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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

[hoene003]

Originally Posted by marketwavez

All you Euro Bulls out there -

Time to be Afraid ? ...............Be very Afraid !

THE NEWS WILL NOT TELL YOU THIS

THE REPORTS WILL NOT TELL YOU THIS
[/U]
WHY ? Because they don't know !
[COLOR=DarkSlateBlue]--------------------------------------------------------------

Common Marktewavez, you told this the last 6 months at least 10 times and the euro will not break down. Even your diamonds, three little indians and turtlesoup (if i recall correctly) did nothing for your beloved greenback. First time you came with this "information" all the newbies thought "wow, this must be true" now everybody thinks "yeah right, its Marktewavez, let;s trade against him".

The reports will tell you EVERYTHING, a huge revision did the trick last Friday, I believe a lot, but not that Elliot was involved with the BLS survey. The news is responsible for all of this.

[peteuk]

Originally Posted by xtsunami

Maybe you are a little confused there, Petey. Let me refresh your memory just a tad for you make it sound like you never intended to sell anything with the above post of yours but the truth is quite different:

Oh xtsunami, age hasn't made you any wiser!

Where did I say I never intended to sell anything, read the post it clearly says "The system and software (complete with laptop, no charts!) which I was going to sell a few years back...", was going to sell, not sold.

I realised my limitations when it comes to automated systems and sought advice from someone who knows about these things. Like any sensible person I asked him questions and grilled him about his opinion. I realised after that the things he told me were so obvious but because I was so excited about it and lacked the experience I missed the obvious (lol, see any similarities here!). Anyway I took his advice and I am thankful I did.

The system is a bit more streamlined now I must admit but it was great fun to develop, it's amazing what can be achieved with a little effort, common sense, and advice from the right people!

[marketwavez]

Originally Posted by hoene003

Common Marktewavez, you told this the last 6 months at least 10 times and the euro will not break down. Even your diamonds, three little indians and turtlesoup (if i recall correctly) did nothing for your beloved greenback. First time you came with this "information" all the newbies thought "wow, this must be true" now everybody thinks "yeah right, its Marktewavez, let;s trade against him".

The reports will tell you EVERYTHING, a huge revision did the trick last Friday, I believe a lot, but not that Elliot was involved with the BLS survey. The news is responsible for all of this.

---------------------------------------------------------------------
Here what happened with the Recent Diamond Top - in the Euro

They are very Rare and It HAPPENED
2 times this year in the Euro ...............

and both times there was a substatial decline in prices...

No News was needed to undrestand where price was headed


You know the Results of the trades I post in here ......
they are there ............
--------------------------------------------------------------------
As far as this past Friday goes ,
I posted the trade setup in here on thursday , one whole day
ahead of your report . The Euro charts were saying 3 drives
- anyone who has done thier homework and have Studies
chart patterns should be familiar with it .........
and thats why I nailed that trade also
-----------------------------------------------------------------------
See chart below

See How this " Diamond Top " to reached its target !

Speacial thanx to Piergiovanni-
who saw and drew this target line in an ealirer post also .

[marketwavez]

-TRADING IS NOT ONLY A BATTLE BETWEEN
BULLS AND BEARS

MORE IMPOTANTLY -

IT IS A BATTLE BETWEEN
TECHNICALS AND FUNNY-MENTALS .........

---------------------------------------------------
MARKETS DONT ONLY MOVE SOLEY ON FUNNY-MENTALS

NOR , DO THEY SOLEY MOVE ON PURE TECHNICALS .............

---------------------------------------------------------------------
IN THE END PRICE IS THE BENCHMARK,
- THE TRUE REFLECTION OF WHAt'S GOING ON ......................

[marketwavez]

Originally Posted by hoene003

Common Marktewavez, you told this the last 6 months at least 10 times and the euro will not break down. Even your diamonds, three little indians and turtlesoup (if i recall correctly) did nothing for your beloved greenback. First time you came with this "information" all the newbies thought "wow, this must be true" now everybody thinks "yeah right, its Marktewavez, let;s trade against him".

The reports will tell you EVERYTHING, a huge revision did the trick last Friday, I believe a lot, but not that Elliot was involved with the BLS survey. The news is responsible for all of this.

Hone ,,,,,,,,

I must way you are correct !

The EURO ON THE LONGER TERM CHARTS
HAS NOT TAKEN OUT THE 2500 LEVEL.............

Price is in a trading range of say 2500 to 3000

This is the Very Longer Term view of things ...........
---------------------------------------------------------------
The Diamond Top of recent has produced a decline of only
300 points or so and it is no longer in play .......We have now
moved into an End of a wave C with " 3 Drives " .

See this charts below -

The flag pole area of the chart is my way of pointing out and agreeing
with what you are saying .....

There is definately a tight Trading Range there

There is definately Consolidation there in the Euro

As we go forward in time I'm leaning towards the down side as I have already stated
,but there will be shorterm bullish calls along the way ... No market goes straight up
or straight down ! They all make retracements along the way ............

-------------------------------------------------------------
So, all is good.... Hone ,
Your view is the the Bigger Picture of things in the Euro ......
which is taking alot more time to unfold -

Most traders are in here for the shortrer term intraday trade-setups
which is where I try to concentrate my efforts !

--------------------------------------------------------
This view that you are pointing out in which - I am in total agreement with you on ,
is not for a trader trying to make some returns on a daily basis . It is more suited for someone with the tolerance of tieing up thier capital for longer periods of time ./
......Over many months ..........

---------------------------------------------------------------------
Here is the chart below

See the Flag-Pole developing
This is a visual of what you are saying !

( No break below 2500 has occured yet, So it's hard to say we are in a bear market. )

[fxsurfer]

Weekend Update:

Unfortunately was away for NFP data release and had my trades on fxcm stopped out at break even. Learning from the previous NFP I reaised my stops on the CMC account to over 2800, sorry couldn't update but have other affairs which takes priority over posting on the thread. The call was to short through to NFP Friday so take it which ever way you want. Some were stopped, some not but I still think we had the right plan building shorts last week.

Originally Posted by fxsurfer

Update Mid US session,

Shorting spikes all day today .... positions added to shorts are at 1.2772, 1.2778 and 1.2782 ... London is just about to close, stops on all positions at 1.2792 bid.

Shorting into NFP Friday and will reasses positions mid Euro session Friday if they haven't been stopped by then.
................

On Friday just before close shorts were added at 2718 with orders sitting at 2725 to short more. I expect this wave 3 to continue down, Sunday/Monday and into the next several weeks.

Chart attached below showing this Wave 2 and start of what should be a wave 3 down now. Long term Targets are around 1.2350 then 1.2100, Short term we have support and targets at 1.2601 and 1.2550.

Good Trading All
Fxs

[golhuntsleep]

God this thread is funny....hang in there folks.....OR go to your daily chart and draw a triangle for the last 6 mos movement....maybe you"ll see the euro started wave E down, Fri being a of E and after doing a b up and then a c down........."big Momma" will be delayed by ANOTHER few months as we do a 5th wave up. keep calling for big momma FX, it's coming, maybe middle of next year.....but then you can always say you "called" it and charge more people even more money for your insight to the market. keep selling folks, I need the money for my new lake home

[weissdawg]

Originally Posted by golhuntsleep

God this thread is funny....hang in there folks.....OR go to your daily chart and draw a triangle for the last 6 mos movement....maybe you"ll see the euro started wave E down, Fri being a of E and after doing a b up and then a c down........."big Momma" will be delayed by ANOTHER few months as we do a 5th wave up. keep calling for big momma FX, it's coming, maybe middle of next year.....but then you can always say you "called" it and charge more people even more money for your insight to the market. keep selling folks, I need the money for my new lake home

LOL...this post I'm adding to the other ones I've saved. We will revisit these posts in a couple months and see who's got the money for a new house on the lake. I can't wait.

[marketwavez]

HI Hone

Here is a chart that I just wanted you and all in here to see .

It supports the Bullish view of things - at least temporarily .
----------------------------------------------------------------------

If the support on the right side gets taken out at any time
this week - maybe we go lower ?.....

What are the Funny- Mentals saying ?

Seriously ,,, What do you think? -

Maybe we break 2800 this week ?-..... Maybe next week ?

Let us know .............

Today is Sunday .... We will be checking in on this one during the week.

[golhuntsleep]

OK, how do I post a chart?.............

[weissdawg]

Originally Posted by golhuntsleep

OK, how do I post a chart?.............

Save your chart. When you you are posting a reply, look down a little and you'll see "manage attachments". Click on it, and upload your chart. Hit "sumbit reply". You may need to type a small message first also.

[marketwavez]

Attaching a Chart .......


Step 1 Save your chart to your computer and give your chart a file name


Step 2 Save your chart as a jpeg image or giff image
( this is very important ! )

Step 3 Save your chart to your computer 's Desktop

Step 4 Go to Moneytec page where you you want to post your message

Step 5 click the words"Post Reply" ( orange color box) left hand side of page

Step 6 wrtite your message in the blank space provided

Step 7 scroll down to where you see the words " Manage Attachments"

Step 8 Click on the words " Manage Attachments "( White color box )

step 9 You should now see 3 seperate boxes saying " Browse "

step 10 click any one onf these boxes that say " Browse "

step 11 now use the drop down box that appears to go to
" My Desktop"-
this is where you put your saved chart - Remember ?

Step12 find your chart by the name the tiltle you gave it

step 13 click on your chart by that name that you gave it

step 14 click on the word "Upload " ( White color box )


Step 15 Do this again if you want to add a second or third chart.

Step 16 .....click the words " Close Window "

Step 17 for for check your messege for mispelled words

Step 18 click where you see " Submit Reply "

Step 19 ..... You are done !

[Piergiovanni]

Hard to guess the right count here, but the short term seems to be clear

[fxsurfer]

Monday Euro morning update:

Originally Posted by fxsurfer

..............................
On Friday just before close shorts were added at 2718 with orders sitting at 2725 to short more. I expect this wave 3 to continue down, Sunday/Monday and into the next several weeks.

Chart attached below showing this Wave 2 and start of what should be a wave 3 down now. Long term Targets are around 1.2350 then 1.2100, Short term we have support and targets at 1.2601 and 1.2550.
..............................

Price has dropped to 1.2701 bid overnight .... we can place stops on all trades just above the Sunday open high of 1.2720 .... Stops goto 1.2722 (bid). If 1.2700 is printed, stops to b.e+1 at 1.2717 bid.

Fxs

[hoene003]

Marketwavez that is indeed a strong resistanceline with the false break to 1.2940. After this action friday what can you expect, it think it will be rangetrading for a long time. And today I sell higher like 1.2735/50 if it will be reached. Momentum is for the dollar and a break of 1.2680 is a new downswing but strong support between 1.2640 and 1.2680. But hey, everything can happen but what can't happen is a break of 1.2460.