Elliott Wave EUR/USD

[JahDave]

Wow today has been a big drop, i missed this... certainly took a nose dive, and lol were you drunk last night ha? post 624 haha it was the best post i have ever read,

P.s the candlesticks book is great

I'm admitting nothing Doomberg....LOL.....I just cashed out my Euro from last night and will wait for another good looking setup........When this pair starts back up it will be interesting to see if it is going in 3's or 5's......That will tell if the up move is impulsive or corrective.....

 

[Doomberg]

Yeah i wish i would of cashed in this afternoon, its a shame i missed the majority of it but still i was up by quite a large amount, i did cash it in but then entered again and it seemed to bounce before i thought it would do and lost some, oh well she's going to come down big in time, and it can't be that far... and i'll be waiting for her ha

 

[JahDave]

I have wiped out my account many times before trading what I thought the markets should do instead of what my indicators said would happen..............I don't do that anymore..........That is really good advice there,,,,,,,,,listen to it and prosper..............Build a good trading system and follow it no matter what you think is going to happen...............

 

[JahDave]

The Euro is going down for a wave 5 tonight according to the 5 minute chart.........It is showing three wave advances back up............I am selling tonight because my system says to sell and it will make a new low..............It may go up some more, but it is showing a new low coming ...............You need to be careful though because this new low probably will not be that large and then a wave 2 going back up will be coming and it will probably go up to the 1.4700or 1.4750 area..............

 

[targus+]

The Euro is going down for a wave 5 tonight according to the 5 minute chart.........It is showing three wave advances back up............I am selling tonight because my system says to sell and it will make a new low..............It may go up some more, but it is showing a new low coming ...............You need to be careful though because this new low probably will not be that large and then a wave 2 going back up will be coming and it will probably go up to the 1.4700or 1.4750 area..............

JarDave

Do you have a new low target area.

 

[JahDave]

JarDave

Do you have a new low target area.

Anywhere between here and 1.4150 looks like the the fifth wave will be ending. I already closed my short position on Friday and I have not gone long yet, but am looking for a spot to get in...If it makes the 1.42 then I will go long there. I will be looking for the correction up around the 1.47 this week. Attached is the euro 1 hour chart I drew out after the market closed on Friday.

 

[Doomberg]

I missed opening of Forex today where it started to rebound, i was sure it was going to continue... i didn't really have a good set up but went in anyway for a retrace and lost, it wasn't a lot of money so no biggie anyway but im annoyed because i know it will go the way i want, i just didn't use a big enough stop... i entered at the level where the black line is, at the diagonal orange line:

http://oi54.tinypic.com/oqlkpt.jpg

 

[JahDave]

I missed opening of Forex today where it started to rebound, i was sure it was going to continue... i didn't really have a good set up but went in anyway for a retrace and lost, it wasn't a lot of money so no biggie anyway but im annoyed because i know it will go the way i want, i just didn't use a big enough stop... i entered at the level where the black line is, at the diagonal orange line:

http://oi54.tinypic.com/oqlkpt.jpg

I have done that many times myself.........That is why I told you last week that you should not chase the charts.......That will get you killed every time.......Instead we all need to learn how to predict the charts and be ahead of the markets.......and if we are not sure then we should sit out.............Right now, I made a really good trade on the EUR_USD last week because I had been charting it for five years now and I was expecting it..........right now I am out of the trade and looking for a possible drop to the 1.4200 for another entry long ..............If it doesn't go down to that level then I am looking for an entry somewhere else based on elliott wave and fibonacci...............I will go short at 1.4700................if it doesn't go down to 1.4200..............In the meantime I am going to sit out and wait or at the least I will be scalping on the 5 minute charts, because the 5 minute charts are totally different than trading the longer term charts.................

 

[JahDave]

I just told you my position here but, I guess my other question for you Hayden is if you were really sure that it was going to make a signifigant retracement, then why did you put a stop on it????????????? I trade all the time without a stop..............I know what everyone here says but I have been short now for several weeks on the Euro with no stops...........and long with the Usd_jpy with no stops..........I have been losing pips for several weeks,(But not on the Euro now), but I don't care because I know the reversal is coming and I have such small positions that they will not be hurt in the topping process.................. I knew when I started trading for real money 3 years ago that I would be successful........I didn't know how, but i knew I would be...............I knew that no matter how long I lost money, that huge gains would come to me and just keep coming.............

 

[JahDave]

I guess I would say that no matter how much trading knowledge I had that I was not successful until I really knew I would be........It is a position of my mind..............

 

[JahDave]

The United States of America Dollar is going to get kicked tonight......................maybe tomorrow will be different.........we will see..................I think before the end of this week the USD will be gaining again............I say that if you know how to use ELLIOTT wave and Fibonacci,,,,,,,,then you will understand..................

 

[JahDave]

It is very simple even if you use the five minute charts.....................5 waves up means an abc and another five waves up most of the time and five waves down means an abc and five waves down most of the time....................I will say that the Euro is is in a shallow wave 2 here..............This is unusual, but it happens.......................I am selling here ........................

 

[JahDave]

It will probably go down and then back up for a C wave.........I might even make an extended C wave.........That would make more sense...............

 

[Doomberg]

Hey i can't really afford to leave no stops on at the min in case i lose a load of money, im a bit short for now as im launching a new business, in fact i deal with your country so i'll send you a freephone number if you are ever bored and want to chat about trading, i have sent it to the recommendation bit...

Since the last post, i have made the money back that i lost earlier by scalping EUR/USD, im quite a confident scalper on a good day, so im in profit today but i have just shaved 10 years off my life, scalping is stressful.. especially with a 2pip spread :/

 

[targus+]

JarDave
Given the euro opened at 1.4361 and has gone 44 from the open, are you now long until 1.47 area?

 

[JahDave]

JarDave
Given the euro opened at 1.4361 and has gone 44 from the open, are you now long until 1.47 area?

I am sitting out unless it goes down to 1.4200................Then I am buying there............I think it will go to 1.4700-1.4750...............I have a sell order for 1.4700 and a buy order for 1.4200................

 

[JahDave]

I am a currency whore..............I just watch wave patterns and trade which one looks the best for me..........................

 

[JahDave]

It would be a good time to buy Euro.......Short term

 

[JahDave]

Dangerous trade but shorting the Euro now looking for 20 pips

 

[JahDave]

JarDave
Given the euro opened at 1.4361 and has gone 44 from the open, are you now long until 1.47 area?[/QUOTE

I think it will reverse at the 1.4700 or the 1.4750 area......I am scalping until this trend resumes to the downside...............