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Elliot Wave Trading

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  • #1,361
  • Edited 7:44pm Jan 1, 2007 5:31pm | Edited 7:44pm
january 1, 2007

EURUSD

SELL
Entry: 3214

Target: 3165
Stop: 3263

THIS TRADE IS BASED ON NEW SYSTEM NOT RELATED TO MY EWT TRADING
  • #1,362
  • Jan 1, 2007 7:23pm Jan 1, 2007 7:23pm
TP hit time les than 1 trading day
78 pips
cable

Quoting fixme1too
December 29, 2006

GBPUSD

BUY

Entry: 9571-9556
Target: 9645-9669
Stop: 9471
This is new system where each trade generally last 1 to 2 days at a time generating avg 80pips per day.
  • #1,363
  • Edited 8:34pm Jan 1, 2007 7:29pm | Edited 8:34pm
JANUARY 1, 2007

GBPUSD

SELL
Entry: 9650
Target: 9590
Stop: 9710
This is new system where each trade generally last 1 to 2 days at a time generating avg 80pips per day.
<!-- / message --><!-- sig -->
  • #1,364
  • Jan 1, 2007 7:43pm Jan 1, 2007 7:43pm
Agreed. Short at 9650 to 9550, just like last week.
  • #1,365
  • Jan 1, 2007 7:47pm Jan 1, 2007 7:47pm
I am new to the different systems. What systems do you use?
Quoting fixme1too
JANUARY 1, 2007

GBPUSD

SELL
Entry: 9650
Target: 9550
Stop: 9750
This is new system where each trade generally last 1 to 2 days at a time generating avg 80pips per day.
<!-- / message --><!-- sig -->
  • #1,366
  • Jan 1, 2007 9:13pm Jan 1, 2007 9:13pm
fixme1too very good .
all forecast accurate
  • #1,367
  • Jan 1, 2007 10:07pm Jan 1, 2007 10:07pm
Quoting MoneyMa$ter
Agreed. Short at 9650 to 9550, just like last week.
9550 is then breaking the channels of the contracting triangle. if it goes to 9550 then one should start looking further towards the start of the contracting triangle which I am not exactly sure where it is but I am looking in the region of 9430. I if it goes to 9550 and doesn't carry on but reverses it then breaks the guidelines of contracting symmetrical triangle, which I am hoping it won't because then it will need new analysis.
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,368
  • Jan 2, 2007 3:14pm Jan 2, 2007 3:14pm
My old system I traded was strictly EWT. I have divised a new system working with ranges. I have not came up with a name for the system as of yet. A good trading friend of mine suggested FiXmE1ToO RanGes. Name is in the works. A little about the system. It has produced 1078 pips with loss of 105 pips total net gain 973 pips for the month of December. 14 trades were generated 2 losses and 12 wins. The longest trade was 6 days in total the shortest was 3 hours. avg length 1 day per trade. The rule is to trade 1 trade per day regardless if you can see more trades are possible for the pair based on the system. Last night I entered a trade on the cable 1st trade hit tp 2nd trade failed. If I see second possible trade I will post to get gauge on my odds of trading 1 trade per day opposed to 2 or more if signal is produced, with that said the trade signal for today is.

jan 2, 2007

GBPUSD

sell

Entry: 9737
Target: 9670
Stop: 9804
This is new system where each trade generally last 1 to 2 days at a time generating avg 80pips per day.

Quoting Gateway
I am new to the different systems. What systems do you use?
  • #1,369
  • Jan 2, 2007 3:25pm Jan 2, 2007 3:25pm
Trade 2 fail
-60 pips


1 trade successful
1 trade 2 fail

18 pips total gain

Quoting fixme1too
JANUARY 1, 2007

GBPUSD

SELL
Entry: 9650
Target: 9590
Stop: 9710
This is new system where each trade generally last 1 to 2 days at a time generating avg 80pips per day.
<!-- / message --><!-- sig -->
  • #1,370
  • Jan 2, 2007 3:32pm Jan 2, 2007 3:32pm
Quoting fixme1too

jan 2, 2007

GBPUSD

sell

Entry: 9737
Target: 9670
Stop: 9804
This is new system where each trade generally last 1 to 2 days at a time generating avg 80pips per day.
It's a good call. Strong resistance at 9740..but if cable can pass this then it's a different story.

Your target also given by the system? I think a bit small for the cable's range.
Shah For every action there is an equal and opposite reaction.....
  • #1,371
  • Jan 2, 2007 5:14pm Jan 2, 2007 5:14pm
Thanx for your insight panjan.



Quoting Panjan
It's a good call. Strong resistance at 9740..but if cable can pass this then it's a different story.

Your target also given by the system? I think a bit small for the cable's range.
  • #1,372
  • Edited Feb 2, 2007 5:49pm Jan 2, 2007 11:54pm | Edited Feb 2, 2007 5:49pm
GBP/USD 4 Hour looks to have found Resistance once again at 1.9740-1.9750 area.

I placed several expectations on this chart:

1. There was a Gap in the Pricing on MetaTrader at the opening of the market, this would be filled if price drops to the 1.9580 area.

2. Fibo retracement on movement from 12/26/06 Low to todays High of 1.9749 shows a 61.8% at 1.9602 mark.

3. Evaluating the Movement from the past Months channel, I would place the Short possibly going to the area of 1.9555 before rising upwards.
  • #1,373
  • Edited Feb 2, 2007 5:49pm Jan 3, 2007 12:22am | Edited Feb 2, 2007 5:49pm
Channels and Fibo for GBP/USD Monthly Chart

Top of Channel would hit the Future Resistance at 1.9877

Todays High so Far 1.9749

Fibo Retracement projection from Oct 06 Low to Dec 06 High on the Monthly

38.2% retracement to 1.9314 (Remote Possibility)
50% retracement to 1.9163 (Very Unlikely)
61.8% retracement to 1.9020 (Impossible at this Time)
  • #1,374
  • Edited Feb 2, 2007 5:49pm Jan 3, 2007 1:07am | Edited Feb 2, 2007 5:49pm
1 Day Chart

Range A 1.8518 to Range B 1.9178 = 663 pips

Range B 1.9178 to Range C 1.8834 = 344 pips (50%) of Upwards movement

Range C 1.8834 to Range D 1.9841 = 1007 pips (Reached this Top 12/1/06)

50% Fibo Retracement from Low 1.8834 to High 1.9841 = 1.9453 (Reached 12/18/06)

61.8 % Fibo Retracement from High 12/1/06 1.9846 to low at 1.9453 (actual low 1.9432 12/18/06) is 1.9687

Price at Frankfurt Open Wednesday 1.9725 should drop and then rise.

Waiting for a Re-Test of the High Range D at 1.9841 to establish a new pivot.

This may take a little time considering the channel the Pound has been in for the past month.

Will update with new evaluation later in the day.
  • #1,375
  • Jan 3, 2007 1:28am Jan 3, 2007 1:28am
Support found at 1.9703 - now looking for price to Test 1.9749 area once again.

Option of Long at 1.9716 for 15 Pips minimum

Option of Short at 1.9745 once High Tested, could rise to 1.9760 to possibly reach new High area at London Open.
  • #1,376
  • Jan 3, 2007 1:29am Jan 3, 2007 1:29am
Entered Long at 1.9715 for Target of 1.9735
Stop will be placed at 1.9699
  • #1,377
  • Jan 3, 2007 1:34am Jan 3, 2007 1:34am
Automatic Target set at 1.9735 and Stop at 1.9699

Entry Waiting for Short at 1.9749

Position is based solely on Frankfurt opening.

Testing for market supports, waiting for London Open 20 Minutes.

Upwards price expectected at London Open.
  • #1,378
  • Jan 3, 2007 1:39am Jan 3, 2007 1:39am
1.9703 Support during the Frankfurt Open,

Long now entered to test High at 1.9749 then enter Short at 1.9749 to the 1.9703 mark expecting bounce at this support.

If prices bounces off of support, Exit Short at that time.

If price shoots down through the 1.9703 mark in next few hours, position will remain open for 1.9580 area.

Testing Paremeters of Support on 15 Minute and 1 Hour Time-Frame.

-2 pips as of entry.

15 Minutes to London Open.
  • #1,379
  • Jan 3, 2007 1:42am Jan 3, 2007 1:42am
The contracting triangle, on the daily, yesterday failed to materialise, however it appears that a barrier triangle is forming. If it does a short to around 9425 may be on the cards it all depends on how today plays out but it certainly appears exhausted. if the lower trend line is broken then certainly 94's look good. upper trendline break then fresh momentum will take it well into 98's possibly more. the next 8 - 10 hours will give a better picture.

Lets see what happens.
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,380
  • Jan 3, 2007 1:43am Jan 3, 2007 1:43am
Now switched to 5 Minute chart to verify perimeters of Price Support.

Watching for Rise next 5-10 minutes.
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