Pitchfork Goldmine!

Time always does which is why my signature starts with a comment on patience. Give price enough time to tell you what it is thinking. Makes sense?

Take care,

Price continues to fall...did not find support at new teal L-MLH

FYI: Price is finding support at the U-MLH of a fork that started this run up on June 2nd. If price does not hold at that U-MLH, or current support level shown here, then the L-MLH of the current red fork is a likely target.

Take care,

Maybe...but price is at support. Buyers could enter. Confirm your entry for sure.

Exactly...always ask yourself, "What if..." Train yourself to see both sides of the coin so you stay objective. If you are looking for a sell, your mind will find it: confirmations and all . If the second option is not a credible one you will see that too.

Remain open-minded and let your TA guide your through what is there.

Good going Pikeliver. Now let price talk and be prepared to answer when it speaks.

...so, let it think.

No rush.

A new fork shows price's attempt to go lower. Hitting support at the ML target of new fork. Will see how it played out when I return to the office.

Hello again Traders,

Have been in meetings most of the evening. Here is my current view of the EurUsd, H1. Will be preparing for the London Session.

Take care,

Good Morning Traders,

As you can see, price took off with the buy from the previous chart and just hit the ML of bigger teal fork as well as MLH of smaller fork. As this is considered a high probability target, much can change. If trying to enter a trade, wait for confirmation of your setup.

May not post again until Asian session or just before.

By the way, in case you are wondering, the targets in green are after the fact, the yellow are before. I put in the green ones so that traders can see Pitchforks at work .

Enjoy your trading day,

P.S. Got a little more rest than usual last night. I think I needed it.

Pikeliver,

Price did bounce a little then dropped, formed the pivot and took off to the upside for more than a hundred pips. Always good to look at it both ways as you did in your later post.

Take care,

Hello again,

Just posting to show where price is now. Will see how it positions for the next move. If it does not find support as shown in the area of the red U-MLH, then it may fall to teal L-MLH or burgundy ML. Time will tell and may give some clues by the London Session. We'll see.

Take care,

Just a more recent view...

Well...

Price did find support at red U-MLH and blasted off at the open for about 85 pips. Expecting as usual that the ML of thicker green fork wll be the target. See if you can spot the whales at the Support area before take off? (Not marked on chart).

Take care trading,

FX4Newbies

A trader asked how to draw the Pitchfork since it is not on their platform. My response is below:

Not sure what software or broker you use. I don't think Oanda has it. It can be drawn with the trendline tool only. Here are the steps:

1. Select the three pivots, and number them 1,2 and 3. Make sure 2 is further in time from 1 etc. and that the pivots are alternating: a high-low-high combination or low-high-low.

2. Connect Pivot 2 and Pivot 3 with a trendline. This represents the line of force.

3. Find the middle of that line.

4. Draw a trendline from Pivot 1 through that mid-point an extend past it (the mid-point) to the right. This would give the ML.

5. From Pivots 2 and 3, draw lines parallel to the ML and voila!

You may also try using a free technical analysis software like Ninja Trader in conjunction with your trading platform: one for trading and one for analysis.

If you have any other questions please feel free to ask.

Take care,

Did not have much further to go...it moved so fast tonight. At the ML we need to be watchful to see what the next setup will be.

Take care,

Did you confirm your retracements?

Looks good!!! Will be looking closely to see the entry...still expecting a little push upward.
Maybe your CD will go to the 161.8 or even the 188.6...in that area. That is my expectation,
but we should always let price confirm, right?

Take care,

HI,nice to see patterns forming within the pitchfork,i begin to see the pitchfork as controling the price action giving support and resistance levels to watch,

in this case AB=CD i would hope the CD leg is as you say an extention
1.272 etc to the upper ML line,this to my mind would be a strong sell

in any case its enough of a reason to take off my long,and start looking for a short

good trading to you

I agree. A very touchy area...If it goes higher, I think it could mean a good sell off. I will definitely be confirming that thought on longer time-frames as well.

The Pitchfork is such a versatile tool. It works well with Elliott Wave, Gartley even confirms Fib levels. Just amazing. Glad you are open to multiple approaches rooted in the Pitchfork that work for you.

Good going.