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Harmonic Wave Journal

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  • Post #1
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  • First Post: Edited 10:10pm Apr 7, 2007 10:56am | Edited 10:10pm
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Hi,

This will become a journal of my Elliott Wave practices. I'll try to keep in focus in my system and analysis and in the end will strengthen my belief to be a consistent trader. Currently it's still an ultimate struggle tho.
Thanks to everyone in this forum for all help and fun.

The main/primary purpose of this practice is to capture the opportunity to trade the impulse waves (1, 3, and 5) in a trend in a particular timeframe that I choose. Secondary opportunity arrives whenever there's a relatively big corrective waves (2 and 4) worth to trade with in that particular timeframe.
Currently, I'm using m30/h1 for GBP/USD as main pair to trade, followed by EUR/USD, USD/JPY, and GBP/JPY (rarely tho).
Tra-X
  • Post #2
  • Quote
  • Apr 7, 2007 10:16pm Apr 7, 2007 10:16pm
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Only 1 ongoing trade thru this weekend, in EUR/USD.
Short
4 parts
Entry: 1.3438
Stop (initial): 1.3488

Already took 1st TP at 1.3375 (+63) on Fri. S/l tightened to 1.3445 (guaranteed -7).
Tra-X
 
 
  • Post #3
  • Quote
  • Apr 7, 2007 10:27pm Apr 7, 2007 10:27pm
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Cable has finally finished its subwave (orange) 5 up at 1.9823 this week, marking the end of wave (red) C up too. So far only 1st impulse wave down has been formed after that, in a 5-wave leading diagonal triangle pattern (currently labeled as subwave 1 or A down).
Subwave 2 or B up will follow next week, retracing back this current fall.

Possible subwave 2 or B up retracement targets:
- 38.2% of subwave 1 or A (1.9823 - 1.9635) at 1.9707.
- 50% at 1.9729.
- 61.8% at 1.9751.
- 78.6% at 1.9783.
Attached Image
Tra-X
 
 
  • Post #4
  • Quote
  • Apr 7, 2007 10:51pm Apr 7, 2007 10:51pm
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
EUR/USD might have finished its wave (red) 5 up, ending its 5-wave sequence starting from 1.2876 earlier this year. However, this count needs to be confirmed further first. EUR/USD falling below 1.3180 mark will further support this count. A rise above previous multi-year high at 1.3442 will invalidate it.
Attached Image
Tra-X
 
 
  • Post #5
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  • Apr 8, 2007 5:15pm Apr 8, 2007 5:15pm
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
No notable gap at this week's open so no scalp trades opened, unfortunately. Gaps are always high scalp opportunities on week start.
Good luck to everyone this week!
Tra-X
 
 
  • Post #6
  • Quote
  • Apr 9, 2007 4:22am Apr 9, 2007 4:22am
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Opportunity #G1/07
GBP/USD Long
2 parts
Entry: 1.9638
Stop (initial): 1.9588

Subwave 2 or B up trade.
Tra-X
 
 
  • Post #7
  • Quote
  • Apr 9, 2007 5:01am Apr 9, 2007 5:01am
  •  sopier
  • | Joined Oct 2006 | Status: Member | 14 Posts
congrats, u've started your journal, hope i can start my own journal too, maybe next month

good luck bro
 
 
  • Post #8
  • Quote
  • Apr 9, 2007 11:32am Apr 9, 2007 11:32am
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Quoting sopier
Disliked
congrats, u've started your journal, hope i can start my own journal too, maybe next month

good luck bro
Ignored
Thanks man. All the best to you too, just start it whenever you're ready.

Today's recap:
Europe is still celebrating Easter. EUR/USD retraced last week's fall abit, but cable keeps dropping. Maybe my long trade will get bombed sooner or later.
GBP/JPY didn't rise today as expected, so cable lost its power too.
Tomorrow the volume will be back to normal. Time to put some action.
Tra-X
 
 
  • Post #9
  • Quote
  • Apr 9, 2007 8:31pm Apr 9, 2007 8:31pm
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Opportunity #G1/07
GBP/USD Long
2 parts
Entry: 1.9638
Stop (initial): 1.9588

Subwave 2 or B up trade.

Update 1: Cable went down to 1.9592, 4 pips from the stop (!!). S/L tightened to 1.9591 (guarantees -47).
Tra-X
 
 
  • Post #10
  • Quote
  • Apr 9, 2007 9:10pm Apr 9, 2007 9:10pm
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Opportunity #G1/07
GBP/USD Long
2 parts
Entry: 1.9638
Stop (initial): 1.9588

Subwave 2 or B up trade.

Update 1: Cable went down to 1.9592, 4 pips from the stop (!!). S/L tightened to 1.9591 (guarantees -47).
Update 2: It hit 23.6% retracement of subwave A or 1 so far. Took 1st profit at 1.9650 (+12). S/L tightened to 1.9610 (guarantees -28).
Tra-X
 
 
  • Post #11
  • Quote
  • Apr 10, 2007 12:47am Apr 10, 2007 12:47am
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Opportunity #G1/07
GBP/USD Long
2 parts
Entry: 1.9638
Stop (initial): 1.9588

Subwave 2 or B up trade.

Update 1: Cable went down to 1.9592, 4 pips from the stop (!!). S/L tightened to 1.9591 (guarantees -47).
Update 2: It hit 23.6% retracement of subwave A or 1 so far. Took 1st profit at 1.9650 (+12). S/L tightened to 1.9610 (guarantees -28).
Update 3: Puh, finally can access and post in FF here (darn lecturer!). Well, BoJ statement news provided the volume and pushed cable higher. Took last profit at 1.9694 (+56) and closed the trade.

Total gain: +68
Tra-X
 
 
  • Post #12
  • Quote
  • Apr 10, 2007 1:52am Apr 10, 2007 1:52am
  •  barak
  • | Joined Jan 2007 | Status: Jacko Turtle since May 08 | 334 Posts
Well done, keep the pips rolling.
Still waters run deep
 
 
  • Post #13
  • Quote
  • Apr 10, 2007 2:21am Apr 10, 2007 2:21am
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Quoting barak
Disliked
Well done, keep the pips rolling.
Ignored
Thanks, barak. Only first trade tho, often the next one is a loser lol. Hope not.

Anyway, last mini wave (magenta) 5 down for cable is over, finished at 1.9592 low. So now subwave (orange) 2 or B retracement is on the rage, with mini wave A has probably finished. Let's see how cable moves next.
Attached Image
Tra-X
 
 
  • Post #14
  • Quote
  • Edited 3:26am Apr 10, 2007 3:07am | Edited 3:26am
  •  marketwavez
  • Joined Nov 2006 | Status: Member | 847 Posts
Usd Gbp _ Probable Wave count

End of a wave B may be upon us .......

Only a Probabilty ............ Not Cast in Stone !....

Wave -Counts vary from Person to Person

-This B wave rally is nice and steep, -Just the way that Gann observed it !

--------------------------------------------------------------

(2 charts attached )

-------------------------------------------------------------------------
Attached Image (click to enlarge)
Click to Enlarge

Name: GBP-04-08-2007-#1.jpg
Size: 60 KB
 
 
  • Post #15
  • Quote
  • Edited 3:23am Apr 10, 2007 3:09am | Edited 3:23am
  •  marketwavez
  • Joined Nov 2006 | Status: Member | 847 Posts
Pg 2---------------
Attached Image (click to enlarge)
Click to Enlarge

Name: GBP-04-08-2007-#2.jpg
Size: 65 KB
 
 
  • Post #16
  • Quote
  • Apr 10, 2007 3:29am Apr 10, 2007 3:29am
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Hi marketwavez, thanks for the charts. So we both agree that this is now a corrective phase of cable. It's holding near the top now. More push upwards is possible. The infamous 1.9720 resistance might come into play again. Shouldn't have closed my long earlier.
Oops, should've's don't count however (thanks to Steviet who posted this in his journal before).
Tra-X
 
 
  • Post #17
  • Quote
  • Apr 10, 2007 3:52am Apr 10, 2007 3:52am
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Only 1 ongoing trade thru this weekend, in EUR/USD.
Short
4 parts
Entry: 1.3438
Stop (initial): 1.3488

Already took 1st TP at 1.3375 (+63) on Fri. S/l tightened to 1.3445 (guaranteed -7).
Update 1: S/L tightened to 1.3437 (guarantees +1).
Tra-X
 
 
  • Post #18
  • Quote
  • Apr 10, 2007 4:17am Apr 10, 2007 4:17am
  •  JimboFX
  • | Joined Jun 2006 | Status: Member | 192 Posts
Great thread, Traex

I'm on the same page as you guys that cable is in ABC correction but how about that ABC being wave 2 ? I just don't see the uptrend finished yet on the bigger picture.
Attached Image
 
 
  • Post #19
  • Quote
  • Apr 10, 2007 4:48am Apr 10, 2007 4:48am
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Quoting JimboFX
Disliked
Great thread, Traex

I'm on the same page as you guys that cable is in ABC correction but how about that ABC being wave 2 ? I just don't see the uptrend finished yet on the bigger picture.
Ignored
Hi JimboFX, thanks and welcome.
Yeah, uptrend is finished or not for cable, we don't know yet, just follow what our count has shown so far. And let market decide where it's going.
Tra-X
 
 
  • Post #20
  • Quote
  • Apr 10, 2007 8:15am Apr 10, 2007 8:15am
  •  Traex
  • | Joined Sep 2006 | Status: Forex Newbie | 1,517 Posts
Opportunity #G2/07
GBP/USD Short
3 parts
Entry: 1.9745
Stop (initial): 1.9795

Mini wave B down or subwave 3 down (unlikely).
Tra-X
 
 
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