Harmonic Wave Journal

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).

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).

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.

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.

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!

Opportunity #G1/07
GBP/USD Long
2 parts
Entry: 1.9638
Stop (initial): 1.9588

Subwave 2 or B up trade.

congrats, u've started your journal, hope i can start my own journal too, maybe next month

good luck bro

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.

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).

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).

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

Well done, keep the pips rolling.

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.

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 !

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(2 charts attached )

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Pg 2---------------

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).

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).

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.

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.

Opportunity #G2/07
GBP/USD Short
3 parts
Entry: 1.9745
Stop (initial): 1.9795

Mini wave B down or subwave 3 down (unlikely).