Goldmine!

Discussion in 'Journals' started by FX4Newbies, Jun 2, 2010.

  1. Just wanted to wish the US traders a happy July 4th holiday weekend.
    May not post until next week.

    Take care,
     
    #161     Jul 2, 2010
  2. Hello Traders,

    Just couldn't pass on this post. For some time now I have told people that I do not look to trade chart patterns...triangles, flags etc., though they can give insight into that fact the market might be in a continuation consolidation pattern.

    The chart attached is very interesting as it shows a false breakout (very characteristic of trading these patterns), but notice that price found support on a Pitchfork Warning Line. Other Pitchfork usages would also have confirmed a Price Failure so fork traders would have been looking for a reversal.

    Chart again demonstrates the versatility of this tool. Andrews' (and Babson too and all the forerunners): you were a genius!

    Take care and enjoy your weekend.
     
    #162     Jul 2, 2010
  3. Hello Traders,

    Just a quick post...not sure if I will trade the London Session. Might take a peek.

    Chart shows the most recent fork with a sideways bias, with price sitting at support. Be very watchful.

    Take care,

    FX4Newbies
     
    #163     Jul 4, 2010
  4. Just posting a progress report:

    Price was sideways during the night and early morning. Dropped some, finding support at a percentile line of the fork (which can be a Fib percentile). No clear direction. Maybe the market is taking the day off .

    Please note that the gray Pitchfork could be drawn in as early as the high at 1.2611. It would have therefore shown a sideways bias at least 5 hours before the major congestion began.

    Take care,
     
    #164     Jul 5, 2010
  5. Hello Traders,

    The market is finally beginning to show some swings. Will prepare to look for trades in the London Session.

    Take care,

    FX4Newbies
     
    #165     Jul 5, 2010
  6. Hello again,

    Missed a nice long entry around 1.2486. If price can break above 1.2562 we might get to the target.

    I wish you all good trading.
     
    #166     Jul 6, 2010
  7. Got in with a long...a bit late at 1.2575. Hope it pushes to ML...took a few pips and got out...price battling a bit. If it fails to make ML, we know what to do right? Start hunting for a short.

    Good trading to you this week.
     
    #167     Jul 6, 2010
  8. Market is talking...sell off was not too great. Thinking there may be a push further north. Also, remember shorting here is a counter-trend move as price has not confirmed that the uptrend is over.

    If price finds support around 1.2563, that may be the launch area for a move up.

    Let the market continue to talk.
     
    #168     Jul 6, 2010
  9. Just went long at 1.2591...almost missed it, had to look for a secondary entry.
     
    #169     Jul 6, 2010
  10. Trader asked if I would let them know the outcome of my EurUsd trade. Here was my reply:

    Of course. That is what it is all about...the good, bad and the ugly :). Not thrilled at the moment, was encountering lots of resistance overhead. Wanted to exit at 5.00 profit, but thought I would hold...give the market a chance. However, news is coming in 15 minutes. Not liking this..I see a bearish sentiment on the 4Hr and bullish sentiment on the 1-Hr.
     
    #170     Jul 6, 2010