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Pitchfork Goldmine!

  • #681
  • Sep 15, 2010 9:59am Sep 15, 2010 9:59am
GBP - H1 & 89 Tick

H1 - tells me there was a 4 pivot at 0:00 hours - I was sleeping

89 Tick tells me the fork had a hit at 3:11 - everything going up - Enter
at next fork hit.
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  • #682
  • Sep 15, 2010 1:51pm Sep 15, 2010 1:51pm
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  • #683
  • Edited 11:49pm Sep 15, 2010 1:55pm | Edited 11:49pm
Hello Wave Trader,

That is exactly the approach that I like and use. I don't use the 89 tick (though I certainly might look into it). I use the M5 and sometimes glance at M1.

What your charts show traders very well is the importance of tuning the fork to the market. It is a trial and error process and the more it is done, the better the trader becomes: assuming they are doing it correctly. A finely tuned fork is an absolute goldmine . That is why the Pitchfork is my tool of choice. Everything else out there is just for confirmation. Now that's just me...

Thanks for sharing. Might help Icytrader and others.

FX4Newbies

Quoting Wave Trader
GBP - H1 & 89 Tick

H1 - tells me there was a 4 pivot at 0:00 hours - I was sleeping

89 Tick tells me the fork had a hit at 3:11 - everything going up - Enter
at next fork hit.
Trade what you see, not what you think or feel. Let the market come to you.
  • #684
  • Edited Sep 16, 2010 9:02am Sep 15, 2010 1:58pm | Edited Sep 16, 2010 9:02am
Hello Pikeliver,

Please share your thoughts...don't know if silent chart reading works well for others...I just don't want to assume . Thanks.

EDIT: In light of your H4 chart which seems to be showing an upward trend, saw somewhat of a conflict in direction. Were you thinking of shorting per your Daily?

FX4Newbies

Quoting pikeliver
Attachment
Trade what you see, not what you think or feel. Let the market come to you.
  • #685
  • Sep 15, 2010 9:09pm Sep 15, 2010 9:09pm
...
Attached Image (click to enlarge)
Click to Enlarge Name: 15MIN EU.GIF Size: 32 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #686
  • Edited 8:01am Sep 16, 2010 7:45am | Edited 8:01am
Good Morning traders,

Price did it!!! It came back and attempted to re-test the first green ML before going higher. Always nice when price behaves as you thought it would. Expecting price to continue to work its way to the U-MLH...the path it will choose we must wait to see.

Working toward resuming signals next week.

Take care,

FX4Newbies


Quoting FX4Newbies
Good Morning to all,

Looks like the Big Boys are back from vacation...price blasted through the blue line yesterday. Thinking it may find support at either of the green lines before going north. It may even use the blue line as support.

Plan your trade and trade your plan.

Take care,

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 9-16-10.jpg Size: 152 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #687
  • Sep 16, 2010 7:51am Sep 16, 2010 7:51am
No tool like the fork. I do like the fact that traders can utilize this tool, still using Andrews' methods and have a different perspective. All traders have a different outlook mentally and pitchforks give us all that option for diversity with similar results.

Thanks Kapital.

FX4Newbies

Quoting kapital
...
Trade what you see, not what you think or feel. Let the market come to you.
  • #688
  • Sep 16, 2010 7:58am Sep 16, 2010 7:58am
H1 - tells me possible Pivot 2 retest done. Want to go short.

89 Tick sets Entry - Stop Loss & Potential Profit target.
Attached Image(s) (click to enlarge)
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  • #689
  • Sep 16, 2010 8:07am Sep 16, 2010 8:07am
Think I see some bullish sentiment forming on H4. This is for Gbp-Usd

FX4Newbies

Quoting Wave Trader
H1 - tells me possible Pivot 2 retest done. Want to go short.

89 Tick sets Entry - Stop Loss & Potential Profit target.
Trade what you see, not what you think or feel. Let the market come to you.
  • #690
  • Sep 16, 2010 8:57am Sep 16, 2010 8:57am
89 Tick chart - shows concerns - Sliding Paralell - Double bottoms

and I saw a possible bullish build up on the 240 chart this morning

Profit stop at 1.5418
Attached Image (click to enlarge)
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  • #691
  • Edited 10:07am Sep 16, 2010 9:07am | Edited 10:07am
I certainly think it is approaching an area to be cautious and watchful about...this is where keeping an open mind and letting the market lead are so important.

FX4Newbies

Quoting Wave Trader
89 Tick chart - shows concerns - Sliding Paralell - Double bottoms

and I saw a possible bullish build up on the 240 chart this morning

Profit stop at 1.5418
Trade what you see, not what you think or feel. Let the market come to you.
  • #692
  • Edited 10:07am Sep 16, 2010 9:37am | Edited 10:07am
Just posted an interesting psychological tool to help traders understand themselves a little. It is on the blog under the new Category, Gold Nuggets. Plan to add interesting gems there from time to time.

Enjoy. Will be interesting to learn what and how you see.

FX4Newbies

Quoting FX4Newbies
No tool like the fork. I do like the fact that traders can utilize this tool, still using Andrews' methods and have a different perspective. All traders have a different outlook mentally and pitchforks give us all that option for diversity with similar results.

Thanks Kapital.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #693
  • Sep 16, 2010 9:42am Sep 16, 2010 9:42am
Quoting FX4Newbies
I certainly think it is approaching an area to be cautious and watchful about...this is where keeping an open mind and letting the market lead is so important.

FX4Newbies
Stopped Out - Small Profit - They all do not Work and this did not.
  • #694
  • Edited 6:02pm Sep 16, 2010 9:52am | Edited 6:02pm
Glad you had a small profit. Yes, our analysis doesn't always work as much as we would like it to. Your willingness to share the good and the not so good should help traders be realistic about this business. Everybody just wants to see + pips. Sometimes it may not be there.

I'm sure you had good winners this week though . No sweat on this one for sure, and you still got paid!

Thanks again,

FX4Newbies

P.S. Being on the right side of the market with a fork will always provide + pips, as it would with any other method.


Quoting Wave Trader
Stopped Out - Small Profit - They all do not Work and this did not.
Trade what you see, not what you think or feel. Let the market come to you.
  • #695
  • Sep 16, 2010 10:32am Sep 16, 2010 10:32am
Thanks for the kind words - FX4Newbies

GBP - 89 Tick Chart - Shows I could have picked up 60 pips, if I was on the Right side of the trade.

THE MARKET IS ALWAYS RIGHT
Attached Image (click to enlarge)
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  • #696
  • Sep 16, 2010 10:44am Sep 16, 2010 10:44am
Hi FX4,looking at the structure (as a novice)

Attached Image (click to enlarge)
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i think we are slap bang in the area to think of a trade,up or down im not sure,
who cares?

when i started playing this game i had a very strong bias to go long,now i look at this chart and i feel the blinkers i had on have fell off.

what do i see,peak top ? yes but i dont want to trade it,
  • #697
  • Sep 16, 2010 10:58am Sep 16, 2010 10:58am
the coalface.
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  • #698
  • Sep 16, 2010 2:02pm Sep 16, 2010 2:02pm
There yuh go Wave Trader...and that is where we all want to be ALL OF THE TIME. So, we keep working at it, right? These days, with the things I am doing and technological challenges, I just would like to get in the market more . Hope this upcoming week marks a new start.

Take care,

FX4Newbies

Quoting Wave Trader
Thanks for the kind words - FX4Newbies

GBP - 89 Tick Chart - Shows I could have picked up 60 pips, if I was on the Right side of the trade.

THE MARKET IS ALWAYS RIGHT
Trade what you see, not what you think or feel. Let the market come to you.
  • #699
  • Edited 7:35pm Sep 16, 2010 2:15pm | Edited 7:35pm
Well Pikeliver,

I think you are right in that price is at a critical trading point based on this chart view. As always, more context would help to get a better picture. Isn't it funny though: when we have a not so good set-up, we are anxious to trade it and hold on even if it is going against us, and then, when we see something that makes sense, we are afraid to touch it. I AM NOT SAYING TO BUY THIS, JUST COMMENTING ON HOW THE PSYCHE TENDS TO WORK? Can anyone out there relate to that phenomenon? I sure can . LOLOLOLOL

FX4Newbies

Quoting pikeliver
Hi FX4,looking at the structure (as a novice)

Attachment

i think we are slap bang in the area to think of a trade,up or down im not sure,
who cares?

when i started playing this game i had a very strong bias to go long,now i look at this chart and i feel the blinkers i had on have fell off.

what do i see,peak top ? yes but i dont want to trade it,
Trade what you see, not what you think or feel. Let the market come to you.
  • #700
  • Edited 7:25pm Sep 16, 2010 6:59pm | Edited 7:25pm
Hello Traders,

Thinking out loud again. Have a price target marked on this chart. Let's see if we get it before the weekend.

Take care,


FX4Newbies

P.S. In case some of you are wondering...I leave some of the "old" lines there so traders can see how price respected the Pitchfork lines. It helps newer visitors to the thread.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 9-16-10 pre-asian.jpg Size: 157 KB
Trade what you see, not what you think or feel. Let the market come to you.
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