Elliott Wave Forex Scalping

[JahDave]

I am still short from the 1.31879 level, so we will see how this goes.

 

[JahDave]

There are clues in the charts, in any method you choose to use if it is a good method. Nothing is 100%, but a good method should be at least 60%...

 

[JahDave]

I trade the one and five minute charts because I have learned over the past 4 years that I don't have the patience to trade the longer term charts.....unless it is a very small position that I commit to leave alone until my stop or limit has been hit....(Usually even then I cash it in early............LOL.....)

 

[JahDave]

A litle boring but here comes wave 5.

 

[JahDave]

If it must make the 1.3163 level then it will keep going down...

 

[JahDave]

This is a "C" of a "C", so it should be strong and fast.

 

[JahDave]

The bottom line is for me that I am still short because I have not seen anything to convince me otherwise.

 

[JahDave]

I think that the modified Stochastic will go below 20 before this down move is over.......

 

[JahDave]

There's a nice big pin candle...

 

[JahDave]

Now's the time to sell....

 

[JahDave]

This pair should go up one more time for a small gain and then at least make the 1.3163 I've been talking about all night........

 

[JahDave]

If it makes the 1.3245 then I am wrong on this trade.......

 

[jefferstos]

Hi JahDave,

I'm really enjoying reading your analysis,

I have great difficulty of identifying elliot waves

Thanks

 

[wackypete2]

I'm not a big elliott wave fan, but I'm following out of curiosity!

Peter

 

[JahDave]

Sorry I've been very busy and haven't post in a while, but I will post some tonight. Here is the first thing I noticed when I looked at my charts. It seems that the Euro has temporarily bounced off the first line I drew ten days ago. To me that is a lot of respect for a five minute chart. Here goes for tonight. It appears that the Euro has just finished making five waves down for a wave one. If this is the case then it probably will go back up to the 1.3350/133.80 area. This is what I will be watching for, but I will still be using my stochastic and fractal indicators in conjuction with the wave count. I bought the Euro at 1.3218 a few minutes ago.

 

[JahDave]

The alternative to this is that wave five down has not happened yet and it could go lower before bouncing. I say bouncing because after this it should start wave 3 down which will be bigger thatn the first one down.

 

[JahDave]

closed my first one for +6 pips.

 

[wackypete2]

nice trade.
no real direction yet tonight for me

Peter

 

[JahDave]

When I look at the 1 hour it appears more likely that wave V has not completed yet and it will probably go down some more tonight before rebounding. what I love about the modified stochastic with a fractal stacked on top is that it gives great signals. It is confirming this because it started to turn up, but didn't succeed and did not give a buy signal on the 1 hour chart.

 

[JahDave]

When the Modified Stochastic gets to the +80 range and I get a red fractal indicator on top of that then I will sell.