Consistent FX Trading

[dlynch82]

Hello Elang,

I am a novice elliottician and I read thru your whole thread here and found it very very helpful and I plan to follow it until we are all millionaires. I just wanted to add my input on the wave count scenario I think we are in and see what you think.

It looks to me like we are currently in a wave 3 of III. as you can see wave 1 of III was extended and wave 2 was pretty simple which means wave 4 of III is going to be a bear to trade. Anyway I do believe it will be smooth sailing up to at !!LEAST!! 240.50 - 241.50 to end our wave 3 of III.

Also if you look on the weekly chart it looks like we are in the middle of a Major wave 5. Which tells me that if we have a major wave 5 = Major wave 1 we are looking at a top at 249.72. It should be interesting to see what happens.

[vmcd62]

Elang -

Keep up the great work...you're a great contributor to this site.

I see from your last thumbnails that you may be in a trading contest? how is that going?

VMcD

[elang]

SUMMARY

TRADE #011

~GBP/JPY~
12.04.2007

Entry - 235.76
Lots Traded - 2.0

Target 1 / 10 PIPs - 235.95 (HIT)
Target 2 / 30 PIPs - 236.05 (HIT)
Target 3 / 50 PIPs - 236.14 (HIT)

INTRA-DAY Stop Loss / 51 PIPs- 235.25 (HIT)
SWING Stop Loss / X PIPs- 234.64 (HELD)
Lash - (-100) PIPS

TRADE TYPE: 100% Mechanical
(Entirely Indicator Based / No Technical or Fundamental Anlysis)

STATISTICS

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Profit Since Trade #001 /16.03.2007/: +1109 PIPS

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Loss Since Trade #001 /16.03.2007/: -140 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL P/L On Current Trade:
+168 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SUM TILL DATE: 969 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
NOTE:
Despite the trend looking good, i believe there will be profit taking now that we've hit Long Term T-1.

I've closed out my position. I will look for signs of the correction termination before i reneter with eyes on Long Term T-2.

Even thought i used the Swing Stop for this trade, you can see i had good data to do so. I was pretty confident in a bullish rally continuation.
The TA paid off and we've managed to cover our previous 2 losses + make some profit. All in all we are +969 PIPS ahead since the 16th of last month - so thats one month today.

These results are good.

Best Regards!
E. Lang

[ahefner33]

Hey Elang,

I got back in after I talked to you around 237.18 after price retraced and touched the 38.2 Fib. Up about 97 pips. How do you judge your TP's? Thanks.

Adam

[elang]

Originally Posted by ahefner33

Hey Elang,

I got back in after I talked to you around 237.18 after price retraced and touched the 38.2 Fib. Up about 97 pips. How do you judge your TP's? Thanks.

Adam

Thats great to hear!!!

I use Fibonacci extensions and S and R then i compare it to TA by brokers on Forex Trading, Currency Forecast, FX Trading Signal, Forex Training Course, Education, Tutorial, FX Book, Forex ebook, Learn to Trade Forex, FX Guide, Pivot Points, Currency Rates, Forex Secret, Forex Brokers, Currency Trading System, Online Forex Ma

Regards,
E. Lang

[elang]

Good Day!

We will be trading GBP/USD this month so if you would like to feel free to brief yourself on the current situation:


GBP/USD

Cable rises strongly to as high as 1.9940, breaking mentioned 1.9913 high as expected. At this point, further rise is still expected to follow as long as cable stays above 1.9861 minor support. Next upside target will be 61.8% projection of 1.8517 to 1.9913 from 1.9183 at 2.0046. Below 1.9861 will suggest a short term top is possibly formed and bring pull back to 1.9781 spike low again but downside is expected to be contained by 1.9723 support and bring rally resumption.

In the bigger picture, rise from 1.8090 is interpreted as having first wave finished at 1.9142, subsequent second wave correction completed at 1.8517. Third wave rally has completed at 1.9913 while the fourth wave correction has already ended with three subwaves down to 1.9183. Current rise from 1.9183 will likely be the final advance of this rise from 1.8090. The channeling property of the terminal points of 1.9142, 1.8517, 1.9913 and 1.9183 is supporting this case.

Having said that, resistance should significantly increase as cable approaches 61.8% projection of 1.8517 to 1.9913 from 1.9183 at 2.0046. Also, consider that cable will be near to resistance zone of 2.0106 (92 high) and 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067.

With bearish divergence on condition still being displayed in weekly RSI as well as daily MACD, risk of medium term reversal will significantly increase. Hence, focus will be on reversal signal as cable approaches this zone.

On the downside break of 1.9591 support will indicate that the rise from 1.9183 has completed. More importantly, this will be the warning of an early completion of the whole rise from 1.8090. Focus will then be on above mentioned channel support (now at 1.9353).

[elang]

TRADE #012

SUMMARY

~GBP/USD~
17.04.2007

Entry - 1.9885
Lots Traded - 2.0

Target 1 / 10 PIPs - 1.9870 (TERMINATED)
Target 2 / 30 PIPs - 1.9850 (TERMINATED)
Target 3 / 50 PIPs - 1.9820 (TERMINATED)

INTRA-DAY Stop Loss / 50 PIPs- 1.9935 (HIT)
SWING Stop Loss / 52 PIPs- 1.9937 (HIT)
Lash - 92 PIPS

TRADE TYPE: 100% Mechanical
(Entirely Indicator Based / No Technical or Fundamental Anlysis)

STATISTICS

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Profit Since Trade #001 /16.03.2007/: +1109 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Loss Since Trade #001 /16.03.2007/: -190 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL P/L On Current Trade:
(-50) PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SUM TILL DATE: +919 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

RECOMMENDATIONS:
Close your first lot when you hit 30 Pips Profit (Or a Target of your choice T1-T3) and set a SL for the remaining lot 5 Pips ahead of your Entry Position or at B/E so even if the trade goes against you, you will close with a minimum of 50 + 5 PIPs profit or no incurred expense.

[esl620]

Hi Elang,
Great system you've got here and thanks for your constant contributions. I've been following this one since the beginning and have done pretty well. I read a while back someone mentioned making an EA out of this. I'm sure it takes some time but does anyone know if there has been any progress on this? Thanks and keep it up guys

E

[mike1349]

Hi Elang,
I was wondering do you send these information on any instant messaging services such as yahoo messanger?
Thanks
Mike

[mike1349]

Hi,
Anybody has any idea what are those attached files and how could we use them?
They are *.mq4.
Thanks
Mike