Elliott Wave EUR/USD

This is a discussion on Elliott Wave EUR/USD within the Trading Journals forums, part of the Reception category; Originally Posted by JahDave BTW, one more thing. I realize there is no "holy grail" of trading, and I use ...

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Old Apr 21, 2010, 3:58am   #15
 
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Re: Elliott Wave EUR/USD

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BTW, one more thing. I realize there is no "holy grail" of trading, and I use lots of other Technical indicators and fundamentals as well. I believe from my trading experience that there is no substitute for experience, but I have several trading friends I talk to daily and just running ideas and observations by each other helps us all.
Here are my charts of the eur for today. I am posting a day chart and a medium and long term hour chart. It appears to me that we may be in the D wave of the triangle. I thought the C wave my be complex and more drawn out, but now I'm not so sure. Anyway, we have completed or are close to completing 5 waves down on the hourly chart which means the market should pull back up in a 3 wave formation. After that pullback will be another five waves down to complete a zigzag. I have bought the euro at 1.3439 with sl @ 1.3275 and a tp @ 1.36. My normal trading style is to lock in some profit by moving my stop loss up if the trade gets profitable.
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eur_04_20_2010_day.png   eur_04_20_2010_hour_long.png   eur_04_20_2010_hour_short.png  

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Old Apr 23, 2010, 2:54am   #16
 
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Re: Elliott Wave EUR/USD

JahDave started this thread I had a wrong count and got stopped out. I guess the lesson here is to be more patient and wait for the high probability trades. Here is my current Euro chart with two wave counts. If anyone sees another count then please post it. One count is an ending diagonal and the other count is an impulse and it is labeled in parenthesis. I'm waiting at the moment for a high probability point to enter.
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Old Apr 24, 2010, 4:13pm   #17
 
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Re: Elliott Wave EUR/USD

JahDave started this thread On the 1 hour chart I am posting there is a nice five wave move down. Both wave counts are still valid and I have applied fibo retracements to the down move. The chart shows that the euro is encountering some resistance at the 38.2% level now. If the Euro breaks down below the 1.32 level then I will rule out the ending diagonal pattern and go with the impulse. I think the highest probability trade is to wait for it to get higher and then sell.
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Old Apr 26, 2010, 12:49am   #18
 
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Re: Elliott Wave EUR/USD

JahDave started this thread Here is my day chart today. I have an if done order to sell at 1.35, with a stop at 1.36, and a take profit at 1.3150
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Old Apr 27, 2010, 2:49am   #19
 
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Re: Elliott Wave EUR/USD

JahDave started this thread I don't think the euro will reach the 61.8% retracement level. Based on the hour chart I am posting, I think the odds have moved to the 50% retracement level as presented on my hour chart, so I have moved my sell level to 1.3445. Here is my plan for my limit order. I still have it at 1.3150, but if the down move looks impulsive instead of corrective I will move it down, but if it looks like a corrective move down then I will leave it where it is.
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Old Apr 27, 2010, 6:03pm   #20
 
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Re: Elliott Wave EUR/USD

JahDave started this thread Just a quick update. I just bought euro at 132.39 looking for a high in the 134-135 range. I'll post up a chart tonight, but I think this is a short term bottom and it is beginning the final move up before a substantial move down
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Old Apr 27, 2010, 7:51pm   #21
 
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Re: Elliott Wave EUR/USD

Quote:
Originally Posted by JahDave View Post
Just a quick update. I just bought euro at 132.39 looking for a high in the 134-135 range. I'll post up a chart tonight, but I think this is a short term bottom and it is beginning the final move up before a substantial move down
Nice thread.
Where did you place your stop on the entry you made earlier?
I believe you are correct on the direction for the next day or so.
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