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Pitchfork Goldmine!

  • #1,021
  • Dec 6, 2010 10:27am Dec 6, 2010 10:27am
how about something like this ?
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  • #1,022
  • Edited 2:43pm Dec 6, 2010 11:36am | Edited 2:43pm
Quoting nguyennguyen
how about something like this ?
Hello NguyenNguyen,

Your fork caught the price well at the L-MLH. Any three pivots will produce a fork that tells a story. This one got you into a winning trade, which told the story. No argument on that from me . Nice switchback entry for a short on the second Support/Resistance line from the top.

Great analysis overall. Very meticulous.

Keep doing what you do.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,023
  • Edited Dec 7, 2010 3:33am Dec 6, 2010 2:38pm | Edited Dec 7, 2010 3:33am
If you are new to Pitchforks and would like to get some basics under your belt... or, you have been using them for some time and would like to see another trader's view or even share a thought or two, an invitation is being extended to you to attend a free FX Live Market Analysis Session on Monday Dec. 13th. You may sign up here or on the blog.

All analysis will start with a naked chart so you can see how to find a potential trade set-up from the very beginning. I think you will find that the thought process is key to seeing the market; and, of, course, there will be time for questions. We see with our minds, not our eyes; and we trade what we see, not what we think.

Hope you will be able to attend.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,024
  • Dec 7, 2010 3:57am Dec 7, 2010 3:57am
Good Morning Traders,

Price is in decision land...in the middle of the lower half of the smaller green fork. Has been attempting a move upward but came upon resistance. Wait for a definite tell to signify the next probable move.

Take care,

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,025
  • Dec 7, 2010 5:50am Dec 7, 2010 5:50am
60 minute - shows up trend as a counter trend move

1 minute - shows Green fork - my entry at green line - stop at red line -

now BE - looking for new high 1.3420 +
Attached Image(s) (click to enlarge)
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  • #1,026
  • Dec 7, 2010 5:56am Dec 7, 2010 5:56am
Quoting Wave Trader
60 minute - shows up trend as a counter trend move

1 minute - shows Green fork - my entry at green line - stop at red line -

now BE - looking for new high 1.3420 +
Hi Wave Trader,

Do agree that uptrend is a counter-trend move. Definitely could grab some pips off the smaller time frames if going that way. Looking for a decent trade on this at the moment. Hope I get my entry . By the way, not looking to counter-trend unless something changes drastically and shows a promising move up.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,027
  • Dec 7, 2010 6:10am Dec 7, 2010 6:10am
Hi FX 4 - Hope you got in

M1 - shows real resistance at 3 drives - Blue Line - Move my Profit stop-

red line.

HAVING ISSUES TODAY WITH MY COMPUTER - UPDATED REGISTRY MECHANIC AND ALL SORTS OF STUFF
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  • #1,028
  • Dec 7, 2010 6:18am Dec 7, 2010 6:18am
Quoting Wave Trader
Hi FX 4 - Hope you got in

M1 - shows real resistance at 3 drives - Blue Line - Move my Profit stop-

red line.

HAVING ISSUES TODAY WITH MY COMPUTER - UPDATED REGISTRY MECHANIC AND ALL SORTS OF STUFF
Not yet as price is still in a war zone. Gonna try to send a signal on this one , but I want to see some clear signs. This is where patience comes in. Sorry about your computer issues...just take your time working on it so you don't do something that causes you to lose the ability to use it.

FX4Newbies

P.S. How did you add that subtitle under your alias...where you added...I trust the market?
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,029
  • Dec 7, 2010 6:42am Dec 7, 2010 6:42am
Quoting FX4Newbies
Not yet as price is still in a war zone. Gonna try to send a signal on this one , but I want to see some clear signs. This is where patience comes in. Sorry about your computer issues...just take your time working on it so you don't do something that causes you to lose the ability to use it.

FX4Newbies

P.S. How did you add that subtitle under your alias...where you added...I trust the market?
FX 4 -

Lately I have been required to login - when I shut my computer down - when I do it brings up a profile page and that is where you can add a statement or avitar, etc.

My profit stop took me out with + 14.8 pips
  • #1,030
  • Dec 7, 2010 6:48am Dec 7, 2010 6:48am
Quoting Wave Trader
FX 4 -

Lately I have been required to login - when I shut my computer down - when I do it brings up a profile page and that is where you can add a statement or avitar, etc.

My profit stop took me out with + 14.8 pips
Okay thanks. Glad you got some pips on that counter-trender. Good skills .
A little selling but seeing bullish sentiment lurking. Just decided to take my time.

FX4Newbies

P.S. Made the change. That will be my daily motto to keep me on track.
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,031
  • Edited 11:32am Dec 7, 2010 7:12am | Edited 11:32am
Hello again,

If this is going to be a good short, in my opinion, the war needs to be won here...where the green arrow is pointing. The teal green L-MLH is the line in the sand. Not into a toss-up/fight-up trading day: anything sooner is a scalping trade to me with higher built-in risk.

Seeing some action now, gotta go...

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,032
  • Edited 11:10am Dec 7, 2010 9:15am | Edited 11:10am
Quoting FX4Newbies
Hello again,

If this is going to be a good short, in my opinion, the war needs to be won here...where the green arrow is pointing. The teal green MLH is the line in the sand. Not into a toss up-fight up trading day.

Seeing some action now, gotta go...

FX4Newbies
Well,

Price did push below finding support at blue horizontal support line. Had to step away. Will analyze this pair and discuss this trade in the Live Market Analysis Session on Monday along with some chart requests from attendees. Remember, I will be starting with naked charts. You may sign up here.

Take care,

FX4Newbies

P.S. Didn't get signal off...minor delay could mean too many pips in this business.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,033
  • Dec 7, 2010 11:09am Dec 7, 2010 11:09am
I feel such a fool


Today i did my analysis as usual,this came up with a sell at 1.3385,i sold at 1.3388 with a stop above structure at 1.3443,price moved 32 pips to the good
then for some reason i moved my stop to 1.3397.

i known the market hunts 50 and 00,the price hit 1.3400 then dived and i know its only 9 pips.but i feel such a fool

i suppose it the pips you lose you remember the most

Pike
  • #1,034
  • Dec 7, 2010 11:14am Dec 7, 2010 11:14am
Quoting pikeliver
I feel such a fool


Today i did my analysis as usual,this came up with a sell at 1.3385,i sold at 1.3388 with a stop above structure at 1.3443,price moved 32 pips to the good
then for some reason i moved my stop to 1.3397.

i known the market hunts 50 and 00,the price hit 1.3400 then dived and i know its only 9 pips.but i feel such a fool

Pike
Hello Pike,

At least you know what you could have done differently...and you made some money while at it. Not too shabby to me . Question on moving your stop: Did you wait for price to clear the next swing low before moving the stop? The price point is one thing, the timing of the move may be another factor to consider.

FX4Newbies

P.S. Ain't that the truth...the ones you leave on the table that you "knew" you could have had...it does hurt, but that hurt helps us the next time. So, it's all good. . Chi Ching anyhow. LOL.
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,035
  • Dec 7, 2010 11:23am Dec 7, 2010 11:23am
as you say wait for the swing low or the first pullback,perhaps i will get a tattoo on my finger STOP

Pike
  • #1,036
  • Edited 1:16pm Dec 7, 2010 11:26am | Edited 1:16pm
Quoting pikeliver
as you say wait for the swing low or the first pullback,perhaps i will get a tattoo on my finger STOP

Pike
A tattoo? That's funny! But at least in normal situations, if the next swing low is taken out as price is dropping, chances are price won't come back to the swing high where you are hiding your stop. This we will discuss on Monday in the free live market session as well. Don't tattoo that finger yet.

FX4Newbies

P.S. Forgot to mention earlier, you can always get back in.
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,037
  • Dec 7, 2010 9:26pm Dec 7, 2010 9:26pm
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With ref to my last post,trade management by a fool.
I have rewriten my trade plan and now feel much better,as Jesse Livermore said when in a trade doing nothing is doing everything.

Pike
  • #1,038
  • Edited Dec 8, 2010 12:01am Dec 7, 2010 10:01pm | Edited Dec 8, 2010 12:01am
Quoting pikeliver
Attachment

With ref to my last post,trade management by a fool.
I have rewriten my trade plan and now feel much better,as Jesse Livermore said when in a trade doing nothing is doing everything.

Pike
There yuh go. Revise and keep pressing. What I call Failing Forward. Mastering ourselves is like the final frontier in trading (after putting together a good system).

We continue to press. Congrats!

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,039
  • Dec 8, 2010 4:06am Dec 8, 2010 4:06am
Hello again traders,

Below are two close ups of the Euro Usd this morning. Price found support at the intersection of two Warning Lines. On the second chart, there is an additional green fork with a downward slope. The alternating three pivots selected would normally produce an upward fork, is showing a downward tendency. Might be a tell. No guarantees.

Be careful and trade what the market shows you.

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,040
  • Dec 8, 2010 9:49am Dec 8, 2010 9:49am
Price stayed within that downward green fork. Some might even call it a diamond pattern. Will have to see how it breaks out of this area.

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