TA Forex Trading

Revised ACAD short target based on current peak price during TDI wave 4...

Daily Chart...

Yep, have to be careful of that Qui. I was just telling a good buddy of mine that's learning to trade that closing a position for profits and then re-entering the same position for fear of missing out is always a bad idea unless you have a solid, clear-cut idea based on TA for a target further away. Its an account killer.

I used to do the same thing back when I was learning to trade and it cost me dearly. Think of it this way...when we close a position for profits, we do it for a reason. Re-opening a position on the same pair in the same direction negates our reason for taking profit in the first place, which means one of the 2 decisions is wrong automatically....usually, its the 2nd decision thats wrong in my experience.   

Shorting GU at 1.2842. I've got 4 different fib measurements showing confluence in this area. TP set for 1.2565.

The confusion for me on U/DKK is that price is at a descending line of support on the daily chart, but at the same time, it is not at a price action zone on the daily so I feel there is more to be made by holding it as it moves against myself and adding again a little later.    Plus I don't feel safe yet adding to my long based on the daily chart so why would I close out my short?    Anyway, it is at some support here in this descending wedge on the daily and I don't know what to really expect for sure.

Remember Qui, everything is based on TA. USD/DKK is the inverse of EU so if EU does top out right here, EU will fall and USD/DKK will rise. Of course, only you can determine what your risk tolerance is and you do have a hedge position running so your cumulative risk isn't as heavy because of that.

Here's the EU chart I have. EU has hit the first real resistance level here but can rise a bit more (maybe 40 to 50 pips) before running headlong into the next one right above it.

We also have the TDI mapping out a full 5 wave sequence in an expanding diagonal as price is moving in a contracting diagonal.

Put it all together and it makes sense to not plan on EU moving up much more from here which means USD/DKK most likely has limited downside from here.

All IMO of course...I don't want to talk anyone out of a trade. I'm just presenting the TA evidence as it appears on the chart.

I just added to my long here.    My short is closed and I'll add another long later if necessary.    Thanks pennies.    I think your assessment is probably right on.   

You never know Qui...I've been wrong before...LOL!

Ok, that's all for me tonight.     I'll be checking in again tomorrow at some point.    Gotta have some adaptors cut for my ball joint kit and it's going to be driving family around too now that we are down to one vehicle till I get that dang chrysler product back on the road.

Added EJ short at 121.96.

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Added a UCAD flipper back in on the partial retrace this morning. The overall pattern looks really good for a nice drop over the next few weeks.