Looking for my next Forex trade
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All green pips are good ones...book da money and let the market have the rest.
LOL! Couldn't help it...the market pulled me back in with the 1 minute chart...LOL! It said a pop was coming back on USD/DKK and I obediently listened.
TP set for 6.730...maybe...
I think the CAD pairs in general are due for some more downside based on what I see on ACAD, where I'm currently still short. Not sure how far down they'll drop but the potential is there for a pretty good move down overall.
Well, USD/DKK says to go long again so long I am...LOL!
Yep, that's only another 50 pips or so on USD/DKK for 10 pips of movement on EU.
Might not take any more trades today. London will be closing in about 40 minutes and things tend to slow down a lot then.
LOL! Yep, that too.
Looking for a short opp now on USD/DKK. Waiting...sucker is moving up hard. I left a lot of profit on the table.
TP hit on both USD/DKK longs. 446.5 pips total for the day so far.
One nice thing about playing the 5 minute chart TDI wave counts...we don't have to wait days for them to move...LOL!
And there's the 1st bull candle back up on USD/DKK just like the count said it would do...LOL! This is fun.
Here's my current count on the 5 minute USD/DKK chart. It's completed a 4 wave move but the minor Wave 2 back up for a slight new high hasn't finished yet. I'm riding that minor 2 back up and then I'll look for shorts.
I'm discovering that I can play other counts in between the Wave 4 termination points as I get a better feel for how the waves move.
Added a 2nd USD/DKK long. Both still set for 6.72 TP.
LOL! All I did was get the current TDI wave count on the larger time frame and then drop to the 5 minute to try to time the entries. It works pretty well actually.
I'm actually playing the 5 minute chart on a pair with a 600 pip ADR...LOL! It's a blast.
Took 88 pips profit on the USD/DKK long. Waited for the retrace and back in long again with TP set at 6.72.
It's really a nice moving pair if you trade long term stuff. Short term, it can whipsaw quite a bit but it's fun as a change-up to the regular pairs.
It's more expensive to trade than most pairs. So smaller positions don't count as much. In a way, that's good news since the pair averages 500 to 600 pips a day ADR.
Long USD/DKK at 6.7112. Haven't played this pair in a while so this ought to be either fun or painful...LOL!
If my long is successful, EU will drop. If I'm too early, EU will rise.
I'm still nursing my way back from that boneheaded move I made last week on a much-to-big order that I had to close for a loss...LOL! So it's not all roses just yet.
There are some potential nice Wave 4 retraces that are going to be setting up in the next day or so on several pairs. Should make for some nice gains.
Gotta run for a bit but I'll post some charts when I get back.
AU Hourly Chart
Still working on Wave 3 down for now. The 4 hour 3rd wave down is still going. Even when we do finalize the 5 waves down here on the hourly chart (in red) it still has to have a 1-2 movement back up before it can reach a near term bottom to move back up for the hourly Wave 4.
Once the bottom trend line breaks in that wedge, it's all over with near term for upside.
Took 197 pips profit total on my last 2 GJ shorts and the 1 EA long I opened last night.
EA still hasn't produced the high volume candles I like to see for the next leg up and the hourly EA TDI has moved up in 5 waves now so I'll wait on that one a bit longer to re-enter.
That's what I do. I don't mind getting egg on my face...LOL!
Back in the EA long again with a small position after closing out the bigger ones. That thing still looks primed for a serious pop north.
TP set for 1.52.
LOL! There's a chip of the old block..."That's my story and I'm sticking to it."
Always be confident...that's a key step.
Actually, the TDI on the UJ 4 hour chart seems to suggest that price has formed a bearish head and shoulders pattern, which would lead to a break of the ledge to the downside.
When price forms a head and shoulders, the TDI normally responds with 3 lower peaks at each point on the price action H&S.
Of course, the confirmation would come with a break on the price action below the neckline only.
UJ 4 Hour Chart again...
Ahhh, I see what's happened. But the TDI head and shoulders (or IHS) and price action head and shoulders (or IHS) behaves a bit differently.
Once the neckline breaks on the TDI IHS, the price has to come back down to retest the neckline. During that test, price has to make a lower low overall. On top of that, price also has to make 3 lower lows at each shoulder and the head. So, in order to be valid, the first low on UJ would be at the left shoulder. The next lower low in price would be at the head. The 3rd lower low would be at the right shoulder. Then, we'd see a neckline break and a retest which would give us a final low on price.
I've never seen a valid TDI head and shoulders or TDI IHS where the price didn't make 3 consecutive highs or 3 consecutive lows before the neckline broke. UJ doesn't fit the mold on this one for a valid TDI pattern.
Here's an example of a correctly aligned TDI IHS pattern on a GU daily chart from a while back. A lot of times, the TDI may look like it's forming the pattern but unless price action matches, the pattern isn't valid.
LOL!
The best way to describe UJ right now is...it's stuck. The weekly does show that we likely had an initial Wave 1 up but Wave 2 back down to form a lower low hasn't come along yet. So I'm still expecting downside there overall.
Ssshhh! It'll hear you...LOL!
I vote for down...of course, BOJ left things unchanged in their statement and said no further easing is needed right now. That actually removes any market impetus to sell the yen, so it makes them more inclined to buy the yen, which would drop the yen pairs. Of course, I'm biased since I'm short GJ.
UJ 4 hour chart...
RBA minutes just released. While they left the rate unchanged a couple of weeks ago, the new minutes show that they're not happy with the current low inflation. The language of the statement has been modified to leave the door open to further easing to reach their target rate.
Bottom line...the Aussies are getting ready to join the rate cut club with the rest of the world. That's pretty well gonna cap any bullish sentiment if the market thinks they're gonna cut rates soon.
The US is the only holdout, opting to raise rates while everyone else is either cutting or going to negative interest.
Yep, we got a nice 5 wave move down to start things off so a move back towards the highs is expected at this point. But longer term, I'm expecting more downside. I took a short earlier and got some pips but I'm waiting now to see what we get next. AU news is due out soon tonight...monetary policy meeting minutes.
Afternoon, Simple. Yep, everybody is on hold until the big news gets cranked up this week, mainly the Fed on Wednesday. Could be slow till then.
Long EA at 1.4786. Getting ready for the next leg up.
Busy week coming...here's the recap of what's on tap...
http://www.bloomberg.com/news/articles/2016-03-14/china-stimulus-iran-pumps-more-oil-and-bug-week-for-central-banks-what-people-are-talking-about