short txn here at 27. Right now we're trading near the median line of the green fork. Will we test lower support of the fork or break and head to 20?. Got two possible target points.
pitchforks
- Thread starter racehorse
- Start date
Short AUD/USD off 4hr fork line. This is the fourth test and the last few doji bars confirm the resistance. Price is also respecting the 61.8 fib level. I like to combine fibs with the forks, I think they go well together.
T1 is 8750..the bottom of this trend for 217 pips
T2 if we can break the bottom, then I think we can aim for 8581 for 386 pips near the lower fork line. Daily charts show long term is bullish.
Total pips I'm looking for is about 603, for only 63 pips at risk. Nice 9.5 r/r!!...
You simply wont find any....or VERY few trading styles that offer this kind of r/r ratio.
Hope all do well in 2010
T1 is 8750..the bottom of this trend for 217 pips
T2 if we can break the bottom, then I think we can aim for 8581 for 386 pips near the lower fork line. Daily charts show long term is bullish.
Total pips I'm looking for is about 603, for only 63 pips at risk. Nice 9.5 r/r!!...
You simply wont find any....or VERY few trading styles that offer this kind of r/r ratio.
Hope all do well in 2010
I'm a little surprised not many people are attracted to this method of trading....
Maybe after a couple hundred charts, people will begin to see the light. A P.A only trader will almost always get in trends before and after the crowd.
Maybe after a couple hundred charts, people will begin to see the light. A P.A only trader will almost always get in trends before and after the crowd.
lol ya thats true
27.05 is my stop with targets at 24 and 20.
Good to see a forks thread in action. I have been using them for years.
I am in a chat room that uses them on a daily basis in many ways. There are 40 of us that daytrade various setups.
I have good success with confluence points using ascending and descending forks.
When combined with Fibbonaci and/or pivot points the strike rate on exact price and time points is staggering.
Tim Morge's book is recommended reading
I also combine with a 14/50 CCI model for trend for anyone who understand that system.
Good Trades All
Saint
I am in a chat room that uses them on a daily basis in many ways. There are 40 of us that daytrade various setups.
I have good success with confluence points using ascending and descending forks.
When combined with Fibbonaci and/or pivot points the strike rate on exact price and time points is staggering.
Tim Morge's book is recommended reading
I also combine with a 14/50 CCI model for trend for anyone who understand that system.
Good Trades All
Saint
RMBS seems to be all the talk here on ET as it was in my chat room today. Here is my 2 cents on the charts for weekly/ daily tf's.
weekly. We closed above a 2yr resistance from March 08, however we didnt take out the highs (26.41). Notice the squares I drew also. We had a series of HH's, and HL's...an upward wedge formation in the making, however I did not draw it. On 11/30/09 we broke out above this so called wedge, which is interesting because normally upward wedge patterns are bearish. So either this is a false breakout and we head lower, or we find support and head to 33...35'ish according to resistance points on the green and blue forks.
Daily. I always find it interesting when price hits these forks almost to the tick. RMBS hit resistance at its purple median line a few days ago. If we test support it could be 20 to 23'ish on an intermediate time frame...im going to guess about 2 weeks.
I think the green median line of the weekly fork is going to have the most importance. Not only is it a fork of a longer tf, its also the one thats been tested the most. Any support, could be a bounce off this line in the future.
weekly. We closed above a 2yr resistance from March 08, however we didnt take out the highs (26.41). Notice the squares I drew also. We had a series of HH's, and HL's...an upward wedge formation in the making, however I did not draw it. On 11/30/09 we broke out above this so called wedge, which is interesting because normally upward wedge patterns are bearish. So either this is a false breakout and we head lower, or we find support and head to 33...35'ish according to resistance points on the green and blue forks.
Daily. I always find it interesting when price hits these forks almost to the tick. RMBS hit resistance at its purple median line a few days ago. If we test support it could be 20 to 23'ish on an intermediate time frame...im going to guess about 2 weeks.
I think the green median line of the weekly fork is going to have the most importance. Not only is it a fork of a longer tf, its also the one thats been tested the most. Any support, could be a bounce off this line in the future.