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Pitchfork Goldmine!

  • #1,981
  • Jul 6, 2011 10:34am Jul 6, 2011 10:34am
Stopped out - perhaps the long tail on the bar that zoomed through the ML should have warned me. Its been a frustrating day - entering trades where price has briefly moved in my favour and then gone hard against me.

Stopping for the day now and see if looking with fresh eyes tomorrow changes things.
  • #1,982
  • Jul 6, 2011 10:46am Jul 6, 2011 10:46am
stopped out here as well. we'll see how the loonie fairs, not stopped out yet, though . The true problem with the short on the pound (which I still like it in the short direction, but am waiting a bit more now), is that there was no natural stop, I had to create it (and did a bad job at that )
  • #1,983
  • Jul 6, 2011 10:52am Jul 6, 2011 10:52am
Quoting Bartlby
Stopped out - perhaps the long tail on the bar that zoomed through the ML should have warned me. Its been a frustrating day - entering trades where price has briefly moved in my favour and then gone hard against me.

Stopping for the day now and see if looking with fresh eyes tomorrow changes things.
Good idea to take a breather. Very volatile market...gotta be nimble and that takes alot of mental energy and focus.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,984
  • Jul 6, 2011 10:53am Jul 6, 2011 10:53am
Yes I agree no natural stop. I placed mine way out because things have been choppy and my stops have been getting caught - but I still got caught and this time for more than I usually would have been.
  • #1,985
  • Edited 2:15pm Jul 6, 2011 10:55am | Edited 2:15pm
Quoting TraderMeir
stopped out here as well. we'll see how the loonie fairs, not stopped out yet, though . The true problem with the short on the pound (which I still like it in the short direction, but am waiting a bit more now), is that there was no natural stop, I had to create it (and did a bad job at that )
The thing about this business is that we should be very picky about trades. I tell myself sometimes, "The market has to qualify to get my money". That means that I need to see what I need to see before I get in. If I don't see it, or am not satisfied with what is presented, I pass. Let the market come to you begging with your set-up and entry on a platter...and it will if you wait for it. Of course, there are times I am too zealous, but that is my goal.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,986
  • Edited 2:17pm Jul 6, 2011 10:57am | Edited 2:17pm
Quoting Bartlby
Yes I agree no natural stop. I placed mine way out because things have been choppy and my stops have been getting caught - but I still got caught and this time for more than I usually would have been.
Please remember, stops are paychecks for the brokers. Stops are targeted. Don't ever think your stop got hit by chance...okay, maaaybe 0.0000001%. They will take them whenever given the chance, and especially in a volatile market. You put on a stop, especially at the opening of a position, and they will do their best to get you. That is why Tim teaches to try to hide it behind either Support of Resistance areas...depending on which direction your trade is in.

Maybe you can scale in to the position...start with a smaller size, then increase as the trade takes out swing highs/lows depending on trade direction.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,987
  • Jul 6, 2011 11:07am Jul 6, 2011 11:07am
One more that I am stalking - a possible switchback
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  • #1,988
  • Jul 6, 2011 11:17am Jul 6, 2011 11:17am
Quoting TraderMeir
One more that I am stalking - a possible switchback
Very possible given your forks. Decided to draw from a naked chart...fresh eyes I guess. Nothing wrong with yours by any means, just sharing another view I had at that moment. Used M15...close to your M20.

FX4

P.S. Have to step away. Will reply to any posts later.
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,989
  • Jul 6, 2011 11:28am Jul 6, 2011 11:28am
Quoting FX4Newbies
Very possible given your forks. Decided to draw from a naked chart...fresh eyes I guess. Nothing wrong with yours by any means, just sharing another view I had at that moment. Used M15...close to your M20.

FX4

P.S. Have to step away. Will reply to any posts later.

decided to re-draw mine fresh as well. a slightly different fork than yours, but still showing downward bias
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  • #1,990
  • Jul 6, 2011 11:30am Jul 6, 2011 11:30am
Quoting TraderMeir
decided to re-draw mine fresh as well. a slightly different fork than yours, but still showing downward bias
Just see how price interacts with your SHs and U-MLH areas. Also your quartiles...stuff I know you already know . Also watch the market volatility.

Bye for now...parked my EU with a hedge...my experiment continues.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,991
  • Jul 7, 2011 1:37am Jul 7, 2011 1:37am
Hi,

Looking the charts in the morning.
Found a possibility of short on EURGBP in the direction of the trend.

Twisted
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  • #1,992
  • Jul 7, 2011 2:58am Jul 7, 2011 2:58am
Quoting Twisted
Hi,

Looking the charts in the morning.
Found a possibility of short on EURGBP in the direction of the trend.

Twisted
Everything looks good on your chart...if you clicked you should have gotten some pips there Twisted.
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,993
  • Edited 8:53pm Jul 7, 2011 5:49am | Edited 8:53pm
Currently short EU...considering closing the trade now. News on the Gbp soon. Might get a bounce or something. Can get back in if needed. Do think that EU might have room to go lower...but think I will stand aside and see when that might develop.

Second chart shows how tricky things can get as price inched outside the fork. A Schiff would have it around the ML. Seeing a little bounce on M15 coming as well.

FX4

P.S. My EU experiment went okay...stayed within my profits so no equity lost, but added a few $$$ to the account in the process.
Attached Image(s) (click to enlarge)
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Trade what you see, not what you think or feel. Let the market come to you.
  • #1,994
  • Edited 9:02pm Jul 7, 2011 7:24am | Edited 9:02pm
Quoting FX4Newbies
Currently short EU...considering closing the trade now. News on the Gbp soon. Might get a bounce or something. Can get back in if needed. Do think that EU might have room to go lower...but think I will stand aside and see when that might develop.

Second chart shows how tricky things can get as price inched outside the fork. A Schiff would have it around the ML. Seeing a little bounce on M15 as well.

FX4

P.S. My EU experiment went okay...stayed within my profits so no equity lost, but added a few $$$ to the account in the process.
The use of the Schiff proved to be a better choice for PA. Price did continue down, but slid down the U-MLH of the fork shown in the previous post like it was on a slide.

A little tired now (after my experiment and all). Will take a break.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,995
  • Jul 7, 2011 10:41am Jul 7, 2011 10:41am
Hello again,

Some days ago there were few posts about Energy Points.
It interested me a lot and today I have found the article by Tim Morge.

http://www.medianline.com/articles/W...%20Hallway.pdf

When I saw the charts I mentioned that I had similar situation to described while traded Short on EURJPY yesterday (chart attached). While entering the trade I had only red PF and S/R zone above. As you see the Upper ML was spiked many times until the price made big move down. I wondered why it was THAT place, then I added green pitchfork and I saw the reason.

I guess it's nothing new for Donna and some others, but I was really shocked. Maybe this will be usefull for newbies like me.

Twisted
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  • #1,996
  • Jul 7, 2011 2:22pm Jul 7, 2011 2:22pm
Quoting Twisted
Hello again,

Some days ago there were few posts about Energy Points.
It interested me a lot and today I have found the article by Tim Morge.

http://www.medianline.com/articles/W...%20Hallway.pdf

When I saw the charts I mentioned that I had similar situation to described while traded Short on EURJPY yesterday (chart attached). While entering the trade I had only red PF and S/R zone above. As you see the Upper ML was spiked many times until the price made big move down. I wondered why it was THAT place, then I added...
Twisted,

That was an excellent chart example that I am sure would help newbies and other traders as well. The article is also a good one. Good to be aware of energy points, though there are times they may not be as exacting or have such a dramatic effect on price action as your example has shown. Seems like your approach to trading using Pitchforks is coming together nicely. Happy for you .

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,997
  • Jul 7, 2011 6:59pm Jul 7, 2011 6:59pm
Quoting Twisted
Hello again,

Some days ago there were few posts about Energy Points.
It interested me a lot and today I have found the article by Tim Morge.

http://www.medianline.com/articles/W...%20Hallway.pdf

When I saw the charts I mentioned that I had similar situation to described while traded Short on EURJPY yesterday (chart attached). While entering the trade I had only red PF and S/R zone above. As you see the Upper ML was spiked many times until the price made big move down. I wondered why it was THAT place, then I added...
Twisted,

Well done, median set intersections (taking for granted that the sets are valid and drawn correctly) i.e. energy points mark both levels and time, you would do well to continue your study of them, you might be surprised at what you will find.

regards,
  • #1,998
  • Jul 7, 2011 9:00pm Jul 7, 2011 9:00pm
Quoting wallet
Twisted,

Well done, median set intersections (taking for granted that the sets are valid and drawn correctly) i.e. energy points mark both levels and time, you would do well to continue your study of them, you might be surprised at what you will find.

regards,
Sooooo glad you said that about sets being valid and drawn correctly. And yes, forks do have a time component. Just an amazing tool! Can't say it enough. Sure glad I know how to use it.

Thanks for that comment.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #1,999
  • Jul 7, 2011 11:07pm Jul 7, 2011 11:07pm
Just had to share this...now Gbp-Jpy could be a handful to deal with. Look at the touches on this chart. Looks tame and well-behaved huh .

FX4
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-jpy 7-7-11.gif Size: 29 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #2,000
  • Jul 8, 2011 7:25am Jul 8, 2011 7:25am
Quoting FX4Newbies
Just had to share this...now Gbp-Jpy could be a handful to deal with. Look at the touches on this chart. Looks tame and well-behaved huh .

FX4
Just a different view of the GBP/JPY, also catches frequency nicely here
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