-052610-5.gif Size: 30 KB
Click to Enlarge Name: eurusd-052610-6.gif Size: 29 KB
Click to Enlarge Name: gbpusd-052610-6.gif Size: 33 KB
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #1,940
  • May 26, 2010 10:49am May 26, 2010 10:49am
Some early signs of weakening earlier... but now temptation to go long is
a liitle bit forcing

http://img8.imageshack.us/img8/6038/...ignofweakn.gif
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