...continued...After the news... My next post will be in preparation for the London Session later on. If these charts are helping please let me know.
For those who may not be familiar with Pitchforks, I will give a brief explanation. The Pitchfork is a trading tool (not an indicator) that was developed by Dr. Alan Andrews. It is based on Newton's Third Law...for every action, there is an equal and opposite reaction. It looks very much like a tuning fork. It is constructed using 3 alternating pivots: high-low-high or low-high-low. The center or Median Line (ML) is where the price tends to be drawn to about 80% of the time. The outer lines are where price is generally expected to lose steam. There are many rules involved in benefiting from this wonderful tool, so please do not begin trading live with it until you understand it well enough, which like everything else takes time.
Below is the continuation of the Eur-Usd that we have been following. I placed a trade in the AudUsd...chart will be posted next.
Hi again, Chart with Aud-Usd attached. Got into this trade a little earlier so I decided to let it play out. Chart is included here since that was my trade. Will resume my usual Eur-Usd posts of my analysis. Take care,
Please note that the 80% probability of price hitting the ML applies when the pivots selected are the immediately alternating pivots prior to the current price action. I choose to mention this here, just in case someone draws a fork with pivots miles away and does not understand how to handle price failures (the other 20% of the time that price may fail to reach the ML).
Hello traders, Just trying to get an idea on paper. Will watch to see what happens, especially after the G20 weekend. In no rush. Would like to make an informed decision Left a few landmarks (labeled in light gray) so we can keep track... Take care,