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Pitchfork Goldmine!

  • #821
  • Oct 28, 2010 6:37am Oct 28, 2010 6:37am
Pikeliver,

Glad to see how you are using Gartley with the forks. I think you studied with Pesavento. Wave Trader here uses his wave count and forks. Why not use Harmonic Patterns and forks. Whatever works for you to give you confidence to see your trades. I think it also helps other traders to see how versatile and user-friendly Pitchforks are.

Take care,

FX4Newbies

Quoting pikeliver
Attachment

Well what can i say ?
Trade what you see, not what you think or feel. Let the market come to you.
  • #822
  • Oct 28, 2010 10:59am Oct 28, 2010 10:59am
Hello Traders,

Had to step out this morning. Will see what the market has for us later tonight into the morning.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #823
  • Oct 29, 2010 7:39am Oct 29, 2010 7:39am
Hello Traders,

Still a little fuzzy, but I thought at least I can post a chart with some soundness of mind. Chose to show a longer view as I think it gives an idea of the context of what might be in the works.

Price is falling but not really. Forks show good frequency which is helpful, but no major changes in direction have occurred. Just take it in stride until there is a definite tell.

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.
  • #824
  • Oct 29, 2010 1:31pm Oct 29, 2010 1:31pm
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Hi FX,intresting week i hope you are well
i doubt next week will be as free with the pips,i do feel that all have learned will stand me in good stead

thanks for your help

pikeliver
  • #825
  • Oct 29, 2010 6:55pm Oct 29, 2010 6:55pm
Quoting FX4Newbies
Pikeliver,

Glad to see how you are using Gartley with the forks. I think you studied with Pesavento. Wave Trader here uses his wave count and forks. Why not use Harmonic Patterns and forks. Whatever works for you to give you confidence to see your trades. I think it also helps other traders to see how versatile and user-friendly Pitchforks are.

Take care,

FX4Newbies
I have been using Pesavento Paterns for about 1 month. After a discussion with Paul C. and looking at Shane B. use of the 1 minute chart, I switched - 2 weeks ago - From 89 Tick to 1 Minute charts. Gives me more information but takes some adjustment.

I still use and print 60 minute charts at the beginning of the day and hand chart from that. My count is still off of the 60 Minute and is my "guide post". My computer monitors are set with 20 minute and 1 minute charts.

Forexpros.com did a study of the Time Frame useage and found that
60 minute is # 1 and 1 minute is # 2.

Below are 1 minute Charts of today's action - GBP - EUR - CHF - I took the Swissy.
Attached Image(s) (click to enlarge)
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  • #826
  • Edited 6:26am Oct 30, 2010 6:07am | Edited 6:26am
Hi Wave Trader,

Glad to see you are working at fine-tuning your system to make it more efficient. It was already pretty good . I do look at M1 as well. I also find that some pairs give clearer reads on the M5...all depends on how price is behaving. l will take a look at Forexpros.com. I am not surprised though that M1 is looked at.

Waves and the Pesavento Patterns, which I think you can even employ using Ensign, and the Pitchforks should make you pretty deadly. Keep pressing. Don't use either myself, but they are very good methods.

Take care,

FX4Newbies

P.S. I definitely agree with using H1 as your guide post. Seems to be very credible and consistent in timing when things may be getting ready to move.

Quoting Wave Trader
I have been using Pesavento Paterns for about 1 month. After a discussion with Paul C. and looking at Shane B. use of the 1 minute chart, I switched - 2 weeks ago - From 89 Tick to 1 Minute charts. Gives me more information but takes some adjustment.

I still use and print 60 minute charts at the beginning of the day and hand chart from that. My count is still off of the 60 Minute and is my "guide post". My computer monitors are set with 20 minute and 1 minute charts.

Forexpros.com did a study of the Time Frame useage and found that
60 minute...
Trade what you see, not what you think or feel. Let the market come to you.
  • #827
  • Edited 8:47am Oct 30, 2010 7:00am | Edited 8:47am
Hello again Wave Trader,

You mentioned Pesavento patterns and I know Pikeliver has studied them as well. They are extremely valid. Thought I would post a chart here that will be part of my website under the heading "Why Pitchforks". You'll be amazed how Ichimoku, Waves even Lagging Indicators harmonize with The Pitchfork. The chart below shows the relationship between the Gartley Patterns and Pitchforks. For those who may be new to Harmonic Patterns, it is outlined in blue. The Pitchfork and related concepts are very powerful trading tools!

Enjoy the trading food for thought .

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.
  • #828
  • Edited 10:26am Oct 30, 2010 9:59am | Edited 10:26am
Hi Pikeliver,

We will surely see what the week will bring. I do agree that all that you have under your belt will serve you very well. Just put it together in your own recipe that you can see and gel with, and you should be fine. Just learn to trade what you see, not what you think or how you feel about a pair. Many times what you see will not feel right, but that does not matter. Back testing is a very tedious process, but if you take the time to back test your specific trading method and you know what the statistical probabilities are, it should also help to increase your confidence or cause you to tweak some more if you don't like the results.

Should be posting weekly wrap-ups on the blog later tonight. For those traders who would like to receive updates regarding the website, please be sure to fill out the form on the blog for free signals.

Take care,

FX4Newbies

P.S. Getting back to 100%. Thanks for asking.

Quoting pikeliver
Attachment

Attachment

Hi FX,intresting week i hope you are well
i doubt next week will be as free with the pips,i do feel that all have learned will stand me in good stead

thanks for your help

pikeliver
Trade what you see, not what you think or feel. Let the market come to you.
  • #829
  • Oct 30, 2010 6:53pm Oct 30, 2010 6:53pm
Quoting Wave Trader
Forexpros.com did a study of the Time Frame useage and found that
60 minute is # 1 and 1 minute is # 2.
Nice trades, WaveTrader!
Using M1 timeframe, what's the diff from using the higher ones? Seems like the bar by bar formation/ swing is so short that makes it hard to read (noise)
  • #830
  • Oct 30, 2010 7:18pm Oct 30, 2010 7:18pm
Quoting FX4Newbies
Hello again Wave Trader,

You mentioned Pesavento patterns and I know Pikeliver has studied them as well. They are extremely valid. Thought I would post a chart here that will be part of my website under the heading "Why Pitchforks". You'll be amazed how Ichimoku, Waves even Lagging Indicators harmonize with The Pitchfork. The chart below shows the relationship between the Gartley Patterns and Pitchforks. For those who may be new to Harmonic Patterns, it is outlined in blue. The Pitchfork and related concepts are very powerful trading tools!...
FX4 - thank you for your comments

I use Ensign - it has a Pesavento Study called Pesavento Patterns. I use it as a confirmation of when price hits the ML or UML or LML or Quartiles and I see resistance or support with an Arrow and a known Fib ratio - I want to go.

Using M1 - I employ Tim's stratgey of "collapsing risk". If a trade is going my way - I go to BE very quick -Normally in 5 minutes - In this type of trading - It is like Tim says - In, Out and No one gets Hurt.

My set up is - 2 Monitors - 4 charts per monitor - 4 currencies - 20 Minute Charts on Top - 1 Minute charts for that currencey underneath. 60 Minute charts printed and on the desk updated hourly by hand.

Trading Platform on a separate computer.

4 currencies are all I can deal with - EUR - GBP - CHF - AUD - When the time is to go - I need to see and not be jumping around. Alerts help but vigilance is the key. The focus of PA and Forks and Pesavento - all down to second nature and planned.

My day starts at 4:00 a.m. PDT and I am ready to trade by 4:50 a.m. - And I am done usually by 9:00 a.m. unless in a trade.

Good Luck - The Market is always right.
  • #831
  • Oct 30, 2010 7:29pm Oct 30, 2010 7:29pm
Quoting anthoniex
Nice trades, WaveTrader!
Using M1 timeframe, what's the diff from using the higher ones? Seems like the bar by bar formation/ swing is so short that makes it hard to read (noise)
I am making trades every day. The Waves of the 60 Minute chart are the
"meat" I am looking to grab. Look at the Pivots on the M1 - they are what I set my forks up with. Also I am mindful of the areas of SR off of the M20.

I have Forks and Pesavento Patterns set on - H1 - M20 and M1 - all starring me in the face on the 4 currencies that I trade.

To me there is no Noise - Only Price Action

Good Luck - The Market is always right.
  • #832
  • Edited Oct 31, 2010 1:32am Oct 30, 2010 7:34pm | Edited Oct 31, 2010 1:32am
Quoting Wave Trader
FX4 - thank you for your comments

I use Ensign - it has a Pesavento Study called Pesavento Patterns. I use it as a confirmation of when price hits the ML or UML or LML or Quartiles and I see resistance or support with an Arrow and a known Fib ratio - I want to go.

Using M1 - I employ Tim's stratgey of "collapsing risk". If a trade is going my way - I go to BE very quick -Normally in 5 minutes - In this type of trading - It is like Tim says - In, Out and No one gets Hurt.

My set up is - 2 Monitors - 4 charts per monitor - 4 currencies - 20...
Well Wave Trader,

You are definitely treating trading as a business. You are very focused and specific, which is what it takes. Glad you like the M1. Your 89 Tick charts had very good frequency as well. I don't have time to update charts by hand...would like to get that habit for sure.

Going to break-even quickly is encouraging...it helps the trader to go further on in the trade. It can be an emotional shot of adrenaline. I find having something to confirm when price hits an ML etc. is a great idea. Whatever a trader needs to have the confidence to pull the trigger is all good.

Will be getting into analysis mode soon for the blog.

Take care and thanks for taking the time to post,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #833
  • Edited Oct 31, 2010 12:39am Oct 30, 2010 7:41pm | Edited Oct 31, 2010 12:39am
Quoting Wave Trader
I am making trades every day. The Waves of the 60 Minute chart are the
"meat" I am looking to grab. Look at the Pivots on the M1 - they are what I set my forks up with. Also I am mindful of the areas of SR off of the M20.

I have Forks and Pesavento Patterns set on - H1 - M20 and M1 - all starring me in the face on the 4 currencies that I trade.

To me there is no Noise - Only Price Action

Good Luck - The Market is always right.
The key here Wave Trader is that I think you have your system in place. You know exactly what you are looking for, from what tools or strategy you use and when you see it, you know what you ought to do.

Your method eliminates what may be noise to others. Every trader needs to find their "recipe". I've got mine down. I look at a chart and jot down on a worksheet if I see X, Y and Z. If I see it, then I do A, B and C. If I don't see it, I go to the next pair. It takes all the emotion out of the equation.

Trading is about probabilities. If you know the probabilities of your trading edge, that's all you need. Just trade when you see what you know works. And yes, the market is always right .

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #834
  • Edited Oct 31, 2010 7:53am Oct 30, 2010 8:17pm | Edited Oct 31, 2010 7:53am
Quoting Wave Trader
FX4 - thank you for your comments

I use Ensign - it has a Pesavento Study called Pesavento Patterns. I use it as a confirmation of when price hits the ML or UML or LML or Quartiles and I see resistance or support with an Arrow and a known Fib ratio - I want to go.

Using M1 - I employ Tim's stratgey of "collapsing risk". If a trade is going my way - I go to BE very quick -Normally in 5 minutes - In this type of trading - It is like Tim says - In, Out and No one gets Hurt.

My set up is - 2 Monitors - 4 charts per monitor - 4 currencies - 20...
By the way, what size monitors do you use. I like 25" at the moment. Being able to see what you need to see at a glance is the way to go. As you mentioned earlier...vigilance is the key. So right on.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #835
  • Nov 1, 2010 6:45am Nov 1, 2010 6:45am
Good Monday Morning Traders,

Price in the middle of this fork with lots of news to come. Wait for price to confirm where it will go to before it makes its move.

Currently trading a signal on Usd-Chf sent this morning. Up about 30 pips. Sign-up form is on the blog.

Take care and safe trading,

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.
  • #836
  • Nov 1, 2010 10:35am Nov 1, 2010 10:35am
Mentioned this trade this morning. This is the outcome at this time. Chart is posted on the blog.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #837
  • Edited 10:58am Nov 1, 2010 10:46am | Edited 10:58am
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HI FX,when i shorted this at 6.15gmt this morning,i went to work knowing this was a high probility trade,the set up was just perfect.So it was no suprise when i came home and looked at the chart

i am now using the SAR trail the stop,the exit is the ML

Also same as last week,waiting for the first pullback,half position off at 100 pips
  • #838
  • Nov 1, 2010 10:56am Nov 1, 2010 10:56am
Done for the day. CHF was a good buy also. Good spot FX4

20 Minute shows no new high made - Black Lines - SR Line - Blue Line
Expect SR hold for sell.

1 Minute shows trades - When Red Arrow came on I hit market order sell -
previous resistance at Quartile - cash stop - when I use cash stop I use
13 pips - BE very quick

Same with LML hit - Red Arrow - market order sell

Out at Green Lines
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  • #839
  • Edited 11:22am Nov 1, 2010 10:59am | Edited 11:22am
Quoting pikeliver
Attachment

HI FX,when i shorted this at 6.15gmt this morning,i went to work knowing this was a high probility trade,the set up was just perfect.So it was no suprise when i came home and looked at the chart

i am now using the SAR trail the stop,the exit is the ML
Excellent!!! You are trading what you know works for YOU. That is the key. Enjoy your hard fought for pips .

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #840
  • Nov 1, 2010 11:35am Nov 1, 2010 11:35am
Quoting Wave Trader
Done for the day. CHF was a good buy also. Good spot FX4

20 Minute shows no new high made - Black Lines - SR Line - Blue Line
Expect SR hold for sell.

1 Minute shows trades - When Red Arrow came on I hit market order sell -
previous resistance at Quartile - cash stop - when I use cash stop I use
13 pips - BE very quick

Same with LML hit - Red Arrow - market order sell

Out at Green Lines
Great setups. Do your arrows kick in as a result of the Pesavento Patterns on Ensign? Very interesting. I can see why you like your M1 now. I generally use M1 when I am in a trade to see if the market will continue.

Your second red arrow to sell is a high probability entry to me: a switchback line.

Glad we are making $$$..Chi Ching!!!

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
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