Hi Mister7 and the others,
can I have your impression on this possible trade?
Is the S/R in the daily like what you call “true S/R”? (in H4 it is a minor S/R but with good confluence)
Thx
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.
Hi Mister7,
I think I’m starting to understand the core of your style…
If you would like to explain the statement I’ve quoted it could be very exciting… Finding the end of a trend is something I’m really not able to do…
Thamk you…
When a trend comes to an end it shows signs that it is no longer making strong moves down or up. One way to see this is to watch for higher highs at the end of a down trend for example. When the price makes a higher high, when it had been making lower lows, you watch and wait for a second higher high. Once this has been achieved you can wait for a pullback and then enter the market with a stop at where you perceive the low of the other move to be, targets are usually fib levels for me, or slightly below them unless there is a previous area of support or resistance that is closer.
I have found that being conservative usually produces more wins, and wins are the name of the game. You also need to make sure the target is more than the risk, if it seems the conservative fib area is not profitable enough, wait for a trade that is. One thing that people fail to realize in my opinion is that you need to wait for the market to give you a trade, you do not make a trade occur based on your time schedule or desire to be in a trade.
Thanks… this make a lot of sense… and sure patience is necessary…
Watch for Shorts to Conservative Fib Levels on both Pairs.
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.
Took Profit on Yen and took a hit on Euro
With target around 1.3224
took 132 pips out of Euro on second retracement attempt.
With target at 98.00
Wait for signs of retracement to begin, good profit potential on this one. Euro may retrace further to 50 or 61.8 in the London Hours, but watch for announcements, a dip below the 38.2 might be a good indicator.
Currently in Profit around 40 or so pips on short retracement.
I have been following this forum since I became a member about a week ago. As of now I ONLY make position trades based on Gartley, Butterfly, 3-Drive, and ABCD patterns as that is the only way I can be consistently profitable with my knowledge base. What I wanted to know is whether or not a skype chat was ever set up? I am always looking to expand my knowledge base and one day get into more short term trades but not until I have that knowledge base.
As of yet no Skype time, but I will let you know shortly.
Well yet another successful trade on the Yen up over 100 pips. Ye shall risk little and lead the market my friends 
For 127 Pips
For Long signal this week.
For Short this week
Currently up around 35 pips with conservative target in the 97.18 area