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Pitchfork Goldmine!

  • #581
  • Edited 6:40am Aug 19, 2010 5:02am | Edited 6:40am
Good Morning Traders,

Price seems to be inching lower overall. Be careful and confirm your entries.

Take care,

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #582
  • Aug 19, 2010 6:36am Aug 19, 2010 6:36am
Here is another look at that chart set-up. Price had been falling for some time but began making a stair-step higher...but not yet high enough to take out some key resistance around 1.2929. Started a stair-step lower then found support.

Important US news due this morning. It could give the needed push upward. Take your time and be watchful. Patience is key to wait for your setup and entry.

Good trading to you,

FX4Newbies

P.S. Busy morning...will have to watch the aftermath .
Attached Image (click to enlarge)
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Trade what you see, not what you think or feel. Let the market come to you.
  • #583
  • Aug 19, 2010 9:15am Aug 19, 2010 9:15am
H1 - and my Wave - Pivot Count - 89 Tick Entry and Exit. Technically - I should wait for a new low to exit - BUT " GOOD ENOUGH" - I my be wrong on my count so out.
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  • #584
  • Aug 19, 2010 11:47pm Aug 19, 2010 11:47pm
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  • #585
  • Aug 20, 2010 4:21am Aug 20, 2010 4:21am
Pikeliver,

Guess you made some $$$ . Anyhow, price may fall some...To yellow line? Will see. Keep pressing: doing great! I think you feel it as well...that your seeing eye has improved and is improving.

Take care,

FX4Newbies

Quoting pikeliver
Attachment

Attachment
Trade what you see, not what you think or feel. Let the market come to you.
  • #586
  • Aug 20, 2010 5:28am Aug 20, 2010 5:28am
Well traders,

Euro did get a push upward yesterday because of the news, but then turned, at the ML, and continued falling. Broke blue support line on chart posted yesterday.

Continue to let the market show you what it wants to do next. Remember, it is always right .

Take care,

FX4Newbies

P.S. Another busy day for me.

Quoting FX4Newbies
Here is another look at that chart set-up. Price had been falling for some time but began making a stair-step higher...but not yet high enough to take out some key resistance around 1.2929. Started a stair-step lower then found support.

Important US news due this morning. It could give the needed push upward. Take your time and be watchful. Patience is key to wait for your setup and entry.

Good trading to you,

FX4Newbies

P.S. Busy morning...will have to watch the aftermath .
Trade what you see, not what you think or feel. Let the market come to you.
  • #587
  • Aug 21, 2010 6:07am Aug 21, 2010 6:07am
Hello traders,

Will be posting the usual update on Eur-Usd and the other pairs today on the blog. Will also include a poll so I can get an idea of how the chart setups have been helping.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #588
  • Aug 21, 2010 6:30pm Aug 21, 2010 6:30pm
Hello again,

Just posting a broader view of this pair. Seems like there may be some room for a further drop. Will have to watch for confirmation as always, but that could be a long-term play.

Will be completing the posting of the blog charts for the other pairs shortly.

Take care and enjoy the rest of the weekend.

Thanks for visiting the thread,

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #589
  • Aug 21, 2010 8:34pm Aug 21, 2010 8:34pm
Updates are now posted on the blog. Also, I have added a quick poll to see how the set-ups may be helping.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #590
  • Aug 22, 2010 9:35am Aug 22, 2010 9:35am
Why do we use the "Forks"? Because they work. Look at this EUR - daily chart - C pivot is on 12 - 03 - 2009 - look at the frequency - See where the Price moved back to on 8-6-2010 - then moved lower.

One must marvel at the Geometry!!!

I trade off of the H1 and use 89 tick Charts for entries. But I do start each day looking at 6 Currencies Day Charts to get a sense of where we are going.

Happy Hunting!
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  • #591
  • Aug 22, 2010 11:23am Aug 22, 2010 11:23am
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  • #592
  • Aug 22, 2010 2:57pm Aug 22, 2010 2:57pm
Yes Wave Trader, they do work: plain and simple. I don't know of another approach that is as inclusive of other methods as this is. Price has a harmony/frequency with pitchforks, when the fork is properly tuned to the market.

Your Daily chart shows it quite clearly. I think your approach is great...always having in your mind's eye the Daily as well. I also look at the Monthly and Weekly. Some traders don't think that is necessary, but getting the overall view of the market is an excellent way to plan your trades. Just my view.

When a fork gives that kind of frequency, it can only give the trader confidence in knowing where to look for the next trade. Confirmation of that information on a smaller time-frame should make the opening of a position much easier. If the longer time-frame shows a short is coming, at some point it has got to start falling (unless there is a change in sentiment). The shorter time-frames will eventually have to show price beginning to drop, and you and I, and other traders want to be there for the move.

Thanks for posting and Happy Hunting to you too.

FX4Newbies

Quoting Wave Trader
Why do we use the "Forks"? Because they work. Look at this EUR - daily chart - C pivot is on 12 - 03 - 2009 - look at the frequency - See where the Price moved back to on 8-6-2010 - then moved lower.

One must marvel at the Geometry!!!

I trade off of the H1 and use 89 tick Charts for entries. But I do start each day looking at 6 Currencies Day Charts to get a sense of where we are going.

Happy Hunting!
Trade what you see, not what you think or feel. Let the market come to you.
  • #593
  • Edited Aug 23, 2010 8:41am Aug 22, 2010 2:59pm | Edited Aug 23, 2010 8:41am
Pikeliver,

That one ML says alot to a forker. Seeing that on a Weekly, then looking for entry would have been a good trade.

Timing these moves and having the patience to wait for the optimum entry will bring in the dough ($$$$) like clock-work.

Take care,

FX4Newbies

Quoting pikeliver
Attachment
Trade what you see, not what you think or feel. Let the market come to you.
  • #594
  • Aug 23, 2010 12:02am Aug 23, 2010 12:02am
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  • #595
  • Edited 8:18am Aug 23, 2010 7:53am | Edited 8:18am
Good Morning Traders,

Thought I would share the five-minute view for a change, as Eur-Usd has been sideways for some time. Notice how the lines have had good frequency with price.

Pikeliver's chart above shows price on the one-hour time-frame working very well. What can I say...there is nothing like the Pitchfork! It is just amazing and very, very versatile.

My first choice for a trading tool any day...no apologies .

Take care,

FX4Newbies

P.S. Thought I would back it up and show you the fork where the WLs came from.

P.P.S. Sorry, just changed the order to help with the flow. First chart shows the fork that produced the WLs. There is a price gap between the two charts, but I think it does not take away from what I am trying to show.
Attached Image(s) (click to enlarge)
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Trade what you see, not what you think or feel. Let the market come to you.
  • #596
  • Aug 23, 2010 8:20am Aug 23, 2010 8:20am
Blue ML is a Schiff
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #597
  • Edited 9:01am Aug 23, 2010 8:23am | Edited 9:01am
Hello Kapital,

Your Schiff looks interesting. Hope it gives a tell as to where price may go once it breaks out of this ranging mode .

Thanks for posting,

FX4Newbies

P.S. By interesting I am referring to your pivot selection for P1. Always good to see another view point.

Quoting kapital
Blue ML is a Schiff
Trade what you see, not what you think or feel. Let the market come to you.
  • #598
  • Aug 23, 2010 9:16am Aug 23, 2010 9:16am
Quoting FX4Newbies
P.S. By interesting I am referring to your pivot selection for P1. Always good to see another view point.
Are you referring to where the handle is placed? If so, I didn't choose a pivot for that. Since my charting platform doesn't automatically draw a schiff I line the schiff fork with the AC trendline. I don't bother to place the end of the handle halfway vertically/horizontally. The end result is still the same.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #599
  • Aug 23, 2010 9:59am Aug 23, 2010 9:59am
I missed the CAD - But got the EUR - Chickened out - I was waiting for the blue SP to exit.

H1 - I was looking for the 4 wave- pivot to end then 89 tick entry
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  • #600
  • Aug 23, 2010 10:04am Aug 23, 2010 10:04am
I missed this - it was a good trade - H1 shows 4 wave - pivot - Triple bottom - Over to the 89 tick chart for entry

Probably done for the day
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