Goldmine!

[FX4Newbies]

Eur-Usd Update

Hello again,

Hope many of you shorted this pair yesterday if you did trade. Just added a larger deep red fork. Warning Lines are off of the smaller red fork. This pair has definitely shown weakness. Let's see if it falls lower. Be careful and wait for your entries.

Take care,

FX4Newbies

 

[FX4Newbies]

Updates

Just letting you know I will not be posting until maybe Friday for the US Session as I will be traveling.

Take care and trade well.

FX4Newbies

 

[FX4Newbies]

Eur-Usd 9-10-10

Hello traders,

Hope you had some good trades yesterday. Here is my view of the Eur-Usd...an interesting place for price at the moment. Will it find support at red U-MLH or fall, that is the question. Time will certainly tell.

Second chart shows an adjusted red fork.

Take care,

FX4Newbies

 

[FX4Newbies]

An expanded view using larger pivots...dark red fork.

EDIT: Red Schiff added.

 

[FX4Newbies]

How The Market Closed

Well traders,

Eur-Usd rolled around between the upper half of the red fork and the lower half of the green fork. Will post the weekly wrap-up of the 10 pairs on the blog later in the evening on Saturday. Please don't forget to complete the poll on the blog if you have not already done so. Thanks.

Enjoy the rest of your day.

Take care,

FX4Newbies

 

[FX4Newbies]

Weekly Wrap-Up Update

Had some technical challenges but the weekly wrap-up of the 10 pairs is now available on the blog: Pitchfork Goldmine. Please don't forget to take the poll. Thanks.

Enjoy the rest of your weekend.

FX4Newbies

 

[FX4Newbies]

Well the Eur-Usd pushed higher. For those who had the time to visit the blog yesterday, maybe you were able to get in on the move up. Below is the quote:

"What a roll around week! Price ranged between WLs off of smaller red fork above. Maybe we will get a move upward? Will wait for a solid confirmation on this one."

It did go north and is now at the U-MLH...and an ML. Lots can happen from there.

Be watchful,

FX4Newbies

 

[FX4Newbies]

The Blue Line

Good Morning Traders,

Price did make it to the ML of larger green fork...Andrews' 80% rule in action!!! Anyhow, price started selling off some. It is my thinking that if it cannot get above blue line and find solid support there, then we may have a downward move. It will probably take some time to observe that, so trade what you see...as you see it.

Take care,

FX4Newbies

 

[FX4Newbies]

Eur-Usd 9-15-10

Good Morning to all,

My apologies. Forgot to post here yesterday. This was it:

Looks like the Big Boys are back from vacation...price blasted through the blue line yesterday. Thinking it may find support at either of the green lines before going north. It may even use the blue line as support.

Plan your trade and trade your plan.

Take care,

FX4Newbies

 

[FX4Newbies]

Price Did It!!!

Good Morning traders,

Price did it!!! It came back and attempted to re-test the first green ML before going higher. Always nice when price behaves as you thought it would. Expecting price to continue to work its way to the U-MLH...the path it will choose we must wait to see.

Working toward resuming signals next week.

Take care,

FX4Newbies

 

[FX4Newbies]

How Are You Wired?

Just posted an interesting psychological tool to help traders understand themselves a little. It is on the blog under the new Category, Gold Nuggets. Plan to add interesting gems there from time to time.

Enjoy. Will be interesting to learn what and how you see.

FX4Newbies

 

[FX4Newbies]

Will We Get This Target?

Hello Traders,

Thinking out loud again. Have a price target marked on this chart. Let's see if we get it before the weekend.

Take care,


FX4Newbies

 

[FX4Newbies]

Pre-US 9-17-10

Price pushed very close to target area. Not sure if we will get a push further from here or a sell-off then the push. Might need some more buyers to enter the market. Will have to wait to see when the US Session opens. If it doesn't push higher it sure came pretty close.

Take care,

FX4Newbies

 

[FX4Newbies]

Weekly Chart Set-Ups

To all traders,

Hope you all had a good week and that the thread and information on the blog are helping. Please complete the one-question poll there if you haven't already.

I plan to post the weekly wrap-up by Saturday night. Hopefully I would not have any computer/internet challenges. This is a regular event, so in the future I will not announce it unless it will not be posted for some reason.

'Til then, enjoy the rest of your day,

FX4Newbies

 

[FX4Newbies]

Where To Now?

Hello Traders,

Watching this pair with a close eye...seeing potential both ways at this point, though seeing weakness here. Still thinking bullish so you can understand my preference and need to wait for a tell .

Waiting and watching...

Be careful,

FX4Newbies

 

[FX4Newbies]

Where Are We Now?

Hello again,

I see the Euro gave a nice spike earlier. Was in time to catch the end of that move up. Looks like it is in the middle of some ranging action. Will be watching for price to tell where to next.

FX4Newbies

 

[FX4Newbies]

Weekly Chart Setups

Hello again,

Just wanted to mention...

Apparently there was a technical difficulty with the charts being visible even though they were posted. Became aware of it earlier today. It is now resolved.

My apologies for the inconvenience of that issue.

FX4Newbies

 

[FX4Newbies]

Eur-Usd pre News 9-22-10

Hello again,

Had a long day yesterday...now coming to

Here is an interesting setup. Price at WL with U-MLH below. News out shortly. Good place for support: either at WL or U-MLH (as switchback). Thinking bullish. By the way, these WLs are from a fork above.

Be careful,

FX4Newbies

 

[FX4Newbies]

A Mentoring Lesson

Hello again,

Experienced some trading scenarios today that I had not had for moons. Posted the chart above this morning. After posting, I noticed that price had actually cleared the low at 1.33492 (the light blue line). That means that the market had already begun to display downward momentum, though the longer time-frames were showing some bullish sentiment. Should have drawn a downward fork first. Red arrow indicates the candle I entered on with a long position, which was actually positive for a few pips.

After I entered this trade, caught clear bearish sentiment (per my entry method) on M15 out of the corner of my eye. Thought that maybe the bullish sentiment would kick in. There were two attempts to push upward after the news, which only helped to take price south for a minute...more like a few hours LOLOLOL. Still in this trade. If I have to surrender some pips, then I might as well learn something, right?

Will keep you posted. A revised chart is attached. I need to make notes to myself on this one for sure. Need to throw out this trading skeleton...thought it was long gone .

Take care,

FX4Newbies

 

[FX4Newbies]

Mentoring Lesson Continued: The Outcome

Well traders,

Wanted to share the completion of the experience that began yesterday morning. Closed the trade earlier today with a profit. I held the trade for two reasons:

1. I saw bullish sentiment on H4 when I placed the trade. I also went back and read what I had written in the post that morning...

Hello again,

Had a long day yesterday...now coming to

Here is an interesting setup. Price at WL with U-MLH below. News out shortly. Good place for support: either at WL or U-MLH (as switchback). Thinking bullish. By the way, these WLs are from a fork above.

Be careful,

FX4Newbies

Believe it or not, I stuck with it because of what I saw in the chart. Price came exactly to green U-MLH, found support and turned. I was hoping price would find support at the WL earlier, but the market sentiment was down and news pushed it further. Also I had not drawn in the red fork.

2. I have been told that it is good training to allow yourself to hold the trade to experience the swings from a negative P/L to a positive one. Builds emotional muscle. So, I figured I'll give it a shot since I'm in it already, nothing more to lose. If it's a loss, then it's a loss. Normally I would be gone, but I decided to put myself to the test. I guess I wanted the experience more than the cash .

Because I stuck with my analysis that was confirmed, I was able to come out with some pips in my pocket. The Lesson: Be confident about what you know about the method you are using. If you have reason to enter the trade, then hold on until you see reason to let it go.

Hope this helps someone. Your thoughts would also be welcomed.

Take care,

FX4Newbies

P.S. I guess now the skeleton's shadow is thrown out .