Elliott Wave EUR/USD

[JahDave]

Time to short the USD_CHF. It is ready to go down

The USD_CHF is rather annoying. It had made 5 waves up when I sold it and that is a typical C wave. Now it is still going up so it looks like it will make a nine count, which is a five wave count that is extended. But it is still going down tonight for a nice move.

 

[JahDave]

I just sold USD_JPY for a short term scalp trade. It's a risky trade but I'm only looking for 20 pips.

It went up some more after I sold it but it is on some solid fib resistance now and should move down

 

[4xpipcounter]

Look what is going on with the yen. Usually, when the yen gets hammered, then the Dow is going up, and vice versa.

The Dow futures are up 173 points at the moment, so expect risk trades to go up for a while.

 

[JahDave]

Look what is going on with the yen. Usually, when the yen gets hammered, then the Dow is going up, and vice versa.

Well that ain't happening this time. But if this a completed wave 5 then the USD_JPY could drop a lot from here.

 

[JahDave]

Look what is going on with the yen. Usually, when the yen gets hammered, then the Dow is going up, and vice versa.

Also, right before the forex market opened then the DOW was up 173 points and then it dropped to +17 points, right now it is up 66 points, which is what I posted probably would happen.

 

[JahDave]

But don't take this the wrong way, because I still expect the stock market futures to go back up tonight and the risk trades to start back up in about 4 or 5 hours from now.

There's the post I was referring to.

 

[4xpipcounter]

86.08 or 86.48 should be the reversal point. I'm still hoping for this to be corrective, and then see a move UP to circa 87.50. Count me in at that point.
The Dow could get a spike up to 10,251, and then a corrective move to 10,078

Well that ain't happening this time. But if this a completed wave 5 then the USD_JPY could drop a lot from here.

 

[4xpipcounter]

I see! You are already getting an advanced preview. I was just looking at my static charts.

Also, right before the forex market opened then the DOW was up 173 points and then it dropped to +17 points, right now it is up 66 points, which is what I posted probably would happen.

 

[JahDave]

I see! You are already getting an advanced preview. I was just looking at my static charts.

I have found it is helpful to look at this. You can find it for free at.............. http://money.cnn.com/data/afterhours/

 

[JahDave]

I see! You are already getting an advanced preview. I was just looking at my static charts.

I figure that any tool that makes me a better trader and makes me more profit is good. There is a such thing as being a purist, and in some regards I am, but there is also a thing called maximizing profits and because of my current financial situation then I am there..............LOL........

 

[JahDave]

I just sold USD_JPY for a short term scalp trade. It's a risky trade but I'm only looking for 20 pips.

It hasn't quite turned into a scalp yet because I am down 20 pips, but I is definitely going down, so I should get out at a profit.

 

[JahDave]

It hasn't quite turned into a scalp yet because I am down 20 pips, but I is definitely going down, so I should get out at a profit.

I just closed my USD_JPY short. This is probably an A wave or a 1 wave down, but I got 25 pips on 5X my normal trade and it was good.

 

[JahDave]

I just closed my USD_JPY short. This is probably an A wave or a 1 wave down, but I got 25 pips on 5X my normal trade and it was good.

I could have made more if I waited on the bounce and then the next move down but this was very good.

 

[4xpipcounter]

Way to go Dave. You've been smokin lately.

I just closed my USD_JPY short. This is probably an A wave or a 1 wave down, but I got 25 pips on 5X my normal trade and it was good.

 

[JahDave]

Way to go Dave. You've been smokin lately.

Thanks Paul, I have been smokin' lately. I think this is funny because I told everyone on my thread that I have become a very good chartist, but a very bad trader as of one month ago...........After I realized what was going on and I said that I was determined to become an excellent trader as well as an excellent chartist then I met you Paul. The only thing I think you really did for me was to convince me to trade my system. Before I met you I would bail out of my trades early and hold onto losers too long. In 4 weeks I have more than quadrupled my account. I don't know if this is really because of you or not, but I am very glad that you have come into my life and I hope that we will be friends until we die..........

JahDave

 

[4xpipcounter]

Wow! Thanks Dave. I don't know if I deserve that much credit, but I am tickled for you.
I just say and do things the way I do because they are principled and I believe strongly in it, because it works. I just try and throw my bread on the water (old saying), and hope a few birds pick some of it up. OTOH, this is why I no longer have my signals service. Others have told to charge for a class because of my knowledge. I have rejected all those notions. I make my money trading. If others retain a benefit, then it motivates me more to strive for higher heights. There is more satisfaction in watching others benefit, than knowing someone benefited from an ulterior motive.
Also, just another point in lieu of your comment. You are like me, a really good forecaster. Truth be known, we will be better forecasters than traders. The reason is our forecasts will be right most of the time. We will never have time to trade all the opportunities. Therefore, we may do excellent forecasting on 15 pairs, but only be able to trade 5 of them. It is still good to know that regardless of that fact, we will always have access to our favorite forecaster of whom is self. That's sounds conceited, but think about it-- there is no greater feeling than to know you have complete control of your destiny.

Thanks Paul, I have been smokin' lately. I think this is funny because I told everyone on my thread that I have become a very good chartist, but a very bad trader as of one month ago...........After I realized what was going on and I said that I was determined to become an excellent trader as well as an excellent chartist then I met you Paul. The only thing I think you really did for me was to convince me to trade my system. Before I met you I would bail out of my trades early and hold onto losers too long. In 4 weeks I have more than quadrupled my account. I don't know if this is really because of you or not, but I am very glad that you have come into my life and I hope that we will be friends until we die..........

JahDave

 

[JahDave]

Wow! Thanks Dave. I don't know if I deserve that much credit, but I am tickled for you.
I just say and do things the way I do because they are principled and I believe strongly in it, because it works. I just try and throw my bread on the water (old saying), and hope a few birds pick some of it up. OTOH, this is why I no longer have my signals service. Others have told to charge for a class because of my knowledge. I have rejected all those notions. I make my money trading. If others retain a benefit, then it motivates me more to strive for higher heights. There is more satisfaction in watching others benefit, than knowing someone benefited from an ulterior motive.
Also, just another point in lieu of your comment. You are like me, a really good forecaster. Truth be known, we will be better forecasters than traders. The reason is our forecasts will be right most of the time. We will never have time to trade all the opportunities. Therefore, we may do excellent forecasting on 15 pairs, but only be able to trade 5 of them. It is still good to know that regardless of that fact, we will always have access to our favorite forecaster of whom is self. That's sounds conceited, but think about it-- there is no greater feeling than to know you have complete control of your destiny.

If you had anything to do with my turning point or not,,,,,,,,,,,,,,I do not know,,,,,,,,,,,,,but I think you did........I can't even put my finger on it,,,,,,,other than you believed in my EW forecasts when noone else did and my forecasts line up with you S&R's a lot of the time. I do agree that even if you have great forecasts 90% of the time then people will not follow your forecasts. I have been right only about 75% of the time in the last month and I have quadrupled my account. The point here is that when you are winning double up or more and when you are losing then scale back or get out.


JahDave

 

[JahDave]

If you had anything to do with my turning point or not,,,,,,,,,,,,,,I do not know,,,,,,,,,,,,,but I think you did........I can't even put my finger on it,,,,,,,other than you believed in my EW forecasts when noone else did and my forecasts line up with you S&R's a lot of the time. I do agree that even if you have great forecasts 90% of the time then people will not follow your forecasts. I have been right only about 75% of the time in the last month and I have quadrupled my account. The point here is that when you are winning double up or more and when you are losing then scale back or get out.


JahDave

I have only begun to learn that there is a huge difference between being a good chartist and being a goo trader.

Jah Dave

 

[4xpipcounter]

That was the thing that attracted me to your thread is that you are an Elliot Waver. That is one methodology I make no point to touch, but I have a lot of respect for. I have also learned the particular mathematical ebb and flows from EW.
This is why I could sit and study EW charts a lot. I will learn something from them, but I will never adopt its usage. That's where my S&R's make life a little easier for me.

If you had anything to do with my turning point or not,,,,,,,,,,,,,,I do not know,,,,,,,,,,,,,but I think you did........I can't even put my finger on it,,,,,,,other than you believed in my EW forecasts when noone else did and my forecasts line up with you S&R's a lot of the time. I do agree that even if you have great forecasts 90% of the time then people will not follow your forecasts. I have been right only about 75% of the time in the last month and I have quadrupled my account. The point here is that when you are winning double up or more and when you are losing then scale back or get out.


JahDave

 

[JahDave]

That was the thing that attracted me to your thread is that you are an Elliot Waver. That is one methodology I make no point to touch, but I have a lot of respect for. I have also learned the particular mathematical ebb and flows from EW.
This is why I could sit and study EW charts a lot. I will learn something from them, but I will never adopt its usage. That's where my S&R's make life a little easier for me.

I think I will always be an Elliott Wave chartist, but Elliott Wave cannot tell an entry or exit point. That is where Fibonacci comes in to play