Elliott Wave Forex Scalping

[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.......

There it goes like Elliott Wave said it should..........

 

[JahDave]

There it goes like Elliott Wave said it should..........

I think we may actually see a truncated fifth in this pair.........This very unusual indeed......

 

[JahDave]

I think we may actually see a truncated fifth in this pair.........This very unusual indeed......

Maybe it will make a new high, but just barely...........

 

[JahDave]

I think we may actually see a truncated fifth in this pair.........This very unusual indeed......

There it is....... Wave 4 just went into wave 2 territory......That does not bode well for a sustained high, and actually wave 4 going into wave 2 territory just broke the Elliott Wave rules, which gives support to my last comment about a truncated fifth wave.......

 

[JahDave]

The euro has followed my lines almost exactly............If it continues then it should make one more push up, which should complete a truncated fifth............Then 3 or 4 weeks down.........

 

[JahDave]

Here is my truncated fifth chart.........

 

[JahDave]

Here is a progression of this.......

 

[JahDave]

The Euro uptrend is all messed up and will go down hard from here........

 

[JahDave]

Here is my USD_JPY hour chart........It pierced the channel line, but I think it will hold...........

 

[JahDave]

The Euro is at a new high, but not above the high from a week ago, so I still say truncated fifth and a hard crash from here........

 

[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.......

There was the high, but it was in 3 waves after the truncation.........

 

[JahDave]

This pair will fall hard from here.........

 

[JahDave]

I am betting my reputation on this one..........

 

[JahDave]

All down from here...............

 

[JahDave]

This ain't scalping at all but here it is.......I watch the DJIA because it is so closely related to the forex market.........A weaker U.S. stock market usually equates to a stronger USD........I am posting up a longer term DJIA chart because this is very important...........I think that the move up for the Dow is over or almost over. This means that the USD is getting ready for a very strong move up......

 

[JahDave]

There is a lot of divergence on the euro 1 hour chart.......

 

[JahDave]

In scalping terms..........Sell the Euro for the next several hours...........It will go lower...........

 

[JahDave]

I am ignoring the modified stochastic because I believe the USD is going higher against every other currency......Here is the USD_JPY 5 minute chart.........

 

[JahDave]

Here is some straight up scalping for the euro.......I'll follow it for several hours tonight. The first thing on the 5 minute chart is that it hasn't made a new high yet based on the blue line.......The second thing is that it needs to get below the short green line before showing confirmation of more down.......Also the fractal buy is still in effect, but I wouldn't buy or sell right now......I'm watching the blue and green line to see where this pair is headed.

 

[JahDave]

That didn't take long.......below the green line so I'm short for now.