And the pips just continue to pour in from this pair! It took awhile but the TP1 on this SHORT trade on the crab completion (see Related Ideas: "TRADE: EURUSD: Sell@1.16209 Completed Crab SHORT Trade") bagged me another +253 pips on this pair in addition to the +984 pips made on the recent uptrend. Bringing in over +1200 pips in 4 days!
Prices are still moving down in a wave 4. Where it will stop? Not really sure yet. But it must stop short of where I have my wave 1 ending. By my wave count, since we are in a wave 4, prices CANNOT get into the price territory of wave 1. I have wave 1 ending at 1.12140.
MY TRADE PLAN Ok, so now what after the TP1 was hit? In that previous post, I mentioned that the TP1 was sitting on the upper trend line of the former triangle pattern that was busted and that there may be some kind of reaction at that point, Well, watching the price action when it hit TP1, I did not see any signs of a bullish reaction so I closed 30% of my positions and let the other 70% ride down. However, I am shortening the TP2 from the usual .618 retrace to the 50% retrace instead. Why? Since we are in a wave 4, prices CANNOT get into the price territory of wave 1. I have wave 1 ending at 1.12140. My TP2 is at 1.12800 (the 50% retrace). So I'm playing it safe and not being TOO greedy on this trade. The real prize is of course the next wave up...the wave 5. So I'll be looking for a good opportunity to get LONG as soon as I can. So that's another reason to cut the TP2 target short.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
Yes, ever so slightly. By maybe a pip or two. I would say that in forex trading vs. spot cash trading, the rules are just slightly different when it comes to wave counts. Whereas in spot trading, wave 4's cannot violate wave 1's price territory even by a pip, in forex, due to the extreme leverage involved, there are instances where wave 4 can be allowed to break into wave 1 price territory but only by at most about 10%. Another thing to consider is that different brokers are using different data feeds in forex and whereas one borker may have wave 4 breaking into wave 1, another broker's data feed may not. That being said, I am now looking into my wave count and seeing if there is another count that "fits" better. But really, and this is an IMPORTANT point to note, IT REALLY DOESN'T MATTER that much if the wave count is EXACTLY correct! As long as it is leading you in the "correct" direction, that is all that matters. Yes, the elliott wave nazis will try to tear me down for saying that, but hey, it's not about being correct, it's about putting money in my pocket! You can re-analyze and re-analyze all the live long day to try to get it exactly correct, but at the end of day, the question is "Did you make money?".
Willpower87
⋅
Thanks for the reply. Yep FX price moves can be very annoying for the orthodox chartists. Let's see if the Euro can start wave 5 now.
Peterdl11
⋅
Excellent result ! will follow your trading on this, good luck.
EverythingForex
⋅
thanks!
adan3ter
⋅
great work...looks like youre reaping in the pips.
EverythingForex
⋅
thanks but just remember, I'm not posting all this just for bragging rights or ego. It's waaaayyy too much work to make my posts just for that. My ego is well-satisfied just watching my account grow. I would hope that you and anybody else reading my posts will learn from it and hopefully also profit from it. GL!
Willpower87
⋅
Thanks for sharing your knowledge. Much appreciated.
EverythingForex
⋅
yw!
adan3ter
⋅
Hey, it's not bad to boast some, even a tiny bit. I'm sure though that there is plenty of hard work behind the scenes. I'm learning this trade and look forward to seeing more of your informative market analysis. Thanks for sharing your knowledge.