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Micro EUR/USD Futures

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M6E1! trade ideas

6E Was Bearish As Expected But While I Wasn't LookingPost mortem on a trade that I only broke even on but had charted almost perfectly (see attached chart and trade log) I was basically a day early on location of the B wave. The trade I took was up over $400/contract at one point but then chopped back to my entry and I lost interest in the trade. I just checked it again and it pretty much followed the path to my C as expected, in fact it dumped faster that I thought. This type of time frame is more difficult for me, I usually trade to be flat by the end of the day or for much longer positions that last weeks or years. Picking an entry on a 1 or 2 day timeframe is kind of in between I need more experience to get the execution correct even though the elliot count is right. 6e is especially hard since it trades the best in the very early morning. Going forward it still has room for bearishness on an intraday basis but this would no be good to swing trade. It's near the end of the C wave and likely to chop back to the top of the pitchfork. However it is also possible that it will try to run to the median so if I trade this at all it will be with a bearish bias.
CME:6E1!Short
by mljones
Strongly Bearish After Doji B Point At Pitchfork EdgeToday's doji candle strongly looks like the bearish B point of the ABC after the recent 5 wave impulse that ran into the edge of the descending pitchfork. I don't normally trade after hours but this looks very hard to resist. I am going to possibly stay up all night to trade this short or at least set some alerts to wake me up if things start to look like it's capitulating. 6e tends to get its best trading done during the london session so I may find myself getting up at 3 in the morning to keep tabs on this.
CME:6E1!Short
by mljones
Avoid trades here - may be at A bounce pointThis is not a good area to take trades in either direction. It is at the expected A after a 5 wave elliot impulse and is probably about to start a choppy countertrend wave to the B point near the edge of the pitchfork. The trade I'm waiting for is to short in the region of B. That should provide for some nice clean intraday dump outs. 6e tends to move a lot during the london session so I might even stay up at night to trade it around the 2nd week of november.
CME:6E1!
by mljones
Week Plan: Reasonable Area To Find Reversal DownThe pitchfork, elliot fib and prior support/resistance lines show this would be a pretty good area to start looking for bearishness. An Elliot ABC correction would be the most textbook reaction here. Not shorting this blindly but will trade with a bearish bias intraday. There has not been any actual confirmation of a new bear market so this would definitely not be a place to swing trade it short. It is also a very bad area to swing trade long since it would probably be buying at the top.
CME:6E1!Short
by mljones