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Author Topic: TA Forex Trading  (Read 16068 times)

Pennies2007

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Re: TA Forex Trading
« Reply #3285 on: July 18, 2017, 06:11:55 pm »
Closed my NU short for a bit over break even. I want to wait and see how it progresses tonight and into tomorrow morning before I take another position.

Pennies2007

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Re: TA Forex Trading
« Reply #3286 on: July 18, 2017, 06:46:40 pm »
EU Daily Chart

Still of the opinion we're setting up for a drop here. Hit the top of the rising wedge and pulled back so the market definitely is paying attention to TA resistance levels.

Negative divergence set up across the TDI peaks. The market is waiting on Draghi. Every setup needs a catalyst.


kermit42

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Re: TA Forex Trading
« Reply #3287 on: July 18, 2017, 07:10:47 pm »
I really thought we were on to something with the EURNZD pop yesterday, but it's still going the right direction. So there's that.

Pennies2007

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Re: TA Forex Trading
« Reply #3288 on: July 18, 2017, 09:31:11 pm »
I really thought we were on to something with the EURNZD pop yesterday, but it's still going the right direction. So there's that.

Just my 2 cents worth here Kermit. Possible topside still exists up to 1.5950 or so from current levels. The overall pattern is called a Double 3. Basically, 3 waves up and then 3 waves (possibly 5) back down.

The TDI Wave count indicates that it's currently grinding out a Wave 4 retrace which typically goes to the 71.6 fib level of the Wave 3 drop.

After that, I'd be looking for more bearish activity.

EUR/NZD 4 hour Chart...


Pennies2007

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Re: TA Forex Trading
« Reply #3289 on: July 18, 2017, 10:01:38 pm »
Scalping NU to the topside now. Downside pressure has been at a minimum. Long position at 0.7344. Probably won't hold it long though.

Pennies2007

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Re: TA Forex Trading
« Reply #3290 on: July 19, 2017, 12:17:19 am »
Took 105 bucks profit on the NU long at 0.7355 right near previous resistance levels, although I still see it going back to at least 0.7365. A nice C note here and there keeps the wife happy and keeps her from thinking we're totally wasting our time trading...LOL!

Pennies2007

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Re: TA Forex Trading
« Reply #3291 on: July 19, 2017, 01:05:17 am »
Probably a bit early but all preliminary indications are that EZ has already topped out just above the 61.8 fib level. Still, I'm only placing a small short position here at 1.5959 in case it moves back up a bit.

Targeting 1.51 on the short position.

Pennies2007

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Re: TA Forex Trading
« Reply #3292 on: July 19, 2017, 01:16:40 am »
Chickened out for a measly 24 pips on the EZ drop...LOL! I'm a wimp.

Pennies2007

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Re: TA Forex Trading
« Reply #3293 on: July 19, 2017, 01:18:28 am »
Short AU at 0.7941 right here at the top of the zone I have marked on the daily chart.


Pennies2007

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Re: TA Forex Trading
« Reply #3294 on: July 19, 2017, 01:20:22 am »
On a side note, the EA running on the 5 major pairs just closed out another profitable trade. Now up 1% on the week.

https://www.myfxbook.com/members/nettechs/breakout/2184811

Pennies2007

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Re: TA Forex Trading
« Reply #3295 on: July 19, 2017, 10:58:32 am »
Here ya go Jav...you'll appreciate this chart.  ;D

javalin

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Re: TA Forex Trading
« Reply #3296 on: July 19, 2017, 11:29:34 am »
Thanks Pennies-when is this AUDUSD gonna die  :'(

kermit42

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Re: TA Forex Trading
« Reply #3297 on: July 19, 2017, 12:21:15 pm »
Hi Pennies. I would happily take a 1.595 on EZ before the next drop.

simplegreen

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Re: TA Forex Trading
« Reply #3298 on: July 19, 2017, 12:27:47 pm »
Well pennies and all we have an interesting situation with battle between technicals and fundamentals where USD..AUD and NZD are concerned...hard to call this thing..USD drop has been given an excuse for further selling by Yellen when she spoke real dovish about further rate increases...couple this to AUD's newfound global strength fueled largely by China's surprise 6.9% reported economic growth...add to this the fact that the market has become yield hungry again so buying AUD and NZD satisfies risk appetite nicely.10 yr Aussie bonds yield 2.75% whereas US 10 yr is 2.26%...in order to buy Aussie bonds one must first buy the Aussie dollar....thats the way the game is played.US fundamentals are  not exactly stellar yet  so not much chance for USD to turn around anytime soon...Aussie has AAA rating and is showing slow but steady fundamental improvement.I'm betting fundamentals and risk appetite to win this battle but could be wrong..techs are sure getting  top heavy on AUD and NZD with both pairs only a stones throw away from SMA200 on the weekly chart!Sure gonna be interesting to see what the market does with weekly SMA200!!!   On AUD my charts show about .80 and NZD about .7430  for weekly 200

simplegreen

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Re: TA Forex Trading
« Reply #3299 on: July 19, 2017, 12:37:22 pm »
BTW guys...when I spoke of weekly SMA200 just above where AUD and NZD are trading I failed to mention that USD/CHF is now trading just below its weekly 200!!..if it doesnt bounce back above soon it sure might see a nasty downside and a long recovery effort to get back above that mark

 

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