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Pitchfork Goldmine!

  • #1,861
  • Jun 24, 2011 1:30pm Jun 24, 2011 1:30pm
Quoting TraderMeir
The power of energy points still fascinate me
Picked up alot of pips on this one. What exactly is an energy point?
What is any ocean but a multitude of drops?
  • #1,862
  • Jun 24, 2011 1:36pm Jun 24, 2011 1:36pm
Quoting Xhale12
Picked up alot of pips on this one.
Congrats Xhale12!!!

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,863
  • Jun 25, 2011 7:27pm Jun 25, 2011 7:27pm
Hello all,

Had a very busy but productive week. Not as much trading as I would have liked, but still moving forward.

The weekly chart wrap-ups will be posted on the blog by midnight EST tonight.

Take care,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,864
  • Jun 26, 2011 8:15pm Jun 26, 2011 8:15pm
Quoting Xhale12
Picked up alot of pips on this one. What exactly is an energy point?
Congrats on those pips.

An energy point is a point formed from the confluence of two different forks - not necessarily in opposing directions. These points act as attractors since the frequency of those different forks are converging at these areas; hence they often form magnets.
  • #1,865
  • Jun 26, 2011 8:39pm Jun 26, 2011 8:39pm
Got it. Thanks for that.

Do you guys every trade against the trend of the fork? Example- If in a rising pitchfork, price hits the median line and appears it will fall, will you ever short? Or would you ever go long in a falling pitchfork?
What is any ocean but a multitude of drops?
  • #1,866
  • Jun 26, 2011 9:28pm Jun 26, 2011 9:28pm
Quoting Xhale12
Got it. Thanks for that.

Do you guys every trade against the trend of the fork? Example- If in a rising pitchfork, price hits the median line and appears it will fall, will you ever short? Or would you ever go long in a falling pitchfork?

I try to always trade with the trend - I feel my odds are best then. But I have seen Tim Morge - if the setup and reasoning for a change is strong enough. Paul Coghlan has stated that he almost never trades against the trend, but he seems to imply (from how I understand what he has stated) that if there are clear signs of price rolling over and perhaps a confluence of other factors, then he might take (in those rare and odd occassions) a trade against the trend.


I have added another example of an energy point.
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  • #1,867
  • Jun 27, 2011 4:52am Jun 27, 2011 4:52am
Got burnt badly here. Went short when I saw the nice pin bar that formed and found resistance right at the 50% fib level. When I added in the red pitchfork, it seemed like a good trade. Left the computer for 2 hours... Bad idea.

http://img94.imageshack.us/img94/5627/captureytw.png
What is any ocean but a multitude of drops?
  • #1,868
  • Edited 6:23am Jun 27, 2011 5:35am | Edited 6:23am
Quoting Xhale12
Got burnt badly here. Went short when I saw the nice pin bar that formed and found resistance right at the 50% fib level. When I added in the red pitchfork, it seemed like a good trade. Left the computer for 2 hours... Bad idea.

http://img94.imageshack.us/img94/5627/captureytw.png

Hi Xhale12,

Surely that pin bar was a teaser...other sellers were there as well. Notice how price was continuing to move away from the ML and the SH? Price was telling us something. Also price was at a confirmed area of support....look left. (The blue line should be a parallel line...tried to eyeball it). Sometimes these things area easier seen after the fact when there is no trade, but price was still sending a message.

Something we just keep working at...Note also that price did not make the ML of the larger fork as well.

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,869
  • Jun 27, 2011 11:39am Jun 27, 2011 11:39am
A new day, a new trade. A rolling chop (the red sliding parallels) on the Swissy, selling the top and looking to take profits at the bottom.
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  • #1,870
  • Jun 27, 2011 11:51am Jun 27, 2011 11:51am
Yea I did not think the trade through, nor did I notice price moving away from the median line. Need to pay more attention.

As always your insight is much appreciated. Best of luck today.

Quoting FX4Newbies
Hi Xhale12,

Surely that pin bar was a teaser...other sellers were there as well. Notice how price was continuing to move away from the ML and the SH? Price was telling us something. Also price was at a confirmed area of support....look left. (The blue line should be a parallel line...tried to eyeball it). Sometimes these things area easier seen after the fact when there is no trade, but price was still sending a message.

Something we just keep working at...Note also that price did not make the ML of the larger fork as well.

FX4
What is any ocean but a multitude of drops?
  • #1,871
  • Jun 27, 2011 12:02pm Jun 27, 2011 12:02pm
Price here (the EUR/JPY) has just completed an AB=CD pattern. Does it have enough energy to reach the upper median line parallel (on the green fork)? If not, I am thinking that perhaps Hagopian's rule is going to come into effect and that this new red downsloping fork might tell us the new likely path of price. I would like to see a re-test of the upper median line (red) with good separation, and if so, sell with a target of the median line.

Any thoughts out there about my logic. Does anyone see anything that I might have missed (I realize we are coiling right now)?

All input would be greatly appreciated.
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  • #1,872
  • Edited 1:13pm Jun 27, 2011 12:37pm | Edited 1:13pm
Quoting TraderMeir
Price here (the EUR/JPY) has just completed an AB=CD pattern. Does it have enough energy to reach the upper median line parallel (on the green fork)? If not, I am thinking that perhaps Hagopian's rule is going to come into effect and that this new red downsloping fork might tell us the new likely path of price. I would like to see a re-test of the upper median line (red) with good separation, and if so, sell with a target of the median line.

Any thoughts out there about my logic. Does anyone see anything that I might have missed (I realize...
Just another view...looking like it could be setting up for a short. I think time will make it a little clearer...the landscape can change very quickly.

I generally use Hagopian when price fails to reach the ML.

Not trading today...very busy. Looks like there were some good swings.

All the best,

FX4

P.S. Do post 15 pairs and the metals daily. PM me if interested.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,873
  • Jun 27, 2011 2:11pm Jun 27, 2011 2:11pm
Quoting FX4Newbies
Just another view...looking like it could be setting up for a short. I think time will make it a little clearer...the landscape can change very quickly.

I generally use Hagopian when price fails to reach the ML.

Not trading today...very busy. Looks like there were some good swings.

All the best,

FX4

P.S. Do post 15 pairs and the metals daily. PM me if interested.

Looks like we are both seeing a possible short line up. Here's yet another view for an argument that there is a nice short opporuntiy. We have a set of action/re-action lines, with the re-action line coming right at the recent high.

(are we having fun yet )
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  • #1,874
  • Jun 27, 2011 2:28pm Jun 27, 2011 2:28pm
Quoting TraderMeir
Looks like we are both seeing a possible short line up. Here's yet another view for an argument that there is a nice short opporuntiy. We have a set of action/re-action lines, with the re-action line coming right at the recent high.

(are we having fun yet )
I guess we are having fun crayon drawing.

Anyway, EJ has been consolidating for a while, which means there could be alot of pending orders around with lots of stops....broker food. So, patience will be a very good idea. Also, anything that looks very clear one minute could change. Just gotta wait for the tell...probably when the next group of traders come on board.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,875
  • Jun 28, 2011 6:49am Jun 28, 2011 6:49am
relative lower highs are being put in, watching for signs of a structural break
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  • #1,876
  • Edited 8:31am Jun 28, 2011 8:09am | Edited 8:31am
Hello all,

Seems like I have some time this morning to focus on trading. Let's see what my eyes...really what my mind will see.

Noticing a Doji on EU and EG on H1...mixed signals. A very touchy setup brewing.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,877
  • Jun 28, 2011 9:33am Jun 28, 2011 9:33am
AUD/USD is running up to the upper median line parallel, the AB=CD, and the 61.8%. Lot's of confluence (and a Gartley). Let's see if we get a nice test with good separation.
  • #1,878
  • Jun 28, 2011 9:37am Jun 28, 2011 9:37am
Quoting TraderMeir
AUD/USD is running up to the upper median line parallel, the AB=CD, and the 61.8%. Lot's of confluence (and a Gartley). Let's see if we get a nice test with good separation.
Possibly a sell in the making. I am giving my mind room to see more bullish moves if price is telling me so.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,879
  • Jun 28, 2011 9:45am Jun 28, 2011 9:45am
Quoting FX4Newbies
Possibly a sell in the making. I am giving my mind room to see more bullish moves if price is telling me so.

FX4
...and the bulls are still pushing.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,880
  • Jun 28, 2011 11:04am Jun 28, 2011 11:04am
some other charts I am looking at
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