tradingwizzard

the logic behind the short trade on the eurjpy is the inability of price to break the recent highs into the 131 area.......not only not breaking them, but making a series of lower highs in a structure that on the lower time frames resembles with a running variation of a contracting triangle.......such a contracting triangle implies the previous lows are going to be taken, hence the tp........SL above the 131 highs would invalidate it

-------------------------------------------------------------------------------- Trade nr. 2. GOING SHORT EURJPY HERE IN 128.87 WITH 131.11 SL TP1 for the first half 125 (move sl to break even there) and TP2 for the second half 120 coming with the chart and short explanation in a bit

will post a sequence on my next trade on the Live Trading thread I have......please look in there, I will post one analysis today on the eurusd

make me Bernanke :missy:

not the 62% is important but if it can be reached on a constant basis.........one hit and run I've seen enough

no no, you get me wrong......like in the eurjpy live trade I posted the other day.......the analysis comes from the higher time frames (monthly, weekly) but on that 4h chart the counting shows where are we supposed to be on that time frame.........and I trade that time frame or even the 1h chart, with SL and TP based on that one.........the support and resistance areas from the higher timeframes I take them into consideration when price reaches them.......but trading the lower time frames count.........too confusing?

why so sure about options?

Closing eurjpy long trade here in 130.20 for 158 pips profit

so far so good, eurjpy on track......even surviving this crazy FOMC minutes release

thanks for the answer

it depends very much what you want to trade.....there are traders active only on the currency markets, some only on equities, some on both, some on bonds, options, etc......so decide first

study, study, study......and go on live trading......demo sucks in my opinion..........go trade live with small amounts just to feel the market pulse

I mostly do top-down analysis........starting with the monthly chart and going down to the 1h chart........I take support and resistance levels from the higher time frames and actual entries from the lower time frames (1h and 4h)

Trade nr. 1. GOING LONG EURJPY HERE IN 128.62 WITH 126.20 SL TP 134 - the logic behind is that the previous highs in the 133.79 were made with a three waves move up and such a move is characteristic for and ending diagonal structure; we also have a nice second wave in the form of a complex correction, a double combination there with a zig zag and a flat, connected with an x wave, and then we broke higher with a nice a, b, and now looking for the c wave to the upside to take the previous highs in the 133.79, hence the 134 tp target; judging by the price structure after the previous contracting triangle broke higher, I would say this is a flat and looking for the c wave of this flat to be a five waves structure, basically an impulse. It remains to be seen

Hi guys, I want to start a Live Trading thread for the currency markets and what I will do I will present my ideas, both with a chart that shows the reasoning for the trade and with some short description for the rationale behind it, providing targets, stop loss, invalidation levels, etc, all kind of things. For that I will use Elliott Waves for my analysis and not because I am some kind of expert regarding the theory but because I love to count waves and look at price structure/patterns, validation/invalidation levels, scenarios, etc. I will look at every single currency pair that I have access to and, in time, hope to build a nice thread here with your help of course. Any flows/mistakes in reasoning/counting/interpreting things are assumed so feel free to intervene whenever you consider. I hope to learn as well from your comments. I will try to keep some sort of order in my trades, like Trade nr. 1, etc, and on a monthly basis, term/semmester/year will try to see how many pips (if any) been able to make. Again, any comments/suggestions/jokes/etc are welcomed. tradingwizzard

none taken, I was being honest

I agree with the last part........

do you expect me to answer to this? :crap:

well, if I'm from Romania it doesn't mean I don't understand ..........and if you read the post, it was saying "if any"

exactly my point at the begining of the thread.......too much knowledge for a beginner......just saying

not throwing anything........contracting triangle on the higher time frames (weekly and monthly)......it can go as low as 1.2460 area (but not this trip, more likely 1.3100 first) and then a sharp rebound........will post some charts later in the week, I plan to start a thread

you failed meaning you are stuck or giving up?

make me a believer :helloooo:

still bouncing potential on eur/usd

not so soon, not so soon.........