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Pitchfork Goldmine!

  • #1,881
  • Jun 28, 2011 11:05am Jun 28, 2011 11:05am
another
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  • #1,882
  • Jun 28, 2011 11:31am Jun 28, 2011 11:31am
Quoting TraderMeir
another
I don't trade this pair. Have you taken a look to see what an upward fork would give first? I haven't... just asking since there was a very strong bullish move.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,883
  • Jun 28, 2011 11:33am Jun 28, 2011 11:33am
Quoting TraderMeir
some other charts I am looking at
Not one of the ones I look at. Mark the swing lows to the left of Pivot 2 of your fork. See which ones/how many price has taken out, then see how that playing field (or battlefield) looks to you.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,884
  • Jun 28, 2011 11:35am Jun 28, 2011 11:35am
Quoting FX4Newbies
I don't trade this pair. Have you taken a look to see what an upward fork would give first? I haven't... just asking since there was a very strong bullish move.

FX4
yes, I erased it from the chart, though, because it was no longer catching price well, whereas this fork appears to be holding the frequency quite well (at least regarding the tests along the top).

(If you trade the GBP/JPY, you might want to look at the confluence where it is at now for a possible short.)
  • #1,885
  • Jun 29, 2011 2:55am Jun 29, 2011 2:55am
Long at green line. Only trade of the day. Waiting for a touch of the U-MLH, or until price seems to be reversing.

http://img714.imageshack.us/img714/4376/captureugj.png
What is any ocean but a multitude of drops?
  • #1,886
  • Jun 29, 2011 6:45am Jun 29, 2011 6:45am
Quoting FX4Newbies
Not one of the ones I look at. Mark the swing lows to the left of Pivot 2 of your fork. See which ones/how many price has taken out, then see how that playing field (or battlefield) looks to you.

FX4
Unfortunately I was never able to get into this trade.

Donna, I am not sure about what you were referring to regarding the swing lows. Are you referencing the swings prior to the A pivot and how many were taken out on the swing down to the B pivot?
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  • #1,887
  • Jun 29, 2011 3:51pm Jun 29, 2011 3:51pm
Hi everybody,

I still have half of the long position opened yesterday.
The first half was closed on red trendline which looked dangerous to me - many times respected. I was not at home that time - just set TP level. Maybe if watched the matket I could do somethng else.

The second hallf I want to keep until reaches the blue median line. Let's see - I have earned some pips for stop loss.

Generally I have an experience that setups based on daily bars have better probability of succes. Before I came here I have read James16 thread about price action and he advised to start on daily. I tried price action without applying forks too.
Another advantage of trading on daily bars is less demand of time. I can watch the market twice a day. Only problem are epic stop loss ranges which scare me a little - then I must lower the position size.

Twisted
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  • #1,888
  • Jun 29, 2011 4:09pm Jun 29, 2011 4:09pm
Quoting TraderMeir
Unfortunately I was never able to get into this trade.

Donna, I am not sure about what you were referring to regarding the swing lows. Are you referencing the swings prior to the A pivot and how many were taken out on the swing down to the B pivot?
Hi TraderMeir,

Was not able to trade today...very hectic. Sorry you were not able to get on that trade...but I'm sure it feels good to see it play out as you thought.

I marked some swing lows in red....was just saying that even though price was going up as shown on your fork, it had not, up to that point, taken out swing lows in a convincing manner (at least to me) to think that it might be a good buy. Also, for me anyway, would have liked to see a little more history to get a feel for the context of that trade setup. Don't know how this pair actually played out. Am I any clearer or just confusing the issue more .

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,889
  • Jun 29, 2011 4:16pm Jun 29, 2011 4:16pm
Quoting Twisted
Hi everybody,

I still have half of the long position opened yesterday.
The first half was closed on red trendline which looked dangerous to me - many times respected. I was not at home that time - just set TP level. Maybe if watched the matket I could do somethng else.

The second hallf I want to keep until reaches the blue median line. Let's see - I have earned some pips for stop loss.

Generally I have an experience that setups based on daily bars have better probability of succes. Before I came here I have read James16 thread about...
Hi Twisted,

Glad you dropped in..

Trading the Daily has its advantages, but, like you said, the stops and position size may need adjusting. Yes, you are also correct in that had you been watching, things might have turned out differently. So far so good...

Let's see if price would hit your target . Keep abreast of PA...it is already at an ML.

Take care,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,890
  • Jun 29, 2011 4:21pm Jun 29, 2011 4:21pm
Quoting TraderMeir
yes, I erased it from the chart, though, because it was no longer catching price well, whereas this fork appears to be holding the frequency quite well (at least regarding the tests along the top).

(If you trade the GBP/JPY, you might want to look at the confluence where it is at now for a possible short.)
Thanks for the heads-up. Seems like Gbp-Jpy had a volatile ride with some selling into news...or after news. Didn't trade. Just too busy at the moment. Still clearing my desktop of some important projects.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,891
  • Jun 29, 2011 4:24pm Jun 29, 2011 4:24pm
Quoting Xhale12
Long at green line. Only trade of the day. Waiting for a touch of the U-MLH, or until price seems to be reversing.

http://img714.imageshack.us/img714/4376/captureugj.png
That was a nice entry Xhale12. Seems like you stalked this one like a hawk. That's usually how we get into the move at such good places.

Thanks for sharing.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,892
  • Jun 29, 2011 7:36pm Jun 29, 2011 7:36pm
Quoting FX4Newbies
Hi TraderMeir,

Was not able to trade today...very hectic. Sorry you were not able to get on that trade...but I'm sure it feels good to see it play out as you thought.

I marked some swing lows in red....was just saying that even though price was going up as shown on your fork, it had not, up to that point, taken out swing lows in a convincing manner (at least to me) to think that it might be a good buy. Also, for me anyway, would have liked to see a little more history to get a feel for the context of that trade setup. Don't know how this pair...
Thanks for the clarification, for some reason I thought you were referring to the EUR/AUD chart. It makes more sense now.
  • #1,893
  • Jun 30, 2011 2:11am Jun 30, 2011 2:11am
Hey guys. Just downloaded korharmonics which detects harmonic patterns. Only problems I dont know how to use them in general nor in combination with pitchforks. Any good links explaining them?
What is any ocean but a multitude of drops?
  • #1,894
  • Edited 3:27am Jun 30, 2011 3:06am | Edited 3:27am
Quoting Xhale12
Hey guys. Just downloaded korharmonics which detects harmonic patterns. Only problems I dont know how to use them in general nor in combination with pitchforks. Any good links explaining them?
This thread might be a start.
http://www.forexfactory.com/showthread.php?t=238643

Basically they are geometic patterns (triangles) that are repeatable patterns off of Fib percentages. Here is an image with Pitchforks. In the chart I attached, if D were at the first touch of the WL, it would be a 161.8 Fib extension.

They have different names because of how they look when drawn. The one outlined in blue would either be a butterfly or bat or something. The AB=CD is a very basic but reliable pattern.

Also, beware that these features can really slow down your computer. Check how it responds before you add them to too many charts.

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,895
  • Jun 30, 2011 3:34am Jun 30, 2011 3:34am
Quoting TraderMeir
yes, I erased it from the chart, though, because it was no longer catching price well, whereas this fork appears to be holding the frequency quite well (at least regarding the tests along the top).

(If you trade the GBP/JPY, you might want to look at the confluence where it is at now for a possible short.)
And now...it falls...almost two days later. Traders need patience, don't they?

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,896
  • Jun 30, 2011 8:27am Jun 30, 2011 8:27am
Quoting FX4Newbies
And now...it falls...almost two days later. Traders need patience, don't they?

FX4

It is definitely a very difficult virtue to learn. Price is now at the lower median line parallel, and has tested it well. Let's see if it can come back for a re-test.
  • #1,897
  • Jun 30, 2011 12:39pm Jun 30, 2011 12:39pm
This may sound stupid but do you guys use limit or market orders?
What is any ocean but a multitude of drops?
  • #1,898
  • Jun 30, 2011 12:39pm Jun 30, 2011 12:39pm
Quoting FX4Newbies
This thread might be a start.
http://www.forexfactory.com/showthread.php?t=238643

Basically they are geometic patterns (triangles) that are repeatable patterns off of Fib percentages. Here is an image with Pitchforks. In the chart I attached, if D were at the first touch of the WL, it would be a 161.8 Fib extension.

They have different names because of how they look when drawn. The one outlined in blue would either be a butterfly or bat or something. The AB=CD is a very basic but reliable pattern.

Also, beware that these features...
Thanks FX!
What is any ocean but a multitude of drops?
  • #1,899
  • Jun 30, 2011 1:19pm Jun 30, 2011 1:19pm
Quoting Xhale12
This may sound stupid but do you guys use limit or market orders?

As of now I only enter with limit orders (I am thinking about how entering with stop orders might be useful in certain situations, but for now it is only with limits).
  • #1,900
  • Jun 30, 2011 9:19pm Jun 30, 2011 9:19pm
Quoting Xhale12
Hey guys. Just downloaded korharmonics which detects harmonic patterns. Only problems I dont know how to use them in general nor in combination with pitchforks. Any good links explaining them?

If you like Harmonic patterns and confluences, there's a Gartley forming together with a test and re-test of a Schiff on the 240 EUR/USD (as we speak)
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