From Impossible to Win to 100% a Week!

[Mister7]

Eur/usd

Possible Signs of a retracement to 1.3076 area are starting to show. Time will tell us if we make a higher high.


P.S. Elliot waves really aren't my strategy, I watch for obvious formations of them and other chart patterns primarily as extra confirmation to what price is usually telling me on its own. I find using Elliot wave analysis alone is a little to dynamic and can be interpreted too many ways.

I primarily watch for price to retrace after trends to fib levels, my entry is based upon confirmed change of direction, my risk is based on the structure that forms, and knowing where I will be confirmed wrong.

 

[Trader333]

I also found Elliot waves to be unreliable.


Paul

 

[Mister7]

Eur/usd

Went Long at 1.2940, Let's see if she holds on a retracement course.

 

[Mister7]

I was out of town, so not active in the forums over the past few days.

My Euro Trade ended up being very profitable resulting in an 80% equity increase to my account for the week. I took profit between the 38 and 50 fib retracement.


I want to clarify once again, I do not really trade based upon Elliot waves myself, although I do watch for general wave formations in my trading strategy.

My reason for buying or selling has to do primarily with watching for the end of a trend. I do not use an indicator for this. I simply wait for the price to show signs of weakening in the direction it had been going and wait for a confirmation. Many things like counting waves, average crosses etc. can aid in this but are not necessary.

This last week in the Euro was a great example of a trend ending and retracing to standard fib levels.

This is as good of a probability edge as you need, if you know how to manage your equity.

 

[Trader333]

Yes a good trade and one that was a good opportunity based on "Price Action" alone.


Paul

 

[Mister7]

Eur Usd Usd Jpy

Look for shorts to the Conservative fib levels on both pairs.

 

[Mister7]

Euro and Yen Trades

Went short on Yen at 97.59 about to take profit around 40 pips
Went short EURo at 32.67 target at 1.3200 area.

 

[Mister7]

Update

Took hit on Euro took profit on Yen

 

[Mister7]

Looking for Euro Short

with new target in the 1.3224 area

 

[Mister7]

Update

took 132 pips out of Euro on second retracement attempt.

 

[Mister7]

Looking for Yen Short

With target at 98.00

 

[montmorencyt2w]

Guys!Guys!give the chap a chance look at what he said above.
if he has a ulterior motive (which I doubt) he will soon be found out and dismissed.
If you were to look at Trader Dante's first few posts and were he given the same treatment we would have lost a great member probably.
I am sure Mister7 has enough respect for us not to treat us as fools who would fall for a silly scam,
lets accord him the same respect.

Actually, he was given some pretty rough treatment at the beginning of "Making Money Trading". At least later on, most of the doubters had the grace to apologize. TD kept his cool and his manners all the way along.

 

[Mister7]

Keep Watching Yen

Look for that retracement move to begin. Euro may continue its retracement to the 50 or 61.8 but watch for annoucements on this pair. If a break out of the triangle that's formed into the 38.2 area occurs it might be a good sign for short entry.

 

[gamma]

Mister7,
I would be most grateful if you could give us a quick explanation on how you construct your fib points
what high low do you use and what time frame?

apologies if you have explained it earlier I could not find it on any of the earlier posts.

 

[Mister7]

Mister7,
I would be most grateful if you could give us a quick explanation on how you construct your fib points
what high low do you use and what time frame?

apologies if you have explained it earlier I could not find it on any of the earlier posts.

I primarily analyze the hour charts
I view price as a line adding in high lines and low lines as needed
I watch the market for impulse waves and trend exhaustion
When I feel the high or low price has been established, I draw a fib from lowest low to highest high of entire trend
I target conservative fib levels or former S & R if closer as price will snag in these areas
Hope this helps

 

[Mister7]

Yen Update

Currently in Profit around 40 or so pips on short retracement.

 

[Mister7]

Yen Closed

127 Pips

 

[Mister7]

Watching Yen

For Long signal this week.

 

[Mister7]

Watching Euro

For a Short signal this week

 

[Mister7]

Long on Yen

Currently up around 35 pips with conservative target in the 97.18 area