Consistent FX Trading

elang · March 19, 2007, 6:40pm

[B]TRADE #003[/B]

[B]~GBP/JPY~[/B]
19.03.2007

[B]Entry[/B] - 228.34
[B]Lots Traded - [/B]2.0

[B]Target 1 / 10 PIPs[/B] - 228.44 (HIT)
[B]Target 2 / 20 PIPs[/B] - 228.54 (HIT)
[B]Target 3 / 30 PIPs[/B] - 228.64 (HIT)
[B]Target 4 / 40 PIPs[/B] - 228.76 (HIT)
[B]Target 5 / 50 PIPs[/B] - 228.84 (HIT)

[B]Stop Loss[/B] [B]/ 35 PIPs [/B]- 227.99 (Day)
[B]Stop Loss[/B] [B]/ S - [/B]225.53 (Swing)
[B]Lash[/B] - 228.34 (0 Pips)

[B]Actual Probable Profit After Lash:[/B] ~X Pips as of /GMT: X:X AM/

[B]TOTAL Profit Since T[/B][B]rade #001 /16.03.2007/:[/B] [B]100 PIPS[/B]

elang · March 19, 2007, 6:54pm

[B]TRADE #003[/B]
[B][I]Update[/I][/B]

[B]Target 1 / 10 PIPs - [/B][B]228.44 ([/B]HIT[B])[/B]
[B]Target 2 / 20 PIPs[/B][B] - 228.54 ([/B]HIT[B])[/B]
[B]Target 3 / 30 PIPs[/B][B] - 228.64 ([/B]HIT[B])[/B]
[B]Target 4 / 40 PIPs - 228.76 [/B]B[/B]
[B]Target 5 / 50 PIPs - 228.84 [/B]B[/B]

[B]Time Since Entry:[/B] 18 Min.

elang · March 19, 2007, 7:27pm

[B]SUMMARY[/B]

[B]TRADE #003 [/B]

[B]~GBP/JPY~[/B]
19.03.2007

[B]Entry[/B] - 228.34
[B]Lots Traded - [/B]2.0

[B]Target 1 / 10 PIPs[/B] - 228.44 (HIT)
[B]Target 2 / 20 PIPs[/B] - 228.54 (HIT)
[B]Target 3 / 30 PIPs[/B] - 228.64 (HIT)
[B]Target 4 / 40 PIPs[/B] - 228.74 (HIT)
[B]Target 5 / 50 PIPs[/B] - 228.84 (HIT)

[B]Stop Loss[/B] [B]/ 35 PIPs [/B]- 227.99 (Day)
[B]Stop Loss[/B] [B]/ S - [/B]225.53 (Swing)
[B]Lash[/B] - 228.34 (0 Pips)

[B]Actual Probable Profit After Lash:[/B] ~X Pips as of /GMT: X:X AM/

[B]TOTAL Profit Since T[/B][B]rade #001 /16.03.2007/:[/B] [B]286 PIPS /B
[B]Time Since Entry:[/B] 50 Min. (To Hit T5)

nia_kantana · March 20, 2007, 5:29am

Thanx for the advice…, & i’m thinking that you are better philosopher as well as you’re trader…, It seems like your trading strategy & your system really work well…, Is it this System specified for the cable pair or it can use for other currency pair? By the way what’s the mean of

“Actual Probable Profit After Lash” ?

Maybe it’s sounds stupid…, but plz don’t laugh at me…

elang · March 20, 2007, 9:04am

[B]TRADE #003
[I]Update[/I][/B]

[B]13:19 PM (GMT)[/B]
[B][/B]
After we hit Target 5 yesterday and moved up higher i trailed the trade with a 100 pips.

I closed this trade 3 minutes ago at: 13:19 PM for 136 pip profit instead of 50.

For the Ellioticians the 230.77 High is wave B in Corrective wave 4 our a 5-ABC cycle. Wave five should have started now, so we should see a retest of 221.10 in the next 2 days.

Lesson: Lock a profit, and the trade run.

Regards,
E. Lang

elang · March 20, 2007, 9:11am

I think philosophy and trading sort of go hand in hand

This system is preferably used with GBP JPY - High Volatility Pairs.

What i mean by Actual Probable Profit After Lash is… for example…

I enter long at 9000
Price moves to 8999 (1 Pip Lash)
Price moves to 9050 (I close my position)
Price moves to 9100 (The Actual Probable Profit After the 1 Pip Lash and after i closed my trade is… +50 pips as the price went up to 9100

I guess i gotta think of a simpler term for that.

Regards,
E. Lang

fourex · March 20, 2007, 12:25pm

Hi Elang.

What was the actual trade ,because these numbers certainly aren’t right (are they?).

Is it Entry @228.34 then 228.44 228.54 228.64 228.74 228.84 ?

I just want to understand.

Thanks

elang · March 20, 2007, 2:39pm

Opss… hehe.

You got that right.

Entry is 228.34… add 10 pips etc.

Will correct it later.

Thanks for pointing it out.

Regards,
E. Lang

fourex · March 20, 2007, 5:18pm

Hi Elang.

Thank you for that clarification.

I use a spread betting firm , and Gbp /Jpy has a 8 pip spread, how would you set profit levels and s/l for this, would it be 18 pips first.

Thank you .

elang · March 20, 2007, 6:32pm

Nah man.

Still 35 Pips SL.

Calculate it with your spread if you want.

I’m too lazy right now at 1 am lol

Same thing tho

elang · March 20, 2007, 6:35pm

[B]TRADE #004 [/B]

[B]~GBP/JPY~[/B]
20.03.2007

[B]Entry[/B] - 229.95
[B]Lots Traded - [/B]2.0

[B]Target 1 / 10 PIPs[/B] - 230.05 (INACTIVE)
[B]Target 2 / 20 PIPs[/B] - 230.15 (INACTIVE)
[B]Target 3 / 30 PIPs[/B] - 230.25 (INACTIVE)
[B]Target 4 / 40 PIPs[/B] - 230.35 (INACTIVE)
[B]Target 5 / 50 PIPs[/B] - 230.45 (INACTIVE)

[B]Stop Loss[/B] [B]/ 35 PIPs [/B]- 229.60 (Day)
[B]Stop Loss[/B] [B]/ 161 PIPs - [/B]228.34 (Swing)
[B]Lash[/B] - 229.88 (8 Pips)

[B]Actual Probable Profit After Lash:[/B] ~X Pips as of /GMT: X:X AM/

[B]TOTAL Profit Since T[/B][B]rade #001 /16.03.2007/:[/B] [B]286 PIPS[/B]

elang · March 20, 2007, 7:26pm

TRADE #004
Update

11:27 PM (GMT)

GBP/JPY may have just completed wave C of its 4th wave correction, which should take the price back down to retest 221.10/07

More than ordinary due to this fact, there is a larger possibility of having to register this a loosing trade.

Regardless, we are willing to accept the loss as the proven statistical WIN / LOSS averaged ratio of this system is 7:10 and 8:10 depending on the Target selected.

If we loose now. We will catch wave 5 down and recover our profits + more.

Regards,
E. Lang

halo3plz · March 20, 2007, 10:18pm

elang, can you post your system yet?

elang · March 21, 2007, 3:14am

[B]SUMMARY[/B]

[B]TRADE #004 [/B]

[B]~GBP/JPY~[/B]
20.03.2007

[B]Entry[/B] - 229.95
[B]Lots Traded - [/B]2.0

[B]Target 1 / 10 PIPs[/B] - 230.05 (HIT)
[B]Target 2 / 20 PIPs[/B] - 230.15 (HIT)
[B]Target 3 / 30 PIPs[/B] - 230.25 (HIT)
[B]Target 4 / 40 PIPs[/B] - 230.35 (HIT)
[B]Target 5 / 50 PIPs[/B] - 230.45 (HIT)

[B]Stop Loss[/B] [B]/ 35 PIPs [/B]- 229.60 (Day)
[B]Stop Loss[/B] [B]/ 161 PIPs - [/B]228.34 (Swing)
[B]Lash[/B] - 229.80 (15 Pips)

[B]Actual Probable Profit After Lash:[/B] ~X Pips as of /GMT: X:X AM/

[B]TOTAL Profit Since T[/B][B]rade #001 /16.03.2007/:[/B] [B]336 PIPS in 4 trades in 4 days…[/B]

I have not closed this position yet.

If you read my short T.A. yesterday you will note that my sentiment is that corrective extension C of corrective wave 4 of a 5-ABC EW cycle is currently in progress.

It’s termination should come in at 232.07 or around the 100 SMA on D1, after which a 5th wave decline should start to knock out or at least test 221.07/10

Even if it terminates below that i dont mind because i have set a trail for this trade, so i will let the profits run to the max.

Regards,
E. Lang

elang · March 21, 2007, 4:10am

Why you shouldn’t have chicked out on the correction.

Basic corrective waves correct in a 1 2 3 or A B C pattern, then resume in the direction of the trend.

Please find the attached pics and spondge the read on the links provided.

Elliott Wave International - Elliott Wave Dot Net - Corrective Waves 1
Elliott Wave International - Elliott Wave Dot Net - Corrective Waves 2
Elliott Wave International - Elliott Wave Dot Net - Fibonnaci Numbers

Regards,
E. Lang

elang · March 21, 2007, 3:51pm

[B]SUMMARY[/B]

[B]TRADE #004 [/B]

[B]~GBP/JPY~[/B]
20.03.2007

[B]Entry[/B] - 229.95
[B]Lots Traded - [/B]2.0

[B]Target 1 / 10 PIPs[/B] - 230.05 (HIT)
[B]Target 2 / 20 PIPs[/B] - 230.15 (HIT)
[B]Target 3 / 30 PIPs[/B] - 230.25 (HIT)
[B]Target 4 / 40 PIPs[/B] - 230.35 (HIT)
[B]Target 5 / 50 PIPs[/B] - 230.45 (HIT)

[B]Stop Loss[/B] [B]/ 35 PIPs [/B]- 229.60 (Day)
[B]Stop Loss[/B] [B]/ 161 PIPs - [/B]228.34 (Swing)
[B]Lash[/B] - 229.80 (15 Pips)

[B]Actual Probable Profit After Lash:[/B] ~X Pips as of /GMT: X:X AM/

[B]TOTAL Profit Since T[/B][B]rade #001 /16.03.2007/:[/B] [B]413 PIPS in 4 trades in 4 days…[/B]

I let this trade trail as i mentioned. It closed out at +127 pips adding to the total of 413 Pips in 4 days.

Thats good pippin

PS: Don’t forget to read these:
Elliott Wave International - Elliott Wave Dot Net - Corrective Waves 1
Elliott Wave International - Elliott Wave Dot Net - Corrective Waves 2
Elliott Wave International - Elliott Wave Dot Net - Fibonnaci Numbers

See you at Trade 5!

Regards,
E. Lang

elang · March 21, 2007, 6:38pm

My TA says this is a TOP.

No trade today.

If you would like to trace it on paper the entry today would have been LONG around 230.95 with a 35 SL

Will post again when the price start developing in a trend.

Regards,
E. Lang

[I]"If you read my short T.A. yesterday you will note that my sentiment is that corrective extension C of corrective wave 4 of a 5-ABC EW cycle is currently in progress.[/I]

[I]It’s termination should come in at 232.07 or around the 100 SMA on D1, after which a 5th wave decline should start to knock out or at least test 221.07/10"[/I]

elang · March 22, 2007, 4:58pm

As most of you can see, if i had followed my system and taken the long entry as written yesterday at 230.95 we would have been up at least 60 pips and up to 100+ if you managed your stop lossed properly.

I don’t mind missing the trade there will be another one tomorrow.

What bothers me still is that i believe we still have a top here, so i will be reluctant to trade.

We will see how the price develops.

Regards,
E. Lang

elang · March 22, 2007, 6:46pm

I remain with the same sentiment guys.
I feel there is a top where we are.

My system once again says to Long but it is seriously conflicting with my TA.

NO trade today… sowwy.

See you later guys.

Once again if you want to assume you entered, the entry is: 232.07 35 SL for the intradays and 143 for Swingers.

Regards,
E. Lang

elang · March 22, 2007, 7:41pm

If my TA is right, we should have a 700 to 1000 pip fall form 232.21 in a wave 5 formation.

I am counting on this trade… Lets see how things work out in the coming week.

We are currently at daily Doji… a crossroad… we can either go one way or the other now. Shorting has a great probability at the moment based on numerous technical analysis factors which i will not go into detail now.

As soon as we are out of the top and have choosen a path of the crossroad, we will start looking for Trade #5 based on my system.

Good Night everyone.

Regards,
E. Lang