My personal vote is for death and destruction to come to AU...but that's just me...LOL!

AU Hourly Trend Lines

I know everybody is worried about the daily trendline but methinks these trendlines might be relevant. Can't be sure of course...but it looks interesting.

Morning Qui...at least I think it's morning...I lost track.

Yawn! Man, that was a good nap. Looks like I missed all the excitement huh...LOL!

Looks like I might have to baby the public account a bit to keep from blowing it up but the personal account is still low risk so no worries. AU daily chart did a retrace after the Wave 4 peak back up to the trendline. And EA responded by moving down in a complete Wave 3 on the downtrend channel.

But, AU still needs to reconcile that big Wave 4 on the daily and EA needs to move back up in a Wave 4 to get ready for a Wave 5 down. Wave 4 retraces are typically pretty big as we can see by today's action on AU...LOL!

EA Daily chart followed by AU daily Chart...

This is taking forever. The market is obviously waiting on something to push these pairs. Might as well get some sleep while they're mulling things over.

Be back later...

Patience is key. Wave 4 can drag on for a bit until they hit the brakes.

I figure they're pushing the TDI in extreme directions both ways to give themselves plenty of headroom to run both pairs. When they do reverse these things, they're gonna move hard and fast.

It's very close. It still had about 3 pips more topside that could get hit but that would be it.

Hey Heavy, you remember that expanded flat pattern I was telling you about that sucks in the shorts and longs before moving hard in the other direction? That's what AU pulled on us. Shorts get suckered in by the new low, only to get stopped out on the new high. Longs take new positions on the new high only to get stopped out when price tanks and heads back down below the previous lows.

Crazy stuff...LOL!

AU Hourly Chart...

AU and EA Comparison

Here they are side by side...literally at polar opposites of the Wave 4 extremes.

EA will hit the 50% fib retrace at bare minimum. And it's likely to travel up as far as the 78.6 to 88.6 fib before it gets ready to drop again, or it could make a new overall high.

Hold onto your butts, gang. The next couple of days are gonna be a fun ride for AU shorts and EA longs.

AU Daily Chart

Head fake pop here gang. It's just retesting the bearish trendline for the last time as it's completing the Wave 2 move up after peaking at Wave 4.

She's going to 0.69 from these levels. Readjusting TP to 0.6910.

Now that wasn't very nice...they broke the lows. Oh well...Wave 4 is still Wave 4. Just gotta wait it out.

As soon as London opens in a few minutes, things are gonna get funky with the chunky monkey...LOL!

I just loaded the boat on EA longs in the public account...boom or bust!

Don't try this at home boys and girls...LOL!

That's normally as far as they take it on the first move down off of new highs. It almost always leads to a pop back topside before they can take it down further. If it doesn't get back to at least 1.58 to 1.59, I'll be very surprised.

Something still bugs me about EA here. The daily shows it's wrapping up a Wave 3 down. That leaves a lot of room for a Wave 4 pop back near the highs...or at least the overall 50% fib level above 1.58.

I'm setting TP on the EA longs for 1.58. If I see it faltering around 1.57, I'll close out there instead. But this thing really ought to move up back near the overall highs before it drops again later.

They're gonna do the same thing they've done before here Heavy. They're gonna wait till after the trading day closes at 11 PM Central so they have a full day's ADR fresh to start with so they can run the pairs hard in the other direction.

I'll ride it to the FE 100 but no further. Gotta run for a while...be back later.

He's sampled too much of Simple's roadkill stew...messes with your head...LOL!

I'm still thinking these suckers are gonna slice right through the FE 100 like it isn't even there. But we shouldn't tempt fate...LOL!

I'm just gonna go to 0.7060 on the AU shorts. That's several pips above the FE 100 level so it shouldn't be a problem. I don't want it to hit the 50 level even and not let me out just because of the spread.

Yep. I'm showing 0.70534 so I'm just gonna tag 0.7055 as the TP. Probably will move down further. I'm actually thinking the FE 161.8 is gonna get on AU to the downside and EA to the upside at it's FE 161.8. Big moves in the making.

Ought to be pretty close. EA hit the 88.6 fib retrace and that's usually about as far as they push a retrace after a clean 5 wave price action move up.

The potential topside on EA is actually quite a bit more...probably up to 1.58 or so. But I'll run for the hills at 1.5710 and let the market have the rest.

And added one more EA long at 1.5505 just to round things out.

All done now...gonna just sit and watch.

TP on EA longs adjusted to 1.5710.

AU shorts adjusted to 0.7055.

Man, I know that feeling all too well. The first few years I was trading, I took constant losses, mainly because I was determined to fight the trend looking for tops and bottoms in larger trends. That's a killer.

Now, I will play counter trend moves but I really prefer playing with the larger trend when possible instead of against it.

I really never follow just an indicator or group of indicators. Even with the TDI wave count, I have to see correlation between multiple pairs, fib levels, price action, etc.

I still get in early but it usually works out well. I've found that trying to hone it down too closely often leads to late entries after the run has already begun.

Yeah, these are just the final minor waves playing out is all. I never worry about the final minor movements, especially when the larger time frames are working in my favor.

I never go in heavy enough to bother me anyway...I just look at it as an opportunity to load up more positions and make more money.

Glass half full instead of half empty type of thing.

Another thing to keep in mind Heavy is that the Sunday open (Asian session) almost always take the price in the opposite direction of where the market really wants to take it. I don't know why that is, but it happens over 80% of the time. In this case, they're taking it up in the Sunday Asian session which means the market really wants it down. It's strange but it hold true almost every time.

Yep...just like they did GJ when it was taking forever to put the top in before it tanked hard.

Nope,it's a head fake. AU has already completed 5 waves up on the Wave 4 movement. Then it dropped and made a Wave 1 low on the 15 minute time frame. Now, this is Wave 2 back up which typically makes a higher high...after that, it's pretty much all she wrote.

LOL! Not me...the AU hourly, 4 hour, and daily are all on my side. These little fluctuations don't matter a bit.

Strange that the levels are so far off...oh well, it won't matter in the long run. She'll drop and make us profits either way.

Added 3rd and final AU short at 0.7153. Let er rip tater chip.

Might be some slight difference in where the MT4 platform shows the highs and lows based on the vendor but we should be closer than that I would think. I'm using the Oanda MT4 platform and it's been pretty accurate on the FE extensions from what I've seen.

Which MT4 broker are you currently using?

Here's my AU hourly chart, Heavy. Wave 4 has turned back down now so it won't be long.

Yep, that's right. I just added an AU short at 0.7140.

Correct Heavy. The larger patterns are still in place. The only thing that changes slightly are the final FE targets based on any fluctuation in the current leg. But they will run to the targets regardless. The gaps don't mean anything.

Evening gang. Had a bit of a premarket drop on EA along with a slight new high on AU. No matter though...just have to adjust TP targets a bit to compensate for the FE extensions.

AU short TP target now set for 0.7045.

EA long TP set for 1.5725.

EU longs are still long term at 1.1430.

Finally figured out the daily chart on NU, Heavy. It shows that Wave 4 has peaked just like the AU daily chart, so more downside is likely as well.

FE targets listed below. NU is cheap to trade so I may have to get in on this one as well. The NU 4 hour chart has created what looks like a Wave 4 peak so a Wave 5 down there is expected as well. I've got that one listed below.

But, the 4 hour indicates that there's likely to be a move back up after this next drop before the larger daily chart is gonna kick in hard to the downside.

Basically, I'm looking for NU to drop down to that 0.6470 area on this next move down. Then I'd look for a near term move back up in another 5 wave sequence...a daily 4 wave "bobble" back to near the highs of the wave 4 TDI peak. That next move back up later on is where we want to short and hold for the longer term drop. I expect AU to basically do that same.

Notice how close the price level is on the 4 hour FE 100 and the FE 61.8 on the daily. So the FE 100 level on the 4 hour is likely to produce a nice bounce.

Daily first and then 4 hour...