Live Trading the Currency Markets

[tradingwizzard 10]

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

[tradingwizzard 10]

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

[tradingwizzard 10]

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

[tradingwizzard 10]

Closing eurjpy long trade here in 130.20 for 158 pips profit

[tradingwizzard 10]

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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

[tradingwizzard 10]

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

[tradingwizzard 10]

a bit of a drawdown......maybe would have been better to wait for that triangle to break.......oh well

[MaksymGra 10]

OMG what happened to EURUSD?

[tradingwizzard 10]

OMG what happened to EURUSD?

 

unfortunately, nothing.......yet........it will most probably break lower for short/medium term (until September Fed meeting)

[tradingwizzard 10]

Trade nr. 3. GOING SHORT EURAUD HERE IN 1.4351 WITH 1.47 SLand TP 1.3867

 

the rationale of this trade is based on the fact that after the third wave to the upside that completed around the 1.44 area we have a nice abc to the downside, which, however, doesn't seem to be the correction needed for the 4th wave.......the reason is that this move that made a new high is not looking as being an impulsive one......it is channeling too well, corrections are almost the same, etc.......therefore more likely it is a b wave and b waves in an irregular formation rarely go above the 140% out of the previous correction, wave a, and this is giving us the SL level......target to the downside implies new lows when compared with the recent ones, so our TP level is just conservative

[tradingwizzard 10]

Trade nr. 4. GOING SHORT USDJPY HERE IN 99.55 WITH 101.60 SL and TP 95.00

 

chart and explanation for this trade a bit later

[tradingwizzard 10]

this is the analysis for Trade nr. 4, a little bit too early enterint the short trade, but anyways, trade still valid.......second wave done in the form of a zigzag, looking for a break towards the 95 area........check the chart posted for more info please.........

[tradingwizzard 10]

three trades open, analysis posted, one booked....markets to do the talking now....probably not important breaks until Bernanke Wednesday.....not Thursday, because usually then it is just a copy/paste of the prior's day speach

[tradingwizzard 10]

euraud short more than 100 pips in profit........what to do, what to do............

[tradingwizzard 10]

5. Trade nr. 5 - GOING SHORT EURUSD AT MARKET HERE IN 1.3116 SL 1.3205 TP 1.300

 

analysis for the trade to come a bit later

[tradingwizzard 10]

here's the chart for the previous short..........entering way too early, but analysis still valid.......story of my life

[tradingwizzard 10]

here are the open trades and the ones that I booked so far.....booked the +150 pips profit on the long side on eurjpy, then jumped on the short side a bit too early.....sl still holding there

 

euraud looking good, usdjpy promising, eurusd short from yesterday has a nice rr, but it could have been better, and probably going like this in Bernanke's testimony today........

[tradingwizzard 10]

stoped out on eurjpy short.........crap

[tradingwizzard 10]

placing a PENDING SELL STOP on eurjpy at 130.50 for tp at 123 sl 133.80

[tradingwizzard 10]

Trade nr. 6 LONG USDCAD HERE IN 1.0387 FOR 1.0460 TP SL 1.0320

[tradingwizzard 10]

logic on the usdcad long is that I am gunning for the 50%-61.8% retracement level from the recent move to the downside on the hourly chart

[tradingwizzard 10]

closing euraud short trade from 1.4351 here in 1.4197 for 154 pips profit

[tradingwizzard 10]

placing a PENDING SELL STOP on eurjpy at 130.50 for tp at 123 sl 133.80

 

filled on the sell stop short on this EURJPY.......let's see what this brings

[tradingwizzard 10]

here's the updated situation.......usdcad long and eurusd shorts looking good, eurjpy draging me down at the moment

[tradingwizzard 10]

Trad nr. 8 GOING SHORT EURAUD AT THE MARKET 1.4308 SL 1.4470 TP 1.3900

 

logic behind the trade a bit later