Goldmine!

[FX4Newbies]

Eur-Usd Morning Run

Well price did find support and took off for several pips. Came back down some...no extremely strong convictions about how much further it may push. Will have to let price tell us.

Take care,

FX4Newbies

 

[FX4Newbies]

Pre-Asian Session: 8-3-10

Hello again,

Seems like it has been a choppy market overall. Gotta get out the special hunting gear . At times like this, dropping down to a shorter time-frame can help. Charts posted here are still H1, and the EurUsd for newcomers.

Updated the chart. Most recent fork in blue is sideways with a slightly upward bias. Be careful and watchful.

Take your time and pull the trigger only when you see your edge.

Take care,

FX4Newbies

 

[FX4Newbies]

Pre-London Aug.4

This is a late entry. Will post current version next.

Well,

Euro looks like it wants to push higher...finding support again. Be watchful...don't know when it will turn. Just trade what you see.

FX4Newbies

 

[FX4Newbies]

Pre-US Session

Lots of news coming this morning. Market seems to be marking time. Had some sell off...maybe related to Euro news. Will watch to see how price interacts with pitchfork lines to decide on next possible move.

Be careful,

FX4Newbies

 

[FX4Newbies]

Eur-Usd-Post News

Hello again,

Just posting a chart showing the outcome of the Eur-Usd. Good news pushed the Dollar upward, causing the pair to fall. If it continues to fall, the green U-MLH may be the target...a long overdue swithchback line.

Take care,

FX4Newbies

 

[FX4Newbies]

Eur-Usd Close Up

Here is a close up of price action with a new, green uptrending "what if" fork added.

For new fork traders, observe how price follows the lines.

Take care,

FX4Newbies

 

[FX4Newbies]

Did You See The Chart Pattern?

In my last chart post, which I have posted here again, did you see the potential chart pattern, a triangle? Did not shade it in on purpose...just noticed price went there, confirming my earlier thoughts.

For all you chart pattern traders, this is how they form...a little of the inside scoop. Somebody is trading using Pitchforks . Hmmm...

Be wary of false breakouts.

FX4Newbies

 

[JahDave]

Re: Did You See The Chart Pattern?

In my last chart post, which I have posted here again, did you see the potential chart pattern, a triangle? Did not shade it in on purpose...just noticed price went there, confirming my earlier thoughts.

For all you chart pattern traders, this is how they form...a little of the inside scoop. Somebody is trading using Pitchforks . Hmmm...

Be wary of false breakouts.

FX4Newbies

Hi 4x,

Did you know in Elliott wave patterns a triangle is always the next to last pattern. If it is an ABC pattern, the triangle is always B and if it is a 12345 pattern, the triangle is always 4. Anyway I hope you don't mind me posting on your thread.

Take Care,
Dave

 

[FX4Newbies]

Re: Did You See The Chart Pattern?

Hello JahDave,

Don't mind the post at all. I am sure the Gartley traders are also very keen at this point. I will have to pull out some of my Elliott Wave material to look at the 12345 Pattern. Is that just the wave count? That "pattern" doesn't ring an immediate bell with me. Do you cover it on your thread? Or, you can post a little comment here if you prefer. Either way is fine.

Thanks for sharing that tidbit. Wish I had time to study all these methods in more detail as it would be exciting to see that they are all related. Glad you are willing to share some insights on Elliott Wave.

FX4Newbies

Hi 4x,

Did you know in Elliott wave patterns a triangle is always the next to last pattern. If it is an ABC pattern, the triangle is always B and if it is a 12345 pattern, the triangle is always 4. Anyway I hope you don't mind me posting on your thread.

Take Care,
Dave

 

[JahDave]

Re: Did You See The Chart Pattern?

Hello JahDave,

Don't mind the post at all. I am sure the Gartley traders are also very keen at this point. I will have to pull out some of my Elliott Wave material to look at the 12345 Pattern. Is that just the wave count? That "pattern" doesn't ring an immediate bell with me. Do you cover it on your thread? Or, you can post a little comment here if you prefer. Either way is fine.

Thanks for sharing that tidbit. Wish I had time to study all these methods in more detail as it would be exciting to see that they are all related. Glad you are willing to share some insights on Elliott Wave.

FX4Newbies

An ABC pattern is corrective and a five wave pattern is impulsive. That is the very short answer. So this means that the Euro should bounce back three waves up after the fifth wave and then go down five more after that.

 

[FX4Newbies]

Re: Did You See The Chart Pattern?

Thanks JahDave. That's close to the basics as I have . Thought there was more to it that you were intending here. Your 12345 wave count has 3 impulse waves and 2 corrective waves right? The ABC is the correction pattern, which could be a little more complex sometimes. After the correction pattern, then price is expected to fall (in this case), making another 12345 wave count pattern. I have also seen where these 12345 wave counts can actually be one wave on a larger time-frame, the fractal concept. Think I am clear on these basics...just repeating so you can check my thinking .

Thanks for taking the time to clarify.

FX4Newbies

An ABC pattern is corrective and a five wave pattern is impulsive. That is the very short answer. So this means that the Euro should bounce back three waves up after the fifth wave and then go down five more after that.

 

[JahDave]

Re: Did You See The Chart Pattern?

Thanks JahDave. That's close to the basics as I have . Thought there was more to it that you were intending here. Your 12345 wave count has 3 impulse waves and 2 corrective waves right? The ABC is the correction pattern, which could be a little more complex sometimes. After the correction pattern, then price is expected to fall (in this case), making another 12345 wave count pattern. I have also seen where these 12345 wave counts can actually be one wave on a larger time-frame, the fractal concept. Think I am clear on these basics...just repeating so you can check my thinking .

Thanks for taking the time to clarify.

FX4Newbies

That is excellent FX, I could not have said it better myself. A lot of people have a hard time understanding fractals, but they are always in play at every time frame occurring simultaneously.

This has nothing to do with trading, but if anyone wants to understand fractals then look up Mendelbrot videos on you tube.

 

[FX4Newbies]

Re: Did You See The Chart Pattern?

Will check out those You Tube videos you mentioned. Thanks for confirming my thinking. Now we will both be watching to see how price plays this out for us. It just started drifting south beyond the lower border of the triangle.

Take care,

FX4Newbies

That is excellent FX, I could not have said it better myself. A lot of people have a hard time understanding fractals, but they are always in play at every time frame occurring simultaneously.

This has nothing to do with trading, but if anyone wants to understand fractals then look up Mendelbrot videos on you tube.

 

[FX4Newbies]

The Triangle Fall Out

Good Morning Traders,

Price fell out of the triangle, hit WL1 off the blue fork and went north, completing Wave/Pivot 5. Another false breakout. Now we understand why they happen.

Updated chart attached.

Take care,

FX4Newbies

 

[FX4Newbies]

Pre-News Update 8-5-10

Just showing the latest Euro chart before the news. Be careful.

FX4Newbies

 

[FX4Newbies]

Pre-Asian Session 8-5-10

Hello traders,

Hope you have had an exciting trading week with all the news . Major US news tomorrow.

Attached is a more current chart prior to the Asian Session. Price still officially in an uptrend but making some lower highs and lower lows.

Just trade what you see.

Take care,

FX4Newbies

 

[FX4Newbies]

Pre-US Session 8-6-10

Non-Farm Payroll day...two "What-If" forks.

Be watchful. Make some pips today .

FX4Newbies

 

[FX4Newbies]

Eur-Jpy Signal Sent

Just wanted to mention...

Sent a signal this morning to short Eur-Jpy around 113.50 at 5:29 a.m. EST. Price is now at 113.06 at 7:55 a.m.. If you would like to receive these free signals, you may sign up on the blog.

Take care,

FX4Newbies

 

[FX4Newbies]

Eur-Jpy Signal Charts

Hello traders,

Just letting you know...if you would like to see the signal charts, they are posted on the blog, Pitchfork Goldmine.

Take care,

FX4Newbies

 

[FX4Newbies]

Eur-Usd: How The Market Closed 8-6-10

Hello again,

As promised, just posting a final chart showing how price played out with the news today.

Will be posting basic chart setups for the 10 pairs that I watch on the blog over the weekend.


Thanks for stopping by this week and enjoy your weekend.

FX4Newbies