Elliot Wave Trading

I was just playing with some numbers. If we won using center point system 104 days out of the year at 10 pip that would be 62400 dollars thats with a 60 pip tp. If we lost the other half of the year we would loose 7800 dollars. 62400-7800= 54600 dollars a year not bad if this system is 50 % from back testing I got better than 50% so far. Very interesting.

can you post your chart to explain center point?

center point did not fare well last night so far 3 and 1 will explain concept this eve

if we get to 1.1323 today good short oppurtunity on usdcad on the road down to 1.1085 or lower.

gotta get ready for work. Dosent look like anything is coming up no big moves eurusd will probably go down another 100 to 110 pips before reversing.

gbpusd is still a short move Im just waiting for this big wave 2 to finish. Before we start to trade three upwards. Im also keeping record on how well center point method does in accordance to what wave we are in.

Hello fixme1too,

Has your stop .7750 been triggered ? Regards.

I extended my stop for the usd news. Will revaluate on my 4hour charts this eve. AUD should retrace lets see. what happens. worst case its just a lost.

I am looking at a one hour chart for the Usd/Can pair. It would appear from the count I have that this retracement is forming a Zig Zag pattern. I have a 5 wave impulse count for the A wave. It looks like the B wave has two of it's three legs formed. I am waiting for a clearly identifyable (c) leg before I place a buy order. This upcoming C leg could move up to 1.1320 and as high as 1.1390.

It's not very often you see such a clear pattern at the one hour level.

Jeffrey

Fixme1too,

I was reading the Elliot Wave material that was on the web site whose link you had posted. An interesting section was the 'counting fractuals' pages. I had never heard of this method of counting waves before. Is this how you make your wave counts?

I have been using a 8 period EMA to help identify wave counts on larger time frames but this doesn't work very well on the intraday charts. I had heard there was a way to use MACD to identify waves on different time frames but have not located a source on this method yet.

Thanks
Jeffrey

this may very well be true jeff. I havent checked the waves yet for this pair but I still have it going to 1.1322 to complete our wave complete our wave 4. If you look back in the postings I think on sunday I was saying is USDCAD gonna hit 1.1135 before forming a wave 4. well we didnt get to 1.1135 but we did get to 1.1200 . I think we need to complete our wave 4 up at about 1.1322 then we can short for our way down to 1.1085.

You know on my way home before leaving work I checked out itme thread and noticed something. Alot of people are really criticising his methods but he is really good just had some missed signals lately. I mean really coming down hard on him and all he is trying to do is help and devise a system. I want to nip this in the butt before it even gets started here. Mr. Poly you have never posted in my thread and your first post is "Has your stop been triggered yet" I dont generally do this but I must say you asked this I feel in a sarcastic way. If this is not the case then disregard this statement but if the shoe fits then wear it. When I started this post, I started it with the intent of trying to help others, thats why I post good readings that I come across. I also started the post in hope of working with itme and northpro as these are two very strong forex traders with different styles of trading but still getting to the same point in the end. As we go along I notice its like people cant wait for a trade signal to fail. If you dont have anything positive to add to the thread like jeff, then just read the thread and make no remarks. You were watching the quotes today just as I was. If a trade fails then so beit, just move on to the next oppurtinity and make the money back. The good thing about Elliot wave is not only can you find an good entry point but you can also find a good exit point Im looking to get out at 7681 and 7663 lets se how it plays out if it dosent work in my favor then I'll take the lost. .

Bruce Kovner
You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael [Marcus] taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money. Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I'm getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis. I never think about other people who may be using the same stop, because the market shouldn't go there if I am right. Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose. If you personalize losses, you can't trade.
This was from one of the master traders on page 11 of my threadhttp://www.forexfactory.com/forexfor...ons/icon12.gif
To all others following my thread in good spirit

LETS GET THIS MONEY AND HAVE FUN DOING IT.
I see some good moves coming let me finish evaluating.

Signal for center point is long. Center point on GBPUSD today is 1.9029. we opened 8pm bar at 1.9077. Im also looking at other aspects of center point like if we are at the top of a wave with high potential for reversal what what is the win loss ratio. Another thing I noticed is if the center point number is not greater than 10 pips on the open it leaves higer potential for win.

ex. center point today is 1.9029 if new day open was 1.9035 greater potential for winning trade. Rather than having close to 50 pip difference already at the start

Out look on AUDUSD with the over extension today on this pair it changed the wave count on the daily we are in a 5 wave but not complete yet we are at the 100% fib mark on daily on 4hour chart we are over the 261.8 mark. By rule we should form ABC wave on 4 hour chart. This should happen 7725 is the 38% mark 7719 is 50% mark between these two points is where A waves normally finish at. From here we then are supposed to trade up if following EW theory. to >50% but < 78% to form B wave then C wave completes at 161.2 ultimately putting us at 7710 I may get off here and loose 10 pips. This accurding to four hour chart. When this happens this will complete a mini 4 wave on the Bigger 5 wave on the daily. From this point mini 5 wave on the daily will complete and it has the same rules as C waves

Sorry if this post slows anyone down, but could you please explain your center point system again (or simply refer me to your post in which you already did)? My bad for not seeing it, but your thread is growing rather large, congrats!

As for your comments on negativity, spot on. There are still some of us out here that appreciate the time and effort you and ALL the other bloggers put into their threads. Whenever you make a mistake we are here to keep you honest, but let's not forget we are not perfect, so don't expect anyone's forecasts to be "truth." That being said, I am learning a lot from your system, especially the misses! Thanks again.
-JB

I must be having a brain cramp tonight. I don't see any setups that I like. This happens once in while. You open up a chart expecting to see all these waves and make some sort of a useful count, but instead all you see is a random bunch of sticks.

Must be time for a TV break.

Jeffrey

With the move up on usdcad so strong wait to get in may go higher than 1.1323 before we short but it is moving as it should

just watch price action first then get on for short

1.1340's looking like it could be a better entry. I want you guys to see how EW rebounds and continue to trade in relationship to completing waves even if news sends the pair in the opposite direction. Yesterday chicago pmi dropped this pair like a rock. now look how it has bounced back. My point in saying this is when you know how markets react to EW you can stay in a bad trade allowing it to recover then get off for less of a loss or even a gain. This is what I hope to do with AUDUSD pair. I will let you guys know how it plays out. Im looking to get out between 7724 and 7714 before it goes up some then I will get back in to to ride down so I get my small loss back.

usdcad may pull back to 1289 before going up more. I see it going up more because trend traders will hopefully push it up more and wave 5 on hourly completes at 1344 hopefully the hourly want let us down and we can use it for optimum entry point.on the way down to 1.1085

Center point is down -3 pips this is a surprise to me I reallexpected to get stopped out last night because of such large difference between center point and open of todays bar. Also I really think we are in the reversal day.