could you look into TTNN for me and let me know your thoughts
$CYIO looks coiled here
Thanks . out of everything now .taking break til 1st of year . take care .
New Forex Forum Just for Us
Ok gang, I've had it with IHUB at this point. It's bad enough we have to pay to get unlimited posts and then still have to deal with ads and slowdowns, problems posting, etc. Then to have to sit back while it goes down for 2 to 3 days (yet again) is more than I can stand.
So I'm following through on my original promise several years ago...I've created a brand new Forex forum for anyone who wants to join.
1. It's totally free...forever.
2. There are NO advertisements on the forum.
3. You have unlimited posts.
4. You can use the exact same screen names that you have here...mine is already set up as Pennies2007 on the new forum.
5. Looking at posted charts is super easy...you can expand and unexpand the charts without leaving the post itself.
6. We have a free Mobile app as well, although I do have to let you know up front that the mobile app is a general mobile forum app so there are some ads there but they're not intrusive. Plus, the mobile app does a great job of allowing you to see chart screen shots.
I have nothing to sell and nothing to gain by doing this. I just want a clean place that doesn't cost a dime (that doesn't go down every time you turn around) where we can work on trading strategies.
If anyone wants to take a look, just go to this link and register for free.
Looks like it dropped a bit more there for ya Kirby. Good call. I'd be pretty leery about it from here on out though on shorts.
I eased up on my E/U short . playing it safe.
Well looks like the 78.6 is around 120.
Thanks appreciate the heads up !
I was thinking the exact same thing. 118 is a possibility
Yep, market went totally bonkers and took the sucker vertical right here at the end...could still make 118.
out of U/J because slowed down. waiting see if she drops here. still short E/U . took profit on both along the way.
E/U dropping thru support !!:)
The Fed's Magic Act
And so we come to it tomorrow...the big day the market has been waiting on for the year-end Fed announcement.
The entire market has priced in a 100% chance of a 25 basis point hike...literally. That's all the analysts talk about. They also say it'll be a ho-hum moment and that all they're really gonna look at is the statement after the announcement when she speaks at the press conference.
But the EU and UJ charts tell us something different. Those 2 charts are telling us that we're due for some kind of shock reversal on both pairs.
So the question is...what could cause such a shock? It certainly isn't the 25 basis point increase everyone expects, although the "buy the rumor, sell the news" story could kick into play. But that really wouldn't be that volatile.
You see, Yellen's back is really against the wall here. Every country out there is doing nothing but cuts...watering down their currency by cutting rates. Yellen really doesn't want to be the only kid on the block raising rates and risking the US dollar going even higher because she knows that's counter productive. But, she doesn't want to stop the stock market rally either.
Currently, the US dollar and the stock market have gone up together, which is unnatural. They should have an inverse relationship...market up, dollar down and vice versa.
So how does she pull a rabbit out of the hat and keep the market up and tank the dollar? What if...just what if...she pulls a shocker and only raises rates by 1/8 of a percent...only 12.5 basis points instead of 25. Or, better yet, what if she really throws em a curve ball and holds steady with NO RATE INCREASE. Now that one would severely tank the dollar and the market would love the idea of a further free ride...thus effectively killing 2 birds with one stone.
Of course, it doesn't have to be Yellen...the shock could come from another source. But I'm really wondering at this point if things won't go very differently tomorrow than what literally 100% of the analysts are all saying.
Time will tell...just putting in my humble opinion as always.
i went back and looked at a couple of charts-yep it wasn't reliable--oh well
I haven't seen his video before but I just looked at it Jav. Pretty standard stuff...I didn't see anything new in there that I haven't seen before. The TDI squeeze was actually done by Dean Malone several years ago as a viable trade pattern. It can be useful but not when used by itself. I have seen the squeeze patterns fail if they're not coupled with other diagnostic tools to confirm a trade.
DOW Jones Long Term Outlook...Correction
I just realized I posted an incorrect wave count on the DOW Jones chart. This chart shows the corrected version. Basically, we're wrapping up a large 5th wave expanding diagonal. The expanded flat I mentioned in the first post ended in a C wave down during the last recession.
So the sell off, when it comes, will ultimately break the expanding diagonal you see on the chart to the down side. The down side target is still down around 1000...maybe less.
UJ Weekly Chart with Ichimoku Cloud
I remember seeing this a while back and though I'd throw it out there since several of us are watching UJ. I don't use the cloud much anymore but I still glance at it from time to time.
Basically, the last big sell off on UJ caused the cloud to flip over to bearish and thicken out...that provides a really big resistance level to get through and the chances of UJ breaking through this level, combined with the 61.8 retrace, are slim to none.
No problem. Simple introduced the line chart concept to us a long time ago and then Jav made a post about a guy who was using the line charts in a unique way to trade. I just incorporated it in with my other trading methods and it seems to work well. Just another good tool in the box.
For some reason that line chart looks so much better but that's right around the area I was thinking. Thanks for posting that
If we back off of the daily chart a bit, it looks like things are still gonna be wrapping up pretty soon here on UJ. We have the overall 61.8 fib retrace sitting at 115.519 and that's just below a long term prior support level now turned resistance at 116.03.
UJ is very likely to hover until the Fed announcement Wednesday where I strongly suspect it'll just be one of those "buy the rumor, sell the news" deals. A 25 basis point increase has long since been priced in on the dollar rally.
UJ Daily Chart...
Looks like UJ has put me into a 150 pip hole while waiting for the drop. Guess it's not ready just yet. Looks like the next target is on the weekly @ 117. Almost 275 pips away.
DOW Jones Long Term Chart Outlook
Well gang, it's been a long time coming but the market is finally moving up into the ecstatic "it's gonna go up forever" mentality again. Retail is finally bullish again on the overall market perspective and we've got crazy calls coming out about DOW 25,000, etc...same old garbage we always see around long term tops.
Looking at the longer term charts, the DOW has moved into the 2nd leg of a larger corrective series called an expanded flat in Elliott Wave terminology. These are tricky waves because each leg actually extends beyond the starting point of the previous wave leg. So Wave B extends itself out and the final Wave C extends itself beyond the previous Wave A peak, either up or down.
In this case, the last big recession saw the market complete a 5 wave series to the downside. Now, we're in the final throws of a large 3 wave correction topside that made new all-time highs. The next leg down is gonna be seriously ugly though. Since the C wave down has to extend beyond the previous lows, that means the previous lows around 6000 are gonna get smack-gobbered. The market could actually work it's way all the way back down to 1000 or less...yes, you heard that right...1000 or less. Basically, all of the wealth accumulated in the market since the early 70's would vanish.
But, after all of that nonsense is over with, we're gonna embark on a new bull-market that will last for many years. Hyper-inflation, massive upside gold prices, etc...you get the idea.
Yep Heavy, I've got things narrowed down to just the basics now...makes it much easier to see what's going on.
Near as I can tell at this point, UJ is still moving up and down in a near-term correction wave series with a peak near 114.40 or so. After that's tested again, I expect some nice downside volume movement to occur.
Yep, I had one over a week ago I posted on EU but here it is again as it stands now Jav. The Elliott wave count pattern suggests that EU is headed back up to the top trend line to complete the final "E" wave in a large Wave 4 consolidation pattern. After that, it's likely to fall apart and head down to just below parity...somewhere around .9980. After that, it's due for a long term bounce back up.
EU Weekly Chart...
A/U climbing , decision 6 min .
Upbeat RBA to Fuel AUD/USD Rebound- 0.7530 Hurdle in View
The Reserve Bank of Australia (RBA) is widely expected to keep the official cash rate at the record-low of 1.50% at the last policy meeting for 2016, and more of the same from Governor Philip Lowe and Co. may fuel the near-term rebound in AUD/USD as the central bank appears to be gradually moving away from its easing-cycle.