Pitchforks can be used on any time frame. Even 144 tick charts.
TD Ameritrade platform.
Thanks for explanation Alex, I just found in my MT4 files this very indicator which I must have had for some years but never loaded which is why I only use the standard Andrews pitchfork. As you illustrate the extra lines do fine tune the indicator and I will reload the AML version.
I haven’t read the background on Dr Andrew I just simply realised I liked the standard pitchfork on my 15 minute charts.
I will do some further reading before changing the way I rely on the earlier version, so thanks again
I have never used a 144 tick but clearly it appears there is merit in having it running on a chart to correlate reversals with other sup / res areas. I will monitor in more detail
Top pic, me at the start of August. Bottom pic, me at the end of October.
The dividend has been announced, 1.66-cents
Here is today’s missed short on the Euro/US$ pair
Today, 12:45GMT, was rate announcement day for the ECB, followed at 13:30GMT by a statement of what has been considered and what the longer term concerns might be, followed by a question and answer session with the press.
In the question and answer session a classic from Draghi: “…and today we asked ourselves where are we, and why are we here?”
So trading EU is dangerous when certain people are speaking, especially Draghi who usually beats Trump for unexpected surprises. When it is all over, 14:30GMT, the market has a think about what has happened and then decides where it is going next.
So this shorting opportunity. For some reason the market found the words about reduced economic output and subdued activity, and probably hitting the inflation target a way up the road … to be encouraging enough to lift the price by around 0.5%.
After a stutter at 1.1380 the price headed down again. The brush with the level at 1.1380 is obvious from the chart below, although one could argue that some bravery was needed due to the fact that Draghi had only just switched off his mic.
I missed it … I missed it because I was looking at a 5-minute chart, and I was nursing a position on UsdJpy which has been running since yesterday … nearly salvaged too
I am with you Ex on missed opportunities.
My chart shows touches to virtually the pip of lines that just sit on my charts waiting to be touched and trade off them. Like Stu, I now have these on numerous pairs and the bounce showing on the eu chart attached is now so common on all of the pairs.
After the event it always looks so f*cking obvious and yet I am still failing to trade them to their full potential.
If I just sharpened up my trigger finger I could cream enough off the market to set up my own bank
I Left half of the long running, thinking it might have legs and closed out the short premature. Also had a fat finger at 1.1312 which I flattened sharpish
Can’t complain too much though !
If my day was half that good I would be happy. I couldn’t see f*ck all today in advance and took sucxh shit trades that I clearly deserved to have my arse served up on a plate.
I am having a day off tomorrow without switching the screens on and will be having a serious talk with myself this weekend…
Don’t knock ya self out mate. Honestly my mind is like one of those kids etch a sketch things with trading, you just have to erase and crack on with the next picture.
Yeah thanks Stu, your right, it just frustrates occassionally
Nice hits, Stu Boy!
Don’t let it bug you, Rob. Tomorrow another day. I had a crappy week myself. Max SL hit twice. Down 9.2% on the week till this trade. Gonna let her run overnight. Everything says the EU gonna drop to 1150 - so. Problem, she never do what she supposed to do.
Don’t like overnight trades but this is a classic setup I’ve noticed several times since I’ve been trading. EU rate announcement and draggi news conference. Before speech, she drops if a dovish conference expected. (reverse order for positive reaction). Little reaction to actual rate announcement. Immediately spikes down at beginning of draggi conference which is very dovish. Then up sharply to a certain point, generally to the end of the conference. Then the drip - drip down begins.
Jim we are on collision course ! I’ve taken half off at 1.1322 and left final TP open. If other half comes back to me will be ok to lose the remainder of this joust to such a fine fellow !
EDIT: closed another quarter at 1.1340… 1/4 left in the game to go to 1.35
Have 1.13591 on radar for smash ‘n’ grab EU
HaHa, once again the master shows grasshopper the way. Shouda took the money and run!