Elliott Wave Forex Scalping

[JahDave]

My very best advice that I can give anyone is to be your own trader............

 

[JahDave]

I have added a pitchfork and when it gets to the M line (median line) then I am buying

There it is.........I just bought it for hopefully a nice profit.........

 

[JahDave]

I just want you to find your own way to trade successfully
and help you find your own way to trade...................That is the only way to be successful..........I even spelled it correctly................LMAAO.......................Anyway learn and win or stay stupid and lose..............You must understand that you are the only one who can control you own future........

 

[JahDave]

I just want you to find your own way to trade successfully
and help you find your own way to trade...................That is the only way to be successful..........I even spelled it hcorrectly................LMAAO.......................Anyway learn and win or stay stupid and lose..............You must understand that you are the only one who canc ontrol you own future........

Now i am going long................This where the rubber meets the road................I love then again it it is

 

[JahDave]

If you can stack a fractal indicator on the top of a stochastic indicator then you can be right most of the time.............If you can do this and learn Elliott Wave then you can be right more times than than that...

 

[JahDave]

I am buying USD_JPY because it it a good EW buy right now...

 

[rabarbara]

If you can stack a fractal indicator on the top of a stochastic indicator then you can be right most of the time.............If you can do this and learn Elliott Wave then you can be right more times than than that...

Hey Dave,
which fractal indicator are you referring to ?

Good trading and Jah bless

Edit: ok, so I should have read your thread before asking the question,lol.

 

[JahDave]

I don't consider this a scalping chart, but it is good to look at the bigger picture and know what the dominant trend is before going to the smaller charts and scalp. Here is my 1 hour pitchfork chart. I suppose that odds are good for the Euro to at least go test the green line and with Elliott Wave added to that it should go beyond that and make a larger retracement. With that being said I think the move down in side the green fork was a complete wave one down and it is in wave 2 going up right now. If this in fact the case after wave 2 completes then the Euro will start wave 3 down and based on Elliott Wave Theory this will probably be a very strong move down.

There is the upside I was looking for and I am out now with a good profit. Waiting for a good short signal.

 

[JahDave]

There is the upside I was looking for and I am out now with a good profit. Waiting for a good short signal.

I might be in a bit early, but This is a nice fractal sell signal.

 

[JahDave]

I might be in a bit early, but This is a nice fractal sell signal.

I was in early and got stopped out like I said I might, but I'm back in short for a longer term position with a stop at 1.3450.

 

[JahDave]

Here is the current five minute Euro chart withe a regular stochastic and fractal applied on top. I know in my earlier posts I have been using a modified stochastic, but I have been testing the regular stochastic set on 34,13 and 8 periods and it has been performing a little better. Anyway look at the diagonal forming in the stochastic and the candles. They are similar. Also look how good the fractal is working on the stochastic. It's very simple........sell when you get a red fractal on top of the stochastic and buy when you get a green fractal under the stochastic. If you can set this up on your charting software then you will get some very good signals. Now just let me say that if you use this on other time frames and other currency pairs then it will work fine, but the time periods of the stochastic will need adjusting and it is less reliable with some pairs than others. Also I use this in conjuction with my own Elliott Wave Analysis. As always, the more you learn and can use for confirmation then the better trader you will be.

I looked back over the time period since this post and specifically the Euro trade yesterday. I am posting the current Euro 1 hour chart with the modified stochastic on it and reposting last nights Euro 1 hour chart with the regular stochastic on it. As you can see the modified stochastic has still not given a sell signal yet and the regular stochastic has given multiple sell signals. I am going back to using modified stochastic.

 

[JahDave]

Back to the five minute Euro chart. There is a buy right now on the fractal/mod stochastic, but I think it will only be good for 10 or 20 pips.......... Elliott Wave looks like a leading diagonal down which should not see a new high and probably about a 38.2 or 50% retracement of the down move so far..................With that being said I have counted five waves down so far and diagonals are either 5 or 9, so it could go down 9 before seeing a break above the green line for wave 2 on the next scale.

 

[JahDave]

Back to the five minute Euro chart. There is a buy right now on the fractal/mod stochastic, but I think it will only be good for 10 or 20 pips.......... Elliott Wave looks like a leading diagonal down which should not see a new high and probably about a 38.2 or 50% retracement of the down move so far..................With that being said I have counted five waves down so far and diagonals are either 5 or 9, so it could go down 9 before seeing a break above the green line for wave 2 on the next scale.

It looks like a 9 wave leading diagonal which means after a move up then a more dynamic move down. The Euro is moving big today and I am trading smaller positions with larger stops......... When it is in a narrow range of consolidation then I trade larger positions with smaller stops and when it is making larger moves, or when I expect this, then I trade smaller positions with larger stops.......

 

[JahDave]

It looks like a 9 wave leading diagonal which means after a move up then a more dynamic move down. The Euro is moving big today and I am trading smaller positions with larger stops......... When it is in a narrow range of consolidation then I trade larger positions with smaller stops and when it is making larger moves, or when I expect this, then I trade smaller positions with larger stops.......

Here is the Euro move up I was looking for and now it should go down very large soon.

 

[JahDave]

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.

I thought this would make the 61.8 or the 76.4%, but this pair actually made the 85.4% retracement. I wish I would not have bailed out at the 50% level because not only did we give up a lot of pips, but this probably eroded some faith in my skills, which I hate. Thinking longer on this, I have always said that I want everyone who reads my thread to become their own trader..........and I have stated my weaknesses as a trader,,,,,,,,,,especially,,,,,,,,,that I have a discipline problem of getting in too early and getting out too early.........I do consistently make money in Forex, but I know that I can do better........

 

[JahDave]

With all of that being said then I do think from a good timing point, then it is a good time to buy dollars across the board.......

 

[JahDave]

Here is the Euro move up I was looking for and now it should go down very large soon.

It just broke the top support and it probably will go up one more time, but then make a good down move..........On the short term, I don't know, but on the long term down below parity...Maybe new highs before that.......read my other thread.......

 

[JahDave]

It just broke the top support and it probably will go up one more time, but then make a good down move..........On the short term, I don't know, but on the long term down below parity...Maybe new highs before that.......read my other thread.......

The next several weeks should be the EUR_USD should be down.........

 

[JahDave]

The next several weeks should be the EUR_USD should be down.........

Here is the first high to be rejected.............I thought it should go above the green line and then at some point it will drop a long way before making a new high, which it is very close to.......

 

[JahDave]

Here is the first high to be rejected.............I thought it should go above the green line and then at some point it will drop a long way before making a new high, which it is very close to.......

There we go,,,,,,,just sell it........