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Pitchfork Goldmine!

  • #1,101
  • Edited Dec 30, 2010 4:33am Dec 29, 2010 12:18pm | Edited Dec 30, 2010 4:33am
Some buyers got on board and are pushing EU now. Maybe they were waiting for news. Anyway, there it is.

My goal for the New Year is to improve on my trading discipline (and emotional fortitude for more position trading)...to execute when I see my trading edge and exit when that edge has changed. Nothing more. If I can do that as consistently as I would like (gotta make more time for focused trading so I can see it in the first place), then I will have an equity curve to the moon . Nothing else is needed...just pure discipline and fortitude. Those are some of my objectives for the Performance Journal.

Take care,

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd12-29-10.jpg Size: 116 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,102
  • Dec 30, 2010 5:36am Dec 30, 2010 5:36am
Price has been trying to push north. Made some progress...running into some resistance. Will have to see if it can clear that area and go higher.

Note: Price did make the ML target: see red arrow.

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd12-30-10.jpg Size: 115 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,103
  • Dec 30, 2010 6:59am Dec 30, 2010 6:59am
I expect a retracement to the sliding parallel if price can't reach the upper median line.
Attached Image (click to enlarge)
Click to Enlarge Name: EU.GIF Size: 24 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,104
  • Dec 30, 2010 7:10am Dec 30, 2010 7:10am
Quoting kapital
I expect a retracement to the sliding parallel if price can't reach the upper median line.
Rather, if a retracement occurs, I expect it to be to the sliding parallel.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,105
  • Dec 31, 2010 4:22am Dec 31, 2010 4:22am
Quoting FX4Newbies
Price has been trying to push north. Made some progress...running into some resistance. Will have to see if it can clear that area and go higher.

Note: Price did make the ML target: see red arrow.

FX4Newbies
Price did go higher. Finding resistance at WL. Will have to see if it can go to WL2 or maybe even the U-MLH.

Happy New Year to all,

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd12-31-10.jpg Size: 108 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,106
  • Dec 31, 2010 4:30am Dec 31, 2010 4:30am
Hello Traders,

Attached is a chart of Eur-Gbp which was the topic of a trading discussion on another thread. Thought I would post the chart here as I made some notes that I think would help you.

Take care,

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: eur-gbp12-31-10.jpg Size: 118 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,107
  • Dec 31, 2010 7:15am Dec 31, 2010 7:15am
Hello again,

Price at WL1 finding resistance. Needs to find support and more buyers to go higher.

Take care,

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd12-31-10-2.jpg Size: 109 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,108
  • Jan 1, 2011 7:28pm Jan 1, 2011 7:28pm
Weekly chart wrap-ups are now posted on the Blog.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,109
  • Jan 1, 2011 11:59pm Jan 1, 2011 11:59pm
Hello to all listeners of this thread. A very Happy New Year and a Properous Trading for all traders be they old or new for 2011.

Donna, I'm happy to have bump into this very interesting Pitchfork trading method. I started reading from page 1 to 50 yesterday and glad to have come to the last page this afternoon.

I've started to trade in feb2008 but stopped in apr2009 'cos I've lost almost usd3k. I can't afford to lose further and opted to quit instead. After that off and on I did try demo trading but never serious enough to go real until lately when I came across one of my customer who happened to be a good trader. Upon seeing his life account and tradings prompted me to start all over again.

I've opened a micro account and started trading about 2 weeks ago. Well, I admit I'm not a good trader yet. That's why I went searching at FF with the hope of bumping into some good systems. (Am glad to have found you )

Donna, I like your newbie friendliness and style of teaching. Honestly I enjoyed reading your thread and hope to gain good trading skills as this thread progress. Also, I'm in the midst of downloading your webinar and view it once fully completed.


Jimisan
  • #1,110
  • Edited 5:06am Jan 2, 2011 3:09am | Edited 5:06am
Quoting jimisan
Hello to all listeners of this thread....
Hello Jimisan,

Happy New Year to you too. Glad you ran into the customer who was making money at this. Sorry to hear of your losses but that is the reality when you don't have a solid place to start from: by that I mean a good understanding about price, market structure etc. (good education, preferably taught in the context of the live market).

The webinar will give you some basics to help you understand how to apply the Pitchfork. Also, I post weekly chart updates on the blog. But, before you apply the fork, you've gotta see price. The video of the webinar will help with that I think.

Glad you stopped by. Will see how I can help you to get on the path to profitability . Other good traders posting here with experience and solid insights to help you too.

Like for traders to feel welcomed, especially the newbies . Thanks for letting me know that it comes through.

Take care and thanks for posting. Let me know how you like the free webinar video.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,111
  • Jan 2, 2011 5:06am Jan 2, 2011 5:06am
Quoting FX4Newbies
Hello Jimisan,

Take care and thanks for posting. Let me know how you like the free webinar video.

FX4Newbies
Hi Donna,

The webinar video was great and helpful. At least I'm able to learn the Pitchfork basics and got the idea right. Not trying to polish your shoes, I don't think many teachers/gurus would take more than an hour of their "precious time" to lead newbies in a live trading environment. I'm honour and thankful for the great effort you've put up. Looking forward to your future live trading tutorials and videos. Kudos.
  • #1,112
  • Edited 7:56am Jan 2, 2011 5:56am | Edited 7:56am
Quoting jimisan
Hi Donna,

The webinar video was great and helpful. At least I'm able to learn the Pitchfork basics and got the idea right. Not trying to polish your shoes, I don't think many teachers/gurus would take more than an hour of their "precious time" to lead newbies in a live trading environment. I'm honour and thankful for the great effort you've put up. Looking forward to your future live trading tutorials and videos. Kudos.
Glad you liked it Jimisan. There are a few out there who would take of their precious time to help traders. Don't mind giving you a few names, but if you don't have a solid understanding to start, you'll be confused. Also, not sure how their programs may have changed for the new year. In time you'll get there. I urge you to get a sound footing first, otherwise, you'll be back-tracking to learn basic stuff after years of trying fancy trading tricks. You must always understand the "why" behind what you do as a trader. No one else can know that for you. Remember that.

Thanks for letting me know what you thought.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,113
  • Jan 3, 2011 5:57am Jan 3, 2011 5:57am
Good Morning Traders,

Well, thus far, the EU had been showing sings of weakness. Found support at L-MLH of teal green fork. Will have to see if it can hold. Red arrow shows area to watch. Don't presume, just let the market confirm.

Take care and all the best for the New Year.

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd1-3-11.jpg Size: 130 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,114
  • Jan 3, 2011 3:04pm Jan 3, 2011 3:04pm
There are always pitchforks to be found. Spotting them early enough to make a good trade is the catch.
Attached Image (click to enlarge)
Click to Enlarge Name: HOURLY NU.GIF Size: 35 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,115
  • Edited 5:45pm Jan 3, 2011 3:53pm | Edited 5:45pm
.
Quoting kapital
There are always pitchforks to be found. Spotting them early enough to make a good trade is the catch.
So true. There are always forks to be found. I was looking but not seeing or seeing but not believing (which, in essence, prevents proper seeing)...did not see until later (I guess when I accepted that I was definitely on the wrong side of that trade), But, when I did, it all gelled. Timing is also important: when we see. These and other subtleties are my focus for this year. It's like oiling the machine to get all the squeaking out. Please excuse me while I squeak so I can know where the oil should go . Posted my corrected "seeing" chart on the blog.
Now, on to the next trade.

FX4Newbies

P.S. Part of me might have been in "hope" mode after the fact. Pure denial I guess. Trading Psychology 101.
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,116
  • Edited 6:20pm Jan 3, 2011 6:08pm | Edited 6:20pm
Here we go...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NU 1.GIF Size: 32 KB
Click to Enlarge Name: NU 2.GIF Size: 32 KB
Click to Enlarge Name: NU 3.GIF Size: 34 KB
  • #1,117
  • Edited 11:11pm Jan 3, 2011 10:43pm | Edited 11:11pm
Quoting southernmind
Here we go...
Hello Southernmind,

Thanks for posting. I did have your first view of NU. After committing to the trade, looked again and saw that price was around the ML of the Daily...Wow!

There is something I am after here...have seen this behaviour before. Made almost an identical error on a GJ trade: seeing vs. believing. Then there is the dimension of not wanting to be wrong, so non-acceptance/denial sets in. Don't know if I should call them Trading Blindspots. There can be a string of winners, then one or two of these. Might need to dig out one of my Trading Psychology books and research. Looking at the same chart now, the trade was so obvious. A blindspot for sure. When trying to go to the next level in trading, it is the weak spots that need the attention.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,118
  • Jan 4, 2011 6:35am Jan 4, 2011 6:35am
EU is now battling with some resistance. FOMC Minutes later today. ML intersection above. Price still in uptrend territory. Let price confirm which way.

FX4Newbies
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd1-4-11.jpg Size: 99 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,119
  • Jan 4, 2011 3:13pm Jan 4, 2011 3:13pm
Quoting kapital
There are always pitchforks to be found. Spotting them early enough to make a good trade is the catch.

Here is the followup:
Attached Image (click to enlarge)
Click to Enlarge Name: NU.GIF Size: 34 KB
  • #1,120
  • Jan 4, 2011 3:16pm Jan 4, 2011 3:16pm
Using the extreme high:
Attached Image (click to enlarge)
Click to Enlarge Name: NU2.GIF Size: 35 KB
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