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Pitchfork Goldmine!

  • #1,521
  • Edited 7:42am Apr 6, 2011 7:13am | Edited 7:42am
Hello traders,

The bulls took the price higher still. Hanging around the L-MLH of the darker green fork. Have three forks going on purpose...notice that each successive fork has a progressively steeper slope. Will see how it all plays out. If it falls out of the forks, we'll see how far the bears can take it.

All the best,


FX4Newbies
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,522
  • Apr 6, 2011 7:37am Apr 6, 2011 7:37am
Fwiw
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  • #1,523
  • Apr 7, 2011 1:31am Apr 7, 2011 1:31am
Price once again touched the upper parallel of the upfork and met resistance.

The frequency of the downfork is still in play.

We might see some fireworks if price reaches the encircled area.
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,524
  • Apr 7, 2011 7:22am Apr 7, 2011 7:22am
Quoting auxesis
Fwiw
Thanks Auxesis for the chart. Your A/R lines were right on and price was cornered by those shorter trendlines, A/R lines and quartile adding pressure to go south...which it did.

The uptrend does not seem to be officially broken yet...but price is on the edge. Let's see what we get today.

Thanks again,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,525
  • Apr 7, 2011 7:25am Apr 7, 2011 7:25am
Quoting kapital
Price once again touched the upper parallel of the upfork and met resistance.

The frequency of the downfork is still in play.

We might see some fireworks if price reaches the encircled area.
Hi Kapital,

I think price is in the vicinity of your yellow trendline. It's hanging on...let's see who gets the upper hand today.

Take care,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,526
  • Apr 7, 2011 7:28am Apr 7, 2011 7:28am
Quoting FX4Newbies
Hello traders,

The bulls took the price higher still. Hanging around the L-MLH of the darker green fork. Have three forks going on purpose...notice that each successive fork has a progressively steeper slope. Will see how it all plays out. If it falls out of the forks, we'll see how far the bears can take it.

All the best,


FX4Newbies
Well...price did fall out of the forks and the bears are trying to push. Price at a WL and has been there now for two hours. Some selling pressure on the current candle. Should get a tell in this area for sure.

Red arrows show where the breaks of the green forks occured.

All the best,

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,527
  • Apr 7, 2011 9:35am Apr 7, 2011 9:35am
Quoting kapital
Price once again touched the upper parallel of the upfork and met resistance.

The frequency of the downfork is still in play.

We might see some fireworks if price reaches the encircled area.
FIREWORKS!
Attached Image (click to enlarge)
Click to Enlarge Name: EU1.GIF Size: 25 KB
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,528
  • Apr 7, 2011 9:36am Apr 7, 2011 9:36am
Quoting FX4Newbies
Hi Kapital,

I think price is in the vicinity of your yellow trendline. It's hanging on...let's see who gets the upper hand today.

Take care,

FX4
Worked perfectly!
"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,529
  • Apr 8, 2011 12:52am Apr 8, 2011 12:52am
Quoting kapital
FIREWORKS!
Think you got some...
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,530
  • Apr 8, 2011 1:01am Apr 8, 2011 1:01am
More fireworks!

I'm looking for price to run into resistance at the upper sliding parallel if it makes a strong break through the current resistance area. The obvious choice for a move to the downside is the lower parallel of the white upfork (although I don't have high hopes of it occuring today....but it's possible if there isn't much further movement to the upside).

Price is showing great efficiency when it comes to that top parallel of the purple upfork.
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,531
  • Apr 8, 2011 1:24am Apr 8, 2011 1:24am
An FYI...price is at the ML of the local fork on H4. Could be the reason we have such indecision.

FX4

P.S. Local fork...the one utilizing pivots from the swings closest to current price action in the direction of the trend. May not be a standard definition.
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,532
  • Edited 7:08am Apr 8, 2011 6:57am | Edited 7:08am
What has the EU done? It found support at WL, blasted off and has been rolling in that gold zone. Highlighted it just for chart pattern lovers. Lots of lines there but all in play. Price will need a push from here as it appears to be "stuck". No major tells at the moment...imho, but still making higher highs...etc.

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,533
  • Apr 9, 2011 9:13am Apr 9, 2011 9:13am
Just letting you know that the weekly wrap-up of the ten pairs I follow on the blog should be posted by tonight.

Enjoy your weekend.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,534
  • Apr 11, 2011 7:55am Apr 11, 2011 7:55am
Good Monday Morning traders,

Price at a critical spot...hanging on the edge of the green L-MLH. Still no significant lower lows. Seeing bullish sentiment on H4 at this time. Will have to wait to see how that develops. WL could be a target. Buyers have also shown to be hanging around there.

Take care,

FX4

P.S. Market has also been very slow thus far.
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  • #1,535
  • Apr 11, 2011 12:59pm Apr 11, 2011 12:59pm
Hello again,

Just thought I would post an updated chart. Price still hovering around the L-MLH of the green fork.

Patience is virtue I guess .


FX4Newbies
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  • #1,536
  • Edited 7:42am Apr 12, 2011 7:22am | Edited 7:42am
Well... price did fall out of the green fork and found some buyers at support...at the WL area (actually at the sliding parallel drawn from the low at 1.4240). Price moving up again to darker green L-MLH. Will see what we get there. News to come as well.

All the best today,

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,537
  • Apr 12, 2011 8:22am Apr 12, 2011 8:22am
Quoting FX4Newbies
Good Monday Morning traders,

Price at a critical spot...hanging on the edge of the green L-MLH. Still no significant lower lows. Seeing bullish sentiment on H4 at this time. Will have to wait to see how that develops. WL could be a target. Buyers have also shown to be hanging around there.

Take care,

FX4

P.S. Market has also been very slow thus far.
Bullish sentiment finally kicked in today. Whatever you might see on the longer TFs will take some time to come into play. Something to think about when using multiple time-frames.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,538
  • Apr 13, 2011 5:43am Apr 13, 2011 5:43am
Price is still giving the impression that it wants to go higher...notice the support (buyers) along the teal L-MLH. Buyers have not yet been able to make higher highs. Patience to wait for a confirmed tell is key. News to come this morning as well.

All the best,

FX4
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  • #1,539
  • Apr 13, 2011 8:24am Apr 13, 2011 8:24am
...
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"GIVE ME 3 POINTS IN SPACE IN TIME AND WATCH ME CREATE MAGIC."
  • #1,540
  • Edited 8:56am Apr 13, 2011 8:41am | Edited 8:56am
EU showed some weakness as price fell outside the fork. Seeing some bullish sentiment on H1, although a little roll around can change the climate. Let's see if the Warning Line (WL) or SH will hold again. Time to be calm and careful.

Thanks for posting,

FX4
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