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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

[Fire580]

Nice job FXsurfer

[fxsurfer]

Fire580: Thanks once again for the support and since you are so loyal to this thread let me show you a scalp I just finished:

First comes the mentality and thinking: I know there was a huge wave up in euro and it had to come back down so I wait for it to settle. And it always catches up with the 5EMA on the 30min chart, always. So next I look to see if this will be support (price will trade over 5EMA) or resistance (price under 5EMA) this will tell me to Long or Short respectively.

Entry: As you can from the chart I entered at the up arrow (paint is so crude) at 1.2144. I entered here because if you look at the previous candle it closed below the 5EMA (bad and possibly bearish, sign to go short) but the open of the next candle was up a pip (1.2139) instead of down as you would expect if price was to keep the bearish tone of closing below the 5 EMA. I needed 2 more pips up to confirm this was a change and entered at 1.2144 long. Stop was just under last bars low (1.2134). So now if it stays above 5EMA I know I will get at least 10 pips. In scalping this time of night 10-15 pips is all I look for so as price neared my target I just watch to see how much I can squeeze out of it and press the trigger. Closed at 1.2158 (+14pips) and it now looks like this was the short term top.

[fxsurfer]

So price has now gone up to 64 and it could've been a 20 pip scalp but no problem .... profit is profit and no one ever went bust taking a profit!

The trades:

[fxsurfer]

4Hr EW count update:

There is a good chance this wave 3 has not finished seeing the strength today.
Levels to watch are 1.2190 and 1.2120 be careful this is a wave 4 and they are tricky. They try to take away the easy pips you made in wave 3 so according to my plan I am staying out until 1.2190 breaks up or 1.2120 south and then I only enter if price action is right.

[fxsurfer]

The 1hr chart is showing a possible rise to 1.2280 for Thursday.

Watch your levels and good trading everyone.

The South target below in the chart should read 1.2120-1.2090 (not 1.2190)

[Fire580]

FXsurfer - thanks so much for sharing your scalping technique - I like the KISS aspect - will be trying it out today.... thanks again

[onepip]

Hi Fxsurfer :

Good work. And very enlightenig for me. Thanks you.

Cheers

Onepip

[xtsunami]

fxsurfer,

Ya doin' a great job. Thought I would give you one alternative count:

XT

[Fire580]

Sorry.... i meant to ask in my previous post - what role the 20EMA plays in your scalping technique - do you only trade in the direction of the cross with the 5EMA or ???
Thanks again

[fxsurfer]

Hi Fire,

The 20ema is used for confirmation of a trend change. You will notice many times that the 5ema will break and price will go to test the 20ema. Now if this holds on a close (30min chart) then price will go back to same position on 5ema but if 20ema breaks (price closes beyond it) you know you have a trend change and have to then alter you bias.

I am going to take a break because I am so angry and even writing this in a nice tone was hard for me. My broker today had problems taking orders via their platform and I had a 200K position long with 100+ pips profit but couldn;t close it. That was a $2000+ gain which I ended up closing for $280 after they came back online. There phones were not manned and they wouldn't chat over the normal channels, in other words they were avoiding their customers. This really irritated me and I am deciding what to do now.

Good trading
Fxs

[camisa]

Why don't you use our old friend CMS?

99% reliable this days that's what I) have to say

You got the charts from them so why not the trading?

[fxsurfer]

Fire:
That scalp strategy is developing right now ... there is 15 min left for this candle to finish and now I wait until it's close at the top of the hour to see where it is on the 5ema .... a tail below and close above the 5ema would be a good sign to scalp long, for a short you would wait for a cross of 5ema below 20ema or price to close below 20ema. Long scalp is more favoured so far.

Camisa: I have been through the worst times with cms and their platforms stability problems so as the saying goes "once bitten twice shy".

[fxsurfer]

Last bar closed below 5ema so caution is needed and patience.
The long scenario would only remain valid now if this new 30 min bar starts to climb above the 5 ema otherwise the drop will continue. The clincher would be this candle to close above the 5ema .... Stops on any long would be at 64 right now. Short below 64 .. not trading anymore today but just thought I'd share whats going through my head.
Til tomorrow
Cheers
Fxs

[fxsurfer]

I have commitments for all day Friday, So I will post some charts tonight although without US close (midnight) it may be a high risk call.

First up is the 4hr.

Watch these levels:
1.2150: critical support needs to hold if we go to projected target. When I say hold, I mean no close below on the 15 or 30min chart. Shorts will be the bias on a close below 1.2150

1.2250: a close over would confirm we going to 1.2350 (although this is quite evident I had to include it)

[fxsurfer]

Last but not least the 1hr also shows we have only 3 waves up and shows we could be going to break the 1.2250 awesome barrier.

Watch your support and resistance levels. We have a large no mans land between 1.2150 and 1.2215, scalpers area. Trade EW using S+R breaks and while in wave 4 trade cautiously with 1/2 normal lot size until levels are broken in your favour.

All the best
Fxs