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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

[Mafioso]

Originally Posted by marketwavez

------
Mafioso make sure you give Hone his due ....

See the Updated chart posted below

WHat due exactly !!!
he never posted a chart nor a call. And all what i know is that he was attempting to short from 1.2735-50 as per post #6230 so i don't see any credit due yet.

BTW and don't be offended....if ever the EUR started a strong down trend printing a new low this year don't come and say i pointed this out ....check post # so and so since u have now posted several charts pointing to 1.40++ target.
Nothing personal here as u know that i appreciate ur work but it is just that u post so many charts with opposite directiosn and probabilities

Regards

[hoene003]

Originally Posted by Mafioso

WHat due exactly !!!
he never posted a chart nor a call. And all what i know is that he was attempting to short from 1.2735-50 as per post #6230 so i don't see any credit due yet.

Very well noticed Mafioso, but it happened in the asia session when I am in my bed. Anyway what is important that this is impulsive from 1.2480 so all the nonsense about that this is a wave2 we can flush through the toilet.

And marketwavez, I completely agree with your charts aslong as they look bullish.

And now, let the Democrats win !!!!!!

[hoene003]

Originally Posted by peteuk

Well give FXsurfer his due, at least he saw the light and finally caved in with a long @ 1.2770

Even Stoxx seems to have thrown in the towel after a final losing attempt to short cable @ 1.9067

Without doubt normal service will be resumed shortly and top picking will recommence

And then you will see, now they are long and it will drop like a brick.

[weissdawg]

Originally Posted by hoene003

And now, let the Democrats win !!!!!!

OK..now I agree with you.
But as far as this wave up is concerned, it could easily be counted as corrective.

[hoene003]

Originally Posted by weissdawg

OK..now I agree with you.
But as far as this wave up is concerned, it could easily be counted as corrective.

What move is the abc in your chart correcting ?

Edit: Ok you mean ofcourse 1.2940 to 1.2480. That is the problem with Elliot you can give it everyname you like. You can even make 1.2940 to 1.2480 a correcive pattern because of the overlap. Its just what you think the market is going to, and then you can count according to your own oppinion, and it always fits.

[Mafioso]

My Chart as for the current move.
This is an irregular B folks so a wave C down to 1.2632 is next IMHO.

Regards

[weissdawg]

Originally Posted by hoene003

What move is the abc in your chart correcting ?

Edit: Ok you mean ofcourse 1.2940 to 1.2480. That is the problem with Elliot you can give it everyname you like. You can even make 1.2940 to 1.2480 a correcive pattern because of the overlap. Its just what you think the market is going to, and then you can count according to your own oppinion, and it always fits.

Well, actually I have this correcting the move down from 1.2830 to 1.2482. (There are charts in THE PIT with two possible counts I have if you'd like to see.)
You are right, though. Many times, if not most times, any given move can appear impulsive or corrective to whoever is doing the counting. That is why EW should not be the only tool one uses. There are many other tools that can be used with EW to make predicting the markets possible. I'm still learning, and am not a professional yet, but I have seen real pro's use it effectively with their other tools.

[peteuk]

Originally Posted by hoene003

And then you will see, now they are long and it will drop like a brick.

I think the last plan was to short @ 1.2850 but that was abandoned and they all went to have a lie down!

Not being funny but don't you guys think there's a bit of over-egging going on here? A quick glimpse at a chart would say a reasonable bet was to buy at the bottom of the range 1.2680 and sell at the top of it 1.28, why overlook the obvious? The same with cable, 1.8960 and 1.9120

When it breaks out then fine, but until it does why not just enjoy it.

Seems like a typical case of over-complication to me

[currencia]

"Not being funny but don't you guys think there's a bit of over-egging going on here?"

Yes, and the annoying egghead is YOU Petoooie !!!! Go post your own trades where ya buy the highs for a higher price and sell the lows for a lower price as you try to scalp your way to victory and fame. You certainly won't be achieving such with your foolish posts on this thread. The word "little twit" comes to mind.

[marketwavez]

Originally Posted by Mafioso

WHat due exactly !!!
he never posted a chart nor a call. And all what i know is that he was attempting to short from 1.2735-50 as per post #6230 so i don't see any credit due yet.

Regards

ok Mafioso - You are right !

I just cheked out the post -............ I stand corrected !
/////////////////////////////////////////////////////////////////////////////
Dont worry , you dont offend me ......You know I always encourge you.

It would help things if - Hone would post a chart with his thoughts or call !

[bearprofits]

Just some Bare brained thoughts.

Tomorrow being the 8th, am looking for the final consummation of the upper fork (magenta) that has been in place. The slow start to this bull wave is making me think that the target median will be tough to hit on time. If we are counting this last up move as a 5th wave it should be similar in length to either the 1st or 3rd.

If we look at the length of the 1st and project it from the last low 2674, then we are looking at an area somewhere around where we topped out today, but my bet is one last push to the 2840 or 78.6 retrace.

If we look at this wave equaling the 3rd then we are looking at making the center target median. This may result in a blow off, and price spiking thru the target but there are several areas that can show resistance from 2885, 2900, 2907 top trendline connecting the tops, 2937 the target median and double top with the 8/21 high and the grand poopah of tops the 1.2978.

Don’t knock the shorts too bad, imho, it’s about time to get on board.

One more parting thought 8 more days and we celebrate the anniversary of the 1.1640 low last 15/11/2005.

Fwiw,

Bear

[marketwavez]

Lets move on

Mafioso, here is my new chart for the Euro.....(Short-Term )

I have just looked at your irregular " B " chart you posted just above
and i can clearly see your target ....

You are bearish going Forward obviously - and so am I.......
-I think that we can move to a Wave A low

See the chart below - It is very clear to Read
It is saying to sell when price touches 2735 .... if the Euro keeps going up,,,,
It doesn't matter , the trade will never get triggered !

/////////////////////////////////////////////////////////////////////////////
So don't sound confused or say I post alot of charts because its true , yes I do - ......Not all the charts are put here as exact entries ,..... Some charts are put
here for all to see the over all Bigger Picture in price that is developing !

You should learn to diffrentiate between what is a Short-Term Entry chart
......................and what is a Longrer- Term market posture chart !

Some charts are longer term views which could take many months to come to pass .... You are Fxsurfer student , you know that fxsurfer is a scalper Shorterm trader ...... So whren you see a Longer Term view chart that some one has posted is startring to look like it aint happening .... Don't be concerned !... Stay focused on the Short-Term charts formations like you usually post in here .... I think your work is special , and all that I am trying to say to you is there are Long-Term views of the market and there are Short term views of the market . .............................

I post both views based on what I see going on ith the market place ......
- Hope that you understand ..... It concerns me greatly .

As far as my charts go

The Entries are clear .... The Targets are clear .....
- just as in your charts !

See below - This is my Short-Term Entry chart -

This is a realistic trade set up that will probably take a few days to come to pass ....
- It is not some
Longer Term out look that would take many weeks or months to come to pass ......

[peteuk]

Originally Posted by currencia

buy the highs for a higher price and sell the lows for a lower price

Slightly odd strategy you have there Currencia, wouldn't it be better to sell the highs and buy the lows in this ranging market?

I know, the idea is a bit too obvious and probably not as marketable as wave counting, after all even the most challenged could work that one out or perhaps not it seems

[peteuk]

Originally Posted by peteuk

A quick glimpse at a chart would say a reasonable bet was to buy at the bottom of the range 1.2680 and sell at the top of it 1.28, why overlook the obvious? The same with cable, 1.8960 and 1.9120

"Let me check charts", LOL

Hmmm, top was 1.2818, price now 1.2752, and cable high was 1.9121, price now 1.9013

Yup, obviously doesn't work that simple strategy, we better consult the waves.

[currencia]

Yes, the words "little twit" will do just fine for you Petoooie. You are the one who siad best not to trade before the elections were over because it was gambling. So, now you want to quote and take credit for good trades during election. You do so after the fact. Did you decide to gamble after all?

Go post your own trades on your own thread instead of trying to be a full time vexation to others. Then we shall see how well you do when you chase breakouts for a scalp.