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Author Topic: TA Forex Trading  (Read 16109 times)

Pennies2007

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Re: TA Forex Trading
« Reply #510 on: February 14, 2017, 06:11:14 pm »
GU didnt hit my low target Kermit but it could easily drop from here. I'm out of it for now until I get another wave count signal.

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Pennies2007

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Re: TA Forex Trading
« Reply #511 on: February 14, 2017, 06:15:45 pm »
AU weekly chart looks to be setting up for a dip. Not in that one directly but indirectly my EA longs look promising here.

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Pennies2007

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Re: TA Forex Trading
« Reply #512 on: February 14, 2017, 07:06:52 pm »
Just noticed a correlation I've never noticed before. Ucad and EA seem to move in the same direction. The correlation isn't exact but it seems to generally hold pretty well.

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Pennies2007

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Re: TA Forex Trading
« Reply #513 on: February 14, 2017, 07:12:29 pm »
Thought about it some more and realized that Ucad and EA move down when the market is happy. They're both risk off pairs. Only conclusion I can come to at this point is that the markets are setting up to sell off for a while so near term the stock market rally may be ending.

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Pennies2007

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Re: TA Forex Trading
« Reply #514 on: February 14, 2017, 10:19:24 pm »
This thing is going to absolutely explode VERY soon to the topside and bust that wedge wide open. I've adjusted the target slightly due to the current lows. TP is the FE 61.8 right now at 1.5580 so let's just call it even at 1.55 for a viable TP point.

EA Weekly Chart...


Pennies2007

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Re: TA Forex Trading
« Reply #515 on: February 15, 2017, 07:16:29 am »
EA Daily Chart with Wedge Throwover

The spring is wound tightly now. This last move down is ideal for a hard reversal pattern to set up. It's called a wedge throwover. Here's a link to anyone interested in seeing how these things play out.

http://thepatternsite.com/EWDiagTriangle.html

kermit42

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Re: TA Forex Trading
« Reply #516 on: February 15, 2017, 10:48:01 am »
I'm quite surprised by the dollar collapse here. I took some GU off the table at 1.24, but I'm wishing I took it all off.

Pennies2007

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Re: TA Forex Trading
« Reply #517 on: February 15, 2017, 11:04:45 am »
Yep thats why I didnt get back in GU again. A lot if times I'll have a target in mind but I usually close early. Thats why I had that 1.24 lowside target TP set initially. It was a good middle ground round number to bail out. I've tried holding to completion before and I normally get stuck holding the bag...lol! So I've learned the hard way to take da money and run.

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Pennies2007

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Re: TA Forex Trading
« Reply #518 on: February 15, 2017, 12:17:02 pm »
EU 4 Hour Chart

EU is about to bust a gut topside in a big way very soon here. The channel is complete and the large bullish candle from the bottom is setting up the breakout condition.


javalin

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Re: TA Forex Trading
« Reply #519 on: February 15, 2017, 01:19:15 pm »
Pennies thanks for that guy's pattern site-use to have it bookmarked on other computer-lately have been searching for it-you must have read my mind

Pennies2007

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Re: TA Forex Trading
« Reply #520 on: February 15, 2017, 01:20:17 pm »
Its a handy site Jav. I still refer to it from time to time.

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Pennies2007

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Re: TA Forex Trading
« Reply #521 on: February 15, 2017, 03:28:47 pm »
EA Weekly Chart Alternative

There is another possibility here as well besides the falling wedge. We could be looking at a larger ABC correction that can ultimately move down as far as 1.34 to 1.35. That would put us back at a confluence of 2 key fib levels. One is the 1.414 extension of the first Wave A movement down. The other is the 61.8 fib of the entire movement up off of the low back in 2012.

We're currently sitting at the 127.2 fib so we can easily see a bounce here first before that last push down begins. A bounce back to 1.41 is still easily obtainable from here before it drops again. Or, the original falling wedge pattern may very well be accurate and it just takes off north and doesn't look back.

So worst case, we get a drop to 1.34, which isn't that big a deal on the larger time frames. Nothing to do but wait it out and see.


Pennies2007

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Re: TA Forex Trading
« Reply #522 on: February 15, 2017, 03:45:12 pm »
EA Weekly Line Chart

I love the line chart because it makes things very clear. We're actually at a triple junction support intersection here so we may get a nice bounce after all.

The yellow parallel trend lines show the primary down channel...that's #1 support at the bottom trend line.

The white trend line is drawn across previous peaks in price action that we broke above before....that's #2.

And finally we have the green trend line drawn parallel across prior support levels in price...that's #3.

So a nice pop from these levels would be expected with that much support intersecting here. I would think a minimum move would be back to the top of the yellow parallel channel lines at the least.


ForexTrader

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Re: TA Forex Trading
« Reply #523 on: February 15, 2017, 06:40:17 pm »
Wish I hadn't been stopped out of my Eur/NZD short the other night.  >:(

ForexTrader

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Re: TA Forex Trading
« Reply #524 on: February 15, 2017, 06:44:37 pm »
Shorted Gbp/Jpy at 142.25. 

 

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