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WaveTrade

  • #81
  • Edited 7:57pm Oct 11, 2006 4:41pm | Edited 7:57pm
Oct 11, 2006<o>
</o>
Spread Signal
Trade #15

<o></o>GBP/USD
Long<o>
</o>

Entry: 8540
Target: 8729
Stop: 8351<o>
</o>
Potential: 189 pips<o>
</o>
R/R: 1 to 1
W/L on pair: 73%<o>
</o>

<o></o>Northpro
<!-- / message --><!-- controls -->
  • #82
  • Oct 11, 2006 4:43pm Oct 11, 2006 4:43pm
Northpro, do you feel this news was just a bump in the road with the price going long for EUR/USD and short for USD/CHF. Looks to be holding around the Support 1 Weekly on the EUR/USD.

Did you keep your positions during this news release?

Thanks
Monarch
  • #83
  • Edited 4:58pm Oct 11, 2006 4:45pm | Edited 4:58pm
Oct 11, 2006<o>
</o>
Spread Signal
Trade #16

<o></o>USD/CAN
Short<o>
</o>

Entry: 1376
Target: 1237
Stop: 1446<o>
</o>
Potential: 139 pips<o>
</o>
R/R: 2 to 1
W/L on pair: 63%<o>
</o>

<!-- / message --><!-- controls --> Northpro
  • #84
  • Oct 11, 2006 4:51pm Oct 11, 2006 4:51pm
Quoting monarch
Northpro, do you feel this news was just a bump in the road with the price going long for EUR/USD and short for USD/CHF. Looks to be holding around the Support 1 Weekly on the EUR/USD.

Did you keep your positions during this news release?

Thanks
Monarch
Monarch,

Yes, I did hold my positions and took two more on CAN and GBP. I am a contrarian and believe that the elastic band can only get stretched so far. Either that or my stops will hit. We will see what the next 7 days holds in store for us. The GBP and EUR look oversold and the CAN and CHF look well overbought. Holding for the long run.

Northpro
  • #85
  • Oct 11, 2006 5:16pm Oct 11, 2006 5:16pm
These currency pairs do seem to be getting ready for their bounce back. I am waiting for several of my indicators to enter these position long term. I made 20 pips on GBP/USD and 30 pips on the EUR/USD retraces, but do not hold these positions right now. I Will probably enter these 4 positions later today, or this evening. I still have one other position opened, which will probably stay open till Thursday's turn down.

Thanks for the info, it is always appreciated here.

Monarch
  • #86
  • Oct 12, 2006 8:00am Oct 12, 2006 8:00am
Northpro
Prices were slightly down for the USD, but since have rebounded back to where it was earlier this morning. I have four positions against the USD, hopefully it is making it's last stand before it loses it's strength.
I am going Long EUR and GBP and Short CAD and CHF. We should see it move this direction through today and tomorrow.

Monarch
  • #87
  • Edited 7:33pm Oct 12, 2006 5:17pm | Edited 7:33pm
Quoting Northpro
Oct 11, 2006<o>
</o>
Spread Signal
Trade #15

<o></o>GBP/USD
Long<o>
</o>

Entry: 8540
Target: 8729
Stop: 8351<o>
</o>
Potential: 189 pips<o>
</o>
R/R: 1 to 1
W/L on pair: 73%<o>
</o>

<o></o>Northpro
<!-- / message --><!-- controls -->
Oct 12, 2006

Initial trade was taken on a Spread signal. Due to the high level of exposure, we are reducing target as we also have a more conservative Wave Signal.
Revised Target and Stop:

Target: 8618
Stop: 8462<o>
</o>
Potential: 78 pips<o>
</o>
R/R: 1 to 1
W/L on pair: 73%

Northpro
  • #88
  • Oct 12, 2006 8:28pm Oct 12, 2006 8:28pm
Originally Posted by Northpro
Oct 11, 2006<o>
</o>
Spread Signal
Trade #15

<o></o>GBP/USD
Long<o>
</o>
Entry: 8540
Target: 8729
Stop: 8351<o>
</o>
Potential: 189 pips<o>
</o>
R/R: 1 to 1
W/L on pair: 73%

Quoting Northpro
Oct 12, 2006

Initial trade was taken on a Spread signal. Due to the high level of exposure, we are reducing target as we also have a more conservative Wave Signal.
Revised Target and Stop:

Target: 8618
Stop: 8462<o>
</o>
Potential: 78 pips<o>
</o>
R/R: 1 to 1
W/L on pair: 73%

Northpro
Oct. 12, 2006

Trade #15
GBP/USD
Revised Target: 8618 Hit

Gain: +78 pips

Total Realized October: +339 pips
Total Realized since start: +1140 pips

Northpro
  • #89
  • Oct 12, 2006 9:01pm Oct 12, 2006 9:01pm
I also hit Target for GBP/USD at 1.8618 + 46 pips

I manually closed my positions on:
EUR/USD + 27 pips
USD/CAD + 32 pips
USD/CHF + 20 Pips

Total = + 125 pips

Great trading and good signals. I will stand back for now and watch, maybe pick up a few pips before close on Friday. Talk with you later

Monarch
  • #90
  • Oct 12, 2006 9:15pm Oct 12, 2006 9:15pm
Quoting monarch
I also hit Target for GBP/USD at 1.8618 + 46 pips

I manually closed my positions on:
EUR/USD + 27 pips
USD/CAD + 32 pips
USD/CHF + 20 Pips

Total = + 125 pips

Great trading and good signals. I will stand back for now and watch, maybe pick up a few pips before close on Friday. Talk with you later

Monarch
Trades 13, 14, and 16 are all still open. I would not normally revise an original trade as I did for trade #15, but I am not normally in four trades at the same time, so due to the exposure, I went the conservative route. Looking for 1/2 way mark to revise stop on trades #13 and #14.
Nice job on your +pips Monarch.

Northpro
  • #91
  • Oct 12, 2006 10:36pm Oct 12, 2006 10:36pm
Northpro,

Your wave trade is very impressed. When do you usually to enter a trade? After the day close? When do you post your signal? I will probably follow your signal.

thanks and happy trading
futurefuture
  • #92
  • Oct 12, 2006 10:37pm Oct 12, 2006 10:37pm
Northpro, excellent call... will follow your thread. Thanks for sharing
  • #93
  • Oct 12, 2006 10:50pm Oct 12, 2006 10:50pm
Quoting futurefuture
Northpro,

Your wave trade is very impressed. When do you usually to enter a trade? After the day close? When do you post your signal? I will probably follow your signal.

thanks and happy trading
futurefuture
Futurefuture,

I only enter a trade after the days close, sometime between 21:00 GMT and 23:00 GMT if I am around to do so, which is often. The aim is to enter as close to the closing price as possible when I have a signal. I also post my trades within 15 min of entry. Thanks for the encouragement.

Northpro
  • #94
  • Oct 12, 2006 11:27pm Oct 12, 2006 11:27pm
Quoting Northpro
Futurefuture,

I only enter a trade after the days close, sometime between 21:00 GMT and 23:00 GMT if I am around to do so, which is often. The aim is to enter as close to the closing price as possible when I have a signal. I also post my trades within 15 min of entry. Thanks for the encouragement.

Northpro
HI NP.

Can you pls post some study material for this strategy or pls teach us ur skills . how do you use this wave trading thing...

Thanks....
  • #95
  • Oct 13, 2006 12:07am Oct 13, 2006 12:07am
Quoting babarmughal
HI NP.

Can you pls post some study material for this strategy or pls teach us ur skills . how do you use this wave trading thing...

Thanks....
Hello babarmughal,

When I started this thread it was intended as an outlet for me to journal my trades. I also wanted to encourage newbies and frustrated traders not to give up but to take a sensible realistic approach to trading and to develop a trading style that suits them and their lifestyle and goals. Like my initial post (#1) describes, I tried all types of styles of daytrading initially until I blew account after account. Finally I went back to basics. I logged onto Forums and just browsed for any info I could on technical analysis, psychology of trading, MONEY MANAGEMENT, I also read books and demo traded. Without giving you my life story on trading, I made up my own system, based on daily charts (H,L,O,C), using a combination of ema's, sma's, stochastics, rsi's, momentum, and fibonacci's. The settings are irrelevant (read post #63). I have recorded all the closing data for over a year and formatted with an excel program. It really is quite rudimentary at first glance. The point of this is, I want to encourage other traders to develop there own system using there own settings for the timeframe and style that suits them. At present I don't have a pdf file to post, but what I can do is assist anyone who ever takes on the task of developing their own system. Occasionally I post and will continue to post things I see on the charts that are of interest, although most of what I concern myself with is the numbers, not the formations (elliot wave, gaps, double tops/bottoms, heads/shoulder, etc)...I do consider myself a TA trader so I can't help but notice the obvious. If you are interested in developing something, pick a pair, go back a year and start recording data onto a spreadsheet.You will be amazed at what you start to notice. It will take time and effort but you will become a better trader in the end, great things don't come easy, at least not for me! I know this probably isn't the response you were looking for, but that's all I can offer for now, except of course my trades!

Northpro
  • #96
  • Oct 13, 2006 10:03am Oct 13, 2006 10:03am
Northpro, looks like the GBP/USD - EUR/USD are now oversold, and USD/CHF and USD/CAD are overbought. This should set us up for some great trading the first of next week. Lets get ready to rumble!!!

Have a great weekend!

Monarch
  • #97
  • Oct 13, 2006 3:18pm Oct 13, 2006 3:18pm
Hey northpro are you still in those 3 trades #13 #14 #16
MIR
  • #98
  • Oct 13, 2006 4:09pm Oct 13, 2006 4:09pm
Northpro, just taking a look at the EUR/USD and thought I would post this summary of my projections. I would like to see what you think of this pair in the week to come. Thanks

EUR/USD came within reaching its S2 Monthly Support at 1.2490 which is the lowest this pair has been since July 19<SUP>th</SUP> 2006.

<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o> </o>

EUR/USD has found support at 1.2498 on June 23 2006, July 18 2006, and is within 10 pips of bouncing off of the S2 Monthly Support once again.

<o> </o>

1.2528 would settle the EUR/USD around the 50% Fibo. area, but a further drop could send the price down to 1.2428 then back up to Support itself at the S3 Daily 1.2458.

<o> </o>

EUR/USD is testing the bottom of its channel, but eventually will find itself settling back in around 1.2678 area in the coming week or so.

<o> </o>

The Dollar has been pressing forward strongly, but eventually we will see it lose some of its luster, and ease off of its Bullish trend allowing the EUR to regain some of its losses.

<o> </o>
Monarch
  • #99
  • Oct 13, 2006 5:05pm Oct 13, 2006 5:05pm
Quoting mniemiec
Hey northpro are you still in those 3 trades #13 #14 #16
Yes I am. Next move will be to move the stop on the EUR and the CHF to +20 in the money once the halfway to target is reached, (EUR: 2592, CHF: 2633)

Northpro
  • #100
  • Oct 13, 2006 7:04pm Oct 13, 2006 7:04pm
There is major 38.2 support at 1.2454. Look for the reversal to happen here, if its gonna happen.

Fundamentaly the $ is strong and U.S. consumer report reflects this. There is e-wave analysis showing the down trend should end at 1.2454 range.

If this support is broken it could move to 1.2300 befor its move back up.

I don't think there is a top in place. We still need to see a move to or little past 1.3000 befor a greater down trend takes place. But don't get overzealous on long trades just yet.

We just had a shallow a,b,c, correction on the hourly down trend, so a series of 5 waves needs to extend down. Look in my thread on Sunday for a wave count reflecting this.
I suk at intraday waves but am pretty acurate on the high time frames.

currently holding a short on euro$.

Just my 2 cents here.
I causioned itme on long trades (euro$)few days ago and was right on target.

I get no credit for my wave analysis but belive I deserve some as I am not usually wrong on high time frames.

Dave
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