Goldmine! - page 18
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Hello Kikiq,
Thanks for the compliment. There is always so much more to improve on. My goal is to help traders be more effective, especially newbies since they are just beginning and need to have the right concepts in place first, before any technical indicators etc.
How long have you been trading? What indicators do you use if you would like to share? What did you enjoy most about the posts you read?
Thanks again, and hope to hear from you soon.
FX4Newbies
wow, i think you are a master not a newbie.
Pitchforks, Chart Patterns And False Breakouts!
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 the fact that 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. "Dr. Andrews, you were a genius!" So were Babson and the other forerunners.
Take care and enjoy your weekend.
Asian Session: July 4th
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
Price Still Sideways
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,
FX4Newbies
Market Is Waking Up
Hello Traders,
The market is finally beginning to show some swings. Will prepare to look for trades in the London Session.
Take care,
FX4Newbies
Can Price Break Above?
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.
FX4Newbies
A Quick Long Trade
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.
US Session July 6th
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.
FX4Newbies
Just went long at 1.2591...almost missed it, had to look for a secondary entry.
Let us know
Just went long at 1.2591...almost missed it, had to look for a secondary entry.
You"ll let us know how it works out ???