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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]

Stop on L eur/usd raised to 1.2050 (locking in +10)

[fxsurfer]

Protective stop hit at 1.2050 (+10 pips)

There is not enough buying for euro to keep going up. Leaning towards shorting euro but will wait till after US opens for some direction.

[fxsurfer]

Entered new longs on eur/usd from 58 (50k) and 63 (50k) Average long from 1.2061 (100k) and will add on any dips to 2050 stop 1.2040.

Too bad this was a whippy day because the EW count for a wave 5 (3) up is still valid and if I had kept my stop at 2040 (b.e) I would be Long from a better position. May be a lesson here :

... to keep stops at b.e until wave I am trading has reached target or takes my stop. (We will see how things unfold whether this is a good idea or it is better to take profits along the way)

[fxsurfer]

Updated 1hr chart with possible sub-waves and how this larger 5 (or 3) may unfold. A close below 1.2040 would put this chart in danger zone and close below 1.2020 would invalidate this count. It doesn't look too promising at the moment but have to keep with the system and see how it goes.

So far today it was not such a good day to establish med-term positions .... it was more a scalping day taking quick profits. We'll see what happens in the US session.

[fxsurfer]

Stopped on my eur/usd longs at 1.2040 (50k) and 1.2007 (50k) Average (1.2024) so a loss of -37 pips.

Will be watching the 1.1980 level for a possible re-entry long but for now back to some chart work.

[fxsurfer]

First long entered at 1.1988 (50k)

[fxsurfer]

Entered 2nd Long @ 1.1994 (50k) .. total 100k Long @ average 1.1991
Stop 1.1970

[fxsurfer]

Tuesday 19 July update:

Overnight I was stopped on my Long at 1.2040 and manually closed the other half at 1.2007 after eur/usd was showing weakness and a possible test of 1.1980.

Current price is 1.1990 and still not showing any strength even though I have an average long entry at 1.9091 (100k). I will close this trade if I see any signs of it breaking 1.1975 ..... Stops at 1.1970 for now and pro-stop will be entered at 1.1991 when/if eur/usd gets to 1.2010.

Euro needs to hold 1.1970-80 through the US session or it will go to test the major fib confluence zone at 1.1950-1960. If eur/usd holds 1980 and closes over 1.2030 then a short term bottom is in and my Longs are safe for a nice ride up.

[fxsurfer]

Stop moved to pro-stop at 1.1991 (break even)

[fxsurfer]

Pro-stop hit at b.e 1.1991 (0 pips)

- maybe I placed it too early but I am tired and will see whether it was a good decision later.

[fxsurfer]

Entered Long 100k @ 1.1975 stop at 1.1958

This may be the low I was looking for. Lets see how it goes.

[fxsurfer]

pro-stop entered at 1.1975 (b.e)

[fxsurfer]

Here is the update for today, Tuesday 19 July:

I didn't manage to get in a long near the lows as I was having connection problems and I like to watch price action before entering so that eliminates limit orders but once back up I got in at 1.1975. Pro-stop is alread placed at 1.1976 (b.e+1) and it will stay here until I get the target of 1.2190 (take out 1st half) and let rest run.

Here is the chart update:

[fxsurfer]

Here is how I think these 5 waves up will play out short term:

[fxsurfer]

Here is another view with the cycle .... I am not saying this will happen but in accordance with my strategy here (to learn and test theory's) this is a possible scenario, using fib levels: