Goldmine!

This is a discussion on Goldmine! within the Trading Journals forums, part of the Reception category; Hello Traders, Had a very busy day...will be posting again prior to the London session. Take care,...

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Old Jun 9, 2010, 10:28pm   #46
 
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Re: Goldmine!

FX4Newbies started this thread Hello Traders,

Had a very busy day...will be posting again prior to the London session.

Take care,
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[COLOR="Blue"]The market has a cheque for me. I'm just waiting for it to tell me when it will be ready, and where I need to go to pick it up.
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Old Jun 10, 2010, 6:13am   #47
 
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The Move Upward

FX4Newbies started this thread Hello again,

Hope everyone had a great day!

Just to wrap up my last chart...price turned upward passing yellow target idea. Change in direction started as price broke red MLH.

New view of chart coming next...

All the best tonight to everyone,
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Old Jun 10, 2010, 6:43am   #48
 
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A Fresh Look...thanks to a market move

FX4Newbies started this thread At least we got some swings to work with. Let's see if the market will continue out of the rolling chop.
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Old Jun 10, 2010, 11:21am   #49
 
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A Fresh Look...Target Attained

FX4Newbies started this thread Well price behaved

Finds itself at a major crossroads now...will it go above maroon ML or turn. Only time will tell.

Enjoy your day,
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Old Jun 10, 2010, 11:42am   #50
 
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Price Is Racked...Like Pool Balls

FX4Newbies started this thread Hi again,

Price is having a time trying to go somewhere...racked by the MLHs...2 blue and 1 green. For additional reinforcement the burgundy ML above it all. Looks like it wants to go higher. Let's see who gets the first break...bulls or bears.

I'll be watching for a while...hope it doesn't take too long
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Old Jun 10, 2010, 3:21pm   #51
 
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Bulls Get Break

FX4Newbies started this thread Bulls finally pushed through finding support on MLH as swithback line (blue one). A switchback line is where price breaks through, comes back for the retest then takes off...

Will just keep watching.

Take care,
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Old Jun 11, 2010, 12:00pm   #52
 
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Sideways Dancing

FX4Newbies started this thread Hello Traders,

EurUsd has been dancing sideways during the night...grabbed a few pips. Overall though, just don't feel like expending the mental and emotional energy involved with scalping.

It's Friday. Congrats for making it through the week.

Enjoy the weekend,
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Old Jun 11, 2010, 10:44pm   #53
 
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Re: Goldmine!

FX4Newbies started this thread Hello traders,

I notice that many of you have been downloading the charts I have posted. I suppose some of you are new to Pitchforks and it may help you to understand how they work if I make notes on my charts to help you to see what they are communicating. Please let me know how that works.

Have a great weekend,
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Old Jun 11, 2010, 11:09pm   #54
 
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Re: Goldmine!

Hey FX4Newbies.
Thanks for your examples. I'm new to Andrew's pitchforks and still trying to figure out how to construct them. I've noticed you use lots of them – for even the smallest turns. Does that make your analysis too complex?
Also – what is your favourite time frame?
Regards
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Old Jun 11, 2010, 11:37pm   #55
 
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Using Pitchforks

FX4Newbies started this thread Hi Bedsit,

Thanks for the reply. Once you know what you are looking for and what the lines represent, it makes a whole lot of sense. Regarding time-frames, I generally look at the big picture first, from the Monthly down to see where the market as a whole is headed. Then I look at the one-hour to begin the process of timing the entry.

Next week I plan to start adding some notes to the chart to help new fork traders make some sense of what they are looking at. Please let me know if that helps.

Take care,


Quote:
Originally Posted by bedsit View Post
Hey FX4Newbies.
Thanks for your examples. I'm new to Andrew's pitchforks and still trying to figure out how to construct them. I've noticed you use lots of them – for even the smallest turns. Does that make your analysis too complex?
Also – what is your favourite time frame?
Regards
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Old Jun 12, 2010, 3:42pm   #56
 
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On Second Thought...

FX4Newbies started this thread Hello again traders,

On second thought, I think it would be better if I did one post about the general properties of the fork than try to post notes on each chart. Learning how to use the Pitchfork is a study in itself, but the basic understanding would be beneficial.

If you would like to learn how to use it, please let me know.

Enjoy your weekend.
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Old Jun 12, 2010, 4:20pm   #57
 
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Pitchfork Intro

FX4Newbies started this thread Hello Traders,

As promised, attached is a chart showing the basics of the Pitchfork. As I mentioned earlier, there are many rules associated with effectively using this wonderful tool, but I think with this basic understanding, you should be able to gain some insight into my charts.

Thanks for your interest.
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Old Jun 13, 2010, 3:40am   #58
 
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Re: Goldmine!

Do you use your pitchfork as a countertrend tool or as a contiuation tool once a cdertain line is broken, or both?

Quote:
Originally Posted by FX4Newbies View Post
Eur-Usd in the middle of the red and green forks. Good place to wait though there is definitely downward pressure. Not yet making higher highs...still in the fight. T/F 1Hour.
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Old Jun 13, 2010, 3:47am   #59
 
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Re: "I want to get in a trade, and let it run," u r a dreamer ...

Do you have any posts before the event?
I also don't think it is necessary to call it exactly. Bottom line is that any system yields winning trades consistently. As an example my trade on the GBP/USD backed against me 43 points on Friday, but it still yielded +150 pips. All I see are the gains on my account, not the fact I missed it by 43 points.


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Originally Posted by pssonice View Post
u will never get any winning trade

Take a look at the contents fo all posts of this forum :

No1 is able to call on any entry just in time.

I m the one and only who is able to call on entries "just-in-time"

u may ask, how is it possible ?

Dont sit and wait !
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Old Jun 13, 2010, 3:59am   #60
 
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Re: Goldmine!

I think that's the difference and demonstrates a different level of tolerance that all of us, as traders, have. I am the opposite. I have nerves of steel. I wait for a setup according to my methodology, then just enter the trade. It doesn't bother me too much when a trade goes against me, even a large amount of pips. The approach I use is a conservative one, which coincides with my mindset. I trade mostly countertrend, and the point of entry is na optimal one where I know momentum is waning. If I make a mistake on the entry, it will usually bounce off the S or R I entered and still yield a few pips. I just wait for that pair to hit the next level, then do it all over again. So far this month, I have 15 winning trades and 4 losing trades, and my biggest loser is 38 pips, and the other 3 are single digits.

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Originally Posted by FX4Newbies View Post
Well, at best that represents a winning trade percentage of 30 based on the stats in your signature. To come away with any profit your stops must be very, very tight. I know of traders who have 70% winners. Don't know what to say. Maybe its the difference in trading method or system. I do agree though it is wise to realize and accept the reality of losing in this business and to prepare for it in your trading...good MM etc. Controlling losses is about the only thing we can control, apart from ourselves.

Enjoy your trading day.

FX4Newbies
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