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Author Topic: TA Forex Trading  (Read 16099 times)

ForexTrader

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Re: TA Forex Trading
« Reply #525 on: February 15, 2017, 06:46:31 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.

I agree.  Looks good for a long. 

quanticopious15

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Re: TA Forex Trading
« Reply #526 on: February 15, 2017, 06:50:28 pm »
Pennies......can you post a chart showing why you expect Aud/Nzd to move above the weekly highs 1.075 since june 2016?     I'm just hoping to get out even at 1.0767 at this point, and I'm not sure it'll even get there before it tops off again and heads possibly below 1.00.

Pennies2007

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Re: TA Forex Trading
« Reply #527 on: February 15, 2017, 06:53:23 pm »
Yep, here it is Qui...same chart I've had laid out for months now. The TDI wave count shows Wave 4 complete and Wave 5 up in progress plus there's a smaller IHS pattern on price setting up. Break the neckline and my FE 61.8 target and the target for the IHS completion line up nicely. I have my TP set at 1.11.

AUD/NZD Weekly Chart...


Pennies2007

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Re: TA Forex Trading
« Reply #528 on: February 15, 2017, 06:56:59 pm »
Wish I hadn't been stopped out of my Eur/NZD short the other night.  >:(

I know what you mean. I hate getting stopped out, only to have it turn right around and go in the direction I wanted it to go in the first place...it stinks.

So I fixed that by simply not using stop losses anymore...LOL! Of course, I don't recommend that for anyone. I've just gotten adjusted to it. Since I play primarily daily, weekly, and monthly charts, it's not a big deal. I just adjust the risk down and the fluctuations back and forth don't matter to me, even if they're several hundred pips because typically I'm looking at TP levels that produce thousands of pips as a whole.

quanticopious15

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Re: TA Forex Trading
« Reply #529 on: February 15, 2017, 07:00:22 pm »
Thank you sir.    I'm now on the same page with you.    I may exit at break even though and look for a better reentry if it is provided.   

Added small to my E/A and won't be adding again unless we see 1.1.35 at the 61.8 fib level I have on chart.    Definitely  on the same page with you on E/A.

Pennies2007

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Re: TA Forex Trading
« Reply #530 on: February 15, 2017, 07:02:43 pm »
By yhe time Aud/nzd gets back to your break even point, its gonna keep headong north. As long as the position is small relative to your account, just hold it and wait it out.

Sent from my LGL62VL using Tapatalk


ForexTrader

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Re: TA Forex Trading
« Reply #531 on: February 15, 2017, 07:04:10 pm »
Wish I hadn't been stopped out of my Eur/NZD short the other night.  >:(

I know what you mean. I hate getting stopped out, only to have it turn right around and go in the direction I wanted it to go in the first place...it stinks.

So I fixed that by simply not using stop losses anymore...LOL! Of course, I don't recommend that for anyone. I've just gotten adjusted to it. Since I play primarily daily, weekly, and monthly charts, it's not a big deal. I just adjust the risk down and the fluctuations back and forth don't matter to me, even if they're several hundred pips because typically I'm looking at TP levels that produce thousands of pips as a whole.

I hate stops.  it just sucks waking up to see the position went way against you.  thats my biggest problem trading the way i do.  wish i didnt have to sleep haha

Pennies2007

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Re: TA Forex Trading
« Reply #532 on: February 15, 2017, 07:07:02 pm »
LOL! I used to do that too. I'd stay up most of the night and get by on only a few hours sleep a night, all week long. Now that I've switched to long term charts, I don't have to babysit anymore. I just trade it and forget it. Of course, I still like to daytrade occasionally, usually the 15 minute chart. But I'm almost always in and out the same day when I do that.

quanticopious15

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Re: TA Forex Trading
« Reply #533 on: February 15, 2017, 07:08:11 pm »
Indeed it is small.....my original small entry I've had since Oct last year.     Made very good on my add positions but definitely didn't play it right from the git go.

ForexTrader

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Re: TA Forex Trading
« Reply #534 on: February 15, 2017, 07:17:15 pm »
LOL! I used to do that too. I'd stay up most of the night and get by on only a few hours sleep a night, all week long. Now that I've switched to long term charts, I don't have to babysit anymore. I just trade it and forget it. Of course, I still like to daytrade occasionally, usually the 15 minute chart. But I'm almost always in and out the same day when I do that.

yeah, only way i've been profitable is trading lower timeframes ....so i'm stuck dealing with the stressful nights (unless i use a stop). 

Pennies2007

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Re: TA Forex Trading
« Reply #535 on: February 15, 2017, 07:17:46 pm »
Good deal. Just do what I do. I'm almost always early on my trades as you well know. So I take a long term position and then I'll drop to lower time frames sometimes and play flippers. Take EA for example...I took that flipper position below 1.38. I'll close it out around 1.39 and then wait to see what we get next. That satisfies my inner longing for near term profits while I'm waiting on the larger time frames to play out, which, unfortunately, can take weeks or months depending on which time frame I choose from the daily on up. But I've learned to be very patient and just wait them out so I'm able to produce profits on a yearly basis without any stress.

One of the most important things I did though is I removed any resemblance to goals...I have no daily, weekly, or monthly goals such as percentages, pips, dollars, etc. While it's nice to have goals, I've found that in Forex it can work against you because if you have near term goals, that can force you into sometimes making bad trades to try and make the goals happen. So I've evolved to a point where I literally just take what the market offers. Some weeks I make nothing at all. Other weeks, things align nicely and I start getting trade targets hit left and right. All of that translates into more money at the end of the year than what I started with (without any stress) and that's our ultimate goal...to make more than we lose, just like any other business venture. It's difficult to get to that point though because we all would like a steady income from Forex on a daily or weekly basis. But sometimes the market just doesn't want to cooperate and we're forced to wait it out or close the trade and go hunt for another one.

So, we have to do it like Luke did in Star Wars..."Let go Luke"...LOL!

Pennies2007

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Re: TA Forex Trading
« Reply #536 on: February 15, 2017, 07:23:27 pm »
LOL! I used to do that too. I'd stay up most of the night and get by on only a few hours sleep a night, all week long. Now that I've switched to long term charts, I don't have to babysit anymore. I just trade it and forget it. Of course, I still like to daytrade occasionally, usually the 15 minute chart. But I'm almost always in and out the same day when I do that.

yeah, only way i've been profitable is trading lower timeframes ....so i'm stuck dealing with the stressful nights (unless i use a stop).

Actually, if you have a good system in place on the lower time frames, you can definitely make money on the larger time frames. If you stop and really examine the things that make a successful trading system work, the same scenario can be played out on any time frame. I've trained a lot of traders over the years 1 on 1 here locally. One of the first things I do when I start out with them is to take 2 chart snapshots, 1 from a 5 minute chart and 1 from a weekly chart,  and then go in and edit them to remove all pricing information...the only left is just candlesticks and the name of the pair. Then I ask them if they can tell which is which. Invariably, they have no idea which is which because, when you strip it all down, price action is the same regardless of the time frame. The only difference is risk adjustment and the time it takes to complete a trade.

Once you get past the idea that time frames make a difference, you'll find that you can trade long term time frames and sleep very well without having to worry about news announcements, stops, or anything else that keeps you up at night.  :-)

ForexTrader

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Re: TA Forex Trading
« Reply #537 on: February 15, 2017, 07:39:44 pm »
yeah, i dk.  longer term trades didn't work for me.  i think it was due to a combination of things, most of all patience.  1-7 day holds suit me best besides the nighttime problem.  what youre saying makes sense though and should be true

Pennies2007

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Re: TA Forex Trading
« Reply #538 on: February 15, 2017, 07:44:51 pm »
Yep, the patience thing can be a real pain. I've held trades before that last for months. So I just ignored them and went on to trade other things while I waited. In my primary account, I never risk more than about 2% on any given trade, sometimes less. So I'm never in a bind and it leaves me plenty of dry powder to do other trades.

My public account that I posted here is very different. It's a high risk account and I play with it a lot so I don't worry about percentages or even blowing it up...it's my gambling account. But it still does pretty well over a period of time since it's only a few thousand dollars. That account satisfied my adrenaline junkie Forex fix so I don't mess with my main account...LOL!

Pennies2007

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Re: TA Forex Trading
« Reply #539 on: February 15, 2017, 07:56:12 pm »
GU 4 Hour Chart

Hey Kermit, I'm looking at this GU chart and thinking it still has more downside coming soon. Once this partial retrace wraps up, the larger move down will manifest itself. I still think you have a good shot at hitting that lower FE 100 level near 1.22, although you may see some bounces in between.




 

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