Looking for my next Forex trade
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Very interesting video there Heavy. I've never looked at it like that before. Thanks for posting it. Good price action explanation.
I'd be curious to see how those setups relate to the TDI wave counts. I think I'll dig through some charts and check it out. That might be a really good correlation point we can use.
Same here. That's where I got my handle...Pennies2007. That's the year I started trading and of course I started with penny stocks...LOL!
Geez...9 years ago. I'm getting old.
I still remember there were boards on IHUB hawking those things like penny stocks. They swore they were going back to at least 60 or 70 cents on the dollar against US dollars.
It was just another scam.
Hmmm...ok then...how about some Iraqi Dinar instead of Zimbabwe dollars. I wallpapered my man cave with a bunch of those.
Congrats! That means you've won the paper mache cupie doll stuffed full of Zimbabwe dollars.
Don't spend it all in one place...LOL!
Yeah, that thing is really nice. Simple has mentioned it before and I ran into another trader a while back that really got me hooked on it.
Closed out an AU short earlier this evening but back in short now at 0.7480. Still have some longer term trades running...this one is a flipper.
TP set for 0.7450
True...but I developed the trading system so you would think I would stick to it at least...LOL!
It hasn't cost me anything...I haven't lost any trades on the setups but I haven't booked nearly as much on profits as I should have.
The new public account is only up 285 pips since I opened it last week. Today is the 1 week mark I think. I should be at least double that if not triple based on all the setups we've seen.
AU 15 Minute Chart Update
Minor Wave 3 down looks complete here. It's wrapping up a very small minor Wave 1 up at this point (small blue numbers) so a small Wave 2 back is needed with a lower low to confirm a bottom.
It's working on a minor 4th wave back up now. That will carry us back to the 0.75 area again before the 5th wave down in this current series can begin.
So we're waiting on 4 of 4 to complete so we can enter and catch Wave 5 of 5.
GJ 4 Hour Chart
This is a classic example of what I mean by waiting for a confirmed Wave 4. The entry doesn't come at the larger Wave 4 in yellow at the top...the absolute best entry is when we finally get a minor Wave 4 (in red) during the 5th wave progression. So we're actually entering on the termination of Wave 4 of 4 to catch Wave 5 of 5.
These are the entries that produce very little slack in the price and the least amount of wait time before price swings hard in your favor.
From now on, this is the signal I look for to trade on.
Cleaning up a few too-early entries in the public account here this evening as they come into profit range.
I've been violating the entire tenet of the TDI wave counting process by not waiting for a verified Wave 4 termination. I've been looking too much to trade the other counts. From now on, I'll wait for Wave 4 on each setup before I take the trade. There's very little drawdown that way and not nearly as much waiting time before the trade swings in my favor.
No more of this ready, fire, aim business...LOL!
I actually thought China would be #1 on the list like it is for Australia. I was very surprised to see the Aussies at the top of the list for NZ exports.
Man, the Aussies are royally ticked, I can assure you.
I think Aussie is gonna suffer as well, SG. Take a look at the #1 and #2 trading partner on New Zealand's list here...
http://www.treasury.govt.nz/economy/overview/2012/22.htm
I think Wheeler's idea is that trade with China (#2) is going to suffer because of the Yuan weakening and the turmoil over there due to China's debt so he's weakening his own currency to reflect that. And since the Aussies are #1 on the list, he basically just handed them a swift kick in the butt that's gonna cost the Aussies money on the exchange market for imported goods from New Zealand.
Wheeler just lined his own pockets and basically just dared the Aussies to do something about it. And I firmly believe AU will tank as a result.
I missed that one SG. I've got AU and NU on my charts but I haven't looked at AUD/NZD in a long time. I bet it did get kicked in the butt...LOL!
The really stinky part is that I had NU in my sights for a short based on the TDI wave count and I let it pass me by...sigh.
Oh well...always another trade around the corner.
Wheeler just instituted a 25 point rate cut for the Kiwi. NU is dropping and AU is dropping in sympathy with the pair.
Sweet! I almost took a short earlier on NU but I was already loaded on other pairs so I passed.
What I do is just log into the MyFxBook website each day and leave it running on my profile in a separate tab in the browser. That way I can still have all of my other stuff running in other browser tabs and keep my MT4 platform running on a separate monitor on a dual-screen system.
Any time I want to check the stats, all I have to do is go to the browser tab and refresh the screen. It updates the stats every 5 minutes on it's own but you have to refresh the screen in the browser tab to see the updates.
Hey Heavy, if you're really interested in tracking your account info, the MyFxbook site is really great for that.
You don't have to make your account public by any means. You can keep it all private so no one can see it.
The MyFxBook site has tons of diagnostic stuff built right in. It shows everything you could possibly want, including some diagnostic stuff I don't even understand like Z-score probability, Sharpe ratio, etc.
If you dig through my public account here, you can get an idea of everything that's available.
It's totally free to use and links up to pretty much any type of account out there. You maintain all the security on it yourself so it's safe. I've been using them for years now with no problems at all.
https://www.myfxbook.com/members/nettechs/waves/1539708
Very good Heavy! Yep, I couldn't resolve in my mind how GJ was going to rally much more from it's current position considering that last major 3rd wave down on the 4 hour chart so I figured UJ might be doing the same thing.
Then I went back and counted the waves in the current leg and realized we had only completed 3 down and that this bounce was basically a dead cat bounce to complete a Wave 4 retrace.
I have TP on the GJ short set for 155.50 based on this chart...
As usual, I'm in early because the minor Wave 4 in red hasn't turned back down yet but it should before much longer.
GJ 4 Hour Chart...
Took 66 pips of profit on the UJ long for now. Back in short on GJ again here at 161.05.
Yep, I've seen that article before I think or something very similar to it.
It's the basic idea behind the key trading level setup I use in the H.O.T setup. As long as we see at least a 50% retrace into the key level candle, I consider it resolved but there are times when it does a full test to the actual open of the candle.
1.4480 is the actual open of that daily bull candle so it could still go there but the retest of the key candle as a whole is satisfied so it could rally from here based on the weekly trend line setup.
Time will tell...
With Draghi pending, it could do most anything. I'm just gonna leave it alone for now. Might make a good trade after Draghi gets done.
EU could be prepping for a drop soon. I count a 4th wave up on the hourly chart. Price action looks like a head and shoulders.
Hard to tell just yet though. But I'd expect a retrace back down. Nice 5 wave bullish count up though on the first run.
ACAD Hourly Chart
Moving down nicely now off of that last minor Wave 2 peak.
Starting a big Wave 3 down here. Wave 3 of 3 of 3 of 3 to be exact...now that's a mouthful...LOL!
Even with AU rising, ACAD dropping hard like this means they're buying the crap out of CAD dollars. Once AU tops and starts dropping too, ACAD should really accelerate to the downside.
EU is a bit different than the US dollar on monetary easing. It tends to rally at certain levels when they announce more bond buying, which is the opposite of what you would think.
Europe actually prefers the Euro to be strong rather than weak so they're a bit on the odd side.
Very likely Heavy. He's promised the market something "big" but he's slack on details at the moment. It's supposed to put everyone's mind at ease about the Eurozone recession.
Draghi is very talented though at talking out of both sides of his mouth at the same time and saying two completely different things while he's doing it.
Looks like they're gonna keep AU up near the highs until the next hourly candle closes. That will give the AU 4 hour TDI time to catch up on the Wave 2 bounce before Wave 3 down begins.
ROFL! Ain't it the truth. In the past, they used to call me Stumpy cause of of falling knife cuts.
Draghi is on tap tomorrow so definitely anything can happen with EA or any other pair tied to the Euro. I won't rule anything out at this juncture.
IHUB acting stupid again. I'm trying to remind myself why I keep paying for a subscription but at the moment, I forget why.
UJ is definitely earning it's Turtle nickname...slow going so far but it's moving in the right direction to hit my 114.30 target.
Not gonna happen, Qui. Patience is a virtue.
Still looking for 0.7530 or so on AU to top out. Might not get there but the potential is there.
Gotta agree to disagree on this one Heavy...LOL!
AU and EA are both set up now for radical shifts in the appearance of the weekly candles.
Of course, the 1.4480 isn't that far from the lows of today so I won't totally rule it out. AU can still move up a bit more but it's very limited at this point.
Prepare to be amazed.