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I agree on the UJ long. I've been watching and waiting for an entry
Have to agree with that one pennies. I'm as guilty as anyone there
That patience thing is a work in progress. I like the method of trading and I like to see price movement. I could put my money in my 401k if I didn't wanna take part in it.
Yeah I'm still working on that. Holding for 4-5 days is a stretch for me. Then to get this close only to risk it running back topside for another 100 pips ain't happening. If it retest the top then I'll jump back in
Lol. Glutton for punishment. I know it'll tank. The weekly has a doji at the trendline so it'll get there. Maybe I'll get back in at a better rate.
Alright both AU positions closed out -30 pips per position. I was able to recover some on an AUD/NZD short to minimize the damage. That was a decent recovery since both were over -100 pips each. The market can have it. I'm flat at the moment.
Jav we've been poking at AU for a little while now. Imagine if we caught the right side of that trade.
AU price appears to be trying to form an inverted "J Hook" pattern on the hourly which would suggest further downside coming but it looks like at formed near the bottom of the TDI range. We'll see what happens....
Yeah may also be a short week due to good Friday I think
Morning all. It's bad when the "Today Show" is better than this slow motion market. I see AU is still hanging in there though. Good luck all
Target before the move back up is 7534-7552 IMO of course.
I still feel another run topside is needed first.
Come on AU!!!! 45 pips from breakeven.....
I understand. Lol. We deal with it as it comes
Hey Quan. Hope all is well.
Good evening all. Finally trading day again. Hoping for a green week for us all.
Absolutely, Quan. Stick around. We can all learn something from everybody. Well, I don't see much else going on this afternoon so I've shut down my platform. I'm going out to enjoy this sunshine. Might even wash my car. Have a great weekend to you and all.
Closed out 1 AU and 1 NU position for a few pips to keep the week green. Still holding 2 AU short positions and will add later after a retest of the upper trendline. A bad entry is finally starting to look better. My account was down 20% on those mistakes. A learning experience for sure.
Well asking questions shows your willingness to learn so that's a start, Quan. I spend a lot of time watching charts, patterns and videos etc. Especially when the market is closed so when I see the setups real time it helps a lot. It's usually jumping the patterns ahead of time that gets me. Not to mention going in heavy to start with instead of scaling in so when price does move against I'm in the hole pretty big. Right now I closed out 1 of my AU positions for a few pips that finally went green cause I'm expecting a pop back topside so I can get a better risk/reward ratio and the smaller time frames are bottoming out. Hang in there you'll get it. Just continue to educate yourself.
That's the truth. Lol. When you jump in a trade, I wait a few pips. Haha
This board shortened my learning curve a lot. When I first came to the board a few years ago, I don't remember pennies even posting his personal entries or TP. Just charts and comments. So when he does, that helps validate what I'm seeing. Sometimes I disagree with him when I get to big for my britches and a lot of times I get it wrong. I'm getting better though but the knowledge is priceless. Didn't cost me a thing...except the IHUB fee Lol
Pennies is usually right in the direction and wave count but is almost certainly early (sometimes 300 pips early) Lol. He'll tell you that. Point is we all have habits that we need to work on but when dealing with real hard-earned money it's tough to remain emotionless. We will never get it right all the time especially due to outside forces like world events and market conditions/sentiment. It's always better to wait than to jump in early. Worst case you miss the move and still have your money rather than be wrong and lose it. Now I just wish I could follow my own advise.
I have to admit Quan, one of my problems is the good old itchy trigger finger. If I wanna go long or short, all price has to do is bump in that direction and I jump on it cause I'm afraid I'll miss out on the move and as soon as it moves against me I jump out either missing profit or taking unnecessary losses. That's one of the quickest ways to get burned IMO. That's where patience comes in like it's been preached on this board for a while. I'm still trying to learn it though.
Yes right at/near a weekly trendline. Looks promising. I expected a little more pressure since it did next to nothing yesterday. Plus I just needed to liquidate positions anyways. Still holding out for a green week either way.
That's kinda what I was expecting since there was no pressure behind it. I was able to salvage the NU position for a few pips and trying to salvage 1 AU position but it hit my entry to the pip and popped back upwards. This is gonna take a while.
The 1hr TDI lines are converging though so hopefully it's coming
Yeah tell me about it...lol
Hahaha that's what I thought.
And how long did that take?
If I had a dollar every time that happened I wouldn't need to trade anymore.
That's exactly what's going on. These little bite sized candles are aggravating.
I know pennies. I'm just messing with you. I just don't like taking that kinda hit.
My RSI's have finally flipped to bearish so hopefully it won't be much longer. Funny thing is..I have 4 open positions and not one of them have gone green all day. Lol
Off a bit? How about 300 bits? Geez. I haven't gotten AU right in a while. Hopefully "Panic Friday" will spark some selling before the weekend. We'll probably see (1) 100 pip bar to make things all better.
I trust your count...unless it's on AU Lol
And I considered that but counting waves is not my strong suit. That's your baby
Lol I'm gonna figure out how you do that but I figured that would be how you label it which makes sense.
And a good question too. Who can say for sure? I can't say that it's gonna make a new low cause near term the price action trend is up. I would consider 50% of the current move and leave the rest but as it continues to move upwards the TP does as well though the percentage remains the same. Usually on rising wedges, the TP is around where the wedge begins IMO. Now the spike started around 7434 and that will have to be completed but who's to say that it doesn't run up to 7728 or higher before coming down and completing it at a later time? Then your risk/reward ratio comes in to play. If AU is setting up for a wave 5 down, then that's gonna be essentially a double bounce and price may not go all the way to create a new low because the TDI wave pattern is already pointing down. A new low would mean wave 5 terminates off the chart which isn't happening. My guess is it comes up short and makes a larger move upwards. Take profits when you can.
According to the 4hr wave count, we shouldn't have to worry about that level near term. I was just saying this counter trend move could get there and still be valid that's all.