Goldmine!

[FX4Newbies]

The purpose of my thread is to share my analysis and trades with the forum. How I see the market may help some; how you see the market may help me. We'll see how it goes. Perhaps it is a good idea to mention that I use Pitchforks (for swing and position trades) and include lagging indicators, primarily for my scalping system.

Now, for those who may not be familiar with Pitchforks, I will give a brief explanation. The Pitchfork is a trading tool (not an indicator) that was developed by Dr. Alan Andrews. It is based on Newton's Third Law...for every action, there is an equal and opposite reaction. It looks very much like a tuning fork. It is constructed using 3 alternating pivots: high-low-high or low-high-low. The center or Median Line (ML) is where the price tends to be drawn to about 80% of the time. The outer lines are where price is generally expected to lose steam.

There are many rules involved in benefiting from this wonderful tool, so please do not begin trading live with it until you understand it well enough.

Patience is the key. Wait for your set-up and entry. Pull the trigger and let the market take it from there!!!

 

[FX4Newbies]

Eur-Usd in the middle of the red and green forks. Good place to wait though there is definitely downward pressure. Not yet making higher highs...still in the fight. T/F 1Hour.

The purpose of my thread is to share my analysis and trades with the forum. How I see the market may help some; how you see the market may help me. We'll see how it goes.

Patience is the key. Wait for your set-up and entry. Pull the trigger and let the market take it from there!!!

 

[pssonice]

Why the seething and waiting strategy will never get through?

1.Forex - Waiting for US GDP
2.Forex - Waiting for the Results of Greek T-Bill Auction
3.Forex Trading: Euro Moves Sideways; Traders Waiting For More News ... - [ Diese Seite übersetzen ]
4.Forex Trading Sideways Trend Strategy - Waiting for a Turn
5.Forex Pip Bot - You've been waiting for this Forex Bot All Year
6.Forex - Waiting for the Results of Greek T-Bill Auction -
7.DailyFX - Pound Looks to Risk Trends While Waiting for BoE Direction
8.Forex Pipbot – I've been waiting for this Forex Bot All Year
9.Forex Markets: Forex waiting stability
10.Waiting on a U.S. Dollar Pullback? | Forex Blog: Chartology

 

[FX4Newbies]

Re: Why the seething and waiting strategy will never get through?

Don't quite understand what you mean by "the seething and waiting strategy will never get through."

1.Forex - Waiting for US GDP
2.Forex - Waiting for the Results of Greek T-Bill Auction
3.Forex Trading: Euro Moves Sideways; Traders Waiting For More News ... - [ Diese Seite übersetzen ]
4.Forex Trading Sideways Trend Strategy - Waiting for a Turn
5.Forex Pip Bot - You've been waiting for this Forex Bot All Year
6.Forex - Waiting for the Results of Greek T-Bill Auction -
7.DailyFX - Pound Looks to Risk Trends While Waiting for BoE Direction
8.Forex Pipbot – I've been waiting for this Forex Bot All Year
9.Forex Markets: Forex waiting stability
10.Waiting on a U.S. Dollar Pullback? | Forex Blog: Chartology

 

[pssonice]

u r supressing any activity because u dont have any idea what to do

this is your strategy : "seething and waiting".
u r proposing an analysis which is leading to no decision.

 

[FX4Newbies]

Not sure what you use for entries and exits, but the way I use pitchforks, I prefer to enter where price is likely to be ready for a change in direction. Right now it is in the middle, which means it can go either way. I don't like flipping coins, do you?

 

[pssonice]

Don't quite understand what you mean!

my profit right now : 365 $
20100602.0728 EURUSD b.GT.12210 .... bottom
20100602.0746 EURUSD b.GT.12224 .... no top
20100602.0753 EURUSD s.LT.12224 .... top
20100602.0803 EURUSD b.GT.12208 .... bottom

" I don't like flipping coins, do you? "

 

[FX4Newbies]

I guess what it boils down to is your style of trading. From your journal above, seems like you are using shorter time-frames. Glad it works for you. There are times when I do using traditional indicators and shorter time-frames for a scalping system. I want to get in a trade, and let it run, so I choose to let the market show me which way it wants to go.

Re: Flipping coins... just a figure of speech meaning a gamble or toss up.

Hope that clears it up.

 

[pssonice]

"I want to get in a trade, and let it run," u r a dreamer ...

u will never get any winning trade

Take a look at the contents fo all posts of this forum :

No1 is able to call on any entry just in time.

I m the one and only who is able to call on entries "just-in-time"

u may ask, how is it possible ?

Dont sit and wait !

 

[FX4Newbies]

I am glad you have a system that works well for you. I am certainly not trying to call an entry just in time. Glad you are the one and only who can call on entries "just-in-time"

I'll scalp when I choose and position trade when I choose. That is the beauty of this business...diversity.

 

[roohif]

Re: Don't quite understand what you mean!

my profit right now : 365 $

!

 

[FX4Newbies]

Re: EurUsd made a move to green fork

Well, what do you know. Price went up for a bit then turned to the green MLH. Finding some support there. Local fork (smaller internal fork) showing trade opportunity to ML. Once price begins to show some confirmation of the support at green MLH, it is time to look for the entry. We'll see if the green MLH support level holds.

Eur-Usd in the middle of the red and green forks. Good place to wait though there is definitely downward pressure. Not yet making higher highs...still in the fight. T/F 1Hour.

 

[FX4Newbies]

Re: EurUsd support and profit target achieved

Attached is a chart showing the move of the Eur-Usd this morning on the 1-hr T/F.

Well, what do you know. Price went up for a bit then turned to the green MLH. Finding some support there. Local fork (smaller internal fork) showing trade opportunity to ML. Once price begins to show some confirmation of the support at green MLH, it is time to look for the entry. We'll see if the green MLH support level holds.

 

[pssonice]

"... it is time to look for the entry" two conditions !

when is the time ?
where is this entry ? lser
u will never execute any trade!

 

[FX4Newbies]

Re: "... it is time to look for the entry" two conditions !

Glad you asked about entries...please see attached chart. Your stop would be placed below the low of the previous red candle...around 1.2165 i.e. below support. The price and time are built in to the way price interacts with the pitchfork tool. I will be posting a simple explanation for members who may not be pitchfork traders.

Enjoy and take care.

when is the time ?
where is this entry ? lser
u will never execute any trade!

 

[FX4Newbies]

Re: Use of Stops

Trader was stopped out of one trade and not the other...one had a cash stop, the other no stop...have had problems. Here was my reply:

What you have experienced is typical in the market. However, you have to strategically place your stops. Using Cash Stops...just selecting a number of pips from your entry, may not be the best way. You need to hide your stops behind the buyers and sellers in the market. How do you locate them? One way for sure is to observe where support (where there are pending buying orders) and resistance (where there are pending selling orders) areas are. Your stops should be placed on the other side of these areas. The idea is to use these orders as a buffer that would shield you from any market action to take you out. For example, if you were selling with resistance overhead, your stop should go above the resistance level.

Sometimes, if I use a larger stop that is hidden behind a support or resistance area, I place an alarmed line maybe 15 to 20 pips or so from my entry to alert me if the market is moving in the opposite direction. That way I can re-evaluate my setup and entry.

And yes, they do hunt the stops...that is money for them.

Hope that helps.

FX4Newbies

 

[FX4Newbies]

Re: "I want to get in a trade, and let it run," u r a dreamer ...

Hello again pssonice,

This is what I mean by letting it run...sometimes I do not want to scalp. It is worth it to me to wait for my set-up and entry, then let the market go. This is my preferred style of trading. Chart T/F: 1 hour.

FX4Newbies

 

[wackypete2]

Re: Don't quite understand what you mean!

my profit right now : 365 $
20100602.0728 EURUSD b.GT.12210 .... bottom
20100602.0746 EURUSD b.GT.12224 .... no top
20100602.0753 EURUSD s.LT.12224 .... top
20100602.0803 EURUSD b.GT.12208 .... bottom

" I don't like flipping coins, do you? "

Just put him on ignore. He has nothing nice to say about anyone on these boards.
Good luck with your trading!

Peter

 

[FX4Newbies]

Re: Don't quite understand what you mean!

Thank you Peter,

I got that idea pretty early on as I saw there were other very aggressive messages to others, not to mention the ones to me.

Appreciate your encouragement as well.

Take care, and best of trading to you as well.

FX4Newbies

Just put him on ignore. He has nothing nice to say about anyone on these boards.
Good luck with your trading!

Peter

 

[rathcoole_exile]

Re: "I want to get in a trade, and let it run," u r a dreamer ...

No1 is able to call on any entry just in time.

I m the one and only who is able to call on entries "just-in-time"

Since I use PPs as my Entry Triggers, all my Entries are clearly stated (or easily deduced if I don't post them) hours in advance.....go figure, numb nuts