Goldmine! - page 12
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Price Inching To Target
Good Morning,
Looks like price is inching its way to the target. If it can find support at the U-MLH, then I believe the market will push it the rest of the way.
Regarding View 2: Sell-off could be news related...still seeing bullish sentiment. Will watch.
Good trading to you all.
FX4Newbies
Post 4AM EST. Euro News
Price sold off...will be watching for market sentiment changes, if any.
FX4Newbies
Hi,
What is the best time frame to draw PF?
Price In A Fight
Price is in a fight...notice the long shadows. No chart attached but you should be able to see them on your live charts.
Time to wait for confirmation before opening a position.
Be watchful.
FX4Newbies
Hi,
That is the problem. Once you have identify trend seems that the market already moved and about to reverse.
BTW I had fun drawing it on my Euro chart.
Hello Torroray,
Thanks for asking the question. Not sure where you are in the process. The first step is to determine the direction of the market, the trend. Once that is determined, then you select three alternating pivots...low-high-low or high-low-high. The progression of that sequence occurs as time moves forward. What I mean is that Pivot 2 should be forward in time from Pivot 1. If the resulting fork confirms the direction of the trend, then that is where you start. Counter-trending forks also have their benefit.
Now if you are trying to use the Pitchfork if price is turning, you at least want to see if price is at a Support of Resistance area, and that price is beginning to show some strength (if turning up) or weakness (if turning down). Price testing the Pitchfork lines (tines) should indicate what the traders are doing.
There are several ways to benefit from the Pitchfork that cannot be communicated here. But, if you start to apply it in real-time and observe, you will begin to see and understand much more. Following my charts here will also help.
Feel free to send more questions about the fork.
Take care,
FX4Newbies
Turning Up After The News?
Hello again,
Just posting an update...
Shorted the fall that started around 1.2340...got in way too late...didn't follow my rules . Took a 6 pip hit. Looking to see if it is finally turning up.
NOTE: Trade was actually profitable, but I wanted more after entering late. Lost what I did have. Oh, the joys of trading.
Please see chart notes. Be watchful.
Take care,
Glad that you had fun Torroray drawing the fork. Would you mind posting a chart and maybe I can send one back with some notes? I am sure that can be solved fairly easily. Sounds like it is just a matter of knowing what to look for. What time-frame are you drawing it on?
Regards,
FX4Newbies
A Ring-Side Seat
Just watching the fight between the Bulls and Bears...
Don't think I want to be getting in the ring right now
Did the whales show up?
FX4Newbies
The Worst Thing To Have...
The worst thing to have at a time like this is an opinion. I think it is best to let the market make the first solid move.
Enjoy the break.
FX4Newbies