## Elliott Wave EUR/USD

This is a discussion on Elliott Wave EUR/USD within the Trading Journals forums, part of the Reception category; Here is my daily chart today. My thoughts are if the euro goes below 1.3114 then we are in a ...

 May 4, 2010, 4:35am #31 Joined Oct 2008 Re: Elliott Wave EUR/USD Here is my daily chart today. My thoughts are if the euro goes below 1.3114 then we are in a third wave down and the ending diagonal count is void. Attached Thumbnails
 May 5, 2010, 1:58am #32 Joined Oct 2008 Re: Elliott Wave EUR/USD The euro broke down below the 1.3114 today, so I have ruled out the ending diagonal and this is an impulse down. Attached Thumbnails
 May 5, 2010, 3:48pm #33 Joined Apr 2010 Re: Elliott Wave EUR/USD Does the Elliot Wave Theory have specific advantages for use in currency trading compared to other indicators? What's a good book to study Elliot Wave Theory? Reading your posts I think it may help you to read up on fractals or maybe familiarize yourself with spotting fractals on a chart. I read something about it {i can't remember where, though} and I get a sense it would mend well with the EWT.
May 6, 2010, 2:49am   #34

Joined Oct 2008
Re: Elliott Wave EUR/USD

Quote:
 Originally Posted by MaxGriddy Does the Elliot Wave Theory have specific advantages for use in currency trading compared to other indicators? What's a good book to study Elliot Wave Theory? Reading your posts I think it may help you to read up on fractals or maybe familiarize yourself with spotting fractals on a chart. I read something about it {i can't remember where, though} and I get a sense it would mend well with the EWT.
I bought the book "Elliott Wave Theory" written by frost and Prechter back in 1978. They found some of R.N. Elliott's writings and studied and expanded them. Funny you should mention fractals, because that is a large part of EWT. IMO, one of the best things about EWT is that you can use it on any time frame because the charts are fractals. Frost and Prechter state in the book that EWT measures mass social mood, so it works better with bigger markets compared to smaller markets.

Here are my charts today. I think the euro is entering into wave 4, so it should go up a for a while before making wave 5 down. I just bought it at 1.2825 with a stop at 1.2750 and a limit at 1.2975.
Attached Thumbnails

 May 10, 2010, 3:51am #35 Joined Oct 2008 Re: Elliott Wave EUR/USD Here is my daily chart tonight. If you notice the move down, then you will notice it doesn't have any subwaves going down in wave 5. I have 2 counts here on my chart. The one in brackets is my alternate count based on a logical progression and the size of wave 5 down, ( The green 5) But since wave 5 down doesn't have any subwaves in it then I am actually leaning towards my alternate count as being correct. This would mean that wave 5 will be extended and long. Attached Thumbnails
 May 10, 2010, 7:55am #36 Joined Mar 2004 nice paintings, what about your trades ? this is your last trade "May 6, 2010, 1:49am #34 JahDave I just bought it at 1.2825 with a stop at 1.2750 and a limit at 1.2975. " You bought right before the crash.
 May 10, 2010, 8:27am #37 Joined Oct 2008 Re: Elliott Wave EUR/USD I am wrong sometimes.......Maybe you should trade opposite of me and then you might do better than me, but I am selling Euro right now at 129.70..Good luck...
 May 10, 2010, 8:32am #38 Joined Mar 2004 Applying Elliott Wave theory profitably is your aim. can you confirm applying Elliott Wave theory profitably ?
May 12, 2010, 11:44pm   #39

Joined Oct 2008
Re: Applying Elliott Wave theory profitably is your aim.

Quote:
 Originally Posted by pssonice can you confirm applying Elliott Wave theory profitably ?
I have been profitable using Elliott Wave Theory for the last 8 or 10 months now. But with that being said I lost money trying to use it for the first year. I definitely think it is a valuable tool to have in your arsenal of trading methods, but for me there is no "Holy Grail" of trading. I started trading forex over two years ago and lost more money than I earned for the first year and a half. Here are the main tools I use to trade and it has been working consistently for me for the last eight or ten months:

Elliott Wave on trending and non-trending markets:

RSI works great during non-trending markets, but it will get you killed in trending markets, and Elliott Wave lets me know when to expect non-trending times in the market:

Fibonacci retracements and extensions at all times:

Candlestick patterns at EW and Fibo turning points:

and finally I do watch for upcoming economic announcements that are of high importance because they definitely can move the market.

This is a lot of work, but I don't know of an easy way to make money unless you pay to follow someone else's advice, or pay them to trade your money for you, and I find my trading work interesting and fun, unlike other jobs I have done in the past.

 May 12, 2010, 11:59pm #40 Joined Oct 2008 Re: Elliott Wave EUR/USD Here is my Euro day chart for today. Nothing has happened in the last several days to confirm either count I have. The 1.3264 is the bottom of wave 1, so if the Euro breaks above that we should have a bigger correction up and if it breaks below 1.25 it should show more weakness. Attached Thumbnails
 May 16, 2010, 5:18am #41 Joined Oct 2008 Re: Elliott Wave EUR/USD Anyway, I have had a really good week of trading. if anyone wants me to post all my entries and exits, then I will,,,,,,,,But of course I can't guarantee you the same results. I just want everyone to be profitable...
 May 17, 2010, 10:14am #42 Joined Apr 2010 Re: Elliott Wave EUR/USD I would like to see a posting of a P/L blotter. Nothing is more inspiring than a picture of a big fat profit for the day. Anyway, just curious how much you are making. Don't stop your chart analysis, though. They are very informative and I always look forward to looking at them.
 May 17, 2010, 10:22am #43 Joined Mar 2004 "if anyone wants me to post all my entries and exits, then I will" pleaze, dont hesitate to post all your entries and exits IN TIME.
 May 18, 2010, 1:05am #44 Joined Oct 2008 Re: Elliott Wave EUR/USD Here are my euro charts today. It looks like the Euro is in a fourth wave on a small scale and only has the fifth wave down to complete wave 1 down on a larger scale. I have some thoughts on how the Euro charts have played out so far. First, I have been surprised that wave 1 was this large of a decline. Second, wave three can never be the shortest wave in an impulse sequence. This means it can be shorter than wave 1, but wave 5 would have to be shorter than 3. Usually wave 3 is the longest and strongest wave in the pattern, so I suspect wave 3 will be longer than wave 1. Also as soon as wave 5 finishes down and wave 1 on the larger scale is complete, wave 2 on the next larger scale will begin. According to Elliott Wave Guidelines, wave 2 will probably end around the area of wave 4 on a smaller scale, which should be around the 1.35 area, so that will be about 1500 pips back up from the bottom Attached Thumbnails
 May 22, 2010, 7:49pm #45 Joined Jun 2004 Re: Elliott Wave EUR/USD Thanks for the work you are putting into this thread...........