Looking for my next Forex trade
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Decided against the UJ short for now so I closed for a few pips profit. Gonna wait and see if we can get a test at a higher level first. With my luck, it'll tank of course.
LOL! If I was anything but early you'd start to worry about me.
Morning Heavy. Yep, I'm back in short on AU and just put in a UJ short.
Might be early on both but enough time will shake em out.
Short UJ at 108.86. TP set for 106.
Got out of my NJ shorts and closed one AU short during the pullbacks. Gonna wait till tomorrow now and see what we get next before entering any other trades.
They're already taking it back up on the pre-market. They could very well fill the gap and then take it down tomorrow. The US and London are going to be very unhappy so I expect the risk pairs like AU and NU to drop hard tomorrow.
I like watching xe.com on pre-market opens to get an idea of when we're gonna get gaps on the pairs. In the old days, Oanda used to have weekend trading, which meant that if you had a pair that had a big gap up or down coming up, you could watch Xe.com to find out where the gap is, place an actual trade on Oanda ahead of the market open, and then close out the trade right after the market open for instant profits.
Sadly though, Oanda stopped weekend trading a few years ago...no more free lunches...LOL!
Pre-market moves on XE.com show currencies are tanking..AU, NU, UJ...they're all dropping substantially as a result of the Doha talk failure.
AU alone shows over a 100 pip drop pre-market so far.
Doha talks end in complete failure. Get ready for a severe market beating...
http://www.bloomberg.com/news/articles/2016-04-17/oil-freeze-talks-end-in-failure-amid-saudi-demands-over-iran
Thanks Kirby, you have a good one, too. AU can be a great pair to trade. It's inexpensive and it has a decent ADR movement overall.
As good a place as any to add an AU short. Added at 0.7712.
Yes indeed Jav. The mistake I made on NJ was getting in too low in the curve...should have waited for it to base at a zone before hopping in. No matter though...easy enough to ride it out with money management and wait for it to come back home to poppa...LOL!
Those zone setups are pretty nice. They don't all work out like I plan but I've been impressed with their ability to predict price reversals when they get hit.
Thanks Kirby. I knew the zone would give us some kind of bounce and there still may be a lot more upside coming but that was just a safe exit point.
Went ahead and took profits on my USD/DKK longs since EU was down nicely...good trading Heavy.
I found this on NJ this morning to go along with that earlier broken trendline. Nice channel formation here so far. Still hasn't hit the bottom yet though.
That green line represents the gap in the chart that's been there for ages.
4 hour chart...
Have a good one Kirby.
No problem Kirby. I actually just took a small UCAD long here after looking at the chart and the zone setup. Keeping it light and fluffy though.
Taking a small long position on UCAD here at the large demand zone at 1.27533.
Good job Kirby.
You might want to cover those shorts, Kirby. UCAD is right in the middle of a huge demand zone right now. It's only dropped because oil has rallied.
Oil is in a "buy the rumor, sell the news" setup with the big meeting this week. I suspect oil is going to tank like a rock when the meeting to call a freeze fails and UCAD will shoot north in a big way.
Either way though, being short in a big demand zone like this is dangerous because it can reverse very quickly.
Take da money and run...LOL!
One thing's for sure Heavy...from now on I'm going to avoid taking zone plays so low in the curve on the higher time frames...LOL! Sam cautions on that repeatedly in his videos...now I see why.
Yep Jav, you were the one who brought Goodman to the board if I remember correctly. I still use it today.
I don't give up that easy...I'll hold till it hurts...LOL!
Goodman is actually much easier than Elliott to understand. Goodman only deals with 3 wave patterns with very different characteristics between the 2 legs. Goodman doesn't involve all of the complex consolidation patterns and such. I've often found that Goodman is much more reliable in projecting targets than EW theory. But I still use both when I can.
It looks like a Goodman wave form. Those terminate at the 50% retrace levels and are separated by a thin leg, which we already have, and a fat leg. That would make the next leg down slower by contrast...choppy price action but in a steady down trend to make new lows.
Same here. I would have waited and found a zone that correlated with the trendline. Oh well...hindsight is 20/20...LOL!
Simple, good to see ya around!
We sure do miss you around here. Retirement sure can get busy can't it? LOL!
Well, just got back from the airport. Went back over the chart and realized what they're doing now, at least what they appear to be doing.
Expanding diagonal with a 3-3-3-3-3 pattern in each of the 5 wave sequences. If this is correct, we'll drop back towards the bottom trend line in another 3 wave sequence and then up one more time to that upper big zone near 76 before it tanks hard again.
NJ Hourly Chart...
That hourly AJ zone should prove to be pretty strong. I would expect a nice drop there overall.