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#Post#: 92--------------------------------------------------
Re: TA Forex Trading
DIR By: kermit42
Date: January 3, 2017, 5:10 am
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GBPUSD closed the gap and headed down again. I took a short
position at 1.2271 expecting it to keep heading down in the
channel.
Sent from my iPad using Tapatalk
#Post#: 93--------------------------------------------------
Re: TA Forex Trading
DIR By: jwilsontrade1878
Date: January 3, 2017, 5:39 am
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GU Monthly
Hey Kermit. Here's a long term chart on GU. My guess is that GU
could dip a bit more but overall it's setting up for a nice
topside rally. The larger pattern suggests GU is wrapping up a
very large ABC correction. Normally, I look for a minimum
retrace of 50% of the total pattern, which would actually carry
GU back up quite a ways.
I've been working for quite a while on using the TDI as an
Elliott Wave counting pattern rather than just counting price
action waves. The TDI is very reliable since pretty much all the
movements up and down are represented by 5 waves in any given
direction. Those 5 waves, in turn, represent one large single
wave. The RSI 14 mimics the TDI fast line (green line) very well
so on basic charts I use it when I don't have access to my MT4
platform.
This is the Oanda advanced charting screenshot on the GU monthly
chart. I'd say that the short positions are pretty well played
out at these levels and that the danger lies in a near-term
short squeeze resulting in a move back up.
#Post#: 94--------------------------------------------------
Re: TA Forex Trading
DIR By: jwilsontrade1878
Date: January 3, 2017, 5:51 am
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UJ Weekly Chart
Still unchanged from my earlier viewpoint. Expecting to see a
nice downward push back towards the zone indicated between 100
and 105. My TP is conservatively set on my short positions to
trigger at 107 right above the last gap below 107. This
coincides with the current TDI count showing only 4 waves
completed in the cycle with a 5th wave down still to come.
#Post#: 95--------------------------------------------------
Re: TA Forex Trading
DIR By: jwilsontrade1878
Date: January 3, 2017, 6:04 am
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NU Weekly Chart
Still looking at long term bearish movement here. The price
action, the TDI count, the bearish quad tunnel position...all
are pointing towards more downside coming.
Also, notice the envelope around the TDI indicator...the
envelope boarders are pushing away from each other while price
action has started moving back down. That indicates the downside
push should pick up momentum.
#Post#: 96--------------------------------------------------
Re: TA Forex Trading
DIR By: jwilsontrade1878
Date: January 3, 2017, 6:16 am
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NJ Weekly Chart
Looking for at least a retest near the lows, which would
coincide with a near term sell off on UJ and NU both.
#Post#: 97--------------------------------------------------
Re: TA Forex Trading
DIR By: kermit42
Date: January 3, 2017, 7:31 am
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Thanks for the heads up, Pennies. I'll keep a close eye on it.
#Post#: 98--------------------------------------------------
Re: TA Forex Trading
DIR By: jwilsontrade1878
Date: January 3, 2017, 7:50 am
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No problem Kermit. Weekly charts have a lot of wiggle room on
lower time frames so it could still dip back considerably which
would still make your short come up profitable. On first time
bullish tunnel breakouts, I usually look for a minimum 61.8 fib
retrace before trading the new breakout direction so the
pullback on GU seems to be trading very well technically so far
based on the last GU chart you posted.
Sent from my LGL62VL using Tapatalk
#Post#: 99--------------------------------------------------
Re: TA Forex Trading
DIR By: Heavyweight
Date: January 3, 2017, 8:13 am
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I'm not seeing any charts or did you not post any?
#Post#: 100--------------------------------------------------
Re: TA Forex Trading
DIR By: jwilsontrade1878
Date: January 3, 2017, 8:18 am
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Hey Heavy. I posted several this morning. They seem to be
showing up online and on the mobile platform so far.
Sent from my LGL62VL using Tapatalk
#Post#: 101--------------------------------------------------
Re: TA Forex Trading
DIR By: Heavyweight
Date: January 3, 2017, 8:19 am
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Ok they popped up that time. Operator error I guess. Thanks
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