Goldmine!

This is a discussion on Goldmine! within the Trading Journals forums, part of the Reception category; A sideways market at the moment. Will be watching to see how the market shapes up for the London Session....

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Old Jun 17, 2010, 1:40am   #91
 
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Re: Goldmine!

FX4Newbies started this thread A sideways market at the moment. Will be watching to see how the market shapes up for the London Session.
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Old Jun 17, 2010, 10:36am   #92
 
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At The Crossroads

FX4Newbies started this thread Hello again,

What will the market do from here? Been showing a little sign of weakness, but still technically in an uptrend (see MPL). If price breaks to upside, a new fork will be drawn.

Let's see what happens.

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Hello again,

This morning I let the news play out then jumped in with a buy for a quick scalping trade...a few pips. Anyway, pay special attention to how the price reacted at the L-MLH of the green fork, where I had the ???.

Once price formed that new low, I introduced a new blue fork. Price went straight to that ML, which was my exit because I expected a pull back there. I expect to be erasing some of these lines for the Asian session...decided to keep them here so those downloading these charts can follow the process.

Take care,
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Old Jun 17, 2010, 11:35am   #93
 
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Upward Push Continued...ML Hit!

FX4Newbies started this thread Price failed to reach red ML and pushed through U-MLH. Price hit ML of new fork (green), a good place to take profits. Let's see if it will go higher.

Take care,
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Old Jun 18, 2010, 10:51am   #94
 
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Re: Goldmine!

FX4Newbies started this thread Hello Traders,

Very choppy market...will watch to see how it plays out.
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Old Jun 18, 2010, 5:12pm   #95
 
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US Session (June 18)

FX4Newbies started this thread 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.
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Old Jun 18, 2010, 11:11pm   #96
 
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The Week-End Cliff-Hanger

FX4Newbies started this thread 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.
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Old Jun 19, 2010, 12:51am   #97
 
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Re: The Week-End Cliff-Hanger

It is kind of dangerous to get into a market rigth at the end of the week unless it is presenting a clear direction going into the next week. This is only becuase of some of the strong spikes that can be created over the weekend.


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Originally Posted by FX4Newbies View Post
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.
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Old Jun 19, 2010, 1:37am   #98
 
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Re: The Week-End Cliff-Hanger

FX4Newbies started this thread Hello 4xpipcounter,

So true. Not only that, if there is little volume, a familiar setup on a chart may not produce the expected price move. People move the market, and as you have said, the weekend can produce some surprises.

Enjoy your weekend.

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It is kind of dangerous to get into a market rigth at the end of the week unless it is presenting a clear direction going into the next week. This is only becuase of some of the strong spikes that can be created over the weekend.
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Old Jun 19, 2010, 1:55am   #99
 
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Re: The Week-End Cliff-Hanger

I don't know what timezone you are in, but I am in the EST in the USA. At 12:00, after London has closed, things obviously start getting slow. It is also a time when the respective intra day trends have exahusted themselves. It is a good time to pick a spot for a counter trend trade. The only caution is to be prepared to grab quick pips. Uusally indicators are OB or OS, depended on the direction the pair went. What happens is that when they get to that point half way through NY, the indicators will cathc up by the time London opens. This is why you have a trend, then price action goes sideways, then back in that same trend.


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Originally Posted by FX4Newbies View Post
Hello 4xpipcounter,

So true. Not only that, if there is little volume, a familiar setup on a chart may not produce the expected price move. People move the market, and as you have said, the weekend can produce some surprises.

Enjoy your weekend.
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Old Jun 19, 2010, 2:11pm   #100
 
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Considerations When Selecting Pivots

FX4Newbies started this thread Hello Newer Fork Traders,

Just wanted to make a comment here as you attempt to draw a fork on your chart. You must pay attention to the sequence of your pivots as time progresses...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. The alternating pivots can be close together or further apart, capturing more major swings. The selection depends on what view of the market the trader is after. You're in the driver's seat.

According to Andrews and Morge and perhaps some of the other early pioneers, 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.

If you would like me to look at a fork that you may have tried feel free to post...I'm sure others would benefit from seeing it as well. We're all here to learn and improve in our trading.

Enjoy your weekend,
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