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Hello Traders,
Very choppy market...will watch to see how it plays out.
FX4Newbies
US Session (June 18)
Attached is the chart as it stands now...I will not be trading til next week, but at least we can see how price behaves in relation to these lines.
Take care, and enjoy the weekend.
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.
FX4Newbies
My guess is up more, to test 124.50 as in the pic, followed by a correction down to the 123.00 range.
Hello Zipfrog,
Sent you a PM...I have a question about your chart.
Thanks,
FX4Newbies
Picking Pivots
Hello Zipfrog,
Like you slogan/signature
. It might hurt, but it's the truth.
What I am looking at on your chart is the sequence of your pivots as time progresses...the first one is a low (PIvot 1 or Pivot A), then the next in time is a little higher, then the third in time is even higher. To my knowledge, 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.
According to Andrews and Morge, 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.
Will look more at my charts later and comment on your thoughts regarding next week's price move. Just not quite in the zone now
.
Thanks for taking the time to post.
FX4Newbies
My guess is up more, to test 124.50 as in the pic, followed by a correction down to the 123.00 range.
Well Zipfrog,
Just got to my trading desk, and guess what, price shot up to almost 1.2470 , then began to sell off a little. Very good! I did see some bullish indications on my entry system when I scalp, so I guess whatever you were looking at was correct.
Will keep watching. Sorry did not get back to you before the market opened with my comment, but you were right on with the move up.
Take care and have a good week.
FX4Newbies
Hello Zipfrog,
Like you slogan/signature
. It might hurt, but it's the truth.
What I am looking at on your chart is the sequence of your pivots as time progresses...the first one is a low (PIvot 1 or Pivot A), then the next in time is a little higher, then the third in time is even higher. To my knowledge, 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.
According to Andrews and Morge, 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.
Will look more at my charts later and comment on your thoughts regarding next week's price move. Just not quite in the zone now
.
Thanks for taking the time to post.
FX4NewbiesHi FX4Newbies,
I agree I picked those pivots out of the normal methodology, sequential h/l/h or l/h/l. It was a low, high that occurred after the 2nd low, 2nd low. I do that on occasion as it seems to work pretty well, at least as far as predicting the future median line range. But you are correct it was not done by the book.
Good luck this week and thanks for the notes.
Regards,
Zipfrog
(Pre) Asian Session (June 20)
Hello Traders,
Hope you all had a wonderful and restful weekend.
Attached is a chart showing how the market behaved as it opened. I have included notes on the charts referring to the fork lines there.
I will be preparing for the London session which is when I normally start looking for trades...now I just see how the market is heating up.
Take your time, do your research and follow your rules.
All the best!
P.S. There seems to be some bullish sentiment in the 4-Hr chart from Friday. Let's see if it continues through the resistance area to green ML.
Another Interesting Scenario
Just decided to draw in the blue fork to see where price would fall...it has reached the ML of the blue fork, the likely target. This would have been a place to take profits for those who were long.
Will wait to see what comes next in the London Session.
Take care,