Pitchfork trading is an old technique that most of us newbie traders dont want to learn because most of the people start just want to trade with indicators (like me be4), but guys im telling you learn it and love it. Trade like a professional not like a indicator followers (im not against indicator traders, i respect them because they pro at it). Pitchfork is use 3 different alternating pivots (H-L-H down fork or L-H-L upfork).
Thursday, October 21, 2010
EUR/USD
Ok, here today we have the euro chart. As we clearly see that we are starting a down trend in the long timeframe.We have a nicely up pink fork that capture price nicely. price did reverse at 2 point at median line (2 small arrows) now lets take a look at the down red fork. We can see price be have nicely at 2 circles (the second one is a energy point). So we are we heading am saying the yellow zONE. if i see price behave nicely we can get long and play ping pong in this 2 oppose fork. Im also have a hr chart that i take the trade on. Take a careful look at 1 hr chart. u may learn something because price behave really good at the lines. Need some coffe will talk after i come back from coffee break.
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