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[fxsurfer]

I am going to start a new thread with my simple Elliot Wave trading system.
I am doing this so as not to clog up other threads and also as a personal diary where I can keep track of my charts, analysis and trades as I go. EW trading incorporates many other TA techniques such as trend lines, s+r levels, fib. levels, divergence etc etc. When trading EW, what I am looking for are the major waves, to trade these and to get about 50% of these moves (anywhere between 50-150 pips). As the thread progresses I will add my thoughts and the way I trade the waves so lets me begin.
PS: I am by no means an expert in EW's and am learning as I go, I have been doing this for 6 months and know that I have lots more to learn and that this thread would be a good way to continue advancing. Also my notation is not to EW standards and I hope to improve this as I go.

Entry#1 4Hr chart
End of european trading July 6.
Euro is in minute wave iv up of the larger 3 down. The previous wave iii bottom was at 1.1867 and wave iv has now corrected to 1951 but not cofirming this as the top yet a break below 1.1890 would confirm this wave iv and the start of wave v down to a target of 1.1830. Wave 4's are messy affairs at times and trade these only if you are a good scalper. Levels to watch are 1.1955 and 1.1900. In between here for scalpers only. Long above close of 1.1980 and short on close below 1.1890.
See Daily chart below and 4 hr chart in the next entry

[gasyndrome]

there'll be some news at 1500gmt from the USA side on

1) Durable goods orders revised, and
2) factory orders.

So if they are worse than predicted, then chances are euro will be stronger. However, the position of 1.2000 must hold, i think...very important...

[fxsurfer]

Price broke 2015 but not convincingley enough for me to close ... going to leave a stop at 1.1980 and have some lunch back around 10am US EST .. too frustrating and slow to watch every tic

[turbooo]

Price broke 2015 but not convincingley enough for me to close ... going to leave a stop at 1.1980 and have some lunch back around 10am US EST .. too frustrating and slow to watch every tic

Yes very fraustrating! I've been sitting here aswell watching it go up and down. It seems that it has/was on its way back up around 24/27 but remains still low for me to jump out.

[turbooo]

Surfer i hope yoo got out. I decided to break even and jump out for now. =D

[fxsurfer]

Update after 10am US EST:

I see we went up to 1.2034 ... A retrace here is normal but it should not close below 1.2014 or if this breaks then next and last line in the sand is 1.2005. So I am still holding and will raise my stop now to a fixed 1.1995 .... my target is minimum of 1.2060 .. euro has dropped to 2015 as I write (support zone) and it looks scarey but that is my plan stop at 1995 or limit half out at 2060 and trial the rest.

Lets see what the market does !
Fxs

[turbooo]

its hit 1997.... are you planning on calling it a day or you gonna go short at 1995 surfer?

[fxsurfer]

Turbo I am watching this ... low so far was 1996 (1 pip away from stop)

Originally Posted by fxsurfer

Update after 10am US EST:
..... stop at 1995 or limit half out at 2060 and trial the rest.
Lets see what the market does !
Fxs

This is so close to turning up ... just waiting for 12:00 US EST .. 5 distinct waves have now formed - still holding 17 lots long from an average of 2037. I wouldn't short this, it is too late for a short.

Watching and waiting.

[fxsurfer]

I am still using to this chart at post #1482
- This wave we are in is not impulsive and when it ends we should get a nice impulsive move up, probably not today but maybe Asia or Europe tomorrow.

Originally Posted by fxsurfer

Here is a chart update of a possible scenario for Asia-Euro sessions.

I am looking for an a-b-c wave down shorting from 1.2080-90 .. stops just above high of 1.2095 safer stop would be at 1.2110 bid.

Targets are:

1st 1.2060 if this breaks then we will see 1.2015 and possibly 1.1990 which is another buy zone.
Fxs

A safe stop would be 1.1980 or just below ...
Fxs

[FXscalper]

surfer, your initial analysis that wave "c" may target 1997 was very acurate...it's our entry scalps that was not accurate...12.00 EST is very important to prove that 1997 was the bottom...I suggest you make your stoploss manual, fibo at 1987 so no need to rush....I'm still in long position and sticking to it, target 2060 if not more...the rise could be slow like the rest of the day

[turbooo]

its butt clinching! watching it go up and down and so low! -_-!

[fxsurfer]

Yeah !

Originally Posted by turbooo

its butt clinching! watching it go up and down and so low! -_-!

euro may need one more spike down to form a hammer (tail) on the 1 hr chart and that should be it. The lowest I think it may go is 1.1990 say around 13:30 US EST ... (I keep thinking about my 17 lots short .. hawaii, tahiti oh well next time!)

Back much later stops just under 1.1980
Fxs

[FXscalper]

well Hawaii if back above 2060....for now settle for the snow storm

[lamode]

Originally Posted by fxsurfer

Yeah !



euro may need one more spike down to form a hammer (tail) on the 1 hr chart and that should be it. The lowest I think it may go is 1.1990 say around 13:30 US EST ... (I keep thinking about my 17 lots short .. hawaii, tahiti oh well next time!)

Back much later stops just under 1.1980
Fxs

i took a long at 1.2013 with 1.1970 and targetting 1.2050. hope it would be a hawaii trade for me

[fxsurfer]

True fxscalper, then trial the rest for 1.2215 .... In the meantime off to make snow balls

[turbooo]

True fxscalper, then trial the rest for 1.2215 .... In the meantime off to make snow balls [img]images/smilies/smile.gif[/img]

Woa!? How are you guys able to go make snow balls when our money is in there tanking it out! I'm sitting here "stress cigarette" after another watch it go up one pip then down one pip and so on... ive tried to minimize the program and do other things but can't help but constantly look. hahaha already debating to stay up to watch it through the euro possible asia sessions. >