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Author Topic: TA Forex Trading  (Read 16083 times)

javalin

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Re: TA Forex Trading
« Reply #1125 on: March 19, 2017, 12:20:43 am »
Kermit-post all the charts they will let you -no problem on my end-doesn't slow anything down

kermit42

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Re: TA Forex Trading
« Reply #1126 on: March 19, 2017, 08:30:15 am »
Thanks jav. I'd prefer not to worry about that while posting. It's nice to know I don't have to.


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Pennies2007

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Re: TA Forex Trading
« Reply #1127 on: March 19, 2017, 10:59:13 am »
Hi pennies. In forex's chart, I'm looking at that resistance line as the neckline of an inverse head and shoulders. You think the line will hold? That's basically what it comes down to on long vs. short.


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Here ya go Kermit. This is the AU weekly chart with a full view all the way back to 2007. It's a line chart, which removes all of the noise. The TDI wave count already told me what I needed to know but this is just another visual representation to help confirm what the TDI is telling me.

Also, there's the form of the TDI itself. I learned a long time ago that a true IHS pattern has to show higher highs on the TDI at each of the 3 junctions for the left shoulder, head, and right shoulder. Also, those 3 points on the TDI should be able to be connected with a single trend line right across the low peaks. I've included a sample chart also of the AUD/NZD weekly chart.

When you look at the TDI for AU, however, you notice that the prior leg down caused the TDI to break down and produce a lower low than the previous push down. That's where I have the TDI wave count 3 labeled. If it was going to be a true IHS, the TDI would have stayed at a higher low than where TDI wave 1 is labeled.

So all in all, I stand by my bearish call on AU. I try to take in as many different views as I can on the charts when I'm laying out my trading strategy. The TDI wave count does very well, but, like most methods, I always try to use other areas to either confirm or deny what I see. The line chart method is just one example of that type of decision making process.

Of course, I could be wrong...my wife tells me I'm wrong all the time...LOL!

AU weekly chart first followed by AUD/NZD sample IHS chart with confirmation on the TDI.


Pennies2007

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Re: TA Forex Trading
« Reply #1128 on: March 19, 2017, 11:05:15 am »
Oil Weekly Chart

I might still be wrong on oil here but so far, its still playing out a bullish breakout setup. I don't have the TDI on this one to confirm the pattern but most any oscillator will do when trying to confirm these things...RSI, Stoch, MACD...they all pretty much work the same.

Of course, the true test will be the break above the IHS neckline pattern.

So for now, I'm still calling for a bullish breakout on oil.


javalin

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Re: TA Forex Trading
« Reply #1129 on: March 19, 2017, 03:32:01 pm »
Pennies i have really been watching your video on the TDI count-are you going to domore videos on that subject--and when you have time would you give me an updated hour chart with the counts on AUD/USD

ForexTrader

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Re: TA Forex Trading
« Reply #1130 on: March 19, 2017, 04:51:36 pm »
probably going to be slow with Japanese holiday today
« Last Edit: March 19, 2017, 05:06:45 pm by ForexTrader »

kermit42

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Re: TA Forex Trading
« Reply #1131 on: March 19, 2017, 05:26:15 pm »
Vernal Equinox Day?!? WTH kind of holiday is that?


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quanticopious15

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Re: TA Forex Trading
« Reply #1132 on: March 19, 2017, 07:26:20 pm »
Pennies......what qualifies a number 1 wave on your TDI wave counting method?       I thought that wave number 1 was marked on the next wave following a lowermost or a topmost wave in the TDI window.     

« Last Edit: March 19, 2017, 08:01:24 pm by quanticopious15 »

Pennies2007

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Re: TA Forex Trading
« Reply #1133 on: March 19, 2017, 08:05:32 pm »
Pennies......what qualifies a number 1 wave on your TDI wave counting method?       I thought that wave number 1 was marked on the next wave following a lowermost or a topmost wave in the TDI window.   

I made these diagrams quite a while back and I kept them to demonstrate where to begin counting the waves, Qui. Here's both diagrams. They demonstrate how to start the count and how to draw the channels.


quanticopious15

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Re: TA Forex Trading
« Reply #1134 on: March 19, 2017, 08:07:50 pm »
It just gets to be mind boggling sometimes pennies.    I'll study your most recent post and see if I can't relearn or maybe just learn how to lay the count out..    Sheesh...

Thank you.     :-[

Pennies2007

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Re: TA Forex Trading
« Reply #1135 on: March 19, 2017, 08:09:33 pm »
Pennies i have really been watching your video on the TDI count-are you going to domore videos on that subject--and when you have time would you give me an updated hour chart with the counts on AUD/USD

Hey Jav. I definitely plan on making more videos if I can get some time. My brother-in-law is running me 60 + hours a week at his store. My wife makes me stay with him...lord knows I'd rather be back here trading all the time...LOL! But my time at the store will be coming to an end soon and I'll have all the time I need to make more training videos.

I've kind of gotten away from doing smaller time frame wave counts because they can get muddy. So I pretty much stick to the larger time frames now because they're much more clear. I only watch the smaller time frames out of curiosity to see how the final movements play out. But I don't spend a lot of time mapping out the waves on anything less than a 4 hour time frame now and sometimes not even that low. Daily, weekly, and monthly give me pretty much all I need.

Pennies2007

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Re: TA Forex Trading
« Reply #1136 on: March 19, 2017, 08:11:07 pm »
It just gets to be mind boggling sometimes pennies.    I'll study your most recent post and see if I can't relearn or maybe just learn how to lay the count out..    Sheesh...

Thank you.     :-[

Yes, it can get confusing sometimes. The easiest way to count waves is to remember the basic rules list. You can recognize TDI waves also by how price action behaves. Here's the rules list again for counting TDI waves...


quanticopious15

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Re: TA Forex Trading
« Reply #1137 on: March 19, 2017, 08:18:38 pm »
It gets dicey counting waves  for me because as with price action, seldom is there a clear 1 thru 5 waves up in any TDI wave from the lowest 32 or sub 32 level to the highest 68 or above before a new identifiable opposing wave has set in.   

You can see an ABC wave count in a major wave up or down or you can see several to as many as a dozen minor waves so it's tough to nail down the final minor wave before the next major wave begins.   And these waves can be side trending for even more than a dozen at times.   

So if you focus on topmost and bottommost waves then it's still tough to identify a wave 1 because of all the possible wave movement.     Side trending while price action is moving up OR down.    TDI waves moving up while price action is moving the same OR the opposing direction.   

It helps to draw trend lines across those TDI waves but it isn't a sure thing all the time for really nailing down a wave count, much less price action.   

 

quanticopious15

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Re: TA Forex Trading
« Reply #1138 on: March 19, 2017, 08:20:49 pm »
I'll check in with you all later.    Thanks pennies.    You are much better at this game than I.   

Pennies2007

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Re: TA Forex Trading
« Reply #1139 on: March 19, 2017, 08:21:21 pm »
Its actually easier than you think Qui. Take any long term chart and look for the highest high and the lowest low you can find. Those peaks at the highest high or the lowest low are almost always TDI wave 2 movements. Start there and lay out the count from that point. If the highest high in price is a TDI wave 2, then the previous higher TDI peak is Wave 1. What follows after Wave 2 must be a Wave 3. Once you have those laid out, the rest is easy. Don't spend too much time on the lower time frames because they do get dicey. Concentrate on monthly, weekly, and daily charts. Get the counts there and don't worry about the rest.

 

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