Elliot Wave Trading

TRADE UPDATE thus far

gbpusd long opened at 1.8744 up 50 pips
eurjpy short up 75 pips opened at 149.85
just opened AUDUSD at .7475 down -11 pips stop is .7300 and tp is .7700 we are in the A wave on the daily chart will adjust stop after NFP tomorrow http://www.forexfactory.com/forexfor...ons/icon12.gif

excellent time to reenter buy on gbpusd

thanks alot your advice..

btw my SL is 18658..is it enough?
thanks

1.8658 should be good because the start of wave 3:1 was 1.8675. right now we are at the bottom of wave 3:2 start of wave 3:3. my tp is 1.9025 for this trade but the total of wave 3 tp is 1.9200-1.9300 should hit within next two weekshttp://www.forexfactory.com/forexfor...ons/icon12.gif

my trade updates thus far

eur/jpy closed yesterday for +80 pips

aud/usd closed yesterday for -35pips was in trade wrong and nfp was coming out should not have been in this one.

gpd/usd close today for +93 pips closed close to the top of the spike then jumped back on and the end of 2:3 wave to ride it up to 1.9030 we are now in 3:3 of wave 3.


pip totals todate since 9-11-06http://www.forexfactory.com/forexfor...ons/icon12.gif


+952 pips -245

I'm gonna watch this one close eurjpy and learn its behavior. Then trade this and gbpusd only while keeping track of my record. I think im pretty good on gbpusd because it almost always hit the extreme fib lines of elliot wave theory. Thats a good weapon to know and have in your arsenal. Once you know a pairs behavior you will make money. Today I think we hit the end of wave 2:3 when the pair hit the 1.8673 mark which was just pass the 78% fib line of wave 1:3 so i believe we are still in a large wave 3 upwards with major pips to come buying gbpusd let me show chart. for all who are following

only open trade now is
gbpusd opened at 1.8700 long
tp at 1.9030 before it will drop on wave 4:3
stop is moved to 1.8630 will see all next week have a nice weekendhttp://www.forexfactory.com/forexfor...ons/icon12.gif<!-- / message --><!-- attachments -->

hi itme nice call on the eur jpy

What do you all think about this eg count?
Could it be starting a new impulse 1-2 or may be an ABC?
Regards.
http://i39.photobucket.com/albums/e1...ufa/egoct1.jpg

Hey Gang,

Sorry if this is a repeat I did't read the whole thread but I found this to be a good book on Elliott Wave.


turbo

I wondered how long it would take Carlos' name to show up here....

Hi EL3,

I think the jury is still out whether the current downwave on EUR/GBP is a 5 or C, but either way I agree we are underway with a 5 wave set, and in Wave 5 of that down wave. I disagree with your "1" and "2" placements, but agree with your "3" and "4" placements in the most recent down wave.

The target of this downwards wave is .6570 according to my "Q-E" Targetting System. This will come about I believe when EUR/USD and GBP/USD both rise strongly, but GBP/USD most strongly of all, after they eventually break out of their narrow range of late. GBP/USD could eventually rise to 1.9600 ( 4.75% gain) to 2.000 (a 6.9% gain).

Hello, ITME!

Because of your thread, I have just started studying Elliott Wave, and am finding it fascinating. I have been trading using equidistant channels and fibonacci expansions for profit targets. Friday the EUR/USD came and hit my FE 100 that was at 1.2575 and stopped (well, it went to 1.2573...). My channel is sitting about 1.2560. I have a buy entry order waiting for it. I just realized this week that the channel is related to the Elliott Wave. Because the currency usually will go down a bit and then go up, and since there is strong demand in orders sitting at that level, is that a good indication that is will hit my channel and thus my entry order before its upward move?

Thanks for your help in this thread. You are awesome.

yeah itme gbpusd is gonna explode upwards it always move strong. everyone is calling me crazy on the forum for longing this pair. We shall see next week. I'm using no technicals and all that this line cross that line crap to make this call. I'm strictly using price movement and candle sticks to make my call look at the week candle stick for this week pass. Strong indicator of reversal.http://www.forexfactory.com/forexfor...ons/icon12.gif

I, for one, am not callling you crazy because I am advocating a long position on cable on the basis of the Bella system. There is a really clear divergence signal there.

I guess it is better to be crazy with company rather than alone. You never know, we may end up on the winning end of the trade with everyone else on the other end.

yeah i hope so moonchild. thanks for ur support.

I am also one of your supporters. I realize in the end price is the ultimate indicator, but everything I know and everything I have been taught up to now tells me from the current price and the recent candle formations that the gbp/usd is going back up. It WILL eventually come back down to where the others are saying but not before it makes a run up at least 50+, if not 150+ pips....

The charts you discovered are fascinating, el3

Thanks for providing this link.

It's originators state: "Dear customers! Please be aware of a newly developed “Wave Analysis” section on our site. It has been created by our specialists to provide you with additional tools which you may find helpful in trading. Wave Analysis is based on AP/EWA principles and enables to make projections of potential trading scenarios reflecting the ever changing market reality....Lacking for alternative decisions it’s tough to trade successfully in the FOREX. The structure of the section is the following: click any of the eight currency pairs listed in the toolbar above the information window. Four charts with different time frames (Weekly, Daily, H8 and H2) and respective comments will appear. You will see archive buttons between charts and comments. To see a chart for a specific date, click the arrow and the chart required will be available in a new window. Above the charts there are buttons that will enable you to return to the forum, to open “Terms and definitions” window and to learn more about “Andrew's pitchfork” (click on the currency pair to see examples of “Andrew’s pitchfork”) as well as to get more information on the Wave Principle. "

I looked at GBP/USD on a smaller time frame, and see that this methodology provides an uncertain assessment of recent market moves, as indicated by the preponderance of question marks:

http://www.fibo-group.com/pages/506?pair=GBPUSD&type=h2

There are also question marks in my mind concerning recent market moves and their significance in terms of the Elliott Wave principle.

ps. - What is "mmg forum"?

Hello el3.

When you say "strange but sure effective Elliot Wave analysis" does this mean that you have tested the system and confirm that it is profitable?

Yano

eur/usd elliot waves

Hi,

fixme1too your long for gbpusd was too early
price broke 1.8635 so it was not a wave 2 maybe a correction C is correct