Pitchfork Goldmine!

Hello Zxozzi,

Since your request was directed to Enebro, I will leave that to him for now. If he does not respond or further clarity is needed, then I will explain it for you if that is okay.

Take care,

FX4

P.S. The video found via Post 1072 might help in the meantime. Here is the link to that page: http://www.forexfactory.com/showthre...242133&page=72.

Hello again Enebro,

Came across this post by you...


http://www.forexfactory.com/images/s...n/post_old.gif Jan 26, 2011 7:26pm
enebro
Member
Member Since Jan 2011
7 Posts

http://www.forexfactory.com/images/icons/icon1.gif
Quote:
Originally Posted by eaglestar http://www.forexfactory.com/images/buttons/viewpost.gif
I am also posting 2 eur templates that I made for my friends on the basics of market structure, maybe it will help some new guys.

Hi Eaglestar,
Can you please explain what you mean by market structure.? I have gone through all your attachments of your previous posts. I have noticed horizontal lines. Can you please explain what makes you decide to draw those lines.
Thanks in advance.


Was very surprised to find this. If you had taken the time to look at more charts, read the discussions and comments or watch the video, then you may have seen some of those horizontal lines you asked about or seen the concept being explained.

Take care and all the best,

FX4

P.S. Still no hard feelings whatsoever.

Good Morning traders,

Price continued downward, making lower highs and lower lows until it found some buyers at support, the second WL (blue arrow). Could run into sellers at the L-MLH of green fork. Could be a war zone area now. We'll see.

FX4

I don't really want to get into a debate about what you have or I have written. I can dig up and quote a post of yours where in your live trading you bought right at the resistance implying you did not or could not read market structure.
I commend you for trying to help people. It must take a lot of your precious time. My slight fear is that over the years there have been many threads where they were started to help and educate the newbies. After a build up of some followers, people had to subscribe to their services and some very famous ones have gone on to even cheat the very newbies that they wanted to help. I have no idea what your agenda is, maybe you are truly honourable and your intention is to help and help only. If this is the case then my proverbial hat off to you. However, based on experience almost all the helping Gurus invariably started charging.
Statistically speaking you probably already are or intend to charge people for your services on your site. Nothing wrong with that, it is your prerogetive to charge.However, as a critic of pseudo Gurus I want to see people get value for money.
Most of your material is from Tim Morge, you should give him credit in your video presentations.
Finally, do you charge for you services. If you do then you should declare it and become a commercial member. I repeat I have nothing against you personally but I have everything against members who mislead newbies.
Rant over.
For those interested in median lines and market structure. Just google Tim Morge and also do a search on Youtube. Also here Justcatlins thread has some very good educational material.

Hello again Enebro,

Thanks for the reply. I certainly do not want to get into a debate either, but I would like to make some things clear.

RE your comment: I can dig up and quote a post of yours where in your live trading you bought right at the resistance implying you did not or could not read market structure. Very true, and if you read some of my comments you will realize that most of those instances came about because of a lack of focus...interruptions etc. I myself even made the same comment which indicates that I was aware of what had happened, not in ignorance as you are suggesting. If you have never done that in your trading, wonderful. Perhaps you can also look at my signals on the blog and see that perhaps I know what I am doing.

Secondly, I do not consider myself a Guru. If you are referring to Pitchfork Goldmine when you refer to the "site", I do not charge anyone there: it is a free blog. Before even posting one post on Forex Factory, I was already teaching traders (before I even heard of Tim Morge) and the value they received far outweighs anyone out there I promise you! Since perfecting the use of the fork, I have added it to what I was already doing in my trading.

RE your comment: Most of your material is from Tim Morge, you should give him credit in your video presentations. Another correction needed here. Tim Morge did not teach me to trade with Pitchforks, but I will say that an article I saw from him on the subject got me to pursue it. I also have never attended any of his seminars (Premium Membership, yes) or have any of his books and my approach is very different from his or those who follow him closely. The one thing I can say is that I have benefited greatly from his concept of Market Structure. I have already given him credit in other areas: I cannot do it every time I post. Shane B has also been very clear in teaching his style of trading, which is not really my approach, but it has been insightful to see it.

RE your comment: For those interested in median lines and market structure. Just google Tim Morge and also do a search on Youtube. Also here Justcatlins thread has some very good educational material. This last statement though I see as an attempt to undermine this thread. I may be wrong, but that is what it appears to be to me.

RE your comment: I have no idea what your agenda is... I appreciate you being a "critic of pseudo Gurus". Just make sure you are accurate in what you do and respect the efforts of others. Some of what you have said should have been shared in a private message context first to gain clarity and resolution to some of your concerns, not in the manner in which you have done it. This makes me question your intentions. You have been a member here for just over a month. Why are you "targeting" this thread? I hope I am mistaken.

All the best,

FX4Newbies

i feel i should say how helpful i have found FX4 on this thread,over the last few months i have asked many questions,all have been answered quickly,i can only say many thanks to FX4 for the help given me

Pike

Hi Fx4newbies,
From your silence on the matter of charging for your lessons, I can deduce that you do charge. Thus you do have agenda for helping. Nothing wrong with charging people for your effort and time. If people want to pay you then good luck to them and to you also. I have nothing against that.

I referred to Catlins thread because somebody asked me about market strucuture and I thought it was a good place to learn from the likes of Forktrader, Auxesis, Tim Morge and others.

Now that you have admitted that you are a paid instructor, i can put on my attacking 'pseudo gurus' hat on. For an instructor and for someone who has sound money management as part of your signature. I find your a) understanding or b) application of money management to be shockingly poor. How can you talk about or teach newbies about money management when you have lost over 60% of your capital in 5 or 6 losing trades. How can you teach when your average loss to average win is - 50 or so.
In crux this is my bone of contention with "pseudo gurus". You preach what you do not practice. You are preying on newbies ignorance and making their path to successful trading a lot harder.
My rant is not against you but any and every guru out there who feels they are experienced and knowledgeable enough to teach. Whilst they have not developed the skill or the mindset to be a profitable trader themselves.
Sorry if i have offended you in my various posts. Please take my criticism objectively. I do not know you and I certainly gain no benefit from writing what i have written.

Hello again Enebro,

I suggest you read Post 1380 again. That may answer your question/comments about performance and money management.

You insinuate so much here in your statements with absolutely no justification. For example this statement:

You are preying on newbies ignorance and making their path to successful trading a lot harder.

How am I preying on newbies when they are learning via this thread for free? According to the poll on the blog, 65% of traders said they are benefiting. Furthermore, new traders who are interested in the pitchfork have been able to get some basics in place to help them to grasp other posts here and on other threads, even what they may see with Tim.

In response to this...My rant is not against you ...Yes it is, because you are classifying me as some guru which I never claimed to be. You have also chosen to ignore the track record of my signals and focused on my trading during a very vulnerable time for me as mentioned in an earlier post yesterday I believe.

RE your comment: My rant is not against you but any and every guru out there who feels they are experienced and knowledgeable enough to teach. Trading experience doesn't automatically give someone teaching skills. It may give the person some "credibility" in the mind of the student, but does not enable them to be a good teacher at all. It is best to have both I agree, but don't be fooled. Some "professionals" have taken advantage of newbies using their perceived credibility in the mind of the newbie or trader by promising to teach despite their inability to teach...and the newbie or trader kept on coming back thinking that since this person is teaching them, they would really learn something. Some won't really tell you what you need to know so you can trade, but will give you lots of information.

RE your comment: I referred to Catlins thread because somebody asked me about market structure and I thought it was a good place to learn from the likes of Forktrader, Auxesis, Tim Morge and others. If someone asked you that question that is fine. To post what you did on this thread was a deliberate attack and insult in my opinion when there is a private messaging system. This was your comment: For those interested in median lines and market structure. Just google Tim Morge and also do a search on Youtube. Also here Justcatlins thread has some very good educational material. One person asked...and that was your response?...for those?...especially in the context of your discussions here?

What traders need to see and know, especially new traders is the entire ball of wax of this business. There are times when your trading will not smell like roses. That is the part many people may hide for fear of losing credibility. The true test is to be able to regroup and come out on top again.

RE your comment: From your silence on the matter of charging for your lessons, I can deduce that you do charge. Thus you do have agenda for helping. Another example of your insinuations and assumptions. I have taught new traders even before coming to Forex Factory and even before knowing Tim Morge existed. Because I have taught people, you make this leap and state..."thus you do have an agenda for helping"... I do not offer lessons on my blog, have you noticed?

Like I stated in the last post to you, if it were your genuine intention to offer objective criticism to me, you could have done so in a more respectful and tactful manner via the private forum or an email. Your intent apparently is to destroy.

I can count on one hand (and without using all the fingers) in almost a year the posts that I have received where people were either critical or antagonistic concerning what I have showed with Pitchforks and chart set-ups, and they were very short lived. One of them even asked me to chart in a specific time-frame for them, with a "please" on the end...and they were the most critical and opinionated. Your comments here have been the most offensive. I am usually a very gracious person but I am asking that if you have any further comments, please send them to me privately. Thanks.

Now on to other things...

FX4

P.S. Your points have been noted, even the positive ones you omitted to make.

Hello Zxozzi,

I think Enebro has decided to defer answering your question on Market Structure to some other wonderful fork traders, but I will post an initial chart here showing the concept.

It is important to remember that buyers are found at Support and sellers at Resistance. Also, very simple but effective, an uptrend is characterized by higher highs AND higher lows and a downtrend by lower highs AND lower lows. One key is to observe carefully how these uptrends and downtrends are formed.

Notice how price moves upward...in the direction of the trend, then retraces, then moves up again etc.

Will be posting another chart on this with some finer-tuned details. The notes on this chart will get you started.

Take care,

FX4Newbies

P.S. By the way, this is not the same concept as the context of the trade.

Good Morning traders,

An updated view of EU.

Take care,

FX4

Hello again Zxozzi,

I am continuing the discussion on Market Structure that was started yesterday, but first a quick review...

Price tends to move in trends:

An uptrend: higher highs and higher lows
A downtrend: lower highs and lower lows.

Support areas tell us where buyers (bulls) could be hiding, and Resistance tells us where there may be sellers (bears). The chart from yesterday (the first one) is added for your convenience.

Now on to the second part (second chart)...

When drawing pitchforks it is important to realize that price swings (which I have marked with red and teal trendlines) are lines representing the "action of price" that is responsible for the next price swing. A swing is also called a wave or a price leg. Pitchforks utilize the pivots generated by price swings, so it is necessary to understand when a swing is formed. A pivot is a point on the chart where price noticeably changes direction. Some variations in application of the fork may occur depending on the viewpoint of the trader.

A swing low ('A' on the chart) is formed after price makes a higher high. A swing high ('B' on the chart) is formed after price makes a lower low. It is a good idea to allow the "deciding" candle to close first before determining that the higher high or lower low was actually made. Please see the chart. These confirmed swing highs and swing lows also make good locations to hide stops. I have not marked all the swing highs and swing lows on the chart. I focused on these for the purposes of illustration.

Notice the blue fork on the chart. The pivot at 'B' is an example of a swing high. The swing in teal (Pivot 2 to Pivot 3) is being projected downward by the fork to give an idea of what price may do next, given the effects of the line of force represented by that swing. Pitchforks "measure" the "reaction" of price based on the force of the swing...the "action". Action/Reaction techniques are different in application, but the Pitchfork is based on this premise (Newton's Third Law).

The concepts here are the basics of Market Structure which I was very fortunate to learn. Many thanks again to Tim Morge for sharing them.

So, look for price action to tell you which way it is ultimately trying to go, as a move upward, might just be preparation to go down . One reason why impulse trading...seeing some candles moving and jumping in...can be deadly.

All the best,

FX4

Interesting development in light of the Market Structure discussion above. Price fell taking out some buyers around 1.3733...lower low made but then price pushed "higher"...weakness shown by longish shadows. Won't say much more, but lots going on. Trade what you see.

News to come. Busy day for me.

Trade well,

FX4

P.S. Price still "technically" making higher highs and higher lows overall.

Good Friday Morning,


Price still technically making higher highs and higher lows...but showing some weakness. Anything could happen. U.S. news this morning. Broke above the U-MLH of the larger red fork. Let's see what price gives today. Will take a look when I return.

All the best,

FX4

im short here,as i do like 3 taps on a trendline,

question,how do you deal with the weekend when the market is shut ?

Thanks Pike

If you got in early enough and the longer term H4 chart or maybe the Daily is confirming the short, I would imagine it should be fine. You could have an Emergency/Catastrophe Stop in place. But that is your call as a trader. If a person were position trading what would they do? Or you can close it out for peace of mind, then re-enter after confirmation of the next price move. Your choice. Are you swing trading? Position trading? It all makes a difference.

Also, notice on the right side of your chart, price making higher lows and slightly higher highs...hmm. Added an H4 chart. What do you see? How has price been trending?

FX4Newbies

More food for thought Pike . Notice that price did not make the ML of the red fork. What does that mean? If price decides to go for the ML of the larger green fork, then you have alot of roll around to withstand as a position trade. Is your Emotional Equity account ready to handle that? An important question for any trader to answer.

Price at the teal ML is a place for a sell-off for sure (by now you should have some +pips), but will it be a long-term sell? Who knows.

Just be very clear about what your strategy will be down to the type of trading etc. Then execute your plan pre-cise-ly.

All the best,

FX4

EURGBP

I'd watch 0.8500 level very closely since the major trend and momentum are UPWARDS.
If we're lucky maybe we can get to 0.8380 area

Hello traders,

Weekly wrap-ups are posted on the blog.

FX4Newbies

Price found support around 1.3700 and went higher. Don't assume anything. Just trade what you see. Have to be out....will check later today.

All the best,

FX4

Hello Traders,

Could not get on this morning...

Here is the chart I had ready to go...The second chart is current.

FX4