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Nice going Jav and hats off to you and anybody that was those EU/EA pairs. I'm jealous lol. I'm just glad I can help a little. I think we are at a turning point as a whole now. Enjoy your movie.
Hope everyone had a nice profitable day.
Have fun. Hope you find something good out there.
Yep. If the wave count is correct then it should go down to around 9890 then blow the top off.
Yep and to think I jumped out of that trade. Oh well, can't have regrets. Welcome back Kirby
WTG Jav
Lol Glad it helps Jav. The thing flat out works and it's easy. I've been racking my brain trying to find it again to pass it on. I think today has been a good day across the board.
Good luck Jav
UCAD went a whopping 6 pips against me before dropping. Then faked me out of my position. Was expecting a small move back topside here. Either way I took the 30 pips profit.
I haven't traded ACAD in a while.
UCAD could still go to 1.3420 to complete the pattern. Either way I'm short for now @ 1.3387. I said near term because there's at least 3 levels above on larger time frames that haven't been tested yet. If it looks like it's going there then I'm out.
Hahaha. I don't know if we want too many eyes. The brokers might start pulling their tricks. UCAD is looking like a good near term short. Can't break the previous at this point. We'll see though at the top of the hour.
The part pennies is that I knew ahead of time it was going there and still didn't take the trade. Guess I'm like a charity case or something. "No market I don't want your money"
Jav they happen all the time on all time frames. I think that just depends on how often you want to trade. I have to lean toward what pennies suggest on larger time frames since they determine the trend. As a scalper, I'm in where ever they appear. The drawback though like what happened to me earlier is trying to trade on a smaller one when a larger one is in progress. I got trapped...
http://www.sidewaysmarkets.com/2014/04/day-trading-spike-and-ledge-pattern.html
That's cool Quan. Also check out the link that helps as well...
http://www.sidewaysmarkets.com/2014/04/day-trading-spike-and-ledge-pattern.html
Hey Quan, remember that UCAD trade I told you about? Check it out
Yeah pennies look like it might want to complete the one at 7427 first from the daily. Dang I missed that one. Oh well and it just tagged a small one on the 30 min hence the quick pop back up. Oh I love it.
Jav is spending all the money he made last week wearing his straw hat and sipping a pina colada lol
Absolutely. Like on NJ, I was expecting it to go up and fill the void so I went long but instead they took it down a bit and has me trapped... for now. It'll eventually fill it's just a matter of when. So I'm holding for now.
The only way we can be 100% sure is if we can personally move the market. Since we can't, then we stack probabilities and determine the likelihood that price is gonna move one way or the other. Basically a see saw effect. AU has burned me big this week for over 100 pips ( that's big for me ). Since then I'm up over 200 pips. Slow and steady gains. There are few homeruns in this game unless you were on the right side of EA this morning. Base hits are what we're looking for
Alright took 43 pips on those AU short positions. It acts like it wants to move back up. And I got conflicting info with the NJ which I am currently long...
And the TDI is high in the range. I guess they will complete it at a later date. Plus the ADR is about maxed out.
We all are supposed to be confident in our analysis when we take a trade. That's why we set the rules. I'll be the first to tell you that I hardly ever stick to them though. Sometimes I suffer a little because of it and sometimes I suffer a lot. That's on me though. One thing I can tell you though, My learning curve would've been a lot longer if it wasn't for this board. A lot times I've withdrawn my money and said screw it but somehow found my way back. Just hang in there. We're here to help....
It almost got there too. Lol. The good part is that this spike means it's gotta come back so let it run. We have a short target now
Yes and the open of the long bearish candle just under 2050 would be the target before it turns back down. Good point
Good point pennies. After all we are dealing with daily and weekly charts so there's plenty of room to move.
Thanks stargate. Now I'm even more sick that I missed that move. Over 450 pips. Wow!
We're all here to learn and pass on knowledge. Trust me I've been and still get frustrated at times. So I know how you feel when price doesn't do what we tell it to do. Lol We won't always be right but the good thing is we don't have to be. Just look at NJ after I posted that chart. Haha
GJ has a spot to fill at 165.50 and one at 170.23 on the daily. I think I'll be on the sidelines on that one.
Cool. When you can just look into it and see if it suits your style.
The spike occurs so often you can just about trade them exclusively. They are common for daytraders from what I understand. Plus it gives you that sound price area you are looking for since the price returns right back where it started from. Some times it happens quickly like UJ currently is and sometimes it's slow and methodical.
If you're interested Quan, take a look at UCAD as well. 1.3398 is in the cards on that SL pattern. That 3 bar spike will be completed. It's already hit the first target but has plenty of room. Just pick your entry wisely.
They both coincide with one another Quan. It's just different interpretations of it. I can't count waves either. I found the video for the "spike and ledge" pattern I was referring to but couldn't name it if you scroll through the posts or just google/youtube it. It's all about measured moves IMO
Yep that pop looks to be trying to form a 4hr rejection bar (support finder) to determine how much volume needed to break support. It looks ready pennies. We shall see....
Yeah I tried to get out quick but it was faster than I was. Took the 27 pips on that one. Still have one AU short open.
Dang AU tagged it then popped back up. That was quick lol
I jump from chart to chart so much I just forgot. Oh well there will be more. First move down on AU target is 7434
I'm adding an AU short at the bottom of the hour especially with EA off and running now.