Goldmine!

Hello Traders,

I have drawn two new forks on the chart; one red and one green. The green one shows an overall bias to the upside, however, the more local red fork is showing a sideways bias.

Personally, I prefer to wait for more confirmation. Some may prefer to scalp. This is the decision of the trader.

Be very watchful.

EUR/USD is going to have very strong support in the 1.2164--78 area. It's just my opinion, but I think the tenken, as it hovers over the cloud will be support, and we'll get another leg UP. Ultimately, the weekly is looking all the better for a ride towards 1.2698. But then, you know what good traders have to say, "I only listen to ME!"
BTW, I am here in the Cave (That's what my wife calls my office. Tucker and I spend a lot of time in here.) experimenting with your pitchfork. All of a sudden, I'm rooting for it. It broke through on my aussie position, and that is after I took the 2nd position at .8641. That's not what I used to base my decision. My WR1 is .8641, but I am enjoying watching the parallel it has to the ichimoku and price action.

Hi 4xpipcounter,

Glad you are rooting for the Pitchfork in The Cave. By the way, what is the WR1? I plan to get into the Ichimoku and check it out maybe early next week. Will let you know how it goes.

Have a good night trading, if you plan to....

As long as, to this point, it satays under .8612, your pitchfork I can safely say worked. Another thing I like is viewing the symmetry of it on the higher timeframes. You know price will not continue at that rate, so the reversal is imminent.
I will be happy to discuss any element of the ichimoku with you. Just let me know, and I tihnk I mentioned before you cal also view the lesson I gave on it on my blog in the latter part of 2007.
W--weekly; m--monthly; d--daily; r--resistance; s--support, and 1,2 and 3 are the respective levels. So, WR1 is the first resistance for the week. It is a proprietary indicator that I have. The results from it will blow your mind. Each time a level is hit, about 70% of the time, it will retrace at least 50% back to the previous reference point. If it does not do that, then it will continue to the next, where from there, you 90% of the time you can expect a 100% retracement back to the one it had the continuation through. I also have yearly and decade S&R's. Many of the pairs along with the stock market in 2008 hit my decade's level which is why we saw such violent action. The pullback can be ugly on the deacde's as there is greater room for error. A pullback will be contained 38% of the said reference point to the next. That still equaled 257 pips on the AUD/USD, but it also meant an 880-pip winning trade if it was executed. No, I did not get that trade (blah).
On the MW&D, I also have a "A" level for all the aformentioned, but I rarely refer to them as they are not as accurate as the originals. I noticed certain price actions outside of the norm in figuring them, so it was recently I cam up with my "A" level S&R's.
I've got other semantics that I innovated like "taking the bus", "legs with teeth", the "scenic route" "pimping my peers". "Scenic route" is a positive spin I put on a trade when it goes against me like the aussie did, but I still know everything is going to be alright.
Upon request, I won't give you my formula, but I am happy to give you any of the levels, then you can see for yourself the reaction prices have to my S&R's.

Something dawned on my after the previous post. This is a classic example of using my "A" chart (attached). Just in case this trade takes another detour, then on this chart the MR1 is .8691 and the WR1 is .8694. My "A" S&R's are excellent, but lack the prescitability that the standard ones have. Key reversals will usually happen on the standard chart. The 50% bounces, and the continuation process I mentioned in the other post will happen on the "A's", and that is the lack of predictability that I mentioned about the "A's"
Kind of funny. Watch! Just because I'm one of the new ones to the group, we'll get a bounce to the .8691-4 level.

Hello again Traders,

Market still sideways but I added another fork (Schiff) to see what advantage it would give. It is the green fork over the red in the area of the consolidation. It shows a slightly upward bias. However, it is still a waiting game for me. Not interested in expending the energy scalping. We'll see what London session will do.

Be very careful.

Hello Traders,

Price finally made a move down from the red fork and found support on one of its related lines WL1. From there we had a buy, which honored the direction of the other green fork.

A new green fork was added using the pivot formed on the WL.

Patience is the key to succeed. Wait and watch the market until you see the entry that you can recognize and trade.

FYI: Overhead resistance in the 1.2300 neighborhood.

Have a good day,

Hello again traders,

Just wanted to drop you a little line before having to head out...price hit the target set.
From here anything can happen...a pull back, a sideways move or a push higher (which will need to overcome some resistance). Will check when I return and plan to post before the Asian session.

Safe trading to you all.