Looking for my next Forex trade
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Added GJ short at 162.35. Probably still gonna move a bit higher though. Depending on the final top, I might have to readjust my final TP a bit.
Whatever works best is the best way to go, Qui.
EA should make a nice, northerly move from here all the way back up to 1.6150 or so.
Yep, that's why I always keep a core position on the larger time frame patterns cause the short ones can move back and forth so fast it's hard to always get the targets you want.
AU Daily Chart
I'm still sticking with this original Elliott Wave expanding diagonal formation on AU, gang. Everything is still 3 wave movements. This first move down should take us to around 0.71 and then we see a bounce. The first move down is usually very choppy but you can never tell. Each wave in the 5 wave series on these little boogers tends to have it's own personality.
After that bounce, it should tank hard back to wrap up a Wave 4 bottom somewhere in the 0.68 area.
I got out quick at 0.7743 on the short. Took the 22 pips and ran.
Still have my long term positions though.
And I just closed the flipper on AU for another 22.5 pips profit. Truth be told, it was kind of a big order on the public account and I didn't want to keep it very long...LOL!
I was thinking closer to 0.74 even myself but this one I just added is only a flipper so I won't hold it long either way...LOL!
I just added an AU short at 0.7465. Should move nicely from here after that big rejection candle.
Well, the pip count is looking better here now at least and the percentages are moving the way I like them. So far, so good. Only thing that really matters though is the percentage of gains and percentage of wins and losses. Everything else is fluff.
https://www.myfxbook.com/members/nettechs/waves/1539708
Heck, you're the one that called the bottom almost exactly dude...way to go! All you needed was a limit order and you would have had it for sure.
The initial move down on AU from the peak was a really nice 5 wave pattern. So we'll call that Wave 1 down in EW terms on pure price action.
So the move back up would be Wave 2...deep retrace of the first move down.
Next comes Wave 3 down which is normally a doozy.
Yep, looking for a nice drop off on AU soon. Not adding though...just gonna ride the 2 small positions I already have in place.
I currently have TP set for 0.71 on AU shorts.
Yep Heavy, I'm trying to get my pip count but I know it was over 220 pips profit on a quick in and out there. Still got one more running long term.
That's pop and drop Draghi for you. He does this crap all the time. Massive moves in both directions are the norm for him...LOL!
225.5 pips profit on EA...just got the reading from the public account.
Took a bit over 220 pips profit on my EA long flipper position I grabbed a few minutes ago.
Draghi really knows how to work a room...LOL!
Lots more topside coming....I still have a long term long position on EA. That one this morning was just for fun.
I see UJ finally hit that 114.35 TP I was looking for. It should be topped out now.
Hopefully ready to drop like a rock. Looks like one of Heavy's spike and ledge configurations on the daily chart here. If it breaks below consolidation, it's gonna drop like a rock.
Ignore those small wave counts at the bottom...they're from the 4 hour time frame.
Man, I barely had time to pull the trigger on the AU short and then get out quick after it hit the FE 61.8 level there. Didn't even have time to set the TP. I only managed to get a few pips.
I don't think I'll add anymore for now on AU. I'm just gonna let it stew for a while until things settle down.
Ok gang, I totally blame Heavy for the condition in which EA finds itself this morning....he's in cahoots with Draghi! LOL!
Nice call there on that lower level Heavy. I added an EA long finally at 1.4539. I also shorted AU again at 0.7481 with another flipper position.
Should be a nice drop on AU coming and EA ought to pop for a while now.
Closed out my AU flipper short position for a little over break even. Maybe I'm just paranoid but I don't like the way price broke above the previous highs. With my luck, it'll fall apart now.
Still have my small, long term short AU positions though so it'll all work out fine.
Modifying the AU short target down to 0.7430 instead of 0.7450.
AU missed the FE 61.8 by just a few pips. That means it's either headed back up towards the highs or it's about to slice right through and head to the FE 100.
The count is bearish either way so I'm holding the short trade. We did complete a really nice, classic textbook Elliott Wave 5 wave move to the downside so either way, it's gonna drop like a rock.
From what I've seen, AU and GJ seem to have something going on together. If GJ drops, AU drops for the most part.
Looks like AU might make it back up to 0.7486 or so before it tanks, just above the previous spike.
Yep. The new trading day just started so we've got a brand new ADR to work with now.
Yep, that's the one.
Honestly, I wouldn't be surprised to see AU slice right through the FE 61.8 and head to the FE 100 but I won't be holding that long on this flipper position. And the other positions are much longer term.
Nice!
This setup also validates one of the key rules on the TDI wave counting list, specifically the high volume candles popping up during Wave 3.
TDI Wave Counting Rules and Characteristics
The general rules are as follows:
(1) Waves 2 and 4 form tops and bottoms most of the time.
(2) Waves 1 and 3 are the ones that "break formation"...in other words, they signify a shift in the previous TDI channels.
(3) Wave 3 normally displays the first sign of high volume candles.
(4) Wave 4 to 5 is ALWAYS (no exceptions) the best wave count to play when counting TDI waves.
Gotcha. I'm not interested in going long on NU though. The larger trend is still down on the larger time frames so I'm only interested in looking for shorts there.
I like to go with the flow where the big money is playing.
You almost gave me heart failure, dude...LOL!
Ok, candles are definitely moving our way now. Let's kick this pig.
I'm tempted to add to the GJ short position but I already have 2 orders running in this area so I'm just gonna let em ride.
TP still set for 155.50 on those critters.
ROFL! Man, don't scare me like that. You had me worried that I was missing something in the translation.
Why would you be long AU right now Heavy? That ledge broke to the downside at a Wave 4 peak on the TDI on the 15 minute chart. I'm short with a target of 0.7450.
Ok, now you have me confused...LOL!
I hope you meant short, not long...LOL!
I knew a trader on another board who specialized in this type of setup that you pointed out. There's an entire forum on it called Consolidation Zone trading...CZ for short.
That rascal could nail trades coming and going using CZ setups. I understood it to a degree but I wasn't as successful as he was at playing them.
It's definitely on my checklist now for things to watch...another H.O.T. list item.
We have a very strong advantage here on the typical spike and ledge setup Heavy.
When these setups occur at Wave 4 retraces, I have yet to see an FE 61.8 fail to hit. So we can take those trades knowing for sure that the 61.8 on the FE tool with get nailed regardless. We don't have to worry about taking part of the trade off the table part way during the run. We can get the whole pie...LOL!
Gotcha. Thanks for the input on that Heavy. That's some valuable stuff and will definitely go into my toolbox as a valuable trading asset.
No matter how long we've been doing this, there's always more to learn.
Heavy my man, I think you just helped solve part of the problem with figuring out TDI wave counts...LOL!
That spike and ledge formation occurs constantly in the charts at Waves 2 and 4 either at highs or lows on the chart during counter trend movements.
Very nice job!