Goldmine!

This is a discussion on Goldmine! within the Trading Journals forums, part of the Reception category; I think that's the difference and demonstrates a different level of tolerance that all of us, as traders, have. I ...

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Old Jun 13, 2010, 4:03am   #61
 
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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 an 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, which is 78.4%. My biggest loser is 38 pips, and the other 3 are single digits.

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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.

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Old Jun 13, 2010, 4:09am   #62
 
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Re: Goldmine!

FX4Newbies started this thread Hi again,

The Pitchfork is really a trend tool, but also shows countertrends...The basis for how it works is Newtons' Third Law...for every action there is an equal and opposite reaction. Every 3 alternating pivots that form a pitchfork tell a story about price. It's really a marvellous tool once you understand how to apply it.

Countertrends can be signaled when the outer parallel lines are broken. Just some amazing stuff...

Take care,

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Do you use your pitchfork as a countertrend tool or as a contiuation tool once a cdertain line is broken, or both?
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Old Jun 13, 2010, 4:16am   #63
 
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Re: Goldmine!

Interesting. Do you use it as a standalone indicator, or do you use other indicators as a confluence?
Also, as a general rule traders look for a confluence of events in the decision making process. If you use the pitchfork as a standalone, then would you consider yourself as an exception to the rule of using a confluence of events.
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Old Jun 13, 2010, 5:17am   #64
 
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Re: Goldmine!

FX4Newbies started this thread Hi again,

There are some traders who use the Pitchfork and its related lines only. They assess the market structure an then overlay the fork etc. to gain meaning. The fork really frames the price action thereby giving the trader a way to more accurately assess where price is and where it may go. Traders also use what are called Action and Reaction lines, the theory on which the Pitchfork is based. By the way, it is a drawing tool not an indicator...it also gives price direction and projections ahead of time. I use it in conjunction with other signals. I like the use of confluence myself and have seen other traders do the same.

Thanks for taking the time to check it out. Try it on a couple of your charts just to see how price interacts with it. I think you would find it fascinating seeing it in real-time.

Take care,


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Interesting. Do you use it as a standalone indicator, or do you use other indicators as a confluence?
Also, as a general rule traders look for a confluence of events in the decision making process. If you use the pitchfork as a standalone, then would you consider yourself as an exception to the rule of using a confluence of events.
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Old Jun 13, 2010, 7:49pm   #65
 
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Re: Goldmine!

I use the MT4 and can't seem to find the pitchfork. I tried another set of charts and coldn't find it there either. Could you direct me to a site that has it? I'm more interested in experiementing with it on a demo just to see how it works. I know a fwe that use the pitchfork, and they seem to be sold on it.


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Originally Posted by FX4Newbies View Post
Hi again,

The Pitchfork is really a trend tool, but also shows countertrends...The basis for how it works is Newtons' Third Law...for every action there is an equal and opposite reaction. Every 3 alternating pivots that form a pitchfork tell a story about price. It's really a marvellous tool once you understand how to apply it.

Countertrends can be signaled when the outer parallel lines are broken. Just some amazing stuff...

Take care,
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Old Jun 13, 2010, 8:01pm   #66
 
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Locating the Pitchfork on MT4

FX4Newbies started this thread Hi 4xpipcounter,

You can find it on MetaTrader under the Insert Tab...down toward the bottom...Andrews' Pitchfork.

Have fun!

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I use the MT4 and can't seem to find the pitchfork. I tried another set of charts and coldn't find it there either. Could you direct me to a site that has it? I'm more interested in experiementing with it on a demo just to see how it works. I know a fwe that use the pitchfork, and they seem to be sold on it.
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Last edited by FX4Newbies; Jun 14, 2010 at 12:48pm.
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Old Jun 14, 2010, 3:29am   #67
 
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Re: Goldmine!

All the time I've been trading on MT4 and I noticed it being there. I'll start playing with it. Thanks for your input and help.
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Old Jun 14, 2010, 11:03am   #68
 
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The Pitchfork

FX4Newbies started this thread No problem. The Pitchfork tool on MT4 is very easy to apply. Once you select the tool, you simply click on the pivots you have selected for the fork...Point 1 then 2 then 3...the cursor actually shows which pivot is being plotted. Once you click the last one, the fork appears. Please note that the line of force from 2 to 3 is not shown. Other platforms have the option to show that line or not.

Tell me how you like it once you see it in action some. There are many related lines and concepts to gain the maximum benefit, but just seeing how price respects those lines is interesting to say the least .

Enjoy the day,

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All the time I've been trading on MT4 and I noticed it being there. I'll start playing with it. Thanks for your input and help.
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Old Jun 14, 2010, 11:57am   #69
 
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Re: Goldmine!

FX4Newbies started this thread Hello Traders,

A very quiet night for me (London Session). Price was in a very tight range...then came the expected breakout... to the upside. Will post charts later today before the Asian session and then again before the London session.

Have a very busy day. Hope the US session proves to be exciting and profitable.

FYI: The 4-Hr EurUsd chart had shown some bullish sentiment end of last week. We'll see how long it lasts.

Take care,
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Old Jun 14, 2010, 12:16pm   #70
 
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Re: Chart Updates

FX4Newbies started this thread Hi again,

Morning schedule allowed for a quick post. We'll see if Friday's bullish sentiment will continue. For new pitchfork traders, observe how price reacts when it encounters a fork line (called a tine).

Take care,

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Hello Traders,

A very quiet night for me (London Session). Price was in a very tight range...then came the expected breakout... to the upside. Will post charts later today before the Asian session and then again before the London session.

Have a very busy day. Hope the US session proves to be exciting and profitable.

FYI: The 4-Hr EurUsd chart had shown some bullish sentiment end of last week. We'll see how long it lasts.

Take care,
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wheretonext.jpg  
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Old Jun 14, 2010, 1:26pm   #71
 
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Re: Grabbed a few pips to the upside

FX4Newbies started this thread Was able to grab a few pips before having to run. We'll see how the morning plays out.

Be careful.
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Old Jun 14, 2010, 5:36pm   #72
 
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Price Target Attained

FX4Newbies started this thread Hello again,

Just got back to the office to find that the price did hit the target set.

Will be posting again for Asian session.

Bye for now,

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Hi again,

Morning schedule allowed for a quick post. We'll see if Friday's bullish sentiment will continue. For new pitchfork traders, observe how price reacts when it encounters a fork line (called a tine).

Take care,
Attached Thumbnails
pricetargetattained.jpg  
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Old Jun 14, 2010, 11:44pm   #73
 
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My Thoughts On The Asian Session

FX4Newbies started this thread 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.
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Old Jun 15, 2010, 1:01am   #74
 
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Re: Goldmine!

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.
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Old Jun 15, 2010, 1:20am   #75
 
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Re: The Fork!

FX4Newbies started this thread 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....

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Originally Posted by 4xpipcounter View Post
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.
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