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Pitchfork Goldmine!

  • #1,281
  • Feb 8, 2011 6:59am Feb 8, 2011 6:59am
I included the upfork you brought to my attention FX. I can't believe I overlooked it.
Attached Image (click to enlarge)
Click to Enlarge Name: UJ.GIF Size: 41 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,282
  • Edited 7:58am Feb 8, 2011 7:38am | Edited 7:58am
Quoting kapital
If accumulation at these levels is occurring by "those with "deep pockets", then it's going to be a very sweet ride to the upside!

(I like the frequency the downward fork is showing. Nice separation at the 1st downward warning line. Might see a strong reaction (either way...upward bias though) once price reaches the second.)
Hi Kapital,

There is an upward bias at the moment on your UC. However, I am not yet convinced it is ready to play out. Might be a teaser at the moment . Just gotta wait for something clear.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,283
  • Edited 8:45am Feb 8, 2011 7:53am | Edited 8:45am
Hello Traders,

Here is an updated EU chart. Price could be looking to fall again but showing some upward strength. Beware as price took out some lows, then took out some highs: a mixed message. Was the swing low at a P5? Could it be trying to go higher? Hmm... Just another thought to add to the mix.

Take care,

FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,284
  • Feb 8, 2011 8:07am Feb 8, 2011 8:07am
Wash 'n Rinse occurring along the upward reaction line right now.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: DAILY UC1.GIF Size: 34 KB
Click to Enlarge Name: DAILY UC2.GIF Size: 34 KB
Click to Enlarge Name: DAILY UC3.GIF Size: 32 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,285
  • Edited 4:22pm Feb 8, 2011 8:13am | Edited 4:22pm
Quoting kapital
Wash 'n Rinse occurring along the upward reaction line right now.
Could prove to be a very nice tell Kapital per your chart set-up .

Below is a UC H1 chart. Price in a messy place to me for a launch...in the middle of a range and in the middle of the fork with long wicks above and below (lots of "laundry" being done). Not liking that much. That position I consider to be a high risk entry. I look for high probability set-ups with low risk entries.

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,286
  • Feb 8, 2011 10:07am Feb 8, 2011 10:07am
...
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,287
  • Feb 8, 2011 10:24am Feb 8, 2011 10:24am
...
Attached Image (click to enlarge)
Click to Enlarge Name: UC.GIF Size: 32 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,288
  • Edited 11:31am Feb 8, 2011 10:55am | Edited 11:31am
Quoting kapital
...
Hello Kapital,

Thanks again for posting. I do not know if you are choosing your pivots based on how you see the price. The reason I ask is because the line of force that is being "measured" by the fork, that generates the next swing, is taken from Pivot 2 to Pivot 3 (per Andrews). Pivot 2 to 3, as you have chosen, does not represent a price swing/line of force. Is this another example of how you draw the fork...based on how you are seeing price?

Thanks for clarifying.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,289
  • Feb 8, 2011 11:31am Feb 8, 2011 11:31am
Quoting FX4Newbies
Hello Kapital,

Thanks again for posting. I do not know if you are choosing your pivots based on how you see the price. The reason I ask is because the line of force that is being "measured" by the fork that generates the next swing, is taken from Pivot 2 to Pivot 3 (per Andrews). Pivot 2 to 3, as you have chosen, does not represent a price swing/line of force. Is this another example of how you draw the fork...based on how you are seeing price?

Thanks for clarifying.

FX4Newbies
To which chart are you referring?

I think my tagline sums it up.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,290
  • Edited 12:01pm Feb 8, 2011 11:41am | Edited 12:01pm
Quoting kapital
To which chart are you referring?

I think my tagline sums it up.
I was referring to Post #1287. Looking for a consistent/systematic approach to how you draw your forks or do you conform them to price action at times? "ALL PRICE ACTION AIN'T GOOD PRICE ACTION"...does that mean that you work with price at times? I do understand that sometimes price can "misbehave" and not be easy to work with. Just trying to understand your approach now and then.

Thanks,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,291
  • Edited 12:58pm Feb 8, 2011 12:44pm | Edited 12:58pm
Hi again Kapital,

Found a low risk entry (for analysis purposes...did not trade today) for your high probability set-up on Daily Usd-Cad. Went to M5 because of the roll around earlier. Good call on your Daily set-up.

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,292
  • Feb 8, 2011 5:43pm Feb 8, 2011 5:43pm
Quoting FX4Newbies
I was referring to Post #1287. Looking for a consistent/systematic approach to how you draw your forks or do you conform them to price action at times? "ALL PRICE ACTION AIN'T GOOD PRICE ACTION"...does that mean that you work with price at times? I do understand that sometimes price can "misbehave" and not be easy to work with. Just trying to understand your approach now and then.

Thanks,

FX4
At times, as in the chart you are referring to, I treat certain price action as just noise...an anomoly. I just treat it as if it was not there and select the next significant pivot. I mostly do this with spikes or sharp inclines/declines in price action. However, I will first test the pivot because sometimes they create a valid pitchfork.
Attached Image (click to enlarge)
Click to Enlarge Name: UC.GIF Size: 30 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,293
  • Feb 8, 2011 5:48pm Feb 8, 2011 5:48pm
Quoting kapital
At times, as in the chart you are referring to, I treat certain price action as just noise...an anomoly. I just treat it as if it was not there and select the next significant pivot. I mostly do this with spikes or sharp inclines/declines in price action. However, I will first test the pivot because sometimes they create a valid pitchfork.
Okay. So you try to stay with what would have been considered "normal" market flow and avoid "one day wonders". Got ya. Giving the pivot a shot is a good move...testing it first to see if it will play into the market flow.

Thanks,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,294
  • Feb 8, 2011 5:53pm Feb 8, 2011 5:53pm
Taking another look at the setup, I see where I can use the pivot adjacent to the previous one. The new fork captures price much better.
Attached Image (click to enlarge)
Click to Enlarge Name: UC.GIF Size: 30 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,295
  • Feb 8, 2011 5:54pm Feb 8, 2011 5:54pm
Quoting kapital
Taking another look at the setup, I see where I can use the pivot adjacent to the previous one. The new fork captures price much better.
Agreed. Cleaner touches at ML and U-MLHs. The cleaner the touch the better.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,296
  • Feb 8, 2011 5:57pm Feb 8, 2011 5:57pm
Quoting FX4Newbies
Okay. So you try to stay with what would have been considered "normal" market flow and avoid "one day wonders". Got ya. Giving the pivot a shot is a good move...testing it first to see if it will play into the market flow.

Thanks,

FX4

Sometimes, you will find that using two pitchforks whose third pivots are different is quite beneficial. Price will bounce from the line of one to the line of the other.
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,297
  • Edited 7:04pm Feb 8, 2011 6:00pm | Edited 7:04pm
Quoting kapital
Sometimes, you will find that using two pitchforks whose third pivots are different is quite beneficial. Price will bounce from the line of one to the line of the other.
Yes. I have done that before if they are close in price. Have seen exactly what you are mentioning.

I find many times UC takes off like a sling shot: one touch (maybe two) and its gone. Below is another view of UC H1...now you've got me started on this .

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,298
  • Feb 8, 2011 6:10pm Feb 8, 2011 6:10pm
Wow...you've got quite a spike for your P1 pivot on your inner pitchfork. Mine didn't go quite as high.
Attached Image (click to enlarge)
Click to Enlarge Name: UC.GIF Size: 32 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,299
  • Edited 6:29pm Feb 8, 2011 6:16pm | Edited 6:29pm
Quoting kapital
Wow...you've got quite a spike for your P1 pivot on your inner pitchfork. Mine didn't go quite as high.
Data feed differences I guess. (I think you were referring to Pivot 2, right?). When I try to draw your fork, I don't get clean touches as you did. Chart example below. If I can't seem to utilize the pivots on a certain time frame satisfactorily, I either go up or down. I tend to try to include the whole swing as much as possible in consideration of the line of force in operation...laws of Physics in mind. There have been some exceptions when I make "calculated" adjustments.

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,300
  • Feb 8, 2011 6:18pm Feb 8, 2011 6:18pm
I suppose the difference in spike depends on whether you use the bid or asking price to create your graph.
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