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Author Topic: TA Forex Trading  (Read 16183 times)

kermit42

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Re: TA Forex Trading
« Reply #90 on: January 03, 2017, 05:10:20 am »
GBPUSD closed the gap and headed down again. I took a short position at 1.2271 expecting it to keep heading down in the channel.


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Pennies2007

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Re: TA Forex Trading
« Reply #91 on: January 03, 2017, 05:39:57 am »
GU Monthly

Hey Kermit. Here's a long term chart on GU. My guess is that GU could dip a bit more but overall it's setting up for a nice topside rally. The larger pattern suggests GU is wrapping up a very large ABC correction. Normally, I look for a minimum retrace of 50% of the total pattern, which would actually carry GU back up quite a ways.

I've been working for quite a while on using the TDI as an Elliott Wave counting pattern rather than just counting price action waves. The TDI is very reliable since pretty much all the movements up and down are represented by 5 waves in any given direction. Those 5 waves, in turn, represent one large single wave. The RSI 14 mimics the TDI fast line (green line) very well so on basic charts I use it when I don't have access to my MT4 platform.

This is the Oanda advanced charting screenshot on the GU monthly chart. I'd say that the short positions are pretty well played out at these levels and that the danger lies in a near-term short squeeze resulting in a move back up.

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Pennies2007

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Re: TA Forex Trading
« Reply #92 on: January 03, 2017, 05:51:00 am »
UJ Weekly Chart

Still unchanged from my earlier viewpoint. Expecting to see a nice downward push back towards the zone indicated between 100 and 105. My TP is conservatively set on my short positions to trigger at 107 right above the last gap below 107. This coincides with the current TDI count showing only 4 waves completed in the cycle with a 5th wave down still to come.

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Pennies2007

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Re: TA Forex Trading
« Reply #93 on: January 03, 2017, 06:04:40 am »
NU Weekly Chart

Still looking at long term bearish movement here. The price action, the TDI count, the bearish quad tunnel position...all are pointing towards more downside coming.

Also, notice the envelope around the TDI indicator...the envelope boarders are pushing away from each other while price action has started moving back down. That indicates the downside push should pick up momentum.

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Pennies2007

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Re: TA Forex Trading
« Reply #94 on: January 03, 2017, 06:16:22 am »
NJ Weekly Chart

Looking for at least a retest near the lows, which would coincide with a near term sell off on UJ and NU both.

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kermit42

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Re: TA Forex Trading
« Reply #95 on: January 03, 2017, 07:31:54 am »
Thanks for the heads up, Pennies. I'll keep a close eye on it.
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Pennies2007

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Re: TA Forex Trading
« Reply #96 on: January 03, 2017, 07:50:22 am »
No problem Kermit. Weekly charts have a lot of wiggle room on lower time frames so it could still dip back considerably which would still make your short come up profitable. On first time bullish tunnel breakouts, I usually look for a minimum 61.8 fib retrace before trading the new breakout direction so the pullback on GU seems to be trading very well technically so far based on the last GU chart you posted.

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Heavyweight

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Re: TA Forex Trading
« Reply #97 on: January 03, 2017, 08:13:50 am »
I'm not seeing any charts or did you not post any?
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Pennies2007

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Re: TA Forex Trading
« Reply #98 on: January 03, 2017, 08:18:40 am »
Hey Heavy. I posted several this morning. They seem to be showing up online and on the mobile platform so far.

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Heavyweight

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Re: TA Forex Trading
« Reply #99 on: January 03, 2017, 08:19:47 am »
Ok they popped up that time. Operator error I guess. Thanks
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Pennies2007

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Re: TA Forex Trading
« Reply #100 on: January 03, 2017, 08:22:05 am »
I thought I was the only one who had that problem Heavy. For me, it's always a short cicuit between the keyboard and the operator...lol!

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Heavyweight

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Re: TA Forex Trading
« Reply #101 on: January 03, 2017, 08:26:51 am »
Not at all pennies. When I click view latest posts, sometimes the charts don't show up. I still have to get a feel for it. No worries though.
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Pennies2007

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Re: TA Forex Trading
« Reply #102 on: January 03, 2017, 08:31:49 am »
Yeah I,ve had to refresh a few times when using the browser version. The push notification on the mobile app though seems to do better about pulling in everything faster.

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Pennies2007

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Re: TA Forex Trading
« Reply #103 on: January 03, 2017, 08:35:15 am »
I like trading weekly charts because there's no stress but when I get bored it's worse than watching paint dry waiting for something to happen...lol!

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javalin

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Re: TA Forex Trading
« Reply #104 on: January 03, 2017, 09:21:36 am »
Hello Pennies-Kermit Heavy and all-Great charts Pennies
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TA Forex Trading by Heavyweight
September 30, 2018, 11:48:51 pm