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Author Topic: TA Forex Trading  (Read 16133 times)

Pennies2007

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Re: TA Forex Trading
« Reply #1170 on: March 22, 2017, 11:24:25 am »
Almost forgot. TP on the GU short set for 1.17.

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Pennies2007

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Re: TA Forex Trading
« Reply #1171 on: March 22, 2017, 04:29:51 pm »
ACAD 4 Hour Line Chart Update

Back to the bottom trend line in the rising wedge. Now we wait to see if things get interesting. Once the channel breaks to the downside, its all overwith for the bulls. Normally, there's a dead cat bounce during the final movement right at the trendline one last time but it seldom makes a new high. After a retest near the highs, it usually comes crashing down right through the channel bottom.

I'm patient...time will tell.

Pennies2007

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Re: TA Forex Trading
« Reply #1172 on: March 22, 2017, 04:43:42 pm »
Leaving a limit order to go long on EA if it pulls back to 1.3950 with TP set at 1.4290.

kermit42

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Re: TA Forex Trading
« Reply #1173 on: March 22, 2017, 07:32:55 pm »
I kept my GU short, which is now about 120 pips to the bad. But I added at 1.2480. Attached is the daily. It's been channeling for a while, at least since the flash crash (which shows on this chart as 1.19, though on other charts it went much lower).

Anyway, it's making lower highs. The TDI is equal to the last peak (marked by that red line), but the price is about  200 pips lower. It should drop starting somewhere around now.
« Last Edit: March 22, 2017, 07:34:46 pm by kermit42 »

Pennies2007

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Re: TA Forex Trading
« Reply #1174 on: March 22, 2017, 09:06:30 pm »
EG 4 Hour Chart

This is absolutely one of my favorite TDI patterns. It goes hand in hand with the TDI wave count. Basically, the TDI itself forms an IHS pattern. During a downtrend, each of the 3 TDI IHS peaks results in a lower low in price. What happens afterward is another shot north on price action which results in the TDI breaking above the neckline. Price will then retrace again as the TDI retests the neckline, often resulting in one final low in price. Once the TDI begins curling back up off the neckline, you can go long and expect a really nice pop in price.

The move up on the TDI to break above the neckline should begin tomorrow. I added another long position and I'll probably close them at some point and wait for the TDI to retrace back to it's neckline and then hit it again.

Its like an ATM machine when these patterns set up.


ForexTrader

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Re: TA Forex Trading
« Reply #1175 on: March 22, 2017, 09:08:34 pm »
I kept my GU short, which is now about 120 pips to the bad. But I added at 1.2480. Attached is the daily. It's been channeling for a while, at least since the flash crash (which shows on this chart as 1.19, though on other charts it went much lower).

Anyway, it's making lower highs. The TDI is equal to the last peak (marked by that red line), but the price is about  200 pips lower. It should drop starting somewhere around now.

GBP's retail sales number should be very important tomorrow morning.  a good number and GBP pairs should pop pretty hard imo.

Pennies2007

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Re: TA Forex Trading
« Reply #1176 on: March 22, 2017, 09:13:08 pm »
I'm going to hazard a guess based on just the current technicals and say that GU tanks on the news whether the numbers are good or bad. But I've been known to be wrong...lol! Headed to bed...night gang.

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ForexTrader

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Re: TA Forex Trading
« Reply #1177 on: March 22, 2017, 09:23:52 pm »
I'm going to hazard a guess based on just the current technicals and say that GU tanks on the news whether the numbers are good or bad. But I've been known to be wrong...lol! Headed to bed...night gang.

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Anything's possible.

Pennies2007

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Re: TA Forex Trading
« Reply #1178 on: March 23, 2017, 03:33:47 am »
Cancelled the EA long position limit order I had. Looks like it might just go ahead all the way to 1.43 after all. Best to just take the trade and wait it out instead of flipping it...oh well...always another trade waiting. Still waiting to see if UCAD gets back up to my 1.3450 short target.

Gone for the day...later gang.

Pennies2007

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Re: TA Forex Trading
« Reply #1179 on: March 23, 2017, 04:37:10 am »
Looks like they're gonna go ahead and finish out the TA pattern on GU to the 1.26 level after all...excellent! Another opp to add a short and wait for the bigger rollover later.

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Pennies2007

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Re: TA Forex Trading
« Reply #1180 on: March 23, 2017, 05:08:32 am »
GU Daily Chart

Still the same long term setup from an earlier post. Regardless of what it does here near term, it's gonna die one more time and is very likely to make a new daily low. But once it does, we need to look at going long and just holding it for a very long time as it begins a topside rally that could easily last for months. For now, shorts are in play from here up to the 1.2650 level.


Pennies2007

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Re: TA Forex Trading
« Reply #1181 on: March 23, 2017, 05:10:49 am »
Went ahead and cancelled the limit order to short UCAD at 1.3450 also. I'd rather just wait and see how it plays out. ACAD has solidly broken it's channel line to the downside so we'll wait and see how it plays out.

kermit42

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Re: TA Forex Trading
« Reply #1182 on: March 23, 2017, 06:34:33 am »
GU had a nice pop from that news, but it seems to have run out of steam. As usual, wait a couple hours. If it stays up above 1.25, then best to step aside and let it find its top. But if it returns to the starting point, then expect more downside sooner rather than later.

Pennies2007

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Re: TA Forex Trading
« Reply #1183 on: March 23, 2017, 07:17:04 am »
The 4 hour EG chart is still primed to pop near term Kermit so I can only assume that GU is gonna have to drop back to make that happen. But after that, I can still see GU moving up one more time to complete the final ABC cycle around 1.2650 before tanking hard.

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kermit42

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Re: TA Forex Trading
« Reply #1184 on: March 23, 2017, 07:49:54 am »
I don't need it to go to 1.17 just yet. I'm happy if it breaks 1.24. EURNZD has shown less volatility this week than I'd hoped, so the success of my week turns on a medium-sized drop in GBPUSD in the next 30 hours. It's not showing much strength at the moment, it's just sitting there.

 

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TA Forex Trading by Heavyweight
September 30, 2018, 11:48:51 pm