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Pitchfork Goldmine!

  • #861
  • Nov 3, 2010 2:40pm Nov 3, 2010 2:40pm
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  • #862
  • Nov 3, 2010 2:42pm Nov 3, 2010 2:42pm
Quoting pikeliver
Attachment
Very interesting. About how many patterns do you tend to look for? Looks like you have a Pitchfork on the Moth and price goes right to ML.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #863
  • Nov 3, 2010 2:47pm Nov 3, 2010 2:47pm
Quoting Wave Trader
PIKELIVER -

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

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #864
  • Nov 3, 2010 3:00pm Nov 3, 2010 3:00pm
Hi FX,now you have the book you known as much as me LOL
the thing is harmonic patterns,they are base on pivots,pitchforks are based on pivots,the same pivots
so when a pattern is forming within a pitchfork,i take notice,
when the 3 drives looked like failing etc etc

Pikeliver
  • #865
  • Nov 3, 2010 3:05pm Nov 3, 2010 3:05pm
Quoting pikeliver
Hi FX,now you have the book you known as much as me LOL
the thing is harmonic patterns,they are base on pivots,pitchforks are based on pivots,the same pivots
so when a pattern is forming within a pitchfork,i take notice,
when the 3 drives looked like failing etc etc

Pikeliver
Thanks. Not sure I'll know as much as you do . Anyway, will try to see if I can spot them when they start forming in the fork. Good strategy.

FX4Newbies

P.S. Think I have this book already. Now I have a reason to dig some more. You'll still know more than I do .
Trade what you see, not what you think or feel. Let the market come to you.
  • #866
  • Edited 7:48am Nov 4, 2010 6:56am | Edited 7:48am
Hello again,

EurUsd still making higher highs and higher lows. Don't know when it will stop for sure. Just trade what you see.

Take care,

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #867
  • Nov 5, 2010 8:40am Nov 5, 2010 8:40am
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Hi FX
i just put on a normal pitchfork to see where the current down move might end,and it fitted over a mod shiff i had drawn earlier,i seem to be catching the frequency,however they are all down pointing forks in an up trend.
However i am trading what i see and clocking up the pips,

pike
  • #868
  • Nov 5, 2010 8:41am Nov 5, 2010 8:41am
Good Morning Traders,

A simple chart showing how price responded to the WLs after the news. Price is in a zone where some clarity is needed before entering. Price at an U-MLH (teal line) and a blue horizontal level of support below.

Wait for your set-up and entry. Follow what price is telling you.

Take care,

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #869
  • Nov 5, 2010 8:50am Nov 5, 2010 8:50am
Quoting pikeliver
Attachment

Hi FX
i just put on a normal pitchfork to see where the current down move might end,and it fitted over a mod shiff i had drawn earlier,i seem to be catching the frequency,however they are all down pointing forks in an up trend

pike
Hi Pikeliver,

Just saw your chart. Like your Harmonic Pattern. I suppose your regular downward fork is the fork with Pivot 3 at the 1.272 ext. Yes, they catch frequency, but notice price is making higher highs and higher lows on the way to the 1.272 ext. What would an upward fork give you? Would be interesting to take a look.

As long as you trade what you see, and you let price tell you what it is doing, you should be "clocking up the pips".

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #870
  • Nov 5, 2010 9:09am Nov 5, 2010 9:09am
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looks like a retest is coming,i have set up my laptops,so one is up and one is down,
this one is up lol

i have come across the statement [price needs to break 2 lows or highs to indicate a change of trend]
have you any thoughts of it ?

pike
  • #871
  • Edited 1:31pm Nov 5, 2010 9:17am | Edited 1:31pm
Quoting pikeliver
Attachment

looks like a retest is coming,i have set up my laptops,so one is up and one is down,
this one is up lol

pike
Now, doesn't that give you a new perspective? Sometimes a different viewing angle can make all the difference in how we think about what we are seeing. Its the difference between reading words on a paper or reading the same words on the same paper, but instead, reading them via a reflection in a mirror. Alot more mental gymnastics involved. If we can minimize that and get a clearer read, it makes trading that much easier to clock those pips.

Thanks for the alternate view.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #872
  • Nov 5, 2010 9:23am Nov 5, 2010 9:23am
Hello again Pike,

I have heard that as well. Also heard that price needs to show two closes on the other side of the trendline to determine that the trend is broken. These are good rules of thumb to follow, but nothing beats being in tune with what the overall price behaviour is doing. It is certainly something to watch for, and also be to be prepared if price, in one instance or another, chooses not to follow it exactly...if it chooses to break two lows then go back up. Nothing is guaranteed, so we must ALWAYS be willing and ready to be flexible.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #873
  • Nov 5, 2010 12:20pm Nov 5, 2010 12:20pm
Well i bought the retest,stop under structure,when price moved to distance equal to stop,took half off and moved stop to entry for a free trade,

find what works for you and do it,over and over again.i must say its been another good week,

all the best Pikeliver
  • #874
  • Edited Nov 6, 2010 6:48am Nov 5, 2010 12:59pm | Edited Nov 6, 2010 6:48am
Quoting pikeliver
Well i bought the retest,stop under structure,when price moved to distance equal to stop,took half off and moved stop to entry for a free trade,

find what works for you and do it,over and over again.i must say its been another good week,

all the best Pikeliver
Very good. I like the use of the word "'another' good week" . Perspective is everything. Very glad to see that you are making continued progress. You are right: find what works and do it over, and over. That is the recipe for success.

Take care and congrats,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #875
  • Nov 7, 2010 12:01am Nov 7, 2010 12:01am
Just mentioning here for newer viewers that weekly chart wrap-ups of the 10 pairs I follow are on the blog.

Enjoy the rest of your weekend.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #876
  • Edited 8:08am Nov 8, 2010 6:53am | Edited 8:08am
Hello Traders,

Nothing much seems to be happening at the moment. Looking for something that looks credible on EU.

Be careful,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #877
  • Nov 8, 2010 8:52am Nov 8, 2010 8:52am
Hello again,

Gave a signal this morning on Usd-Chf. Price pushed up about +30 pips before heading south. Signal details are on the blog.

Very short swings today thus far. Not interested in getting into anything more at the moment .

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #878
  • Nov 8, 2010 9:02am Nov 8, 2010 9:02am
Yes, thank you, I have been reading your posts ( and subscr. to your blog ) with great interest.

Only above 0.9650 and fully confirmed.

Very slow today and as you said only made a few pips in the morning.

NZDUSD is getting a bit weaker.... waiting mode today.

Thanks and please continue.


_______________
michael
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Be like water.
  • #879
  • Edited 2:57pm Nov 8, 2010 9:25am | Edited 2:57pm
Quoting msmarple
Yes, thank you, I have been reading your posts ( and subscr. to your blog ) with great interest.

Only above 0.9650 and fully confirmed.

Very slow today and as you said only made a few pips in the morning.

NZDUSD is getting a bit weaker.... waiting mode today.

Thanks and please continue.


_______________
michael
Hello Michael,

Thanks for the encouragement. It is good to know that you are getting something from the thread and the blog.

I think we are at a point across the board, where there may be changes in direction coming...hence the short swings and slow day. Good idea to keep watching. Everything seems to be on the verge of doing SOMETHING.

Take care and thanks again,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #880
  • Nov 8, 2010 11:16pm Nov 8, 2010 11:16pm
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im looking where the down move may end
we have a measured move coming in at 3820
we have a trendline,and 2 lows,all within 100 pips or so
If price can brake all of the 4 resistances,the next logical point is the lower ML
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