Pitchfork Goldmine!

Just thinking out loud...US news later this morning.

FX4Newbies

Thought out loud...price did push higher? Green ML target hit!! Thinking out loud is not always a comfortable place as you watch price dance around. If your tools work, go with what you know about them. If occasionally the market does something different, take the loss and go at it again. That is why your trading edge or methodology has to have a high success rate, because there will be days when it may not work. Fortunately, price hit the target. Andrews expected this to happen 80% of the time for a "current" fork: local to current price action. In this case, the local fork (not shown) coincides with the ML of larger green fork. The pitchfork is the bomb!

FX4Newbies

Just letting you know that I will be posting the weekly chart setups later this evening.

Take care and enjoy your weekend.

FX4Newbies

Well traders,

Finally was able to post the weekly updates...a minor technical challenge as I am away from my regular trading station. I have attached a chart showing how the week ended for the Euro. Other setups are posted on the blog. Please take a minute to complete the poll there (just one question).

Thanks,

FX4Newbies

Hello Pikeliver,

Price did give a push up but seems to be in an overall downward mode. Needs to take out some highs to say something with meaning. Would be nice to see some solid confirmations.

Take care,

FX4Newbies

Hello traders,

Seems like EU had a choppy ride down. Apparently finding some support at an ML...a place to watch carefully before jumping in.

Take care,

FX4Newbies

Today's View - Looking for a short - after wave 4 & Pivot established.

Pivot 4 looks to be in. As this is a 4, I think - PA may retest. This how I will play it - I could be completely wrong.

Good Morning traders,

Missed the action this morning...chart attached.

Price made it to teal green ML after finding support before reaching L-MLH of red fork. In another decision zone. Will see how the market plays out.

Take care,

FX4Newbies

P.S. Very busy schedule today and tomorrow. Will try to post.

Hello Traders,

Price has been moving upward with some force. Looks like teal U-MLH is likely. Might sell off some first before pushing there. We'll see how the morning plays out...lots of US news.

Take care,

FX4Newbies

P.S. Added another view.

Hello traders,

Just letting you know that today and tomorrow will be very busy. Will post the weekend wrap up by Saturday.

Take care and be careful. Important US news coming.

FX4Newbies

I was wrong on my count on my last post. I did not get hurt with a BE.
I am looking long and a 5 Pivot Today.

This how I marked my chart - Entry at green line - Stop at red line - Now BE after PA broke blue line - I will look for new high or BE

Learn Market Structure

UP

Could you elaborate

Hello Wave Trader,

Glad you did not get hurt on that trade.

With regard to Market Structure, I certainly have Tim Morge to thank for these concepts. Market Structure is what every trader needs to be able to see before any trading tool is applied. We need to understand how price behaves.

The traditional definition of an uptrend is that price is making higher highs AND higher lows: both are required. However, a low is really a low (Tim calls it a swing low), when the previous high is taken out by price action. Will make some notes on Pikeliver's chart to explain since he had a question about direction.

Take care,

FX4Newbies

Here we go...

Remember the definition of an uptrend...higher highs AND lower lows. Notice how price is making higher highs and higher lows.

L1 is not an official swing low until price takes out the high at H0 by reaching to H1. Price then pulls back, which is normal price action. Notice it doesn't go as low as L1. Price then goes beyond H1, making L2 an official swing low.

Spend some time observing this action. Of course the reverse is true if price is making lower highs and lower lows.

Hope that helps.

FX4Newbies

EDIT: Be sure to confirm your entries before trading.