Elliott Wave EUR/USD

This is a discussion on Elliott Wave EUR/USD within the Trading Journals forums, part of the Reception category; Does the Elliot Wave Theory have specific advantages for use in currency trading compared to other indicators? What's a good ...

Reply
 
LinkBack Thread Tools Search this Thread
Old 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.
MaxGriddy is offline   Reply With Quote
Old May 6, 2010, 2:49am   #34
 
JahDave's Avatar
Joined Oct 2008
Re: Elliott Wave EUR/USD

JahDave started this thread
Quote:
Originally Posted by MaxGriddy View Post
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
eur_05_05_2010_day.png   eur_05_05_2010_hour.png  
JahDave is offline   Reply With Quote
Old May 10, 2010, 3:51am   #35
 
JahDave's Avatar
Joined Oct 2008
Re: Elliott Wave EUR/USD

JahDave started this thread 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
eur_05_09_2010_day.png  
JahDave is offline   Reply With Quote
Old May 10, 2010, 7:55am   #36
 
pssonice's Avatar
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.
pssonice is offline   Reply With Quote
Old May 10, 2010, 8:27am   #37
 
JahDave's Avatar
Joined Oct 2008
Re: Elliott Wave EUR/USD

JahDave started this thread 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...
JahDave is offline   Reply With Quote
Old May 10, 2010, 8:32am   #38
 
pssonice's Avatar
Joined Mar 2004
Applying Elliott Wave theory profitably is your aim.

can you confirm applying Elliott Wave theory profitably ?
pssonice is offline   Reply With Quote
Old May 12, 2010, 11:44pm   #39
 
JahDave's Avatar
Joined Oct 2008
Re: Applying Elliott Wave theory profitably is your aim.

JahDave started this thread
Quote:
Originally Posted by pssonice View Post
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.
JahDave is offline   Reply With Quote
Old May 12, 2010, 11:59pm   #40
 
JahDave's Avatar
Joined Oct 2008
Re: Elliott Wave EUR/USD

JahDave started this thread 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
eur_05_12_2010_day.png   eur_05_12_2010_hour.png  
JahDave is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Elliott wave analysis blog - EUR GBP USD GOLD weekly vagroupnet Forex 10 Sep 29, 2011 4:47am
EUR/USD and other - Elliott Wave Analysis FXO Forex 19 Jun 11, 2010 12:34pm
EURO/USD - Elliott Wave Formations marketwavez Forex 2 Feb 6, 2006 9:47am
USD/CHF....... Elliott - Wave Formations marketwavez Forex 2 Feb 6, 2006 3:42am
Elliott Wave Effkay Technical Analysis 4 Jan 23, 2005 7:13pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)