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Author Topic: TA Forex Trading  (Read 16085 times)

Heavyweight

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Re: TA Forex Trading
« Reply #3300 on: July 19, 2017, 02:10:54 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

As always Simple...your insight is much appreciated.

Pennies2007

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Re: TA Forex Trading
« Reply #3301 on: July 19, 2017, 02:12:36 pm »
Yep, it sure seems overblown at this point. But, as we all know, the market can stay irrational a lot longer than we can stay liquid...LOL!

Heavyweight

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Re: TA Forex Trading
« Reply #3302 on: July 19, 2017, 02:16:04 pm »
Yep, it sure seems overblown at this point. But, as we all know, the market can stay irrational a lot longer than we can stay liquid...LOL!

Ain't that the dang truth

simplegreen

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Re: TA Forex Trading
« Reply #3303 on: July 19, 2017, 06:31:36 pm »
Hard to say why the market remains "irrational" as long as they often do pennies but its even harder to define irrational...consider this...the market makers set the bid and the ask prices...they set these prices because of liquidity for both buying and selling at the NOW prices that are coming across their dealing desks...not on prices they expect it to or should be trading at...but the prices that they have buy/sell orders available at...current liquidity!Its my opinion that the "market" really doesnt care how high or low the exchange rates are..IMO they simply trade them at "NOW" prices.Retail traders look at price levels thinking that price is too high or that price is too low and we see the market in terms of past/future support/resistance and its often effective but when it fails then retail refuses to take the loss and keeps adding to the wrong side giving the big guns the liquidity they need.Stop loss orders add to the liquidity needed for these guys to operate at profit.IMO the ONLY ones that view the market in terms of too high or too low are the central banks because they are the only powerhouse participants that try to control price LEVELS to advantage their nations economies but not to profit from their intervention or "jawboning".The big players are always going to be on the other side of your trade...if you buy then a MM had to SELL it to you...if you sell then a MM had to BUY it from you...simple market mechanics....not a deep dark plot to take your money...its just a simple fact that for a buyer there has to be a seller.The "unfair" advantage that MMs have is they are privy to the huge order flow that crosses their desks 24 hrs a day....that info obviously puts the banks MMs at a VERY advantageous position!A good market maker has a lot of sneaky little tricks but most important one IMO is to convince retail that the direction they choose is right but the opposite of where they know damned well the price is headed.This keeps liquidity levels acceptable for trading at the "NOW" price levels.The only real advantage we retail traders have is we arent in need of extreme liquidity to trade...the MMs have the opposite problem...they must constantly have to seek out liquidity to function.If a $100 million  order hits their desk they have to fill it...but then may have to scramble to keep their books flat if no match is found quickly.
  I better stop since this is getting a bit like a novel and BTW a lot I have said is IMO based on trying to understand how MMs function...get in their heads and you can REALLY get a HEAD(LOL)

Pennies2007

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Re: TA Forex Trading
« Reply #3304 on: July 19, 2017, 06:38:48 pm »
Absolutely true SG. I remember watching a training video from a former institutional trader and he basically squashed every TA method out there as far as moving averages, etc. He said they never look at stuff like that. All they're interested in is finding a spot to fill the orders, just like you said.

That being said, I'm stubborn of course...so I tucked away a small long on UCAD for grins and giggles here at 1.26...LOL!

Pennies2007

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Re: TA Forex Trading
« Reply #3305 on: July 19, 2017, 07:28:11 pm »
AU Daily Channel Chart

Only now does it appear obvious. Homer Simpson moment...DOH!

Looks like we'll likely get a pullback to 0.78 though before it can finish that run topside.
« Last Edit: July 19, 2017, 07:39:26 pm by Pennies2007 »

Pennies2007

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Re: TA Forex Trading
« Reply #3306 on: July 19, 2017, 08:39:22 pm »
NU short flipper at 0.7359.

Heavyweight

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Re: TA Forex Trading
« Reply #3307 on: July 19, 2017, 08:41:34 pm »
AU Daily Channel Chart

Only now does it appear obvious. Homer Simpson moment...DOH!

Looks like we'll likely get a pullback to 0.78 though before it can finish that run topside.

Come on AU 8000 Lol :P

Pennies2007

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Re: TA Forex Trading
« Reply #3308 on: July 19, 2017, 08:50:48 pm »
NU Daily Chart

NU is about to roll over and die gang. Grab those shorts and hang on.

Pennies2007

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Re: TA Forex Trading
« Reply #3309 on: July 19, 2017, 08:51:14 pm »
NU Daily Chart

NU is about to roll over and die gang. Grab those shorts and hang on.

Shush Heavy! Let it die in peace already...LOL!

Heavyweight

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Re: TA Forex Trading
« Reply #3310 on: July 19, 2017, 08:56:04 pm »
NU Daily Chart

NU is about to roll over and die gang. Grab those shorts and hang on.

Shush Heavy! Let it die in peace already...LOL!

Lol...It was almost there pennies anyways. Like 15 pips short

Pennies2007

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Re: TA Forex Trading
« Reply #3311 on: July 19, 2017, 09:18:47 pm »
NU short flipper at 0.7359.

Out of the short NU flipper for 120 bucks profit.

That's the way, uh huh, uh huh, I like it...uh huh, uh huh!

Heavyweight

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Re: TA Forex Trading
« Reply #3312 on: July 19, 2017, 09:48:28 pm »
NU short flipper at 0.7359.

Out of the short NU flipper for 120 bucks profit.

That's the way, uh huh, uh huh, I like it...uh huh, uh huh!

Too funny...I took the 26 pips on AU short instead. No where $120 though but it's profit

Pennies2007

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Re: TA Forex Trading
« Reply #3313 on: July 19, 2017, 11:12:13 pm »
Good deal Heavy. It's not about the bucks though...percentages is where it's at. :-)

Pennies2007

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Re: TA Forex Trading
« Reply #3314 on: July 20, 2017, 07:18:37 am »
Had a small short just trigger on EZ. Not sure if that's a good thing or not with Draghi about to flap his lips...LOL! But it's not a big position so I'll add later if needed.

 

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