TA Forex Trading

Potential head and shoulders pattern forming on dollar index daily chart.  keep an eye out.

I don't know how much % risk you are taking with your trades, or how many different pairs you are trading at any given time but I see some days on all of these pairs go a couple/few hundred or more pips in a single day and that makes me too nervous to take on huge risk or trade too many positions.     I'm still working on my method of taking an initial entry and then doubling down as I never know for sure how many pips the trade is going to go against me before I could crash my account by doubling down too close together, but so far the methodhas worked for me trade wise 100% since I began trading that way a year ago or so.    Since I don't trust my own TDI wave counting then I try to take my initial trade position after an extended move then double down with each new hit on a price action trend line hit but I'm definitely looking for some distance of price from the 21 MA on the 4 hour and daily chart before I take a chance on doubling down or even making the initial trade.    My biggest problem really though is not holding the trade long enough.    Pennies has a much better handle on holding than I and so do you apparently.    This morning I bailed on one of my Acad positions after 4o pips when I could have gotten a full 90 out of it.   

Mornin' everyone. Quant, I try to take positions that require me to get 100 pips to meet my weekly goal. So if I want to hit $5.00, I need .05 per pip. That's fairly high--about twice what's recommended. But I work at a desk so I can keep an eye on it most of the time and try to take only high percentage positions.

The weak point of my trading is refusal to take small losses--which is how I end up taking large losses. Going in too heavy hasn't been a problem, but not closing when the trade goes bad has. That's why I consider my best move this week to be taking the loss on EN when it broke across the tunnel--my tendency is to wait to see what happens, which sometimes works, but sometimes makes it much much worse.

EUR/NZD Weekly Chart

If EZ maintains this bullish candle outside of the wedge and the TDI shows a firm breakout above it's wedge at the same time by the close this week, then the breakout is confirmed. The first primary target is actually the 61.8 fib retrace followed by the FE 61.8. So a very easy target to aim for is 1.7252. However, I need to emphasize that BOTH the TDI and the price need to break together. Otherwise, we wait a bit longer. But right now it's actually looking really good.

Morning pennies and all.    Both E/Nzd and A/Nzd finally moved up and I could have made my 3% weekly gain on E/N alone had I held but doubts and boredom set in prompting me to sell the day before it popped.    And I wanted to focus on Acad.     Not likely to get my 3% this week, but the day isn't over and maybe I can eek out the 3% average in the weeks to come.   Definately not going to see kermits' 15%!   

 

That would mean taking a light starter position in event price returns to test the lows or at least some degree of pullback but that's alright....I'd likely join you.   

Also, what are the odds of Acad making a brief new daily high as it did back in november on the 10th when it moved up 100 odd pips in a couple hours before the bearish weekly reversal actually set in?     

Very doubtful on Acad. I still see a perfect storm setting up on this stuff especially with AU going bearish and Ucad setting up a 4th wave TDI finish. You may not see much of a bounce at all on Acad. Thats why with TDI wave 4 setups, you have to just take the trade and hold it at the 71.6.

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