GBP/USD Week 5

1st Trade

4 hour chart - price also below the alligator

Elliot wave count - no idea hehe












Close my 1st Trade

Sell at 1.5452, close at 1.5410, a total profit of 42 pips.

Reason: no technical reason hehe. price move too fast, a lil bit scared, more of a psychological call, secure some of the profit. got to admit, it's hard to ride the trend until the end :) might miss this trend though :(

I'll jump back in when there's a correction, well there will always another opportunity, when your in doubt better to take the profit..




1st Trade update (no position)

This is what happen if i follow the rule... hehe

EUR/USD Week 5

1st Trade

Aggressive entry, chances still 50:50, hopefully my wave count is correct... C'mon give me wave 5:C.... :)


First target would be the up trend line, if it breaks, add more position...









Close my 1st Trade 

Sell at 1.2732, close at 1.2692 around 19:00-20:00, a total profit of 40 pips...

Reason: 50 percent fibonacci retracement






1st Trade Update (no position)

Trend is your friend indeed....

Wave 5:C???










  

1st Trade 2nd Update (no position) 

<---- Time for a new wave count

Week 4 Review

GOLD
Made a total profit of 208 pips.
This is the beauty combination of elliot wave and Bill williams' profitunity. This week down move, continuing the abc correction from last week (week 3). With a correct elliot wave count, you will always know when a trend ends and bill williams make it easy to count the wave.

How did i count the waves for this gold position?

Firstly i will look at the overall trend and AO divergence at the 4 hour chart meaning the momentum is decreasing. Is it a wave 1, 3 or 5? no idea at that time, all i know that it's an impulsive wave.

Then i move to a lesser degree wave in the hourly chart. A 5 wave move up totally spot on.There is AO divergence, a fractal, a bearish divergent bar, a change in momentum and the price is in the target zone. Bill Williams' five magic bullets that kill most of the trend. Then i simply trade the ABC correction.

EUR/USD
Made a loss of 28 pips. What happen? Well my 1st, 2nd and 3rd trade is just following the trend, then i made a loss in my 4th and 5th trade which is again a wave 4, then i decided to stay away from the market for a while. Lesson learned, next time be careful after a big move...


Next week EUR/USD Trading Plan
Looks like we're in an ABC corrective wave 2, wave 4 of C of 2 to be exact. I assume there's still a wave 5 of C, another down move. Wave 4 of C target will be around 1.2791, if the price exceed 1.2902 then the count fail. So I better look for a sell position than a buy position with a target around 1.2436-1.2628. Otherwise i'll just wait for this wave c to end and ride a possible of wave 3. :)

This week total profit is 180 pips..

Gold Week 4

1st Trade

2nd Trade

3rd Trade

Close my 1st and 2nd Trade

Close my 3rd Trade

EUR/USD Week 4

1st Trade

2nd Trade

Close 1st Trade

Close 2nd Trade

3rd Trade

Close my 3rd Trade

4th Trade

Close my 4th Trade

5th Trade

Close my 5th Trade

Week 3 Review

GBP/USD
Made a total loss of 121 pips. What happen? Yeahhh gbp retail sales, forgot about that.. it all went well until that stupid data came out, hit me pretty bad, a loss of 103 pips, and all i can say is damn! Lesson learned, don't forget about big news next time i'm in a position..

Another lesson learned is take only a bullish or bearish divergent bar when there's an AO divergence!

EUR/USD
Made a total loss of 110 pips. What happen? If I look at the 4 hour chart, this week we're in a corrective wave, price inside the alligator creates a big sideways market, no wonder i got whipsawed so many times. Well, lesson learned, be careful when the price inside the alligator mouth, when you trade hourly, look at 4 hour chart to see the overall trend. if you trade 4 hour chart, look the daily chart. Practice makes perfect, you can always learn from your losses..

GOLD
This is a good one, made a total profit of 106 pips. What happen? Bullish divergent bar on hourly chart, AO divergence on 15 min, hourly and 4 hour chart. Gold's bullish run reaching its end, time for a correction, momentum is decreasing. has it ended? don't know yet, price rebound at the up trend line in the 4 hour chart. Hopefully next week it will break the trend line, we'll see...

AUD/USD
Still hold position, trying to use the daily chart for this one. We'll see how it goes... :)

This week total losses are 125 pips...Next week will be better... :)

AUD/USD week 3

1st trade

Gold Week 3

1st and 2nd trade

Close my 1st trade

Close my 2nd trade

Next Trading Plan

GBP/USD Week 3

Monday, 16/08/2010, 15:27 (1st Trade)
Ok i'm in, Sell @ 1.5568, fractal break out, if it rebound around 1.5536, I'll consider to close my position..
put a protective STOP LOSS @ 1.5644 (the last up fractal)

Monday, 16/08/2010, 18:22
Close my position at 1.5603, total loss is 35 pips.. Hmm looks like the market is goin sideways, better be careful..

Monday, 16/08/2010, 21:27
ooppss, miss this one T_T

Thursday, 19/08/2010, 13:38 (2nd trade)

Thursday, 19/08/2010, 14:34 (Close my 2nd trade)

Thursday, 19/08/2010, 14:48 (3rd trade)

Thursday, 19/08/2010, 16:04 (Close my 3rd trade)
It all went well according to plan until GBP retail sales data came out... damnn!! totally forgot about the news.. it was better than the previous and the forecast. When i got back to my monitor, i was shocked with this long big candle up T_T 

Thursday, 19/08/2010, 18:00 (4th trade)

Thursday, 19/08/2010, 20:17 (Close my 4th trade)

5th Trade

Close my 5th trade

EUR/USD Week 3

Monday, 16/08/2010, 12:11
ok totally lost the wave count, i'm closing my 7th trade from last week @ 1.2792, total loss of 15 pips. Price close above red line, momentum decreasing..

Monday, 16/08/2010, 19:34 (1st Trade)

Tuesday, 17/08/2010, 14:43 (2nd Trade and close my 1st trade)

Tuesday, 17/08/2010, 16:20 (close my 2nd trade)
German ZEW economic sentiment is lower than forecast and also lower than previous. i'm out first, don't know how the market response to this. Based on the result, it's bad for the currency. but we'll see how the market will react..  Damn i hate news :p

Wednesday, 18/08/2010, 19:48 (3rd trade)

Wednesday, 18/08/2010, 22:08 (3rd trade cont....)
if i look at the 4 hourly chart, the price is inside the alligator, looks like a big sideways market, so i decided to use the trend line or the last down fractal as my STOP LOSS consideration instead of using the alligator (price close below the red line)... we'll see how it goes..

<----- 4 hour chart













Thursday, 19/08/2010, 08:05 (close my 3rd trade)

Thursday, 19/08/2010, 13:02 (4th trade)

Thursday, 19/08/2010, 14:26 (5th trade and Close my 4th trade)

Thursday, 19/08/2010, 16:17 (Close my 5th trade)