Pitchfork Goldmine!

Hello traders,

Notice how price broke through that green HL yesterday...with the long green candle? Big push behind the move. Almost made teal ML...price falling again but support in the area. Don't underestimate the bullish presence...they've been trying...A few lines in the sand to watch for the tell.

FX4

Market seems a bit dicey at the moment: short swings and a little choppy.

Weekly wrap-ups of the ten I pairs I follow on the blog are now posted.

FX4

Hello Traders,

Just letting you know that the blog is now available in multi-languages. Just select the language of choice (icon on the right side) and the wording will be translated for you. You can also go back to English if you choose.

Take care,

FX4

Well EU has been under some selling pressure. Hanging at the moment at some lines in the sand. US news to come. A time to be watchful and careful.

FX4

Hello Traders,

Here is a close-up of the action. Price back at another line in the sand moment. Made some "higher highs" earlier today...and "lower lows", but overall no real change or indication as to where next. We'll see what it gives today.

FX4

Chop and more chop. Look at the long shadows (tail and wick) indicated by the blue arrows. Shorter swings here. Just trade what you see. Bears are pushing but the bulls are standing guard.

FX4

Well Traders,

Seems like it has been a little treacherous the past few days. Got a chat message from a trader saying the same. Thought I would make a few comments here about it...

How to "know" when to expect chop:

1. Where is price on the longer time-frame in reference to the fork lines? For example, if price is at an intersection of two MLs (from one up-trending fork and one down-trending fork, each using major swings), then there might be a war.

2. Is the longer time-frame (D1 or H4) in sync with the H1 and lower? Is one looking "bullish" and the other "bearish"? That would spell more confusion. An advantage of using multiple time-frames in your approach.

3. Do you see longer shadows (wicks and tails) and more of them on the candles than normal for the time of day you are trading? That could be a sign of low volume: thin trading.

4. Low volume means that it is easier to "control" price (could mean more volatility)...a place for whales to play with those who dare to jump in.

So, what might be a good approach? Pass? When red flags are up at the beach, it might be a good day to go to the park instead. If you decide to trade, gotta be quick about it...in and out, with sharply accurate entries...and you better be dancing in step with the market. No time to be wrong...you'll be like blood to a shark. Have you ever seen a movie where a shark is in the water and then "smells" blood. He goes straight for it with increased momentum. Get the idea?

Haven't listened to news today, but something is not the same.

Take care,

FX4

Well the EU pushed some and is at a resistance area again (blue arrow). The bulls will need some help to push this one to new highs (in the context of the chart shown here). News to come. Will have to see what the market gives today.

FX4

NFP Friday! Here is the chart as it stands. Price hanging around to move into position. Watch how it moves and let it tell which way. Usually after about an hour, the real move begins to take shape after the volatility drama is over.

Many ways to draw forks here...decided to stick with what we have been looking at thus far.

FX4

P.S. Decided to add a more straightforward view (second chart).

Hello Traders,

Just a reminder that the weekly wrap ups will be posted on the blog by Saturday night.

Enjoy your weekend,

FX4

...

Thanks Kapital for that view.

Will see how it goes.

FX4

Price showing a little weakness...long shadow on candle and also the fall below the red HL. Blue arrow could begin to mark an area for a significant tell, if price gets back there. Let's see how it plays out. Will check back in later today.

FX4

I added a sliding parallel to the upfork and a few support/resistance lines.

Hello again traders,

Well...the blue arrow (#1) did give an area for the tell (came in an hour later ) as price tested the red WIF U-MLH before beginning its descent. Added a second blue arrow as price could bounce for another test area if it is going to fall again. Could test teal L-MLH or red HL area. The fact that it is now outside of the teal fork is of interest.

Trade well,

FX4Newbies

P.S. The Glossary on the blog will define the terms/codes used.

The teal fork worked well...think it is the same as my red WIF. SHs and S/R lines will also give clues as price moves on.

Thanks for sharing,

FX4

Hello again,

Price found "support" outside the teal fork at an ML (gold rectangle). A Doji (indecision) at blue HL. Nothing is set yet, except to say that the bulls are still in town .

FX4

P.S. The fact that price was "hugging" the red U-MLH of the WIF could also be seen as a tell.

Price broke through the sliding parallel and found support at the horizontal line just below it. It then went on to finally break through the upper parallel of the downfork and met resistance at the outside quartile.

Kapital,

Your forks got some very clean touches. Think the bulls are still hanging. Let's see what they do today.

Take care,

FX4