Thank you Steve for this question and I hope your "Swiss Clock" will tick perfectly again ;-)
Who of my students will step up and describe this chart?
You can add anything you want to it.
And yes, I'm long this market ;-)
Update - Stop/Loss & Out.
The yellow Fork describes the current most probable path of price. Forks are great, indeed. And adding details to the chart is like seasoning a sauce.
So here we have our ingredients.
See the up-sloping red lines? Know what's their job? Well, they describe the amplitude of the sine-wave within this down-swinging market.
The last one...watch the last one...looks like something disturbs the harmony. Something going on?...change ahead?
We dunno...and we don't have to know!
Because as a Forker you just follow your set of rules. So is it worthless marking out these details?
You really should pay attention to them. Make notes about your observations every time you see something new or interesting. In the long run, this is one edge more you have, a new side-rule for example which can act as a filter, an entry signal or a warning sign.
So, pay attention to these details use these observations as a takeaway from your chart work, even if you don't get a trade right now.
Please leave me a comment if you like and of course I'm glad to answer your questions.
Hey, want to learn something today?
OK, participate and answer the following question:
Which is the most probable target and why?
1 - white Centerline
2- yellow Centerline
3 - white U-MLH (Upper-Medianline-Parallel)
4 - yellow U-MLH (Upper-Medianline-Parallel)
Answer in the comment below.
OK, here's student who does good work, Leon.
He asks me questions...that means he uses his Brain.
Here's his question he sent me by email:
Could you do a lesson when to use Schiff and modified Schiff fork?
Here's my Answer, not only to him, but also to everyone in our Tribe:
Mr. Jeremy Shiff (the inventor of the Shiff-Fork) found them useful when prices where too steep, not reaching the Centerline.
Allen Andrews modified them afterwards, that’s why they are called Modified-Shiff Fork.
So there are the original Shiff-Fork and the Modified-Shiff Fork.
Experiment and try them out Leon.
There is no wrong or right per se, and no special case when to use them.
When you know what you do, what you mesure with any of tthe Forks, then you know how to apply the rules. You just have to understand and apply the rules to every Fork and get familiar how and when to use and „trust“ them.
Just for your study Leon: Apply the rules of my ForkTrading BLUEPRINT to horizontal lines and come back to me with your findings and enlightments ;-)
Curious if you do it…
Happy learning Leon,
What is your take-away?
- use your brain
- aks questions
- make your hands dirty and do the work
Looking forward to some feedback and findings of you guys & gals.
In this session we cover:
As always, send them in so we can do some mentoring sessions.
Answer to Steve (...my Web-Hoster is fighting a Bug on answering to comments :-/ )
Yes, I use SL's (Sliding Parallels), but with a lower importance.
They just another peace of the puzzles to give me information about overshoots.
What is a overshoots?
...it's when price is trading above a MLH, but not really makes any progression in the overshoot direction.
So IF price where to move much more beyond the SL, then this would indicate strength. See it like this: The SL is just a correction of the Forks MLH.
Hope this helps Steve :)
Price seems to run out of energy.
The open above the Mini-Fork's CL is a indication that we could see a pullback to the upside.
This was a quick profit from the trading God, and I will take it.
I closed the Gold trade for a profit of a little over 200 Ticks, or $2000 per contract and let my self relax over the weekend.
What if price reaches the CL without me?
And hey - price is reaching the CL over 80% of time?!
Why do I close this high probability trade???
...sounds like a dilemma? ;-)
Listen, as a trader you can't eat the whole Cake every time and you have to take what the market is willing to give you. I mean, with the knowledge of the ForkTrading rules, we even have the opportunity to gauge for a potential turn. What do we want more?
BTW: This is a common problem of traders, not willing to accept the fact that the party is/could be over, and they mess up by letting profits run into a looser. I experienced exact the same problem myself in my early trading days, and I learned the hard way, that it's better to have 2K, then nothing. Or even worse, a loss...
That's real live trading and we have to deal with it, or the market deals with us...
Be happy and as always - Learn To Earn §8-)
Since many Traders fail to manage their trailing stop, I think it's a good point to discuss with our live Gold trade.
In this video I give you some practical Ideas on how to manage your trailing stop in different ways.
Either to book profit or enhance your chance of not getting stopped out too early. But also how to beware yourself from the mistake, to let a profitable trade running into a loosing trade.
If you have questions, send them in and post your comments below.
Happy stop trailing §8-)