The purpose of my thread is to share my analysis and trades with the forum. How I see the market may help some; how you see the market may help me. We'll see how it goes. Perhaps it is a good idea to mention that I use Pitchforks (for swing and position trades) and include lagging indicators, primarily for my scalping system. Patience is the key. Wait for your set-up and entry. Pull the trigger and let the market take it from there!!!
Attached is a chart of the Eur-Usd where I started last night. A second chart will also be posted to show the outcome of the price move.
Just tracking the Eur-Usd. Will update later tonight hopefully before the London session begins. If I have time, will post an additional pair...maybe Gbp-Jpy if I see something interesting.
Another trader asked about the entries. Here was my reply: Glad you asked about entries...please see attached chart. Your stop would be placed below the low of the previous red candle...around 1.2165 i.e. below support. The price and time are built in to the way price interacts with the pitchfork tool. I will be posting a simple explanation for members who may not be pitchfork traders. Enjoy and take care.
FX You mentioned... Your stop would be placed below the low of the previous red candle...around 1.2165 i.e. below support.... What's your experience with stops? Mine is horrible as it can be. Case in point: 3 days ago I entered 2 long trades on USDJPY for a mini lot of 10,000 each. The long at Interbank FX had a 100 pips protective stop. The other at FXCM I went without stop. Guess what... the one at IBFX was stopped precisely at my stop on June 1 at 8:45 am London time at 90.53 for a net loss of 100 pips or $ 110.00 The other at FXCM hit the profit limit today for a net gain of $108.00 Does any one has an idea whether brokerage houses go hunting for stops, specially when the pair is trending on your direction? The whole thing smell fishy! If you look at the daily bar of USDJPY on June 1rst. You see a no doji candle with a long tail, where they went diving to force the stops. Ditto May 20, May 19, and of course the crash day of May 6 when the crooks dived more than 600 pips to clean everybody. From The Safe
What you have experienced is typical in the market. However, you have to strategically place your stops. Using Cash Stops...just selecting a number of pips from your entry, may not be the best way. You need to hide your stops behind the buyers and sellers in the market. How do you locate them? One way for sure is to observe where support (where there are pending buying orders) and resistance (where there are pending selling orders) areas are. Your stops should be placed on the other side of these areas. The idea is to use these orders as a buffer that would shield you from any market action to take you out. For example, if you were selling with resistance overhead, your stop should go above the resistance level. Sometimes, if I use a larger stop that is hidden behind a support or resistance area, I place an alarmed line maybe 15 to 20 pips or so from my entry to alert me if the market is moving in the opposite direction. That way I can re-evaluate my setup and entry. And yes, they do hunt the stops...that is money for them. Hope that helps. FX4Newbies
Hello Elite Traders, I was not able to post earlier today as I updated my email address and had to wait for the administrators to process it etc. I will post a few charts on the EUR-USD before the London session showing what I was looking at today, as well as what I may be looking at as the market unfolds into the night session. Take care, FX4Newbies
That's what I thought, but I sent a few emails before I got a response. I still had to wait for what seemed to be a 24-hour turn-around time period. When they did respond, I was given the name of someone to contact if I have further problems which was nice.