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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

[firefly]

XT,

I dont see a price level in the box area.

firefly

[xtsunami]

.................

[xtsunami]

fwiw, orders to short from 2080-2100 with stops above 2100.

XT

[fxsurfer]

Protective stop placed at 2066 ... b.e+1

[fxsurfer]

Protective stop hit at +1. Entered Long euro at 64 going for the possible 5 top at 2105 ... again looking to enter a protective stop asap.

[fxsurfer]

Stops raised to 1.2090 locking in +26 pips also limit sell on 1/2 position entered in at 1.2125 fib 61.8% level.

Refer to post#43 where I mentioned support zone1 at 1.2030-40 needs to hold for the bull to remain strong. Well the retrace didn't even touch 1.2050 meaning this euro run up has quite a lot of strength. Trailing stop is how I am going to play this position. Hopefully we test the next fib level at 2125. I will update the 4hr EW charts tomorrow.
Regards
Fxs

[fxsurfer]

Limit on half position hit at 2125. Stop raised on remaining position to 2110 and limit entered for last half at 2150.

[fxsurfer]

Second half closed at limit 1.2150. Woke to see price at 1.2185 and a high of 1.2193 amazing strength in euro.
Taking the average limits (1.2125 and 1.2150=2137) long from 2064,
total pips=+73pips

[fxsurfer]

Here is the updated 4hr chart .... wave 3 up has not been confirmed yet but I expect it to top around 1.2205. When the candles confirm this I will be looking for a short. There is double divergence on 15min chart. Waiting for a hammer candle to be certain.

[FXStefan]

Originally Posted by xtsunami

Target is the black box....close, but not quite there.

XT

Sorry what kind of charting is that????

FXStefan

[xtsunami]

Sorry what kind of charting is that????

FXStefan,

I am not sure what you are asking for, whether the software or the kind of strategy, so will answer both.

The software is metatrader4. It may seem strange, but the drawing tools are as good as any software I have used costing thousands of dollars more....

The strategy is, as one new poll recently begun puts it, "esoteric." It is a combination of geometry, elliot wave, fibonacci, and above all curvilinear time analysis.

Hope this answers your question.

XT

[fxsurfer]

Entered short eur.usd at 1.2195, 1.2191 and 1.2187 (av. 1.2191) stop at 1.2220 until I can get a protective stop in at 1.2190 (b.e+1). Target 2150-2130.

I will attach a snap of my entries as this was short positioning over some time so live calls weren't possible.

[fxsurfer]

1hr chart of eddie:
Wave 4's can be whippy to trade ... they are good for scalping if one is into that. If I get stopped on this trade I promise I will never enter a wave 4 again after closing a wave 3 trade. Here is the chart:

[fxsurfer]

Stop hit at 1.2220 (-29pips). It is dangerous to top pick - new lesson.

[xtsunami]

It is often said that picking tops and bottoms are dangerous, but personally I do not believe it.

My modus operandi is to do just that, buy bottoms and sell tops. The key is to have a strategy that points the way to these areas. I know that some will question the verasity of such trading, but that's o.k. In my mind, it is a high probablilty trade.

A thought,

XT