Elliott Wave Forex Scalping

[JahDave]

I am putting up the 5 minute and 1 hour chart to show the triangle that is forming up. The reason I say triangle is because the first two waves were made up of five smaller and this current wave up looks like it will be five waves up. Triangles can be 5,5,5,5,5, or 5,3,5,3,5. Also there is smaller triangle right now within the larger triangle.

 

[JahDave]

I am putting up the 5 minute and 1 hour chart to show the triangle that is forming up. The reason I say triangle is because the first two waves were made up of five smaller and this current wave up looks like it will be five waves up. Triangles can be 5,5,5,5,5, or 5,3,5,3,5. Also there is smaller triangle right now within the larger triangle.

I just noticed on the five minute chart, wave A should be B and wave B should be labeled C.

 

[JahDave]

I am putting up the 5 minute and 1 hour chart to show the triangle that is forming up. The reason I say triangle is because the first two waves were made up of five smaller and this current wave up looks like it will be five waves up. Triangles can be 5,5,5,5,5, or 5,3,5,3,5. Also there is smaller triangle right now within the larger triangle.

Here is the updated chart and I just went short.

 

[JahDave]

This is not a scalp but I just put a small long on the USD_JPY looking for about 700 pips with a 40 pip stop. This is huge win ratio if it works.

 

[JahDave]

This is not a scalp but I just put a small long on the USD_JPY looking for about 700 pips with a 40 pip stop. This is huge win ratio if it works.

This is an Elliott Wave and Fibonacci trade. I am looking for the move down to be a wave 2 based on my Elliott Wave count. And I am looking for the move down to reverse and start back up on a Fibo retracement and since it passed the 61.8% level, then the 76.4% level will probably hold.

 

[JahDave]

Here is the updated chart and I just went short.

This is starting down slowly, but that is typical of a first wave down. The Euro should go back up to the 40 area after one more push down before beginning wave three down. Ultimately this move down should end at about the 1.31 area. I took this short at about the 1.3250, that will be 150 if it works out.

 

[JahDave]

This is starting down slowly, but that is typical of a first wave down. The Euro should go back up to the 40 area after one more push down before beginning wave three down. Ultimately this move down should end at about the 1.31 area. I took this short at about the 1.3250, that will be 150 if it works out.

Also, if anyone is interested in EW analysis then this is a very typical wave 4. They tend to be shallow but very long.

 

[JahDave]

The USD_JPY will be a very good buy at the 81.40 area

 

[JahDave]

It's a very good time to sell Euro

 

[JahDave]

If anyone is following my thread and has noticed when I make losing trades, then two thirds of the time it is when I ignore my technical indicators. This is something to be noticed........

 

[JahDave]

It's a very good time to sell Euro

I think the Euro is in an ending diagonal and at some point it is going to crash very hard. Follow you modified Stochastic to get the big down move..........

 

[JahDave]

The Euro is a classic overshoot..........I'm going short

 

[JahDave]

The Euro is a classic overshoot..........I'm going short

I went short early as usual, But have made that back up..........Now is the big question,,,,,,,Will the Euro make a signifigant high before making a new medium term low........My answer is that the odds are low for that and I am still in short from last Thursday..........The drawback to that is that wave C was extended up and I am about break even on wave 5 of wave 1.......This means that if I stay in short then I will have to endure a 50% plus retracement for wave 2..........I can get out now for break even or wait for the next waves down and in the meantime go negative.........I am choosing to go negative in the short term here for a really big reward. BTW, here is the Euro 1 hour and 5 minute charts with wave counts and mod stochastic and fractal. The hour technicals say definitely down for this pair...

 

[JahDave]

One more thing here for this pair...This last high was the top of the "C" wave and there fore we should see a move to new lows...................

 

[JahDave]

One more thing here for this pair...This last high was the top of the "C" wave and there fore we should see a move to new lows...................

One more thing here.......My modified Stochastic is set at 34, 21, 13........And I have a fractal indicator stacked on top of that..........This is a very good indicator of when to buy and sell...........It works well 90% of the time. The only time it doesn't work well is on a C wave or on an impulse wave 3.

 

[JahDave]

I am going to post up three 5 minute charts for the Euro for a while so that you can see things from three different perspectives. These 3 charts will be 5 minute charts and they will be Ichimoku, Pitchfork and the charts with modified stochastic and fractal. Hopefully you can learn something about these indicators and incorporate one or all of these in your trading to help you be profitable.

 

[JahDave]

Since I am using the five minute charts instead of the 1 minute charts then I have changed the modified Stochastic to 21, 13, 5.........This makes the buy and sell fractal signal much different.

 

[JahDave]

We will see if the Euro hits the Pitchfork red line and then goes down

 

[JahDave]

And finally the Euro is up into the Ichi cloud. We will see if the cloud holds for resistance...

 

[JahDave]

Now we have a fractal sell signal...