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Ok. As long as you are aware and know what you are after. Have you tested this approach to see what is the percentage reliability of that method of application? Would be interesting to find out.
Good trading to you this week. No problem...glad you enjoyed the notes.
FX4Newbies
Hi 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,
ZipfrogHI FX4Newbies,
Was looking over the pic I posted and remembered how it ended up that way. Will give you another example here. This is my pic of the usdsgd with last weeks AP on it:
Ater the gap down at open this aft, I waited until the 2nd candle broke the first candles wick on the way back up. Once I see this I move the low from the previous low to the new low. THen I took a long position with TP at the new median. Which worked out well.
I know this is unconventional, but to my way of thinking, the two pivot highs are still perfectly valid, so I only move the one that changes, in this case the low.
Regards,
Zipfrog
Hello Zipfrog,
Now I see how you ended up with that fork. The challenge for me is that you moved Pivot 2, to the point where price made the lower low. That new point is your Point 2 which is beyond your first Pivot 3 in time. The other issue for me is that when you follow Andrews' system, the slope of the fork determines the direction of price. It acts as a trend tool. Why not redraw the fork using the new low as Pivot 3 and work backward alternating as you go, so you have an upward fork indicating an uptrend, and take profit at that ML since you are looking to go long anyway? However, if the new fork turns out to be a downward sloper, then it is an indication that you may be counter-trend trading with your long position, which increases your risk. It sure is an interesting way to do it...not sure what is the percentage success rate of that approach. Trading is risky enough as it is.
Take care and thanks for sharing how you got that fork.
FX4Newbies
HI FX4Newbies,
Was looking over the pic I posted and remembered how it ended up that way. Will give you another example here. This is my pic of the usdsgd with last weeks AP on it:
Ater the gap down at open this aft, I waited until the 2nd candle broke the first candles wick on the way back up. Once I see this I move the low from the previous low to the new low. THen I took a long position with TP at the new median. Which worked out well.
I know this is unconventional, but to my way of thinking, the two pivot highs are still perfectly valid, so I only move the one that changes, in this case the low.
Regards,
ZipfrogPre-London Session Comment
Price in between two blue horizontal lines on last chart...between 1.2415 and 1.2439. Just waiting to get some decent swings in price.
Be patient and watchful.
FX4Newbies
London Session
Hi traders,
Here's my view currently...notes on chart.
I'm just watching.
Enjoy!
FX4Newbies
What I Am Watching Now...
I added the red fork here just to give myself some guidelines to watch price squirm . It shows a sideways tendency with a slightly downward bias. No wonder we have a sideways move on the 15 at the moment.
If price fails to reach green ML we could watch for a short. How it behaves in this little zone will be interesting. That's what I am observing now.
FX4Newbies
Grabbed a few pips with a quick scalping short trade...waiting to see how it moves from here.
Finding Support Again?
Chart attached. Observe where price seems to be finding support again...the green L-MLH!
FX4Newbies
This Is What I See
Price has broken the MLH of the green fork and Sliding Parallel as well. We actually watched it go to the red ML and is also below the lower blue S/R line.
Will it move up to retest blue Resistance line then fall?
Very tricky spot...so much can happen to change the direction.
Decisions, decisions
FX4Newbies
London Session: Another View
This is definitely an area to watch to see where price closes on the current candle.
This is the EU H1.