ok bitter now!!!! lol

Conrats....!!!....JohnG your system is great....you rock....!!!!

I have noow set a protective stop @ 9900

Breeze

__________________
Warning follow @ own risk...I dont use stop loss I hedge

If my count is correct, the upmove in wave 5 should exceed 1.995. I put SL at breakeven now. I decided to enter at 9833 because wave 4 is usually not exceeding the top of wave 1.

Well my first post on first day at this with real money...

Ended the day +68 pips - and it is only with the advice on this forum that I managed this. I look forward to learning for all of you and hoping to contribute at some point in the future when I get more into it.

Thanks again to all!!

placed one short lot at 1.9925, hedged with long order at 1.9960.

Thanks for feedback, it is always appreciated. It's only small size. I always trade with low leverage, so I can hold positions over longer time horizons. I think 1.9960 will (hopefully) provide some tough resistance. If it breaks this, then I agree it should go quickly, probably past 2.000. My long order at 1.9960 nets out completely my short position and will stay in play until 2.0020

I think we've all known this feeling. My spec buy held the stop by 3 pips then rallied, then the news spiked cable down to the 0.618 - taking the entry for -24 pips loss but just missing your entry teckybloke.

I don't think this latest rally is a wave 5 yet, I think this is a B-wave of a triangle. If so, the market could come back into the 9850 region in wave C.

I am moving my stop on the 9805 entry to 9928, and will follow the low of the 15 min bars until stopped out. While the ultimate goal is higher, there's no reason to let this one take a deep retracement or get clipped for nothing if this isn't a triangle. This also puts me in the win column for last week and satisfies the reward:risk ratio. There will be another opportunity.

My remaining position I am moving the stop to 9805. This point is safe if a triangle develops; and if it's not a triangle, it could go deeper, in which case I would rather take the profit and find another entry.

Breeze, hardknocklife, and the gang,

As the high of the upmove is equal to wave 3 @1.99576, I am moving my stop to 1.993 (which probably got hit soon), and trail my stop by 10 pip to milk any remaining up move.
Will look for an opportunity to short when high is confirmed due to the overbought RSI and bearish divergence.

I short at 19950. Experts, pls tell me is it ok? Tell me what happen next?

I think that's maybe it for today (1.9964). Change game plan and decide to hedge at 1.9948 instead (hope it doesn't shoot upward after this).

EW expert, any possibility of truncated wave five?

Well I'm not an expert, but even if I was, the funny thing about the market is that nobody can tell you what is going to happen next. Trade setups or patterns only indicate a higher probability than usual that a given move will happen, there is no sure thing. Even in Delta, sometimes the count will have to shuffle a step.

Fortunately, you don't need to know what is going to happen next in order to be able to make money consistently. All you have to do is be able to stick to a profitable plan. The best book I've ever read in that regard is "Trading in the Zone" by Mark Douglas. It is a must read.

That said, if I were short from 9950, my stop would be at 9975 (-25 risk) and look to take profit somewhere between +50 and +100 pips profit (2:1 to 4:1 reward:risk). You may be able or want to allow larger risk and less reward according to your style. se1paul made a nice short trade and I think the shorts can get paid over the next day, though I am still long for a move over 20029.

I agree with cmellon, the market is probably done with a rally for now, and 9850 area is in play. But - disclaimer - anything can happen at any time. Who knows, a world war could start and the market gap way over your stop, blowing up your account. That is why never to take too much risk. I chose to at the beginning of my tenure here, but, I did so knowing that the probabilities were much higher that I would blow up. Now that I haven't, I'm trying to take less risk by cutting losers early and letting winners run.

Attached is my 1-hr wave count. I'm not very comfortable with the triangle interpretation because the structure would be so large, and the latest rally may in fact be a wave 5. What I don't know is what degree of trend for each of these moves. The count just isn't very clear right now, and we have to wait to see what evolves to be more informed. If it is a 1-2, 1-2, 1-2 sequence as I'm suggesting, there will be a merciless rally starting in a day or two, that ends by the end of the week. More likely, the three-wave moving ending 7.9.08 at 1700 is wave 1, the triangle 4 ends above that (and above the rising trend line), and there is a wave 5 push to satisfy the Delta count. But who knows? All you can do is try to catch an edge by exploiting your trade plan, and let the market work.

p.s. oops! the label "A or 1 ??" should be "C or 3 ??" and be over the "v ??" label, since 5-waves up with iv not overlapping i is an impulse, and therefore it is either a wave C, or a wave 3, or possibly another wave 1...

Attached Images