Elliot Wave Trading

Hello my name is FiXmE1ToO. I work full time and needed to come up with a method to swing trade for days at a time instead of daytrading jumping in and out of the market scalping pips. So I started following Itme and just recently Wavetrader's thread. By using their methods and support and resistance i have devised a very profitable method. I have been using it for the last month or so and i am now up 300+ pips. I have spoken with Itme and plan to speak with Wavetrader and hopefully the three of us can collaborate on wave signals because sometimes waves can be misleading causing a miscount. I mainly use 4hr and daily charts to come up with my stop and projected profit target. So this will be for research and testing purposes only. Itme is really good at endpoints and Wavetrader is really good at short term moves I must say i specialize in long term 3 days to up to 10day trades. So hopefully if we can get Wavetrader on board too we will have many successful trades and devise a very profitable system.http://www.forexfactory.com/forexfor...cons/icon7.gif

first signals buy usdchf and sell eurcad will post take profit and stop loss but just got signals on 800am eastern time bars.

close usachf for small lost it is in 2 wave and will take profit at least at 1.2351 on sell order

One of the best Elliott Wave counting and training is from Carlos Wolf, you can check out his site at xxx.xxx.xxx He just recently opened his web site so right now everything is not up and running. He will offer daily Webinars for different levels of traders. His training and different tools have really helped my trading.

ok now im back after the news for cad. My number one rule is to not be in a trade that has news coming out regardless if it is good or bad because the market is funny and to me act very strange in how it interprets the news so i dont trade news I lost big money trading the news to the some of 2,000 dollars. So i dont do news LOL I just got lucky today sorry about the USDCHF in my haste I miscounted on this one but long term tp is 1.2351 with a stop of 1.2540 i got in at 1.2474. as far as eurcad take profit is 1.4100 and i got in at 1.4300 so we have a 200 pip take profit on this one. Normally i dont trade two waves so i should not be in this usdchf trade at all but i miscounted. stop for eurcad is 1.4377 as time goes on and I get better i will be able to have a better RR and tighter stops. also in the future i will make this easier to read so far im down nine pips since start for the miscount on usd chf

thanx kacurrencytrader

I use Elliot waves as well. Only advice I have is that you don't have to play every wave. Try and stay out of shorter time corrective waves (i.e. 2,'s 4's and b's on hourly time scales). Think of it as "saving position" for those really fun wave threes.

My trade concept to buy USD/CHF at 1.2456 (bottom) targetting about 1.2630 is based on the concept of trading a Wave 5 upwards. The endpoint of the trade will be the top of a large upwards "abc" corrective wave which began May 15, 2006.

The target should be reached either tomorrow or the next days.

Once we reach this target, it will be possible to enter a short trade in this currency and hold it for a long time.

Details of this trade:

http://www.forexfactory.com/forexfor...CHF#post103127

Since the above was written the Philadelphia report came out at 12:00 ET it threw USD/CHF down to an extreme low point at 1.2414. This would be an optimum buy point to trade the entire fifth wave up to 1.2660

now you see why i dont do news got stopped out on usdchf on some weak news.



GBPUSD SHORT AT 1.9019
TAKE PROFIT AT 1.8356
STOP IS 1.9095
663 PIPS
RISK IS 75 PIPS COULD TAKE 15 TO 20 DAYS

Yes, fixme1too, I think your trade setup is very good. However, I would suggest taking profit at 1.8550, because I expect that it will make a big bounce off of this approx. price level. Re-enter after if rises a significant amount.

GBPUSD SHORT AT 1.9019
TAKE PROFIT AT 1.8356
STOP IS 1.9095
663 PIPS
RISK IS 75 PIPS COULD TAKE 15 TO 20 DAYS[/quote]

Thanks Itme yes very good point will watch closely at the 1.8550 point will definently keep this in mind

"However, I would suggest taking profit at 1.8550, because I expect that it will make a big bounce off of this approx. price level. Re-enter after if rises a significant amount."http://www.forexfactory.com/forexfor...ons/icon12.gif

my trade journal update

gbpusd 9-21-06
in trade at 1.9019
sl= 1.9119
tp=1.8330
up 12 pips
short eurcad 9-21-06
in trade at 1.4300
sl=1.4350
tp 1.4065
up 15 pips
short usdcad 9-20-06 2200short
in trade @ 1.1266
sl = 1.1280
tp= 1.1050
up 85 pips


usdchf -65pips

9-21 06 9-11-06 buy gbpusd
in at 1.8683
tp 1.9057
hit target today +374 pips
total since start on 9-11-06
+309

reply so I can follow, thats all. in a pound short already

Hello Fixme1too,

Interesting stuff here, could you post a chart please?

Do you draw your waves on manually or do you use wave software?

Thanks,

Neil.

I see on the news service that there are decently sized options set for tomorrow at 1.9000. Do you think that will affect the timing on the short cable trade? I am still trying to balance this tightrope between technical and fundamental and orders. How often do fundamentals (such as lousy announcement numbers) totally mess up an Elliott wave count? Or do they just get smoothed in?

Thanks!

According to my observations and that of my mentor, announcements rarely if ever totally distort or cause a violation of Elliott Wave theory.

An announcement either arrives before, at, or following the end of a wave. And the directional bias, if there is one, is either in the direction of the existing wave, or in the opposite direction.

If the impactful announcement arrives prior to the completion of a wave pattern, and it impels the price in a new direction, then the wave pattern is quickly completed, then a new wave pattern is initiated in the opposite direction. This accounts for most or all mystifying spikes.

If the impactful announcement arrives prior to the completion of a wave pattern, and it impels the price in the original direction of the wave, then it increases the speed with which the target is met, and may increase the size of the travel of the wave in some cases, if there isn't too strong resistance.

If the impactful announcement arrives at the end of a wave pattern, then the announcement causes the beginning of a new wave pattern in the new direction, regardless of the content of the news. This accounts for price movements that contradict announcement bias.

If the impactful announcement arrives in the middle of a wave pattern, it may cause a big or small spike, but it can rarely if ever prevent the wave pattern from being ultimately completed, though it may delay the time of arrival or moderate the travelling distance of the wave.

Absoulty correct. Problem is that the fast spike completeing a wave can be hard to read because it ends up being just a shadow high/low of 1 candle.
And its hard to enter on a move like that.
Once the day or week moves on then it becomes apparent that the spike was what it was. An actual wave.

Dave

Dave

Yes, trading announcements that cause the rapid completion of a wave, and initiation of a new wave is very challenging. But armed with the above knowledge, and following a long period of careful observation and practise, it is possible. However, it is the most dangerous kind of trading, because the most volatile and hard to predict. It requires very careful and accurate forethought, and split second decision making. It is only recommended for the master level of wave trader.

closed usdcad today for +103pips before consumer info for usa itme is right about his wave theory in ref to news but dont have a good feeling on this pair right now will watch from sidelines will update other trades at end of trading day toady

Tuesday September 26 at 6:30 ET

I believe that USD/CAD began an "ABC" upwards corrective wave on September 1st. The "A" wave (1-2-3-4-5) climbed from 1.1032 to 1.1293 and then changed direction on September 20, starting an "abc" B wave down. This B wave was recently completed today at a price of 1.1130. We are now heading up for the C Wave (1-2-3-4-5), targetting about 1.1300 or higher.