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Sideways Market/Slightly Upward Bias
Just added the gray Pitchfork...a variation of the Standard version. It shows that the market is in a sideways mode at the moment. Notice how this fork has been providing support for price.
Will definitely be watching for price to start making a move and generating some swings.
FX4Newbies
Maybe This Would Help Others
Hello again,
Received this comment and thought it and my response may help some:
On your chart, you got lines going all over the place, and then all your posts you are waiting on price action, but no trades are getting made because of the uncertainty. Now, I'm probably a lot more impetuous than a lot of traders, but how do you know when to pull the trigger? But then, maybe you are pulling the trigger a lot but not posting. Not finding fault with that, but I'm having a hard time figuring when you are getting signals from the forks.
My response:
Glad you see enough happening with these lines to want to try to figure them out
. I leave lines in sometimes, so people can follow the progression. It may be hard for someone just jumping in and getting it. They need to go back a few charts and go with the flow.
Regarding your comment about waiting...the lowest risk trades are placed close to Support or Resistance levels. I wait and watch for price to get in position for the lift off so-to-speak. I do not like entering a trade, having it roll around forever, before it decides to go somewhere. The longer your money is in the market, the greater the risk to which it is exposed. I like seeing my set-up and entry, getting in and letting the market move. Usually when I enter a trade, I am profitable in minutes, and the price keeps going if my timing was optimal. Trading isn't hard if we are patient. Most people just aren't.
Anyway, I have attached two charts that should help you a little. The first chart was posted earlier in the thread. Learning to trade with Pitchforks is not difficult, but it does require training and education, which is more than can be done here. Maybe people would like what they see and would want to learn. If so, they can contact me.
The Pitchfork operates on the same concept as trading off of Support and Resistance: buy at Support, sell at Resistance. In chart two, the U-MLH is acting as Resistance, hence the sell.
I think with your experience in trading, it should now make more sense.
Thanks for the question,
FX4Newbies
London Session June 29
Price continues to fall...did not find support at new teal L-MLH
FYI: Price is finding support at the U-MLH of a fork that started this run up on June 2nd. If price does not hold at that U-MLH, or current support level shown here, then the L-MLH of the current red fork is a likely target.
FX4Newbies
Updated Chart
A new fork shows price's attempt to go lower. Hitting support at the ML target of new fork. Will see how it played out when I return to the office.
FX4Newbies
Asian Session June 29: After Open
Hello again Traders,
Have been in meetings most of the evening. Here is my current view of the EurUsd, H1. Will be preparing for the London Session.
Take care,
FX4Newbies
Target Hit!!! London Session June 30: After Open
Good Morning Traders,
As you can see, price took off with the buy from the previous chart and just hit the ML of bigger teal fork as well as MLH of smaller fork. As this is considered a high probability target, much can change. If trying to enter a trade, wait for confirmation of your setup.
May not post again until Asian session or just before.
By the way, in case you are wondering, the targets in green are after the fact, the yellow are before. I put in the green ones so that traders can see Pitchforks at work
.
Enjoy your trading day,
Asian Session: June 30
Hello again,
Just posting to show where price is now. Will see how it positions for the next move. If it does not find support as shown in the area of the red U-MLH, then it may fall to teal L-MLH or burgundy ML. Time will tell and may give some clues by the London Session. We'll see.
Take care,
FX4Newbies
Chart Update: Price Trying To Find Support
Just a more recent view...
Drawing The Pitchfork Using Only The Trendline Tool
A trader asked how can the Pitchfork tool be drawn if it is not included in the trading platform. Here was my reply:
Hello John Doe,
Not sure what software or broker you use. I don't think Oanda has it. It can be drawn with the trendline tool only. Here are the steps:
1. Select the three pivots, and number them 1,2 and 3. Make sure 2 is further in time from 1 etc. and that the pivots are alternating: a high-low-high combination or low-high-low.
2. Connect Pivot 2 and Pivot 3 with a trendline. This represents the line of force.
3. Find the middle of that line.
4. Draw a trendline from Pivot 1 through that mid-point an extend past it (the mid-point) to the right. This would give the ML.
5. From Pivots 2 and 3, draw lines parallel to the ML and voila!
You may also try using a free technical analysis software like Ninja Trader in conjunction with your trading platform: one for trading and one for analysis.
If you have any other questions please feel free to ask.
Take care,
London Open July 1
Well,
Price did find support at red U-MLH and blasted off at the open for about 85 pips. Expecting as usual that the ML of thicker green fork wll be the target. See if you can spot the whales at the Support area before take off? (Not marked on chart).
Take care trading,
FX4Newbies