Swing trading with Andrew's pitchforks and volume analysis journal

lookn to buy around 83364 on nz/us...still holding my gb/nz short, halfway to target so far.

looking short perphas one more leg up...tight stops here.

looking at shorts in GBPjpy, EURjpy, and EURgbp

jpy is pretty weak, lookn to go long on pullbacks for most yen pairs...got layed off again, this china based economy is gettn on my nerves, smh

What can I do for you?

on the sidelines at the moment...will be back on line in the morning before work. Good trading all.

u can speed up my learning process so I can trade for a living lol...one of the main reasons why I want to make a business out of this market, no more depending on employers for work...sooner then later hopefully

Au/nz short, stopped out on my gb/nz short in profit

me too...I noticed you've been trading a lot of crosses...the spread on those are brutal...I'd stick to the usd and jpy pairs, at least if you are wrong there it won't hurt quite as bad.

Big harmonic setting up here on the daily chart. Expectation to fall below .8200

right now I'm taking trades on pairs where I see what I'm looking for...just happens to be more crosses these days. Alpari uk spreads aren't too bad.

Got a question for you. If you have a few minutes, I would kindly appreciate your input.

I attached a chart of eurusd h4 and I put on "the fork" back three or four days ago. Here is an instance where I had an easy signal going down, but since the move back up was rather fast with little pull-back, in realtime there is a good chance that I would have eaten up all my profits and I also would have had no real place to enter long, while trying to see some tell tale sign. Even if it was a small one. Neither of these two scenarios are the worst in the world but, here is my question.

Using "the fork" at the best place I thought to put it. (Feel free to put it else where if you would do so.) Would you have been able to use your infinite wisdom of "the fork" to realize that we may have been getting ready to enter an area where a short trade might be exhausting/getting ready to exit or a long trade might be looking to enter, even though there was no real tell tale sign on the chart.

Something that price was doing against the fork that would have raised your eyebrows and got you thinking that maybe something was about to happen and I should tighten up the stops or something like that. Something against them that I may not notice as I don't use them as prevelant as you.

If you have a little time, I guess I am looking to see if you have some more wisdom of "the fork" I can take with me on my trading journeys.

Thanks.

Dust

looking at the fork you have shown i would have taking my profits on my short one it busted out the upper median line on your chart . nice thread bayfisherman

Damon, couple of things when using forks...you want to use significant pivots when drawing them high low high for down...and low high low for up...95 percent of the time. There are other nuiances you can pickup as you get used to seeing them, but as to your question...forks do tell a lot when they breakdown. Usually you want to wait until pivot/swings are broken before you draw in a countertrend fork as wave 2 is formed or b on an ABC correction...some of the time the move is so quick it will be hard to catch it in those areas and wave 4 will give you a wide enough range to spread the fork out. What you have drawn there is not very realistic, not to criticize, but rather to correct the method you used to draw it. Hope this helps. One thing you can look for when the fork is drawn properly, is if it doesn't make the median line and reverses like that, it's considered a sign of strength. Once the fork is working though as price makes new highs it needs to make new highs within the fork as well otherwise that is a type of momentum divergence. The fork in other words is losing it's efficiency. So sayith the little forker.
Excuse my broken english on the chart...bit too much last night, Friday night special this morning...lol.

@ Damon,

Just like anything else just keep in mind that just because the line is there doesn't mean the market it going to turn..you're watching for reactions off the lines first then trade the retest.

Hopefully, if I get a little room Sunday on this I'll move to breakeven.

it always goes up right...we'll see.

Be interesting see the break of this pair...coming soon I'm sure.

I'll definitely be keeping an eye on that level if we get back up there.

"Just like anything else just keep in mind that just because the line is there doesn't mean the market it going to turn..you're watching for reactions off the lines first then trade the retest." i believe you nailed it with that market seems to retest rejection so if you can wait you will get your trade . well said bayfisherman