Elliott Wave Forex Scalping

[JahDave]

Here is the 5 minute chart...

The Euro did make the 150 pips I thought it would the other night above 1.3350. Now it seem that it will make one more move down before going back up several hundred pips.

 

[JahDave]

Here is the USD_JPY 5 minute chart........I'm buying.

 

[JahDave]

Here is the USD_JPY 5 minute chart........I'm buying.

Definitely time to buy now...... The Elliott Wave count is showing a reversal.

 

[JahDave]

Definitely time to buy now...... The Elliott Wave count is showing a reversal.

This should have been the final push down and I just bought more USD...

 

[JahDave]

the short term says buy the Euro,,,

 

[JahDave]

The Euro is a buy with a 20 pip stop and a 110 pip profit on the 5 minute chart

 

[JahDave]

It looks like a reverse head and shoulders...

 

[JahDave]

It looks like a reverse head and shoulders...

There it goes.......

 

[JahDave]

There it goes.......

It's Elliott Wave here,,,,,,,,After one more push up there will be a drop before another high.........

 

[JahDave]

It's Elliott Wave here,,,,,,,,After one more push up there will be a drop before another high.........

1.3120 should be a very good place to buy........

 

[JahDave]

1.3120 should be a very good place to buy........

I just bought here...

 

[JahDave]

Now is the time to buy for 120 pips.......

 

[JahDave]

Now is the time to buy for 120 pips.......

This was just nine waves down for the "C" wave........

 

[JahDave]

This went exactly to the reverse head and shoulders line........

 

[JahDave]

This is when the technical indicators may not be correct......... They are only correct about 80% of the time.

 

[MajorDutch]

Hi JahDave

Do you have a daily pip target? what is your winning trade %, are you trading full time for a living?

sh5467

 

[JahDave]

Hi JahDave

Do you have a daily pip target? what is your winning trade %, are you trading full time for a living?

sh5467

Hi sh5467,

I can tell you what I do, but that doesn't mean that is right for someone else. I use wave counts and my modified stochastic with the fractal stacked on that to verify wave counts. Therefore I have no targets because there is no way to know when the indicator will say to close. I do use stops of about 20 pips on scalp trades. I will be trading full time in 3 or 4 months because I just sold my business and have agreed to stay on for six months.

 

[wackypete2]

Hi sh5467,

I can tell you what I do, but that doesn't mean that is right for someone else. I use wave counts and my modified stochastic with the fractal stacked on that to verify wave counts. Therefore I have no targets because there is no way to know when the indicator will say to close. I do use stops of about 20 pips on scalp trades. I will be trading full time in 3 or 4 months because I just sold my business and have agreed to stay on for six months.

I wish you well!

Peter

 

[JahDave]

This is when the technical indicators may not be correct......... They are only correct about 80% of the time.

The fractal was wrong as I suspected last night but the good part was it switched back to a buy rather quickly and got most of the move up.

 

[JahDave]

I wish you well!

Peter

Thank you very much Pete