Pitchfork Goldmine!

Moved Profit stop - Now OUT

See chart.

Price is beginning to consolidate at first Warning Line. Time will tell if it begins to fall or just roll around...or will it shoot up again?

Shorted EurUsd at 1.2478(1). Maximum profit before the turn about 15 pips...Very shallow retracement which means still bullish as it is now. Maybe pressing to second warning line. this was meant to be a scalp. Changing mind in mid-stream to swing trade or something else would be costly.
Plan your trade: trade your plan (on entry)!

Take care,

Just wanted to wish the US traders a happy July 4th holiday weekend.
May not post until next week.

Take care,

Hello Traders,

Just couldn't pass on this post. For some time now I have told people that I do not look to trade chart patterns...triangles, flags etc., though they can give insight into the fact that the market might be in a continuation consolidation pattern.

The chart attached is very interesting as it shows a false breakout (very characteristic of trading these patterns), but notice that price found support on a Pitchfork Warning Line. Other Pitchfork usages would also have confirmed a Price Failure so fork traders would have been looking for a reversal.

Chart again demonstrates the versatility of this tool. Andrews' (and Babson too and all the forerunners): you were a genius!

Take care and enjoy your weekend.

Pikeliver,

What is price doing before your 0 pivot which is almost off the screen? (Do not have the option for an 8 hour chart). Is that where the count should start, with the 0 there? See what you get if your start your 0 at 1.2467 on a H4. That would make your P5 at the very bottom, before the turn upward.

Thanks for your response,

Hello Traders,

Just a quick post...not sure if I will trade the London Session. Might take a peek.

Chart shows the most recent fork with a sideways bias, with price sitting at support. Be very watchful.

Take care,

Just posting a progress report:

Price was sideways during the night and early morning. Dropped some, finding support at a percentile line of the fork (which can be a Fib percentile). No clear direction. Maybe the market is taking the day off .

Please note that the gray Pitchfork could be drawn in as early as the high at 1.2611. It would have therefore shown a sideways bias at least 5 hours before the major congestion began.

Take care,

Hello Traders,

The market is finally beginning to show some swings. Will prepare to look for trades in the London Session.

Take care,

Hello again,

Missed a nice long entry around 1.2486. If price can break above the 1.2562 area we might get to the target.

I wish you all good trading.

Hello Pikeliver,

Got in with a long...a bit late at 1.2575. Hope it pushes to ML...took a few pips and got out...price battling a bit. If it fails to make ML, we know what to do right? Start hunting for a short.

Good trading to you this week.

hi,fx4
going long seems a bad idea,too early to go short,waiting seems the best option

Nice. You got your target. Just watch and wait...price will speak to you.

You're doing very well! Keep it up...one trade at a time .

Good idea. Lots of sideways movement on the 5 and 15. No need to put your money in a trick. When you have a clear setup and entry, price just moves. The wisdom for traders is: If you don't see a situation that is a good setup for you to trade, then wait.

Good thinking.