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Price was sitting at the lower parallel with 78.6% Fib confluence and not to mention the TDI. Even without a wave count, it sure looked like it was going up to me.
And I took my 5 pips and ran with it. Lol
Ouch! That does concern me.
Yeah I may just wait on it until I figure it out. I'll post what I'm looking at.
I was struggling to get the wave count on it but it's wobbled so much that's making it tough.
For now I'm just long NJ @ 74.77. Still contemplating EU.
I'm waiting for the retrace then I'm back in.
I took the AU position instead cause GJ was taking too long. I'm flat across the board though and scanning charts now.
Kirby I banked a few on the AU short as well and EU is looking tempting. Haven't gotten in yet though
Hey pennies it's about time. I've only been watching it all day Lol
I learn a lot from these guys Kirby. I can only hope to contribute in some small way. We won't always be right but in this game we don't have to be.
Jav, Apparently I like messing around with things. Lol. The jury is still out on whether it is equivalent to the box levels but it's close. It's a counter trend tool IMO and I'm still placing them at certain levels and checking movements. Mostly what I've seen so far is when added to a double top or bottom not many legs have extended past the FE300 before reversing significantly. I'm still messing around with it though and adding a few key levels like with the Box Fibs. Feel free to check it out and let me know what you come up with.
The broker makes money on the spread so it doesn't really matter whether we win or lose. They just want us to keep trading as much as possible. But to answer your question, For every buyer there is a seller and vice versa. When we win, somebody else is losing. So it is my best guess that your losses go to another trader or could be the broker as well to cover winning trades. All I know is when I lose it's gone. Lol. Maybe these more experienced guys may have more insight than I do. Hope that helps.
Yeah Kirby that's the rule now. We must close the oldest trade of the same size. Quick fix to that is to just change position size as we average in. For instance, first position @ .01 mini lots at the best possible entry. As it moves against us then add the second @ .02 mini and so on. That way the price only has to move halfway in our favor to break even and you can close either one first without violation. Same thing if your using units. First position 1000 units and you can even enter a second position @ 1001 units without violation. JMO
OK Jav, here is the other chart. Notice on the Fib Ext tool I've added some levels to include the 300 FE. That's equivalant to 3 box levels that we've been using. When price hits that level usually the move is over. An over extended move under two weekly resistances makes for a short sentiment for me. Time will tell though.
I don't Kirby but I probably should.
OK Jav, my interpretation of AU.... Aside from counting waves which I think most of us are still learning, AU is currently sitting under a weekly trendline and weekly resistance. It's also tagged the 78.6% Fib and sitting under the added 70.7% Fib. The prior move up had a 61.8% retrace but so far it's failed to make a new high. IMO I'm leaning short unless we see a huge bull bar that breaks through topside which of course anything is possible. I'll post another chart shortly to also show you why I'm short leaning.
I'd go with the 4 hr then and use the 15 min for entry with the trend instead of against it.
Upside on AU? Not too sure I'd take any longs on AU at this point
I'm on the sidelines for now Quan. Watching and waiting.
Closed AU last night for about 10 pips. I didn't think it was ready then. Maybe she'll today.
Good night Jav
Good luck to us both Kirby. Good night
Back in a short on AU @ .7168
Thanks Kirby. It's something about these waves and FE's and TDI that's starting to come together.
Kirby that AU short yielded a decent return. I was 4 positions and 3 contracts deep banking on that one. Yes I'm smiling even though the spread chopped a lot of it. No complaints though it's still profit. Waiting for the dust to settle on the retrace then I'm getting back in for the larger move down.
I guess anything's possible but it sure looks like an AU short is in order. Could be wrong though.
AU 15 min TDI just turned down. Shouldn't be long now.
I've only been trading forex a few years and when I'm not working, I continue to educate myself. Most of all I watch the charts and watch some more.
I doubt it tanks big. Maybe it'll be used to make the turn downside though. These moves are already figured in trust me. They're only surprising to us.
I don't blame you Kirby. Normally I don't like to hold through news releases either. The price is in a rising wedge for about 5 hrs now coming to a key weekly level and over extended. My guess is the news release will be used to tank it. Better safe than sorry though. I'm still holding.
I doubt that Kirby. Why waste a good news release then? Lol
Got my eyes on it pennies. Counting the waves now
I know Kirby. It's like watching paint dry. What time is the news tonight?
I'm hoping this is AU final gasp. Just hit a FE 200. Shouldn't be long now.
Good luck Kirby. The FOMC appears to be low impact.
It figures. Maybe that will be used to drive AU down. It's been stalling. 30min chart posted a doji.
Kirby I agree. AU looks to be making that final push upwards. I took a small short on it for now cause with my luck it pushes a little higher first. Lol