Elliott Wave Forex Scalping

[JahDave]

Here is another clue that this pair will go down. Look at the 2 purple lines. The drop was sharp and the retracement was lees steep...

 

[JahDave]

You really seem to have a good handle on Elliot Waves. Well done! I gave the thread a 5 star rating.



Peter

Thanks Pete.

 

[JahDave]

I just closed for +10 and will wait for another good signal...

 

[JahDave]

this third wave is even less steep than the second one, so I am looking for some upside.

 

[JahDave]

Maybe to the red line and then up indeed.

 

[JahDave]

I'm still looking for some more upside from an Elliott Wave perspective, so even though there is not a fractal buy signal yet I am buying now.

 

[JahDave]

I'm still looking for some more upside from an Elliott Wave perspective, so even though there is not a fractal buy signal yet I am buying now.

Here is the fractal buy.

 

[JahDave]

Here is the fractal buy.

There have been 2 fractal sell signals, but the Euro is fighting hard to stay positive and not make a new low, so I'm still staying in long for now, but i'm not married to the long...

 

[JahDave]

There have been 2 fractal sell signals, but the Euro is fighting hard to stay positive and not make a new low, so I'm still staying in long for now, but i'm not married to the long...

It is still making higher highs and not lower lows...

 

[JahDave]

I've added one more pitchfork because it's still going sideways.

 

[JahDave]

Here is another buy on the fractal...

 

[JahDave]

Here is the Ichimoku cloud........It has been sideways as well, but right now it is at a crossroads........If the candles close through the top of the cloud then it will be going up for a while...

 

[JahDave]

It is still making higher highs and not lower lows...

I'm closing my long at +15 and I will wait for a good signal.

 

[JahDave]

That is +43 for the night with no losers.........This has been a good night.

 

[JahDave]

It looks like it may be a slow trading night because of sideways consolidation. I may go to the EUR_USD 1 minute chart with the Modified Stochastic and fractal indicator and trade the chop. It is very good for that, even though it may only yield between 5 and 20 pips profit per trade.

I did have very good success tonight trading the chop with the 1 minute Euro chart. Hopefully tomorrow this pair will be back into a trend and I will go back to the 5 minute charts. I hope anyone who has read my thread tonight will understand that you should trade consolidation different than trends.

Peace Ya'll
JahDave

 

[JahDave]

I'm done trading tonight but here is a fractal sell....

 

[JahDave]

I'm done trading tonight but here is a fractal sell....

The Euro did sell off last night and today, but the down move is probably over unless it extends into nine waves down. I am going to show what I think is going on with the 1 hour charts and then resume with the 5 minute charts on the next post. It appears that wave 5 down is probably done and this will complete wave 1 on a larger scale. I have pulled fibonacci retracement levels. Wave 2 is usually a deeper retracement than wave 4 so the Euro probably with go up to the 61.8 or 76.4% area.

 

[JahDave]

Here is the 5 minute chart with the modified stochastic. There is a pin on the bottom candle and it has already made a new high, so I'm in long.

 

[JahDave]

Here is my pitchfork perspective. It has been bouncing off the median line on the way down. If it breaks above the top line then it will go up for a while.

 

[JahDave]

And last but not least the Ichimoku has no upward confirmation yet, but the candles are through the cloud for the moment and the Chinkou span (the purple line) is heading up. If the Chinkou breaks through the cloud to the upside then it will go for a while. All three methods are giving clues that this down move is probably over, but not confirmation yet.