Goldmine! - page 24
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Training The Eyes
Hello traders,
Just showing how a subtle change in price action could make the world of difference. Price, at blue line (gray box), made a new high meaning that the sellers that were there before may be gone. No sellers means that price is free to go higher if buyers are pushing.
Also, price had completed the five pivots down, ending at red L-MLH. An "upward" fork here, drawn in green, captures the market move very well. Notice how price is just sitting on the U-MLH. Earlier signal gave about a 20 pip profitable trade. Price could not fall lower: very bullish sentiment.
Hope these details will help to clarify any thoughts on price action today.
Take care,
FX4Newbies
Yes Blamshakk, but coming from me it might seem biased
. You can view my thread called Pitchfork Goldmine! on Forex Factory. Several other traders are posting there. You can also sign up for the free signals on my blog. You will get to see the charts that correspond to the signal given with minimal time delay.
I think the question to be asked is not whether the tool is reliable. I hope the charts speak for themselves. The question, in my opinion is, can the trader see the market correctly to apply the tool to the market action. The charts posted above today show this thought clearly...how the trader sees the market determines how they would apply and interpret trading tools, not just the Pitchfork.
If I can answer any other questions, just let me know.
Take care,
FX4Newbies
Room To Push Higher? London Session
Hello traders,
Price consolidated on the U-MLH for a while, dropped to find support, washed and rinsed a few sellers then took off. False breakout...not surprising.
Price could be headed for thicker green U-MLH.
Be patient and watchful for your entry.
Take care,
FX4Newbies
Resistance At WL5
Price ran into some sellers at the WL5. Have to step out. Will see how the market closes when I return.
Qwertymyfx,
My major tool of analysis is the Pitchfork. Once I see what the market is doing there, I look for entry. Sometimes I look at a Fib level etc. for what is known as confluence...where different things converge at the same place in time and at the same price area. I want to see what other traders are looking at. The price moves when traders are seeing what they need to see to enter. Sometimes I add a Stochastic...all for confirmation. There are traders who use trendlines (applied in different ways) and the Pitchfork and that is it! I have my own blend, but I start with the Pitchfork. Nothing else means much to me unless that speaks first.
Take care,
FX4Newbies
is that all you're using, just trend lines?
Market Close
Hello again,
Just posting an updated chart showing where the market closed. Will see how it starts and where it goes.
I will officially begin sending signals this coming week. Please visit the blog if you would like to receive them.
Until then have a good weekend, and thanks again for stopping by.
Take care,
FX4Newbies
London Session, July 26th
Hello Traders,
EurUsd hit resistance again at WL5. Drew in downward fork. Let price talk to you.
Take care,
FX4Newbies
US Session
Price ranging...WL5 tested again.
how do you calculate the range for different timeframes?
Hello Qwertymyfx,
What do you mean by range? I have not calculated ranges on my charts?
FX4Newbies
how do you calculate the range for different timeframes?