Pitchfork Goldmine!

Just another look from a different perspective. Sell-off could be news related...still seeing bullish sentiment. Will watch.

Price sold off...will be watching for market sentiment changes, if any.

Hello again,

Just posting an update...

Shorted the fall that started around 1.2340...got in way too late...didn't follow my rules . Took a 6 pip hit. Looking to see if it is finally turning up.

NOTE: Trade was actually profitable, but I wanted more after entering late. Lost what I did have. Oh, the joys of trading.

Please see chart notes. Be watchful.

Take care,

Price is in a fight...notice the long shadows. No chart attached but you should be able to see them on your live charts.

Time to wait for confirmation before opening a position.

Be watchful.

Just watching the fight between the Bulls and Bears...

Don't think I want to be getting in the ring right now

Did the whales show up?

The worst thing to have at a time like this is an opinion. I think it is best to let the market make the first solid move.

Enjoy the break.

Just zooming in a little to the action.

Price finally started inching higher and hit a possible turning spot.

Still beware, whales are here.

What can I say...just love those Pitchforks! Perhaps the news brought the delay, but the price target was hit. Second chart shows a revised Pitchfork to account for detour.

The bullish sentiment prevailed.

Will try to post again by Asian session. It has been a hectic morning .

My Swissie trade this morning - I got in late at the Red sell line - stop above at green line - out at ML - green line.

Euro had a similar trade - Buy at green line - stop below at red line - out at U ML - red line.

The Swissie looked best to me, so I took it. These are 89 Tick Charts, so you wait and wait and then need to act quickly, sometimes.

Those 89 tick charts worked well...nice touches on the fork tines.

Take care,

1) The strong move down without retracement.

2) Good support at the modified schiff (lending credibility to the setup).

3) The yo-yo effect of price action.

Thanks for the reply Kapital. So it sounds overall like discretion on your part based on these factors you mentioned and perhaps your experience. Drawing an upward fork (the Andrews way) probably would have placed you in the same area as the profit target you suggested.

A newer fork trader may not be able to visualize it the way you see it. Sometimes also I find that actually drawing the fork gives a target and a slope that I could not have seen trying to draw it in my head.

Take care and thanks again,

Hello Pikeliver,

I can see from your chart that you have under your belt some very clear concepts about looking for trades. Your method of looking for your entry is excellent in relation to the fork you are using. You should be in the money by now . My comment is in reference to the context of those concepts. Take a look at the second chart...there are some notes there. This may be the only reason you have been running into problems.

NOTE: Horizontal line on Chart 1 showing that price did make a slightly higher high.

Also, time-frame on second chart is H1.

Let me know what you think.

Take care,

The most recent low is losing efficency. I am looking for a correction before resuming the move up. Just my view.

Hello again traders,

Attached is a chart of the current landscape. Newest fork not drawn in...don't want too many lines. Modifications will be made as price begins to move.

Take care,

Wave Trader,

Very nice fork on the H4. When you find the rhythm of the market with a fork, it just flows and flows and flows...

Good post. Thanks.

This current view has a new blue fork. Hopefully it will help those traders who asked when to draw a new fork. This is just one idea. HOWEVER, CONFIRMATION FROM PRICE ACTION IS NEEDED BEFORE PLACING A TRADE.

If price takes off from here, the expected target is the ML of the blue fork.

hi,i am looking at the daily for trend which is down,as we have just had another touch of the UTL does that comfirm the fork is working ?
i ithink so,when i was doing the chart work it struck me that there was a failed gartley showing,it seems like an ok trade.

the stop placement should have been higher,ie just over the high,but that was too much for me so i just use a money stop

all the best,

Hello Pikeliver,

To answer your question, yes an additional touch to the U-MLH indicates that at price is respecting the pitchfork. Which time-frame are you trading? By that I mean, at which one are you looking when you decide to get in and out? Next question, are you position trading, swing trading etc.? The reasons for this is as follows:

Let us say you used the Daily for the trend, and you are trading the M30, which happens to be moving upward at the moment. If you short at that time and you are swing trading, you will be stopped out. This may be why Tim and Shane have said to trade the time-frame in front of you. You are very correct when you say, trade with the trend. I am just throwing in the consideration of the time-frame being traded. By the way I looked at the Daily: It has been coming down, but just took out a swing high to the left, which could mean the beginning of price making an upward move.

Just some thoughts to consider. Doing a great job on your chart work! By the way, your entry was a definite sell. The question I am throwing out to us as traders (and others reading the thread) is whether the sell is a position sell or a swing sell. Sometimes we could have expectations of an extended trade that may not be in the mix. Get what I mean? Not saying that is definitely the case here...just food for thought .

Take care,