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Exactly Pennies. I only have like 8 pairs i watch and of those I may trade about 5. Less is better.
From what I've been seeing Pennies is that after the completion of wave 5, price has been equal to and in most cases exceeding the wave 4 peak. Essentially meaning a trend change. So wave 5 can be a goldmine. You thoughts?
I'm already in short. Small position though
I've been going through most of the posts when I can since I'm at work but sounds like everyone is getting the hang of it. I'll dive deeper into them when I get home but for now I'm just jumping in and out.
Yeah i saw the first move down but wasn't in it. I needed to see if the push up was completed. I'll get back in on the retest. I made bank from it in my other account though lol
Waiting for the lower time frames to reset first. Expecting some downside movement first.
Yeah that's what i was seeing. That's going to be a nice run. Luckily i do have an 8 hr chart on the mobile as well and its lining up nicely. Thanks
Pennies did you post a chart yet on EA lately. I'm on the mobile but looks like it's about ready for a nice topside run.
Ain't that the truth. Only the increased activity on the board keeps me paying....for now. Once that dries up it's back to the freebies.
Simple I agree completely. My page takes so long to load that it's not even funny. And I have a new computer and use it for nothing but MT4. I just renewed my subscription after about 6 months so I could chat with the guys but I consider canceling it daily cause it's ridiculous. Just on the this current screen There's 11 ads on it not to mention the upgrade button. Geez.
Take this NJ chart for instance Quan.... on the monthly, it's looking like a nice short. Especially where it is in the wave count. It will bounce and it's tradable on lower time frames since bounces could be 200-300 pips maybe more. Overall sentiment appears to be down though IMO. So any upward movement is a short opportunity to add positions. If it is indeed in the first leg of wave 3 (the longest leg) then it still has over 700 pips of downward movement.
No strategy is 100%. That's like getting 1 million people to agree on the same thing. That aint happening. We trade on probabilities. Stacking the odds in our favor that price is likely to move one way or the other. Even with these charts, Some of us see one thing and others see something different.
Oh he doesn't get to worried. That comes with experience though. I stress a lot as if price is leaving without me. LOL. Or if it looks like a head fake I'm out. We'll get to his level eventually.
Absolutely. I wouldn't trade solely on monthlys. My account couldn't handle it. Some candles retrace midway the previous candles which can wipe me out. Was just saying like a reversal candle on the monthly at a key level gives direction. I just have to drill down to lower time frames for entries. So if what I think should be happening on a lower time frame isn't happening then all I have to do is go up one or even two time frames to get a bigger picture of why. Pennies preaches that.
Monthly's are ultra long term which I don't trade cause candles can move hundreds of pips but look like they barely move on the chart. I was just trying to get a general direction. If the monthly candle is hitting support at the 88.6% monthly Fib then that could explain why it's like the walking dead. Lol. So overall it looks like it wants to go up(and is) but were just trading the moves in between on the smaller time frames. Those first 5 waves down could be a wave 1 of a larger trend meaning the move up is a retrace for a larger move down. So if it goes to the 38% Fib on the monthly that's around .8242 over a 1000 pips from current levels. If it goes to the 50 Fib then that's about 1400 pips before the downtrend continues. I can't hold that long. Lol I'm gonna put up the chart again
Yes good luck Quan. I don't remember if it was pennies or simple that uses the bones strategy lol. I wonder where he is anyways with the SMI indie. What's his take on the outlook?
Yeah I scalped long on NJ with the same pattern and made a few pips since I was late getting in. Got a mini back in though @ .7606 we'll see.
IHS on the chart and on the TDI with a mini IHS right at your wave 4 peak. She's going up IMO. Either way I'm out of AU a little while ago so good luck all
I still haven't figured out you do that pennies lol. Maybe you can move some candles in my favor too. I think .7282 is coming on AU first though.
Haha thats why I stay nervous
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Pennies I'm glad you can sleep through the massacre. Lol
Hahaha. Absolutely....
Enjoy Kirby
I know right. He's probably sleeping like a baby while we're stressing. He'll get up and if his trade is down $10k...no problem. Lol
Yeah it'll come back eventually but I can't hold it that long until it does.
Haha. He's not stressing. He has a "Mega Account" that can withstand any move against him so he's just letting it play out.
Yeah EU just the ADR low.
AU has only been pulling back enough to reset the indicators then moving back up. That may be enough for breakeven.
Good luck Kirby. Looking at the AU hourly and it actually appears to be trending. It's riding the upper TDI line and is taking this slow methodical move upwards at a 1 to 2 o'clock angle. I'm actually gonna take a small long. Oh well, I'm already in the red this week. UCAD did the same thing before it finally tanked, over 300 pips later.
That's just my interpretation. I can't count waves so I look at other factors.. One day I'll get it though. AU can very well go up to that .76 level but I'm wrong often so who knows.
Alright I'm out AU as well @ -110 pips. Bloody trades for me after a really good week. Oh well I'll catch the next one.
Still Holding AU so far Kirby but I know just as soon as I close it they will tank it. My finger is on the trigger though. Just closed the EA longs at -560 pips. I just cant ride this thing to margin call. Enjoy your day and thanks.
I'm seeing all kinds of reversal bars yet it edges higher. Normally I'd be out of this thing.
Lol. It's hitting my nerves I tell you that much haha