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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

[fxsurfer]

Entered short eur.usd at 48 and 39 stop around 55 will have to see how candles and price action looks if it get near my stop.

XT, I agree with what you said about picking tops. On my previous trade I was obviously too early and maybe this time also but my indicators are pointing to a reversal so one must trade a system even if you are stopped you can always re-enter. I also don't let a bad trade deter me ... some good opportunities arise after a bad trade.

[xtsunami]

fxsurfer,

I offer my opinion based only on this:

picking tops and bottoms are dangerous

It is a common theme being taught by the "market gurus,' of which I disagree.

XT

[bobnat]

Originally Posted by xtsunami

fxsurfer,

I offer my opinion based only on this:



It is a common theme being taught by the "market gurus,' of which I disagree.

XT

I concur. It's not as risky as people make it out to be. One thing I was taught is that the more proof you require, the more it costs you. I can take a series of low risk shots, get stopped out, and then still make a great trade when I catch the move I was looking for that more than makes up for the losses.

Nat

[fxsurfer]

Protective stop placed at 1.2241 (+1 pip). Price at 1.2229 bid currently.

[fxsurfer]

Updated 4hr EW count:

Just a note: If you look at the 30min chart of the eur/usd pair, you will notice it has not had a close below the 20EMA since last Friday (8 July), at the wave 2 low of this up wave. So if wave 4 is to be confirmed we would expect at least a break of the 20EMA and depending on how long it stays below there may show how high wave 5 will go. If it's just a spike below, then it would be a good buying opportunity. A close below 20EMA on 30min chart would mean targets below on chart have good chance of being reached.

20EMA currently at 1.2216.

[fxsurfer]

Shorts from av. 1.2242:
Closed 2/3 of positions at 1.2202 after support zone 1 held.
Lowered stop on last 1/3 to 1.2215 and will leave this run or pro-stop take it.

[fxsurfer]

Closed remaining 1/3 at 85. Average = +46 pips for a wave 4 trade.

[fxsurfer]

Entered Long positions preparing for the next wave 5 up (Target 1.2350-2380) ......
100K long from 1.2188 and
50K long from 1.2181

Stop @ 1.2165 if it gets hit then support zone 2 will come into play (1.2120-2140). New decision will be made then what to do.

[fxsurfer]

Stop hit at 2165 ... (-21 pips average)
Price has gone below support zone 2 so now waiting for further signals.
Price would have to go back upto 2130-40 for me to start buying or a break of 2100 for short entries.

[fxsurfer]

Entered Long eur/usd at 1.2118 50K first long entry of my normal 150K lot size

This is how the previous 4hr chart played out so far. We may have a bounce of the 38% fib level so the small entry if not stop at 2100 and reverse short.

[xtsunami]

an interpretation of what the EUR may do next.

XT

[fxsurfer]

Stopped out S eur/usd 50k at 1.2100 (-18) and short 100K from 2100 but due to computer problems (needing several re-boots), I was unable to place a pro-stop on Long when price went to 1.2130 which I would've normally done.

Pro stop on short trade will be placed when price is just below 2090. Target first half 82 to cover the short loss from 2118 and rest left to run or get stopped.

[fxsurfer]

Closed S eur/usd 100k at 1.2079 (+21 pips). Happy now and need a break before any more analysis.
Fxs

[yinfang7084]

Originally Posted by fxsurfer

Closed S eur/usd 100k at 1.2079 (+21 pips). Happy now and need a break before any more analysis.
Fxs

Great job!!

According our system, we have a euro/usd buy lmit around 1921, stop loss 1891, profit target 2000.

Hope this information will help others.

Thanks for your great post.
Forex sign staff.

[xtsunami]

we have a euro/usd buy lmit around 1921, stop loss 1891, profit target 2000.

There is a lot of real estate between your buy limit and current price....

XT