Great vids Steele, thanks so much. I just had a look at the chart I posted and applied my new knowledge to it. That would have made a killer trade! It's a lot simpler than I was expecting, I think even I can have a go at this!
Yes, I like to keep things as simple as possible for real life trading.
Actually, I also have a suggestion, hope you don't mind. But I was thinking - you know when there is a 5th swing once the 88 is passed. You look at how the candle closes in relation to the pitchforks. That part is a bit vague for me. I mean, at which point is too high? Or low if the case may be. So why not use the 88 fib for that too? Draw it from the subfork median line to the low/high and if it closes in the 88 then trade it. Would that work? I like to have strict rules to follow thats why that came to mind instantly!
For the most part I use about the 2/3 level. Not set in stone but that's about the place I start feeling ok about getting into a trade.
If you want to use the 88% level then please feel free!
Oh and by the way - I noticed when you were drawing your subforks that they were sometimes snapping to places you didn't want. You can turn that magnet off if you want. Just go to Tools>Options>Objects and change magnet sensitivity to 0. Sorry if you knew that already!
I just use that charting with my demo account that I test every thing on.
I also do the videos with those charts so I don't give away any important information by way of oopsing things up.
I trade with Oanda (their charts suck rotten eggs by the way) so thank you I will do that cause I really never took the time to figure out a way to stop the "snapping".
Thanks again for the videos. I'm already excited to give this a go! What TF do you use? 1hr? How do you handle money management, do you always exit in stages? You looking at any setups at the moment? If so just tell me the pair and I'll try and see if I can draw the same lines! Cheers!
You are welcome for the videos. Glad you liked them as much as you did.
I use the one hour charts almost always. Some times I go out to dailies, but not very often. From the account that I trade this setup with I risk 5% on a trade. Steep for some but I seem to handle it well enough. I will explain in another video how I really trade the forks. I enter like I said in the videos but I mean what I do to make my calculations on risk and all that good stuff. Before I do that I will have to explain why pitchforks seem to work so well to our friend. That is for tomorrow though...
Have a great night or should I say morning!
Sam.
Sam, seems like I have heard that before, hmmm
Sam.
