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Pitchfork Goldmine!

  • #601
  • Aug 23, 2010 10:36am Aug 23, 2010 10:36am
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  • #602
  • Aug 23, 2010 10:55am Aug 23, 2010 10:55am
I was actually referring to the pink fork. However, one of Andrews' rules says that Pivot 1 can be any pivot as long as the alternating sequence is in place. Maybe that was your choice here.

FX4Newbies

Quoting kapital
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.
Trade what you see, not what you think or feel. Let the market come to you.
  • #603
  • Aug 23, 2010 10:56am Aug 23, 2010 10:56am
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Hi FX4,since studying pitchforks,i have come across a few new terms,ie lazy Z ,frequency etc
which you kindly explain to me,would you consider these candles are a TELL ?

thanks

Pikeliver
  • #604
  • Aug 23, 2010 10:57am Aug 23, 2010 10:57am
Pikeliver,

Hope you caught that drop! How do you feel when you experience a trade where you saw the market correctly, waited for the setup and then the market went the way you thought...to the letter?

Read recently that you started with forks some months ago. I think you would agree that it has made a world of difference in your trading.

FX4Newbies

Quoting pikeliver
Attachment
Trade what you see, not what you think or feel. Let the market come to you.
  • #605
  • Edited 10:56pm Aug 23, 2010 11:01am | Edited 10:56pm
Those candles certainly show bullish sentiment...a double bottom at that. It does give an indication of an upward move. Since it is coming off an MLH, it looks pretty good to me. You would have to use a cash stop, unless you see some other market structure on a smaller time frame. More conservative traders may wait for more confirmation and a better stop area.

Note: Notice how the bars went below the MLH then closed within the fork. Very interesting Smart Money/Big Boy behaviour. Gotta be a thinking trader at all times .
I consider the implication of those candles more of a TELL than just looking at the candles themselves, if you know what I mean. Always remember people are behind the price moves.

FX4Newbies

Quoting pikeliver
Attachment

Hi FX4,since studying pitchforks,i have come across a few new terms,ie lazy Z ,frequency etc
which you kindly explain to me,would you consider these candles are a TELL ?

thanks

Pikeliver
Trade what you see, not what you think or feel. Let the market come to you.
  • #606
  • Aug 23, 2010 11:13am Aug 23, 2010 11:13am
Wave Trader,

Glad you were honest...sometimes we do chicken out . But you got paid and that is what matters. If we know how much emotional equity we have at any given point in a trade, then we just don't go beyond that point. Otherwise, we could bring an unnecessary draw-down on our account.

Good move.

FX4Newbies

Quoting Wave Trader
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
Trade what you see, not what you think or feel. Let the market come to you.
  • #607
  • Aug 23, 2010 11:15am Aug 23, 2010 11:15am
Hi FX4
I was lost,then i was found
i was blind but now can see

all the stuff i learned about position size,risk reward,expectacy etc i can now use,last monday at the free session Shane used the phrase

Craftmenship of the trade
-------------------------

i feel that is very apt
to me that means finding a window where my stop is so small,my risk reward profile is now moving to 4 or 5 to 1

for a long time i just kept plugging away hoping the day would come

it has,
isnt life great

Pikeliver
  • #608
  • Aug 23, 2010 11:18am Aug 23, 2010 11:18am
That was a beauty Wave Trader. I had to be out this morning and got back a little while ago. With a little co-ordination, I am hoping we can grab most of these solid set-ups. Working on it .

FX4Newbies


Quoting Wave Trader
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
Trade what you see, not what you think or feel. Let the market come to you.
  • #609
  • Aug 23, 2010 11:23am Aug 23, 2010 11:23am
When you know that you can see, it is very rewarding. In improving your reward:risk profile, I am sure you are being much more selective in the trades you decide to take.

Many new traders feel as though they have to take everything that comes along. The more skilled you become, the more discriminating you should become. Two or three solid trades a week is a good place to start from. If you develop the HABIT of trading the best setups that you recognize, your equity curve should go up continually.

Good going to you. I truly share your joy and achievement.

FX4Newbies

Quoting pikeliver
Hi FX4
I was lost,then i was found
i was blind but now can see

all the stuff i learned about position size,risk reward,expectacy etc i can now use,last monday at the free session Shane used the phrase

Craftmenship of the trade
-------------------------

i feel that is very apt
to me that means finding a window where my stop is so small,my risk reward profile is now moving to 4 or 5 to 1

for a long time i just kept plugging away hoping the day would come

it has,
isnt life great

Pikeliver
Trade what you see, not what you think or feel. Let the market come to you.
  • #610
  • Aug 23, 2010 11:54am Aug 23, 2010 11:54am
Hello again,

There is a one-question poll on the blog about how the weekly chart setups, might or might not be helping you. Hope you can put your 2 cents in. If everyone puts 2 cents, soon it will become a dollar .

Thanks in advance,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #611
  • Aug 24, 2010 6:07am Aug 24, 2010 6:07am
Hello again,

EurUsd is quite dead at the moment. Will not be able to post again today as I will be travelling. Will try to post again on Wednesday for the London Session.

Take care and be careful with the market chop.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #612
  • Edited 9:22am Aug 25, 2010 8:35am | Edited 9:22am
Hello again,

Price in the middle of the downward fork. News again soon.

Watch and wait.

Take care,

FX4Newbies

P.S. Using a shorter time-frame may give scalping trade entries.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #613
  • Edited 7:22am Aug 26, 2010 7:01am | Edited 7:22am
Hello traders,

Price took out some highs yesterday, but not very convincingly...lots of long wicks/shadows. Will see if we get a push up after a spring off support on MLH. Lots of news to come. Don't assume as anything can happen. Let price talk to you.

Take care,

FX4Newbies

P.S. Added View 2 with green fork. See how the green fork gives some framework to price in the middle of open space? At a deciding point, hanging outside the MLH. Be watchful.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #614
  • Aug 26, 2010 8:34am Aug 26, 2010 8:34am
Lots of boundaries in the area...will see how price interacts to give us a tell as to where the market might go.

Be patient. Protect your emotional capital .

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #615
  • Aug 26, 2010 9:40am Aug 26, 2010 9:40am
Price tried to find support at MLH...didn't quite get there. Bulls got on board and pushed. Hope some of you were able to get a few pips. Busy for the rest of the day.

Take care,

FX4Newbies

Quoting FX4Newbies
Hello traders,

Price took out some highs yesterday, but not very convincingly...lots of long wicks/shadows. Will see if we get a push up after a spring off support on MLH. Lots of news to come. Don't assume as anything can happen. Let price talk to you.

Take care,

FX4Newbies

P.S. Added View 2 with green fork. See how the green fork gives some framework to price in the middle of open space? At a deciding point, hanging outside the MLH. Be watchful.
Trade what you see, not what you think or feel. Let the market come to you.
  • #616
  • Aug 26, 2010 10:07am Aug 26, 2010 10:07am
My view of today action - We may have 5 wave - pivot in at the blue SP

89 tick Chart shows PA held at ML

Tim Morge says the 3 most important things are:

Market Structure - Context - Frequency
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  • #617
  • Aug 27, 2010 12:41am Aug 27, 2010 12:41am
Going down (hopefully).
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #618
  • Aug 27, 2010 3:26am Aug 27, 2010 3:26am
I'm looking for price to target the upper warning line if there is continuation to the upside.
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #619
  • Aug 27, 2010 3:50am Aug 27, 2010 3:50am
Thank you Wave Trader and Kapital for your recent posts. Both sets of charts look great. Posting a very simple view of the EurUsd next.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #620
  • Aug 27, 2010 3:54am Aug 27, 2010 3:54am
Hello again,

Hope you all had a good trading day yesterday.

Attached is a simple view of the EurUsd. In a decision zone it seems...more boundaries to cross in order to confirm a move. We shall see .

Take care,

FX4Newbies
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.
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