FX4Newbies
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Goldmine!
- Thread starter FX4Newbies
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FX4Newbies
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wackypete2
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Very interesting reading and watching. I''ve never used pitchforks but I'm always open to something new.
Well done.
Peter
Well done.
Peter
FX4Newbies
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Re: Pitchforks
Hi Wackypete2,
Glad you found the Pitchfork interesting. The beauty of it is that it has a scientific basis...Newton's Third Law. Also, there is a built-in mathematical relationship between the pivots that make up the fork. Keep watching. Maybe it is something that can compliment what you already have. It is a simple tool to use, you just have to understand some other concepts around it.
Have a good trading session whenever next you trade.
Take care and thanks for the comment.
FX4Newbies
Hi Wackypete2,
Glad you found the Pitchfork interesting. The beauty of it is that it has a scientific basis...Newton's Third Law. Also, there is a built-in mathematical relationship between the pivots that make up the fork. Keep watching. Maybe it is something that can compliment what you already have. It is a simple tool to use, you just have to understand some other concepts around it.
Have a good trading session whenever next you trade.
Take care and thanks for the comment.
FX4Newbies
4xpipcounter
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Re: My Thoughts For The Asian Session
I know this is your thread, and if in the future you don't want me to share my thoughts here, let me know, and I will be more than happy to oblige your wishes.
I find it fascinating that 2 distinct methodologies bear about the same result. My MP is 1.2307, and it just hit it perfectly. I believe, that as you suggested, it is on its way UP from here. I am still looking at the weekly tenken at 1.2698 as a viable target. 1.2402--1.2421 looks like nice targets for today.
I know this is your thread, and if in the future you don't want me to share my thoughts here, let me know, and I will be more than happy to oblige your wishes.
I find it fascinating that 2 distinct methodologies bear about the same result. My MP is 1.2307, and it just hit it perfectly. I believe, that as you suggested, it is on its way UP from here. I am still looking at the weekly tenken at 1.2698 as a viable target. 1.2402--1.2421 looks like nice targets for today.
FX4Newbies
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FX4Newbies
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Re: My Thoughts For The Asian Session
Hello 4xpipcounter,
In trading it is always good to see how systems compare and to have confirmation in a variety of ways about price action. What I use here, along with my method of entry works. What you use, the Ichimoku and your other systems work...and there are many others I am sure. I too am interested in seeing the comparison myself. Next week Lord's willing, I'll jump in
.
Thanks for sharing. Will send PM.
Hello 4xpipcounter,
In trading it is always good to see how systems compare and to have confirmation in a variety of ways about price action. What I use here, along with my method of entry works. What you use, the Ichimoku and your other systems work...and there are many others I am sure. I too am interested in seeing the comparison myself. Next week Lord's willing, I'll jump in
.Thanks for sharing. Will send PM.
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FX4Newbies
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Re:Asian Session Fine Tuned
Hello Traders,
Decided to add another fork, a black one as price appears to be having a challenge deciding. The new fork shows a sideways move with a slightly upward bias...in that case I will be waiting for confirmation of direction.
Be very careful.
Hello Traders,
Decided to add another fork, a black one as price appears to be having a challenge deciding. The new fork shows a sideways move with a slightly upward bias...in that case I will be waiting for confirmation of direction.
Be very careful.
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FX4Newbies
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Re: US Open and The Triangle
Good Morning Traders,
Price has been battling for the last four hours or so. If it does not go south but bounces around, there could be a battle in the region of the triangle. For those of you who trade continuation chart patterns like symmetrical triangles, pennants etc., maybe now you have an inside look as to why they form. When you begin to understand "the why", trading becomes much easier and not so mysterious!
Enjoy.
Good Morning Traders,
Price has been battling for the last four hours or so. If it does not go south but bounces around, there could be a battle in the region of the triangle. For those of you who trade continuation chart patterns like symmetrical triangles, pennants etc., maybe now you have an inside look as to why they form. When you begin to understand "the why", trading becomes much easier and not so mysterious!
Enjoy.
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FX4Newbies
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Traded After News...Grabbed A Few Pips
Hello again,
This morning I let the news play out then jumped in with a buy for a quick scalping trade...a few pips. Anyway, pay special attention to how the price reacted at the L-MLH of the green fork, where I had the ???.
Once price formed that new low, I introduced a new blue fork. Price went straight to that ML, which was my exit because I expected a pull back there. I expect to be erasing some of these lines for the Asian session...decided to keep them here so those downloading these charts can follow the process.
Take care,
Hello again,
This morning I let the news play out then jumped in with a buy for a quick scalping trade...a few pips. Anyway, pay special attention to how the price reacted at the L-MLH of the green fork, where I had the ???.
Once price formed that new low, I introduced a new blue fork. Price went straight to that ML, which was my exit because I expected a pull back there. I expect to be erasing some of these lines for the Asian session...decided to keep them here so those downloading these charts can follow the process.
Take care,
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FX4Newbies
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A sideways market at the moment. Will be watching to see how the market shapes up for the London Session.
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At The Crossroads
Hello again,
What will the market do from here? Been showing a little sign of weakness, but still technically in an uptrend (see MPL). If price breaks to upside, a new fork will be drawn.
Let's see what happens.
Hello again,
What will the market do from here? Been showing a little sign of weakness, but still technically in an uptrend (see MPL). If price breaks to upside, a new fork will be drawn.
Let's see what happens.
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FX4Newbies
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FX4Newbies
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Hello Traders,
Very choppy market...will watch to see how it plays out.
Very choppy market...will watch to see how it plays out.
FX4Newbies
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FX4Newbies
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The Week-End Cliff-Hanger
Hello Traders,
Before I completely sign off, I thought I would post how the market left us hanging...
When it reopens, we need to let it make a clear statement as to where it will head next. Don't be too anxious to click.
Enjoy the week-end.
Hello Traders,
Before I completely sign off, I thought I would post how the market left us hanging...
When it reopens, we need to let it make a clear statement as to where it will head next. Don't be too anxious to click.
Enjoy the week-end.
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4xpipcounter
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Re: The Week-End Cliff-Hanger
It is kind of dangerous to get into a market rigth at the end of the week unless it is presenting a clear direction going into the next week. This is only becuase of some of the strong spikes that can be created over the weekend.
It is kind of dangerous to get into a market rigth at the end of the week unless it is presenting a clear direction going into the next week. This is only becuase of some of the strong spikes that can be created over the weekend.
FX4Newbies
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Re: The Week-End Cliff-Hanger
Hello 4xpipcounter,
So true. Not only that, if there is little volume, a familiar setup on a chart may not produce the expected price move. People move the market, and as you have said, the weekend can produce some surprises.
Enjoy your weekend.
Hello 4xpipcounter,
So true. Not only that, if there is little volume, a familiar setup on a chart may not produce the expected price move. People move the market, and as you have said, the weekend can produce some surprises.
Enjoy your weekend.
4xpipcounter
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Re: The Week-End Cliff-Hanger
I don't know what timezone you are in, but I am in the EST in the USA. At 12:00, after London has closed, things obviously start getting slow. It is also a time when the respective intra day trends have exahusted themselves. It is a good time to pick a spot for a counter trend trade. The only caution is to be prepared to grab quick pips. Uusally indicators are OB or OS, depended on the direction the pair went. What happens is that when they get to that point half way through NY, the indicators will cathc up by the time London opens. This is why you have a trend, then price action goes sideways, then back in that same trend.
I don't know what timezone you are in, but I am in the EST in the USA. At 12:00, after London has closed, things obviously start getting slow. It is also a time when the respective intra day trends have exahusted themselves. It is a good time to pick a spot for a counter trend trade. The only caution is to be prepared to grab quick pips. Uusally indicators are OB or OS, depended on the direction the pair went. What happens is that when they get to that point half way through NY, the indicators will cathc up by the time London opens. This is why you have a trend, then price action goes sideways, then back in that same trend.
FX4Newbies
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Considerations When Selecting Pivots
Hello Newer Fork Traders,
Just wanted to make a comment here as you attempt to draw a fork on your chart. You must pay attention to the sequence of your pivots as time progresses...they should be alternating high-low-high or low-high-low. It is the force of energy created by a swing (from low to high or high to low) that creates the next swing. The alternating pivots can be close together or further apart, capturing more major swings. The selection depends on what view of the market the trader is after. You're in the driver's seat.
According to Andrews and Morge and perhaps some of the other early pioneers, there is a mathematical relationship between pivots as I describe above that produces the built-in statistical reliability Pitchforks are known for. Also, there is the concept from physics: Newton's third law...to every action, there is an equal and opposite reaction. Applying a Pitchfork to a simple sine wave will demonstrate the concept.
Price movement, which for the most part is emotionally driven, makes trading as dynamic as it is. This is why we need to be thinking traders...on our feet so to speak.
If you would like me to look at a fork that you may have tried feel free to post...I'm sure others would benefit from seeing it as well. We're all here to learn and improve in our trading.
Enjoy your weekend,
Hello Newer Fork Traders,
Just wanted to make a comment here as you attempt to draw a fork on your chart. You must pay attention to the sequence of your pivots as time progresses...they should be alternating high-low-high or low-high-low. It is the force of energy created by a swing (from low to high or high to low) that creates the next swing. The alternating pivots can be close together or further apart, capturing more major swings. The selection depends on what view of the market the trader is after. You're in the driver's seat.
According to Andrews and Morge and perhaps some of the other early pioneers, there is a mathematical relationship between pivots as I describe above that produces the built-in statistical reliability Pitchforks are known for. Also, there is the concept from physics: Newton's third law...to every action, there is an equal and opposite reaction. Applying a Pitchfork to a simple sine wave will demonstrate the concept.
Price movement, which for the most part is emotionally driven, makes trading as dynamic as it is. This is why we need to be thinking traders...on our feet so to speak.
If you would like me to look at a fork that you may have tried feel free to post...I'm sure others would benefit from seeing it as well. We're all here to learn and improve in our trading.
Enjoy your weekend,
