Elliott Wave Forex Scalping

[JahDave]

This is a very tradeable move.........

 

[JahDave]

Time to sell the Euro on the one minute chart...

 

[JahDave]

The USD_JPY has made a nice Elliott Wave five move up and a nice abc retracement that is a classic bull flag. I am going long on this one because whether this is an impulse up or the "a" wave of a zigzag it doesn't matter.........The USD is ready to go up to new highs here...

 

[JahDave]

Here is some good advice for any traders (including me)........Wait for the most opportune time to get into trades......I still have a hard time with this even after trading for five years......I see things developing in my chart analysis and I don't want to miss out..........So I get in early a lot of times............If you follow my thread then you will have even seen me mention on a year or so ago post that I am going to work on that (and I am getting better at it)..........The only trades that I always get into at the exact time are the one minute charts............but my point is that timing is critical......

 

[JahDave]

Time to sell the Euro on the one minute chart...

Definitely time to sell the Euro........

 

[JahDave]

I also believe that people in general are lazy and want someone else to lead them into enormous prosperity for free..............I think this is fallacy and if anyone believes this then you deserve to lose your money in the markets...........Educate yourself and do not depend on anyone but yourself..........Determine what you think works and develop your own system to trade.............It will be a constantly developing system.........I used to think that fundamentals would work, but they only work on big announcements.......Then I thought that Elliott Wave was the Holy Grail of trading,,,,,,,but It was not,,,,,,,,Then I thought other technical indicators would do it, but they did not..............After reading and studying many books about trading markets I came to realize that any method,,,,,,,, whether fundamental or Technical,,,,,,, is trying to determine mass social mood.......This what moves markets.......I have seen the exact same announcement go either way .........and I have seen technical indicators overshoot and undershoot..........both of these phenomenon occur because of mass social mood.......Being able to determine the mass social mood whether up or down is the key to determine where markets are going........Other than big announcements the I think that technical analysis is the best way to determine mass social mood ..............maybe because that is what I have concentrated on..........This my opinion that is working for me..........

Good Trading Everyone,
JahDave

 

[JahDave]

To bolster my opinion then right now people do not know where to go with the Euro, because the U.S. markets were closed today.......According to Elliott Wave Theory then this move just went up 5 waves in "C" and will be going down now.......Also the modified stochastic was above 80 and that is a sell signal..........these things are measuring mass social mood and I think they are pretty good at it, so I have sold the Euro.........

 

[JahDave]

Elliott Wave Theory says that the Euro should not make a new high before at least making an "abc" correction.........probably to a Fibbonacci retracement level...

 

[JahDave]

There are always clues in the charts if you can read them.........

 

[JahDave]

Well, I have been wrong the last several days and I really don't like to be wrong. Anyway I'll have a larger scale revised chart up shortly to show where I think I went wrong but for now here is the Euro 5 minute chart and my count that I think is going on right now.

 

[JahDave]

Well, I have been wrong the last several days and I really don't like to be wrong. Anyway I'll have a larger scale revised chart up shortly to show where I think I went wrong but for now here is the Euro 5 minute chart and my count that I think is going on right now.

Here is the Euro 3 hour chart. I think this is playing out as an expanded flat and this pair should follow the general guides that I have drawn out.

 

[JahDave]

Here it goes down finally, I think,

 

[JahDave]

Here it goes down finally, I think,

Not quite yet............ Here is a blow-off top happening right now.........This should make for a strong reversal....

 

[JahDave]

There are 2 gaps in the last 30 minutes, so I'm pretty confident that this reversal will be strong.......

 

[JahDave]

If this can go below 1.3459 then it should keep going down for several weeks..........

 

[JahDave]

Here is the Euro 3 hour chart. I think this is playing out as an expanded flat and this pair should follow the general guides that I have drawn out.

It looks like it didn't pull back as much as I thought it would before making that last push up to complete the "C" wave but now I think it is finished going up..... I strongly suspect the medium term high is in place now........time will tell and I will post up a five minute chart shortly.

 

[JahDave]

It looks like it didn't pull back as much as I thought it would before making that last push up to complete the "C" wave but now I think it is finished going up..... I strongly suspect the medium term high is in place now........time will tell and I will post up a five minute chart shortly.

Something I forgot to mention..........Look at the red line I drew on the modified stochastic.......That is some nice divergence there which is another good indicator of a reversal.

 

[JahDave]

It looks like it didn't pull back as much as I thought it would before making that last push up to complete the "C" wave but now I think it is finished going up..... I strongly suspect the medium term high is in place now........time will tell and I will post up a five minute chart shortly.

Here is my five minute Euro chart.........The amazing thing to me is that it should actually make one more high.........I would not believe it looking at the Modified stochastic and the count on the one hour chart, but according to the 5 minute chart it says so..........The thing about Elliott Wave is that it is a fractal system and therefore it must fulfill the requirements on all time frames.......

 

[JahDave]

Here is my five minute Euro chart.........The amazing thing to me is that it should actually make one more high.........I would not believe it looking at the Modified stochastic and the count on the one hour chart, but according to the 5 minute chart it says so..........The thing about Elliott Wave is that it is a fractal system and therefore it must fulfill the requirements on all time frames.......

The 1.3550 area will probably be the high before a move down of at least 1500 pips.............

 

[JahDave]

The 1.3550 area will probably be the high before a move down of at least 1500 pips.............

What is going on now in the Euro is perplexing to me...............I know that later I will be able to make a valid Elliott wave count, but right now this is confusing to me........