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Pitchfork Goldmine!

  • #901
  • Edited 7:14pm Nov 9, 2010 11:15am | Edited 7:14pm
Quoting pikeliver
Attachment

The way i see it,maybe the gartley will work,maybe the pitchfork will work,maybe im wrong
but before i started using pitchforks,i was alway wrong

Pike
That is a nice prospect for D. Just wouldn't want to buy (not sell as I stated earlier) there. Will post a chart to explain why shortly.

FX4Newbies

P.S. No need to gamble with your trading approaches. Just trade your method with an understanding of what its statistical level of reliability is. Also, let the context of the market guide your decisions.
Trade what you see, not what you think or feel. Let the market come to you.
  • #902
  • Edited 4:27pm Nov 9, 2010 11:22am | Edited 4:27pm
It just seems natural for price to fall and find support at the L-MLH.


FX4Newbies

P.S. Meant to say "buy" earlier, will change it.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #903
  • Edited 11:36am Nov 9, 2010 11:26am | Edited 11:36am
i like this trade,i think i may add at 1.3880,
with a very tight stop

yes i think your right,but my plan is to trade harmonics whithin pitchforks
i like to be early,i could wait for the third tap on the L-ML

But the handle just looked too good

Pike

PS it needs to go up,as i have a sell lined up on the weekly lol lol
  • #904
  • Nov 9, 2010 11:29am Nov 9, 2010 11:29am
Quoting pikeliver
Attachment

The way i see it,maybe the gartley will work,maybe the pitchfork will work,maybe im wrong
but before i started using pitchforks,i was alway wrong

Pike
I find it best to just trade what the market shows me. I don't want to impose anything on the market. Just watch for my clues as to what it is going to do next. Until then, I wait. Don't like playing Russian Roulette.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #905
  • Nov 9, 2010 11:30am Nov 9, 2010 11:30am
Quoting pikeliver
i like this trade,i think i may add at 1.3880,
with a very tight stop
Okay. Go for it. Trade your system.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #906
  • Edited 3:45pm Nov 9, 2010 11:46am | Edited 3:45pm
Quoting pikeliver
i like this trade,i think i may add at 1.3880,
with a very tight stop

yes i think your right,but my plan is to trade harmonics whithin pitchforks
i like to be early,i could wait for the third tap on the L-ML

But the handle just looked too good

Pike

PS it needs to go up,as i have a sell lined up on the weekly lol lol
Pike,

You had me laughing on this line...PS it needs to go up,as i have a sell lined up on the weekly lol lol. Hope you realize that the sell you see now on the Weekly, may not be a sell if price should go up as you expect.

Price needs to go up because you have a sell all planned out...Now if you are Smart Money, the Big Boys, maybe, since you would be able to push the price to where you want to short. Outside of that, we follow Smart Money with a smile .

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #907
  • Nov 9, 2010 11:56am Nov 9, 2010 11:56am
So here we go,buy at L-ML 3837
If it brakes 3824 the analysis was wrong

Pike
  • #908
  • Nov 9, 2010 12:09pm Nov 9, 2010 12:09pm
Here is the same chart with some more forks. Will update it if price falls. Regarding your trade, it looks plausible. I prefer to wait for confirmation in that area as anything can happen. Notice the sideways direction of the larger red fork.

FX4Newbies

P.S. Don't like being early or late in trading, just on time . Wish you well.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #909
  • Nov 9, 2010 12:17pm Nov 9, 2010 12:17pm
Do you ever use indicators ?
  • #910
  • Edited Nov 10, 2010 6:30am Nov 9, 2010 12:22pm | Edited Nov 10, 2010 6:30am
Quoting pikeliver
Do you ever use indicators ?
Sometimes. I like Fibs and Stochastics. Not into too many fancy things. I can trade with whatever comes on MT4. Nothing makes sense to me though, unless I know where price is in relation to the pitchforks, as they give price action relevance to something that is known...like a compass when in the middle of the vast expanse of ocean.

FX4Newbies

P.S. Price just hit L-MLH of green fork.
Trade what you see, not what you think or feel. Let the market come to you.
  • #911
  • Nov 9, 2010 12:24pm Nov 9, 2010 12:24pm
So, price went to L-MLH. Still not conclusively ready for a buy...there is the possibility of the L-MLH..the big red one.

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #912
  • Nov 9, 2010 12:45pm Nov 9, 2010 12:45pm
Well when you are wrong,atlest you know where to get out
  • #913
  • Edited Nov 10, 2010 9:18am Nov 9, 2010 2:45pm | Edited Nov 10, 2010 9:18am
Quoting pikeliver
Well when you are wrong,atlest you know where to get out
That's right. Being able to get out is a healthy sign. Be a James Bond trader: always have an exit plan in mind before you go in, in the event that something goes wrong . Always wait for price to confirm...we never know what the market will do. So we play the game...follow the leader, and the leader is price. I am sure this experience will help other traders as there is a tendency to trade what we think and what we "know", even how we "feel" about a trade (emotional trading) not what we see. When we are emotional, we usually are not logical. Price even went lower than obvious levels of support to me at the time, until I drew in the lighter red fork. This is why I always say, "Wait for price to confirm". Let it show you something credible before taking action as the market is too dynamic...anything can change prior to the genuine entry presenting itself.

Take care,

FX4Newbies

P.S. By the way, preserving emotional equity is sometimes just as or even more important than preserving our trading capital.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #914
  • Nov 9, 2010 11:54pm Nov 9, 2010 11:54pm
Not looking for trades today,having a day off and thinking about yesterday
good to have a point when you known when when the trade is wrong,you are then out,

Well said FX a James Bond trader lol

Pike

PS knowning how much you can lose on a trade is what it is all about
  • #915
  • Edited 5:04am Nov 10, 2010 4:43am | Edited 5:04am
Quoting pikeliver
Not looking for trades today,having a day off and thinking about yesterday
good to have a point when you known when when the trade is wrong,you are then out,

Well said FX a James Bond trader lol

Pike

PS knowning how much you can lose on a trade is what it is all about
Yes Pike. The only thing we can control when we decide to trade is the risk. You seemed to handle that pretty well yesterday Mr. James Bond Trader .

Enjoy your day of reflection.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #916
  • Edited 9:05am Nov 10, 2010 5:24am | Edited 9:05am
Good Morning Traders,

Price fell quite a bit yesterday, and looks like it is trying to resurrect. Will need to show some strength first by taking out a swing high or two, before the thought of buying could begin to gel (for me anyway). Don't assume anything. Trade what the market is telling you. The market is always right: believe it!

The reverse logic is...if it can't seem to go higher, then maybe it will be going lower.

Have a good day,

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #917
  • Nov 10, 2010 11:57am Nov 10, 2010 11:57am
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swing B is a 1.272ext of swing A

2 prior lows have been taken out

now,i would'nt trade the extention,however i will be watching it if price gets there

Pike
  • #918
  • Edited 1:31pm Nov 10, 2010 12:13pm | Edited 1:31pm
However,if price does reverse at 1.3585,and then goes on to a 1.272 ext of swing B,
Then i would look to short 1.4471 ish
i think 10 days time looks good

It may not happen,but its the bare bones of an idea,but if price starts to put some meat on the bones,


Pike
  • #919
  • Nov 10, 2010 1:45pm Nov 10, 2010 1:45pm
Quoting pikeliver
Attachment

swing B is a 1.272ext of swing A

2 prior lows have been taken out

now,i would'nt trade the extention,however i will be watching it if price gets there

Pike
Hi Pike,

That looks like a nice prospect...with 1.272 and MLH in agreement. Will watch it as it unfolds. At the moment, hitting some resistance. Like you said, it may be a few days in the making.

So we wait..

Take care and be patient,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #920
  • Nov 10, 2010 1:47pm Nov 10, 2010 1:47pm
Quoting pikeliver
However,if price does reverse at 1.3585,and then goes on to a 1.272 ext of swing B,
Then i would look to short 1.4471 ish
i think 10 days time looks good

It may not happen,but its the bare bones of an idea,but if price starts to put some meat on the bones,


Pike
Didn't realize you plan your trades way in advance. Is this your usual approach? Are you a position trader, or is that your goal?

FX4
Trade what you see, not what you think or feel. Let the market come to you.
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