Pitchfork Goldmine!

Hello Pikeliver,

I know this comment comes after the fact, but price was making lower highs overall, so a downward fork may have served you better. Always pay attention to market structure when applying the fork. Maybe you were sizing it up for a quick scalp to the upside. Continue to let price speak to you. It knows where it wants to go .

hi FX4,you are quite right,i still have alot to learn,

thanks

Not as much as you think Pikeliver. Just believe the market. It is always right . It always pays us for being right too.

All the best,

Just a reminder that I will begin sending free signals on selected pairs next week. To receive them you would need to sign up on my blog. You may also google Pitchfork Goldmine. I may also post the signal charts here from time to time. Will have to see how things go.

Take care,

Excellent. Is this Eur-Usd or Eur-Jpy?

P.S. Saw it now...Eur-Usd

Will see how this plays out. Short yellow vertical line shows projected pivot area, in advance of price action, per Andrews' method.

Edit: Did a re-count. P5 completed at L-MLH of red fork. Pivot count method to locate future pivot would then be modified.

Entry price for the sell was given at 1.2840. Price dropped to 1.2818 before turning upward. Lots of positive Euro news. Short target was not hit. More USD news to come.

Take care,

Hello traders,

Just showing how a subtle change in price action could make the world of difference. Price, at blue line (gray box), made a new high meaning that the sellers that were there before may be gone. No sellers means that price is free to go higher if buyers are pushing.

Also, price had completed the five pivots down, ending at red L-MLH. An "upward" fork here, drawn in green, captures the market move very well. Notice how price is just sitting on the U-MLH. Earlier signal gave about a 20 pip profitable trade. Price could not fall lower, very bullish sentiment.

Hope these details will help to clarify any thoughts on price action today.

Take care,

FX4Newbies

Hello traders,

Price consolidated on the U-MLH for a while, dropped to find support, washed and rinsed a few sellers then took off. False breakout...not surprising.

Price could be headed for thicker green U-MLH.

Be patient and watchful for your entry.

Take care,

FX4Newbies

Pikeliver,

Your trading tactics and strategy using the Pitchfork are definitely improving. You already have the mechanics and basics down, it is your mental approach that seems different.

By the way was that a Modified Schiff on the earlier fork...the H4?

Keep it up. You're on your way!

FX4Newbies

hi FX4,the 4 hr was a normal pitchfork, the 1 hr was a modified shiff ,perhaps you could explain a little of trade management please,at the moment i trade 2 units and when the price had moved 25-30 pips i take off half and move my stop to breakeven.i feel there is a better way of doing this.

Pikeliver, I meant the H2, sorry.

Your trade management strategy is very typical for many traders. Some traders like Tim Morge usually do not take half off. Other traders increase their position size, if their equity permits, when they confirm from price action and market structure that price will continue in their favor. They actually can use their capital gained to increase the position size, so they are trading with the market's money.

Not sure what it is exactly you want to change with what you are doing now. That insight might bring us closer to the answer you are looking for.

FX4Newbies

Pikeliver,

Notes are on the chart.

P.S. If you want to develop your emotional trading muscle, then you may have to stretch beyond your comfort zone in doing this. Just keep moving your stops up (or down as the case may be) to lock in profit and leave your two units on for now. You can add another unit later when you feel like your trading muscle can take it. It's all about you, really.

FX4,thanks for your input,that mussel is something i need to build up
the pieces are starting to come together,as they say trading is simple but not easy,i have been to a few seminars and read a few books
but it is only now i feel i am on the right path

Pikeliver,

When the pieces finally start coming together, you feel it in your gut...you just know you've got it and your trading shows. I think you said previously that you have been on this journey for two years now.

You are right. Trading is simple but not easy, and if you don't get the bits and pieces in the right order, in the right manner and in the right context, you may feel like you will never get it. When people go to seminars, they can receive information and still not be taught how to trade. Then they become frustrated, and because they really want to learn, they keep coming back, buying fancy tools and going to the next seminar, like a hamster on a treadmill. Sad but true.

I am teaching someone now, not a novice by any means. Knows Elliott, Fibs, etc. They are just getting into Pitchforks, though they knew the regular fork and the Schiff. And let me add, they are amazed that there is so much more to learn about the Pitchfork and related approaches, and we haven't gotten into Action-Reaction Lines, which I just introduce at the end.

Because of the context of how the info. is being presented, they are saying the same thing you are...for the first time they feel confident and have a sense that it is all coming together. (I am sure other mentors have had a part to play in your growth, not trying to say that it was because you have been participating in this thread only).

Keep on going...you'll get there...where you want to go.

Enjoy your weekend.

FX4Newbies

P.S. If you understand market structure and price action well, you can do major damage with just a trendline, including drawing a Pitchfork .

Price ran into some sellers at the WL5 again...look left. Have to step out. Will see how the market closes when I return.

Take care,