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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]

Closed Euro Longs at average 1.2037 (100k) Total av. pips (+62)

Objective of this thread was to try and get the "meat" out of wave 3's and 5's and C's. Looking at the above chart, I had a potential target of 1.2050 for this small wave iii of larger 1 of larger 5. My actual target zone is 1.2040-50. I decided to close todays trade as I think it fulfills the aim of this strategy and gained us 62pips. This now frees up some of my capital for scalping using my other strategy while we wait for new entry signals and wave v of 1.

Trade snapshop is below:

[Fire580]

Maybe someday (soon) you'll share your "other strategy" for scalping? that would be nice

[fxsurfer]

Hi Fire580,

There is nothing very new to share in my scalping strategy. It is basically a mechanical system of price action on the 15 min and 30 min t.f's ana a mix of amny other scalp systems.

On the 30 min I have a 5ema and 20 ema (like bunny's cross) and the 15 min I have my cam pivots and small t.f wave counts. I also use parts of the woodies cci system. Put it all together and there you have it ... keep an eye on the 5ema and price action around it and know which wave you are in with fib levels for potential price target. I also watch for candle patterns such as 123's and wolfe waves.

Hope this helps ....I think you can get better strategies from other threads dealing specifically with scalping systems.

Cheers
Fxs

[fxsurfer]

Let me just update the chart from post#105 and superimpose the price action since that chart was posted and then I need to get some sleep.

Levels to watch are 1.2040 and 1.2015 .... break over 2040 and good chance we are going to wave 5. If 2017 doesn;t hold then we are going to form an a-b-c down to 1.2000 in line with a wave 4 a-b pattern.

[Fire580]

Hey thanks, that's cool - pretty much what I am doing also - but always looking for something new and better - but you know it really comes down to just being really familiar with your set up and having used it a million times under all different conditions - there really is no magic just sticking with the same thing over and over - as long as it's a viable set up
Thanks

[Fire580]

Oh yea, I wanted to ask you what you think of the Vt Elliott Oscillator - do you get any guidance with it at all? and on what time frame

Thanks again

[fxsurfer]

Well I just can't go to sleep ... when trading is this good I think I'll sleep over the weekend. I hope everyone is long with protective stops in place. Here is how the 15min chart has played out ... I have just let the price fill in the EW counts and so far so good.

Fire: I have tried the EW osc but couldn't get any reasonable use out of it. The t.f one uses it on is the important aspect and I think the 1 hr chart was the best for detecting wave 4's (thats what it's use is for if I understood it correctly)

I have the EW osc on my Advanced GET platform but hardly look at it.

I am experimenting with time points (future) for now with no real success so if anyone can help, I would appreciate it. Tried Ellipses and fib./Gann time periods but no luck.

[jbwyme]

the problem with using fib retracements is that you have to be sure you are at a peak. If not it does no good, its better to wait to be sure that its reversed and then use fib for a good measurement. Here is my current chart for EUR/USD.

[fxsurfer]

JB I have a similar outlook for the eur/usd as your chart above ... very good to see our analysis matches.

Here is what I think may happen today and tomorrow with targets:

[fxsurfer]

Hope everyone is positioned long ... the IV target was 30 pips off but gave better entry levels .... here is the 4 hr chart ... a brak of 2050 will confirm this next leg up

Longs in from (50k each) 17,17,16 took profits 21 and re-entered at 32(50k)

[fxsurfer]

I have a bit more time now to write as I have a pro-stop, locking in +5 pips at 1.2027. Average for my entries are @ 1.2022 (150k long) as you can see below. They are all 50k entries ... the 200K entry was a cover and reverse of the short (150K) I was in prior to these longs.

So far I am pleased with the wave counts and the trades following them. Yesterday was a perfect fibonacci and EW count day. Wave 4 this morning during Euro session was a scalpers day or stay out (my rule) until 2055 broke which was the short signal.

If 2050 breaks upside now we have a good chance of seeing 1.2150 by tomorrow.

Cheers
Fxs

[xtsunami]

fxsurfer,

guess tomorrow came a day early

good job!

XT

[fxsurfer]

Added another 50k @ 1.2120 that gave me 200k long and just closed 100K (1/2) at 1.2161 as per my target 1.2050-60. Stop on other half at 1.2075 locking in for a great Wave 3 or 5 ride here.

Once more let me just update how price action has filled in the EW counts on the 1hr chart and you can determine for yourselves whether EW work or not.

[fxsurfer]

Closed another 50K at 1.2179.

Remaining position is 50K with a pro-stop at 1.2120 now.

[fxsurfer]

Closed last 50K position at 1.2162
Just for calculations sake lets take only the original long at av. 1.2022 and
av of exits (2161,2162 and 2179= 2167) so total is roughly = 145 pips today.

Be back later with some new charts and analysis.

Here are todays entries and exits: