Pitchfork Goldmine!

Getting some sell off...

Hello again,

ML Target hit on larger red fork. Did not mark in advance...it is almost a given (80% probability) at this point . Marked on chart with green circle for newer thread visitors.

Did short it and closed the trade just before the ML target.

Would probably post again later this afternoon.

Take care,

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confluence,now thats intresting
backtesting,never done it before [too lazy] but i will have a look for some more examples

You could say that again Pikeliver. LOLOLOLOLOL. It is always a good idea to keep an eye on the big picture because that will usually be the last scene in the drama .

Interesting confluence with Fib fan by the way, but hopefully these different views don't lead to confusion or paralysis. Think you have quite an arsenal of trading tools under your belt.

Hope you got some pips today.

Take care and thanks for sharing.

interesting method.
I'm going to prepare for future chartforking

Hello Ashes,

Thanks for stopping by and commenting. It is a fascinating tool that has its basis in Newton's Third Law...For every action there is an equal and opposite reaction.

Believe it or not, there is much more to learn about what this tool and the related concepts can do. I just show the basics here.

Looking forward to your future chart forking .

Enjoy your weekend,

FX4Newbies

Hello all,

Just wanted to post how the market closed this week. Will see how it cranks up on Sunday in preparation for the London Session.

Enjoy your weekend and thanks again for viewing.

FX4Newbies

Good Morning Traders,

Price continues to show weakness. Let's see if we get our expected target...the L-MLH.

Take care,

FX4Newbies

Let us see if price finds its way to the target. Shorted earlier and made a few pips. Not as clean or early of an entry as I would have liked but I was able to find my way in.

audusd 15min
trading the bounce off the upper tl @0,8736, might be the beginning of a new pitchfork, using it as trademanagement orientation. sl=20pips

edit:
sl hit
looks like the price has taken the other pitchfork path

Good concept Ashes....Hope your 20 pip stop puts you above your TL resistance level. Looks like it should. Some traders wait for a retest of the U-MLH of the fork before entering. We'll see what the market does.

Fork looks good. Congrats!!! Comment on the low of your fork...I would suggest using the swing low at Pivot 2.

Take care and thanks for posting,

FX4Newbies

Have to head out for a bit. Will see what the market gives us.

Take care,

FX4Newbies

1h eurusd

selling @1,2586, r=20

maybe start of new pitchfork, trading the bounce off 21ema

edit:
sl hit
price went a little higher before falling

Okay. Looks like a good possibility. I trust your stop is in place. Be sure to set up your pitchfork by connecting to Pivots 2 and 3 exactly.

FX4Newbies

Fx4Newbies, how do you exactly define the pivots?

Ashes,

I define a pivot as a price point where price noticeably changes direction. It usually results in a new price swing or price leg. I have circled some pivots on your chart. When drawing the fork, you need to use three alternating pivots: a high-low-high or a low-high-low. Each successive pivot needs to be forward in time from the previous. Also, your background color makes it a little difficult to see clearly.

Try drawing forks using the pivots circled in the order I suggested above. I decided to add one to help you see the sequence.

thank you. would be good if we could anticipate the pivots

We shall see. Price at support level on Monthly TF.

There is a way. Do not want to go into teaching in this setting. Sent you a PM. This and many other questions and uses of the fork are covered in the course. Here I just show the basic application.

Take care,

FX4Newbies

Hello Traders,

Price got in the neighborhood then turned...was that turning point the completion of Pivot 5? Will keep watching.

FX4Newbies