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Pitchfork Goldmine!

  • #481
  • Edited 12:58pm Jul 30, 2010 3:40am | Edited 12:58pm
Good idea Pikeliver. As you can see it has been making lower highs and lower lows consistently. Watch for both: trend continuation and trend change, as you don't KNOW what the market will do, unless you see a very credible tell. Do you see any major support coming? That may be a place where the Smart Money could be waiting to push it up.

Take care,

FX4Newbies

Quoting pikeliver
Attachment

hi FX4,we wait until the lower high is taken out,and then start to plan the trade ?
Trade what you see, not what you think or feel. Let the market come to you.
  • #482
  • Jul 30, 2010 3:54am Jul 30, 2010 3:54am
Hello Traders,

Just sharing a wider view of what has been happening...
What do your eyes (really, your mind) see?

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd Bigger Picture.jpg Size: 89 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #483
  • Edited 8:33am Jul 30, 2010 4:16am | Edited 8:33am
Pikeliver,

This is why I said earlier, "Watch for both..."

If you are only watching and waiting to see price take out a high to plan a long trade, and price decides to fall some more, chances are your mind will continue to keep you in waiting mode because you are only expecting a turn upward, not the drop. The end result is that you could miss a potentially profitable short waiting and watching for only a long? Have you experienced that before? I know I have. Then, by the time I catch myself and realize that shucks, I was staring at a confirmation for a short (per my edge), that it begins to look like it may finally start turning upward, and I missed it. LOLOLOL.

Look both ways before crossing the street. Don't know which way the car may be coming from, especially the unlikely places . Be a defensive trader.

Take good care,

FX4Newbies

Quoting pikeliver
Attachment

hi FX4,we wait until the lower high is taken out,and then start to plan the trade ?
Trade what you see, not what you think or feel. Let the market come to you.
  • #484
  • Jul 30, 2010 5:06am Jul 30, 2010 5:06am
Here is a continuation of EurUsd: The Bigger Picture. Did you see what price and the forks were telling you?

FX4Newbies

Quoting FX4Newbies
Hello Traders,

Just sharing a wider view of what has been happening...
What do your eyes (really, your mind) see?

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd Bigger Picture-2.jpg Size: 98 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #485
  • Jul 30, 2010 3:38pm Jul 30, 2010 3:38pm
hi FX4,very wise words,look both ways

thanks again
  • #486
  • Jul 30, 2010 5:46pm Jul 30, 2010 5:46pm
Hello Traders,

Posting a follow-up chart to the last one posted above, this time with a closer view. Price began to fall and ran into a zone of support. Closer view also shows an ML present in that area.

Will see how market performs: whether it can push lower, given the fact that it is still officially in an uptrend.

Take care and enjoy the weekend. Thanks again for stopping by.

FX4Newbies

P.S. I will be posting a wrap-up of the 10 pairs that I watch this weekend on the blog.
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd Weekly WrapUp.jpg Size: 138 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #487
  • Edited Jul 31, 2010 7:51am Jul 30, 2010 7:50pm | Edited Jul 31, 2010 7:51am
Try to always keep your mind open until you see something that gives you a definite edge (your set-up) to favour one direction over the other. From that point, it becomes an issue of timing: when to pull the trigger (your entry). And that really is the long and short of the trading process in its simplest form. Unfortunately, we have to deal with us in the process. Now that can be the hard part .

Take care,

FX4Newbies

Quoting pikeliver
hi FX4,very wise words,look both ways

thanks again
Trade what you see, not what you think or feel. Let the market come to you.
  • #488
  • Jul 31, 2010 11:33am Jul 31, 2010 11:33am
Eaglestar has a room on skype if you wanted to learn more about trading action/reaction lines. I found it very interesting stuff.

-b
  • #489
  • Jul 31, 2010 1:07pm Jul 31, 2010 1:07pm
Hello Kon/b,

I do know about Action/Reaction Lines. I do not include them here because many people coming to this thread are very new to Pitchforks and I find that method not suited to beginners. Why? It is a very subjective method and requires a keen, well-trained eye for finding the C/Ls to start with. Also traders need to have a very good handle on market structure. If I can spare the time, I may drop by. Please PM me the details.

Thanks,

FX4Newbies,

Quoting big_pipin
Eaglestar has a room on skype if you wanted to learn more about trading action/reaction lines. I found it very interesting stuff.

-b
Trade what you see, not what you think or feel. Let the market come to you.
  • #490
  • Jul 31, 2010 2:00pm Jul 31, 2010 2:00pm
Hello again,

Posted the weekly wrap-up on the blog for the 10 pairs I follow.
Check them out.

Have a good weekend.

FX4Newbies
Quoting FX4Newbies
Hello Traders,

Posting a follow-up chart to the last one posted above, this time with a closer view. Price began to fall and ran into a zone of support. Closer view also shows an ML present in that area.

Will see how market performs: whether it can push lower, given the fact that it is still officially in an uptrend.

Take care and enjoy the weekend. Thanks again for stopping by.

FX4Newbies

P.S. I will be posting a wrap-up of the 10 pairs that I watch this weekend on the blog.
Trade what you see, not what you think or feel. Let the market come to you.
  • #491
  • Aug 1, 2010 1:00am Aug 1, 2010 1:00am
Thank you for the wonderful setups throughout the week, I am watching and learning with great interest.

Do you use certain timeframes more often than others ? I had the impression that forks work best on 1h and higher.

Maybe you could include the TF in your pics or blog post headers.....

Thank you and please continue !

Be like water.
  • #492
  • Edited 12:56pm Aug 1, 2010 6:47am | Edited 12:56pm
Hello Msmarple,

Glad you are enjoying the setups. Sometimes watching someone else's thoughts on paper gives a trader a fresh perspective, even of their own thoughts on the same subject. I post these charts using the H1 time-frame, unless stated otherwise. This is on purpose of course: I have found that when this time frame looks promising, a trade is not too far away. These are very simple and basic fork setups by the way, but still very effective.

To answer your question, forks work well on any time-frame. I also use them on M15. They work on the M5 as well, but that might be too fast for some. I believe Wave Trader uses it on an 89 Tick chart (he has some earlier posts here). I will try to include that on the headings as I realize people may not always start reading from the very beginning. Good to know you are benefiting as I don't always hear back from traders, whether new or more experienced ones as yourself, about how this thread and the blog are impacting them.

By the way, your signature-slogan is very potent!!!

Take care and thanks for posting,

FX4Newbies

P.S. I updated the time-frames on the blog posts headings.

Quoting msmarple
Thank you for the wonderful setups throughout the week, I am watching and learning with great interest.

Do you use certain timeframes more often than others ? I had the impression that forks work best on 1h and higher.

Maybe you could include the TF in your pics or blog post headers.....

Thank you and please continue !

Trade what you see, not what you think or feel. Let the market come to you.
  • #493
  • Edited 4:04am Aug 2, 2010 3:47am | Edited 4:04am
Attached Image (click to enlarge)
Click to Enlarge Name: mon1.gif Size: 17 KB


note the big bar after the first touch of the lower line

seems like i am watching the right places to trade



thanks
  • #494
  • Aug 2, 2010 6:08am Aug 2, 2010 6:08am
Not much seems to be happening at the moment...lots of news at 10am EST and then Bernanke speaks...could make for a volatile morning.

Certainly no rush here...just watching.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #495
  • Aug 2, 2010 7:45am Aug 2, 2010 7:45am
The big bar was a good sign that Smart Money was around, but notice that price hit the ML...the likely target. Price will have to show signs of wanting to go higher from there.

Take care,

FX4Newbies

Quoting pikeliver
Attachment

note the big bar after the first touch of the lower line

seems like i am watching the right places to trade



thanks
Trade what you see, not what you think or feel. Let the market come to you.
  • #496
  • Aug 2, 2010 8:53am Aug 2, 2010 8:53am
Good Morning Traders,

Lots on the agenda for today...seems like the Eur-Usd is coming to life a bit. It will be interesting to see how the news affects the move.

Take care,

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd Awakens.jpg Size: 142 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #497
  • Aug 2, 2010 9:16am Aug 2, 2010 9:16am
I look at the H1 - looking at P 4 Warning Line - Go to 89 tick chart to look for an entry - Enter at green line - Stop at red line - profit stop at red line and out - Not great but a good start for the week.

I look for Break after P 5 - sometimes - especially if P5 was a countertrend move - and always jump on after P 2 or P 4 - if i can afford the stop.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: FCY383154-52.jpg Size: 110 KB
Click to Enlarge Name: FCY383154-53.jpg Size: 112 KB
  • #498
  • Edited 9:43am Aug 2, 2010 9:33am | Edited 9:43am
Thanks for sharing Wave Trader. It was one of the more promising trades out there. GbpUsd and GbpJpy offered some pips also. I think overall I was expecting a volatile morning, and chose to stand aside and observe. In slowish markets, you can definitely get some pips from the M15 or in your case, the 89 Tick.

By the way, what time do you normally start watching the market? Do you trade the London Session as well?

Good job!

P.S. My count on the last 3 would have been a 5...Not sure how that would now figure into your program.

Quoting Wave Trader
I look at the H1 - looking at P 4 Warning Line - Go to 89 tick chart to look for an entry - Enter at green line - Stop at red line - profit stop at red line and out - Not great but a good start for the week.

I look for Break after P 5 - sometimes - especially if P5 was a countertrend move - and always jump on after P 2 or P 4 - if i can afford the stop.
Trade what you see, not what you think or feel. Let the market come to you.
  • #499
  • Aug 3, 2010 2:31am Aug 3, 2010 2:31am
Early Good Morning to all,

A more current chart is attached...is the Eur-Usd finding support again. Just gotta watch for a credible confirmation.

Take care,

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: Eur-Usd Finds Support.jpg Size: 140 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #500
  • Aug 3, 2010 11:34am Aug 3, 2010 11:34am
Well price did find support and took off for several pips. Came back down some...no extremely strong convictions about how much further it may push. Will have to let price tell us.

Take care,

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd Morning Run.jpg Size: 138 KB
Trade what you see, not what you think or feel. Let the market come to you.
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