Fellow Addicts,
decided to start this thread to share and discuss my Pitchfork method.
let's get some things clear before we start:
i am a consistently loosing trader. i'll let u know when this changes. the funny thing is i am loosing because i enter trades outside this system and sometimes i fuck up using it (try to be a smart ass guessing a trade instead of waiting for it to happen, misread the setups, etc.). at the end of the day i look back and, read properly, it would have given money! so, maybe you guys are more disciplined than me and can make some decent $ out of this (it's just a pitty to waste such a good system!)
the system is pretty simple: just a pitchfork drawn using the following points:
1 - the origin. this is the key point. i will address this on a subsequent post. for starters we use last closed session high (if we are trending down) or low (if we are trending up).
2 - fixed point - (well, it does update but not on every swing like point 3.it's the High (for downtrends) or Low (for uptrends) of the swing imediatly subsequent to the origin. this value is updated if the low/high is outside the channel but we don't close outside (if we do it's a trend change).
3 - variable point - it's last swings High (for uptrends) or low (for downtrends)
may look complicated but it's not. i will post some charts and you'll get it.
Entries - we discuss this in further detail but basically we enter when the trend changes and that happens when we have a close outside the channel the opposite way.
Exits - also to be discussed with further detail but there are basically two aproaches: a conservative and a more agressive. the first is best to be used on ranging markets as it assures profit (yet smaller) and the latest on trending markets (bigger profits but if the markets turn ranging it will give less profit). the conservative exit is done on a retouch of the upper limit (for uptrend) or the lower limit (for downtrends). the agressive exit is letting roll until the trend changes (close below the lower limit for a uptrend or close above the upper limit for a down trend).
i think the method is simple once you get it but not easy to explain. showing, i believe, will work best. besides if it was too simple i wouldn't believe it made money
only thing you need to install is a sessions indi for the 5m (attached below).
the best way to describe is to show some trades. today is not the best day as it is NFP. let's see if we have some trades to be taken... if not will start monday.
enough for now. let's look for setups.
decided to start this thread to share and discuss my Pitchfork method.
let's get some things clear before we start:
i am a consistently loosing trader. i'll let u know when this changes. the funny thing is i am loosing because i enter trades outside this system and sometimes i fuck up using it (try to be a smart ass guessing a trade instead of waiting for it to happen, misread the setups, etc.). at the end of the day i look back and, read properly, it would have given money! so, maybe you guys are more disciplined than me and can make some decent $ out of this (it's just a pitty to waste such a good system!)
the system is pretty simple: just a pitchfork drawn using the following points:
1 - the origin. this is the key point. i will address this on a subsequent post. for starters we use last closed session high (if we are trending down) or low (if we are trending up).
2 - fixed point - (well, it does update but not on every swing like point 3.it's the High (for downtrends) or Low (for uptrends) of the swing imediatly subsequent to the origin. this value is updated if the low/high is outside the channel but we don't close outside (if we do it's a trend change).
3 - variable point - it's last swings High (for uptrends) or low (for downtrends)
may look complicated but it's not. i will post some charts and you'll get it.
Entries - we discuss this in further detail but basically we enter when the trend changes and that happens when we have a close outside the channel the opposite way.
Exits - also to be discussed with further detail but there are basically two aproaches: a conservative and a more agressive. the first is best to be used on ranging markets as it assures profit (yet smaller) and the latest on trending markets (bigger profits but if the markets turn ranging it will give less profit). the conservative exit is done on a retouch of the upper limit (for uptrend) or the lower limit (for downtrends). the agressive exit is letting roll until the trend changes (close below the lower limit for a uptrend or close above the upper limit for a down trend).
i think the method is simple once you get it but not easy to explain. showing, i believe, will work best. besides if it was too simple i wouldn't believe it made money
only thing you need to install is a sessions indi for the 5m (attached below).
the best way to describe is to show some trades. today is not the best day as it is NFP. let's see if we have some trades to be taken... if not will start monday.
enough for now. let's look for setups.
dreams do come true.
seems he needs to work on his money management at least, 5 pip stop loss? need to be real accurate with entries to get at least 2:1 reward, you just get burnout doing that, frustrated and then place trades like a gambler...