Pitchfork Goldmine!

Price found support once again.

I added a downfork to the setup. Its modified schiff is almost the same slope as the original smaller upfork.

Hi again,

Price broke L-MLH of teal fork, gave the bounce...bullish sentiment (switchback) then continued to fall. Found some buyers though. Chart is a close up of the action.

Take care,

FX4

Price got some buyers to say "ouch"! Selling began but bulls are still around. Getting a bounce. Will have to see if it is looking for resistance or if it is going to blast through again. WLs from darker green fork still at work.

Take care,

FX4

Well almost everyone is still watching to see what will be next with EU. News to come this morning. Price parked at a crossroad: just below green L-MLH and at red WIF. Ain't no tellin' now...gotta wait for this one p-a-t-i-e-n-t-l-y.

Take care,

FX4

Hello again,

Hope your weekend is going well. The weekly chart warp-ups of the 10 pairs I follow on the blog are now available. Hope they provide a good second opinion for you.

Enjoy your day tomorrow,

FX4

Results of the setup:

Good Morning Traders,

EU did break some lows...finally. Now there are some more buyers at the blue trend line...see the long tail? Support at certain levels gotta go if this is to fall for real and that blue line is one of them. Market knows best .

Take care,

FX4Newbies

Price did continue to fall since the post yesterday, but found support in the area of the teal U-MLH. If we get some switchback action (where support becomes resistance) and a break of that teal line, then maybe we will see some more selling. If not, we could see another move upward...again.

NOTE: Chart posted is H4. I usually use the H1.

Well, the bulls are still in town. Price just crossed ML of teal fork but is at that area of resistance again...and a Doji candle at that. A perfect place for whales to do their laundry. Patience and focus is key.

Have a good day...bulls and bears or just market traders .

FX4

Good Morning EU Traders,

Price made a higher high again. Likely areas of resistance IF it is going to turn soon:

1. The the red SH, which price is close to now.

2. The teal U-MLH, which isn't that far either.

3. The dark green L-MLH with a WL close by.

Of course it can blow through all three on its way to 1.5004. It has already crossed the ML on the monthly chart. Just follow price...read what it is saying.

All the best,

FX4Newbies

P.S. Planning to post the weekly wrap-ups on the blog by Saturday night. A blessed Resurrection (Easter) Weekend to those who celebrate the life of Christ.

Hello traders,

Just letting you know that my next post will be on Monday. Enjoy the weekend.

Take care,

FX4Newbies

All you have to do is read the FORUM to see all the 1000s of systems

under the sun. So how does a NEWBIE have a chance?

HOMEWORK and STUDY and maybe a MENTOR.

YES - I have studied with TIM and met and talked with him.

MARKET STRUCTURE - CONTEXT - FREQUENCY - these must be understood.

He is a Living Master and the Basics can not be overlooked.

YES - I have worked with Shane - he is excellant

YES - I have watched Paul for 4 months. Tremendous Value.

FX4 Newbies relates good information.


BUT I NEEDED MY OWN SYSTEM AND I NEEDED TO OWN IT.

To that end - I have made some changes - most are a return of old ways

Charts - eSignal Advanced GET - almost no indicators

VIEWING CHARTS - Weekly - Daily - 240 - 60 - 377 Tick

TRADING CHARTS - 60 Minute and 377 Tick

I have 2 - 3" x 5" cards on my Desk - My 2nd card says

"FORKS FRAME THE TRADE"

"WAVE COUNT SETS DIRECTION AND DURATION"

"SRs SET ENTRIES"

Look at my 60 minute Chart - If you can not see why I am WAVE TRADER -

THEN WE THANK YOU FOR YOU DONATION.

You said a mouthful there Wave Trader LOL. Your last line got me...THEN WE THANK YOU FOR YOUR DONATION..LOLOLOL. So many people want to learn to trade and really don't understand what exactly is needed. You were very blessed to learn from and study with people who truly understand. They took the "bones" out so we don't choke . And, it cost them something to know which bones to take out where etc.

YES. MARKET STRUCTURE - CONTEXT - FREQUENCY - these MUST be understood.

YES. BUT I NEEDED MY OWN SYSTEM AND I NEEDED TO OWN IT. A trader's gotta know what should be in their system and why they need it...what is it going to tell them that they need to know.

YES TO ALL THREE...

"FORKS FRAME THE TRADE"

"WAVE COUNT SETS DIRECTION AND DURATION" (though sometimes the count can be hairy to pinpoint . Don't know how you handle those occasions. I keep an eye for typical wave counts, but watch more for pivots and swings that would have the most impact on the next move.

"SRs SET ENTRIES"

YES. VIEWING CHARTS - Weekly - Daily - 240 - 60 - 377 Tick (Don't use the 377 Tick, but the M15 at the moment. I also consult the Monthly).

So how is a Newbie to get started...HOMEWORK and STUDY and maybe a MENTOR. Tim says that good trading is boring and it is work. I don't think newbies who say they want to learn really understand the commitment involved. Tim updates his charts by hand daily...still.

FX4 Newbies relates good information. Thanks. I try to help traders get it right in their heads as early in the game as possible. Hope they are getting it. I'm always amazed at how a little bit of the right info., in the right context can help a trader as much as it does: newbies and non-newbies. If they never get the basic understandings that you mentioned right (and then some), I don't know how they will ever make it as traders through all those 1000s of systems out there. I really don't. Also, with all the information available on the web...if a trader doesn't have a frame of reference within which to work, how will they know how and where all these bits and pieces are to be connected. They'll be going from one system to another; one black box to another. If a trader can't evaluate a black box/system to see if it is credible, they shouldn't be trading with it. I am amazed that people would put on a trade and not know where or why they should get out. Even James Bond had at least one exit for any room he entered.

Glad you are back in the saddle you are most comfortable with. More + pips to you. .

FX4

P.S. Have you thought of trading the Dailies or maybe H4s?

Good Monday Morning,

The UK banks are closed today, but the US banks are open. Let's see if we get some action. "Lines in the sand" are in place. Price is still officially in an uptrend.

Trade well,

FX4

...

Kapital,

Both forks show great frequency.

FX4

Here we are again. No major moves yet. This chart is H4. Found support at WL but has not cleared previous highs. Time-frames seem mixed in the messages they are sending...bullish here; bearish there....makes for chop.

Trade well,

FX4

Simple H1 chart I posted some time ago...price broke through red WIF. Could go to the U-MLH or through it. Still a little bullish from this view but ran into some resistance. Could go higher.

FX4

P.S. The meanings of the abbreviations used can be found in the Glossary on the blog. Post #2 has some fork info. for beginners.

Yes...my data feed is connected...platform is working....market is "thinking" I guess. LOL.

Great thread and excellent effort, keep it up. What's your take on EUR USD? Considering the daily chart 886 ratio is 1.4788 and we are about to break out of the triangle on M15 charts Id say 14788 becomes much more of a reality now. Also XAUUSD just made what I expect to be the weekly low at 1493, so from now on metals should rally, unless tmrw we get some suprising comments on the conference.