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Pitchfork Goldmine!

  • #841
  • Nov 1, 2010 12:51pm Nov 1, 2010 12:51pm
Quoting FX4Newbies
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
Yes - FX4 - the red Arrows are created by Ensign Pesavent Patterns - But I need more -

1st trade - prior resistance at Quartile and M20 SR.

2nd trade - LML - not to me, as good as the 1st - but I had pips rolled forward and maybe will get some follow through. BE in 5 minutes - not willing to take a loss.
  • #842
  • Nov 1, 2010 12:54pm Nov 1, 2010 12:54pm
Hi FX4,i see we are all finished for the day,i hope you dont mind
a few words from the master

After making my first record,i found it did not help me to any great extent.Weeks later i had a new thought which aroused me to fresh endeavors, only to find out that,while it was an improvement over the first one,it still did not give me the desired information.Successively new thoughts would come to mind,and i would make a set of new records.Gradually,after making many of these,i began to develop ideas i did not have before,and each succeeding record i made began to shape itself into better form.But from the time i started to merge the time element with price movements,my records began to talk to me !

thanks Pikeliver
  • #843
  • Nov 1, 2010 1:32pm Nov 1, 2010 1:32pm
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  • #844
  • Nov 1, 2010 1:44pm Nov 1, 2010 1:44pm
Quoting Wave Trader
Yes - FX4 - the red Arrows are created by Ensign Pesavent Patterns - But I need more -

1st trade - prior resistance at Quartile and M20 SR.

2nd trade - LML - not to me, as good as the 1st - but I had pips rolled forward and maybe will get some follow through. BE in 5 minutes - not willing to take a loss.
Yes Wave Trader. I am sure you would want more. Most seasoned traders want something to sink their trading teeth into before putting their money on the line. First entry was certainly a good place to enter. I just find switchbacks very promising.

Enjoy the rest of your non-trading day . Isn't it great when you can give yourself the rest of the day off?

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #845
  • Edited 2:09pm Nov 1, 2010 1:58pm | Edited 2:09pm
Quoting pikeliver
Hi FX4,i see we are all finished for the day,i hope you dont mind
a few words from the master

After making my first record,i found it did not help me to any great extent.Weeks later i had a new thought which aroused me to fresh endeavors, only to find out that,while it was an improvement over the first one,it still did not give me the desired information.Successively new thoughts would come to mind,and i would make a set of new records.Gradually,after making many of these,i began to develop ideas i did not have before,and each succeeding record...
Don't mind at all. I presume you are referring to records in your trading journal. When you refer to the "time element" do you mean the time of day you are trading? Please clarify.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #846
  • Nov 1, 2010 2:00pm Nov 1, 2010 2:00pm
Quoting pikeliver
Attachment
Why not do some Fibs? Notice that is a Weekly chart. That makes it a real spot to watch.

Thanks for sharing it with us.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #847
  • Edited 5:47pm Nov 1, 2010 5:46pm | Edited 5:47pm
Quoting pikeliver
Attachment
Pike

I know nothing about Gartley, except, I have seen the Butterfly. I do see it on your chart. I think.

But do not know what it means. I have not studied the material. I know I have Gartley Pattern on my Ensign but do not know how to use it.

Does it work for you?

One thing I do know - when all the talking heads and the net is a buzz with the demise of the Dollar - I think we may have, as Tim says "Change of Behavior".

Watching what swing lows are being taken out on the H1 chart. Does not mean we are not going to have some great long trades but we are in a range - looking for direction. My view.

GOOD LUCK - The Market is allways right.
  • #848
  • Nov 1, 2010 5:55pm Nov 1, 2010 5:55pm
Quoting Wave Trader
Pike

I know nothing about Gartley, except, I have seen the Butterfly. I do see it on your chart. I think.

But do not know what it means. I have not studied the material. I know I have Gartley Pattern on my Ensign but do not know how to use it.

Does it work for you?

One thing I do know - when all the talking heads and the net is a buzz with the demise of the Dollar - I think we may have, as Tim says "Change of Behavior".

Watching what swing lows are being taken out on the H1 chart. Does not mean we are not going to have some great long...
Hello Wave Trader,

I'm sure Pikeliver will have much more to share on the subject. However, this much I can throw in the ring to help out 'til he responds...they are geometric patterns formed from Fib Retracements. Certain shapes formed by certain Fib ratios have a statistical probability. Once the XABC is in place then D is generally a measured Fib move. I think Gartley came up with the AB=CD measured move.

I put up a chart with Forks and a Gartley Pattern on Saturday. That might help. These software packages I think are calculating the percentage retracements and checking them against preset combinations. When they are present, the pattern forms.

That's the end of my 3 cents for now. Didn't plan to discuss that much. Hope it helps for now.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #849
  • Nov 2, 2010 12:22am Nov 2, 2010 12:22am
just thought i'd drop by, cos i know you're an eu fan.........bit late to the party though

so many parties to attend these days, cant keep up
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  • #850
  • Nov 2, 2010 5:33am Nov 2, 2010 5:33am
Quoting PeterE
just thought i'd drop by, cos i know you're an eu fan.........bit late to the party though

so many parties to attend these days, cant keep up
Thanks for dropping by anyway . I post EU here because it is heavily traded. I used to be a fan of EJ and GJ...now I am a fan of my set-up and entry. Whenever I see them, there's a trade around the corner...and another reason to celebrate...Chi Ching!!!

Take care and all the best,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #851
  • Edited 10:20am Nov 2, 2010 6:28am | Edited 10:20am
Hello Traders,

The attached chart shows a gold highlighted area at a L-MLH where a Wash and Rinse scenario occurred yesterday. Notice where price is parked now...at another L-MLH. Be careful. Don't let them wash and rinse you today. Be patient, and wait for confirmation of price action.

Take care,

FX4Newbies

P.S. For those who may not know, a Wash and Rinse is a fake move. The price starts inching blow the line encouraging traders to sell. When the trader sells, the price is driven up, so then they reverse their trade and buy. Then the market leaves you with the buy and drops the price. It can happen in the reverse direction as well, starting with price moving up to get traders to go long.

NOTE: Second chart on right shows another Wash and Rinse may be in the works.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #852
  • Nov 2, 2010 9:05am Nov 2, 2010 9:05am
I want to sell at the previous Swing High - 1.4074 my data

M20 shows uptrend - want to buy on pull back

M1 shows entry and exit

Eur looking for a top - short term
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  • #853
  • Nov 2, 2010 9:16am Nov 2, 2010 9:16am
CHF - I did not take this trade - because I said to myself - gosh it has gone so far

M20 shows down trend

M1 shows were - I did not take the trade - I had a 12 pip stop and look
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  • #854
  • Nov 2, 2010 10:16am Nov 2, 2010 10:16am
Quoting Wave Trader
CHF - I did not take this trade - because I said to myself - gosh it has gone so far

M20 shows down trend

M1 shows were - I did not take the trade - I had a 12 pip stop and look
Hello Wave Trader,

That is something we have to wrestle with sometimes. It has been said that the worst thing one can have in this business is an opinion. I try to stay as objective and opinion-neutral as possible. Just let price do the talking.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #855
  • Nov 2, 2010 7:14pm Nov 2, 2010 7:14pm
Quoting Wave Trader
I want to sell at the previous Swing High - 1.4074 my data

M20 shows uptrend - want to buy on pull back

M1 shows entry and exit

Eur looking for a top - short term
What I am looking at for now is that price has been making higher highs and higher lows. There is resistance overhead for sure, but it is still trending up. Until it shows me some credible signs of weakness, I don't even want to entertain the thought of a sell. Now that's just me...

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #856
  • Nov 3, 2010 6:47am Nov 3, 2010 6:47am
Well Traders,

Major news coming. Price approaching resistance areas. Gotta trade what you see as you see it. Don't assume anything. Just trade what price confirms to you.

Be careful,

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.
  • #857
  • Nov 3, 2010 1:48pm Nov 3, 2010 1:48pm
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  • #858
  • Nov 3, 2010 2:02pm Nov 3, 2010 2:02pm
Hi FX
nice to sit on the sidelines,i hope you are well
looking at longer term charts,1.4150 and1.3700 seem the key,nice its on the 0.618 fib,it seems to me
as traders we are like mercenarys,we want to be on the winning side [they pay better]

so we let price tell us who is winning,not anything else

TIME will tell

thanks

Pike

PS WAVE TRADER i have a E book on gartleys etc
if you want it

pps i will post a one winged butterfly shortly
  • #859
  • Edited Nov 4, 2010 1:22am Nov 3, 2010 2:34pm | Edited Nov 4, 2010 1:22am
Quoting pikeliver
Hi FX
nice to sit on the sidelines,i hope you are well
looking at longer term charts,1.4150 and1.3700 seem the key,nice its on the 0.618 fib,it seems to me
as traders we are like mercenarys,we want to be on the winning side [they pay better]

so we let price tell us who is winning,not anything else

TIME will tell

thanks

Pike

PS WAVE TRADER i have a E book on gartleys etc
if you want it

pps i will post a one winged butterfly shortly
Hi Pikeliver,

There are times NOT to trade for sure LOLOLOL. Just got out of a trade and a half . Was trading Usd-Chf and the news hit...didn't know it was coming (had news calendar on the wrong day and could not see it). Took a hit, which I hadn't had for months. Broke my rules getting in the trade. Had a bit of a frustrating start today...may need a new computer mouse or something...just not very responsive. Issues with my trading platform, but I wanted to be disciplined and trade. All against my better judgment. So I paid for it.

Anyway, I may give myself the next couple of days to assess that trade and regroup. It's a lesson in itself when you know EXACTLY what to do and you do differently. Oh well, trading life goes on.

Would also like to see E-book if it is possible. Looking forward to your chart.

Thanks much,

FX4Newbies

P.S. And yes, let price tell us what's up.
Trade what you see, not what you think or feel. Let the market come to you.
  • #860
  • Nov 3, 2010 2:37pm Nov 3, 2010 2:37pm
Quoting pikeliver
Hi FX
nice to sit on the sidelines,i hope you are well
looking at longer term charts,1.4150 and1.3700 seem the key,nice its on the 0.618 fib,it seems to me
as traders we are like mercenarys,we want to be on the winning side [they pay better]

so we let price tell us who is winning,not anything else

TIME will tell

thanks

Pikeliver

PS WAVE TRADER i have a E book on gartleys etc
if you want it

pps i will post a one winged butterfly shortly
PIKELIVER -

would love to see your E Book - I am off on a trip, tommorrow until next week - Bye
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