Goldmine!

This is a discussion on Goldmine! within the Trading Journals forums, part of the Reception category; Hello Traders, As promised, attached is a chart showing the basics of the Pitchfork. As I mentioned earlier, there are ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jun 12, 2010, 4:20pm   #57
 
FX4Newbies's Avatar
Joined Apr 2010
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.
Attached Thumbnails
pitchfork-intro.jpg  
__________________
My Pitchfork Goldmine Blog.: 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.
FX4Newbies is offline   Reply With Quote
Old Jun 13, 2010, 3:40am   #58
 
4xpipcounter's Avatar
Joined Jun 2010
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.
4xpipcounter is offline   Reply With Quote
Old Jun 13, 2010, 3:47am   #59
 
4xpipcounter's Avatar
Joined Jun 2010
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.


Quote:
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 !
4xpipcounter is offline   Reply With Quote
Old Jun 13, 2010, 3:59am   #60
 
4xpipcounter's Avatar
Joined Jun 2010
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.

Quote:
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
4xpipcounter is offline   Reply With Quote
Old Jun 13, 2010, 4:03am   #61
 
4xpipcounter's Avatar
Joined Jun 2010
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.

Quote:
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
4xpipcounter is offline   Reply With Quote
Old Jun 13, 2010, 4:09am   #62
 
FX4Newbies's Avatar
Joined Apr 2010
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,

Quote:
Originally Posted by 4xpipcounter View Post
Do you use your pitchfork as a countertrend tool or as a contiuation tool once a cdertain line is broken, or both?
__________________
My Pitchfork Goldmine Blog.: 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.
FX4Newbies is offline   Reply With Quote
Old Jun 13, 2010, 4:16am   #63
 
4xpipcounter's Avatar
Joined Jun 2010
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.
4xpipcounter is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)