Elliott Wave Forex Scalping

[JahDave]

The Euro is still riding the bottom edge of the Ichi cloud for now.....

 

[JahDave]

The Chinkou has crossed below the Kijun again and it's still been bouncing off the bottom of the cloud.

 

[JahDave]

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

It's pushing towards the red line...

 

[JahDave]

Now we have a fractal sell signal...

This looks like a possible slingshot down...

 

[JahDave]

The euro still hasn't made it through the cloud

 

[JahDave]

3 or 4 hours from now the Euro definitely may break to the upside........

 

[JahDave]

3 or 4 hours from now the Euro definitely may break to the upside........

But it may be 8+ hours...

 

[JahDave]

The Chinkou has crossed below the Kijun again and it's still been bouncing off the bottom of the cloud.

There was a very nice move down last night After I went to sleep. I stayed in short because the Ichimoku and my other indicators did not tell me otherwise. The blue box on this chart is where it was when I left last night.

 

[JahDave]

From an Elliott Wave perspective I believe we are in wave 4 of wave 1 on a larger scale. This means that when wave 5 finishes to the downside to complete the larger scale wave 1 then the Euro should have a substantial retracement of the down move.

 

[JahDave]

It's pushing towards the red line...

It didn't quite make the red line before collapsing last night. From a pitchfork standpoint if it would have broken the red line and been able stay above it then it would have been time to go long or close the short. My friend FX4Newbies has an excellent thread here in t2w called goldmine that is daily calls using only Andrew's Pitchfork analysis. One very good thing about pitchforks is that there is almost no way to use one wrong.

 

[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.

 

[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 adjusted the stochastic back to 34,21,13 because the shorter periods I was using on the 5 minute charts produce too many signals on the 1 minute. It says buy so I just bought.

 

[JahDave]

Here is a neat pitchfork trick. It broke below the first fork, so I duplicated that one and lined it up against the first one. This can help you find more support and resistance areas during sideways movements.

 

[JahDave]

I adjusted the stochastic back to 34,21,13 because the shorter periods I was using on the 5 minute charts produce too many signals on the 1 minute. It says buy so I just bought.

Closed that one for +10 and I will wait for the sell signal.

 

[JahDave]

Closed that one for +10 and I will wait for the sell signal.

there is the sell signal...

 

[JahDave]

there is the sell signal...

There may be some more down, but I just closed this for +8 because I'm looking for some more up on the 5 minute. I will wait for the fractal buy signal.

 

[JahDave]

Here is a neat pitchfork trick. It broke below the first fork, so I duplicated that one and lined it up against the first one. This can help you find more support and resistance areas during sideways movements.

I would expect this to hit the last red line before going up.....

 

[JahDave]

I would expect this to hit the last red line before going up.....

I just sold this pair. After studying the forks, and considering where support is, I think it will hit the green line for support before going back up.

 

[JahDave]

I just sold this pair. After studying the forks, and considering where support is, I think it will hit the green line for support before going back up.

Also on the 1 minute stochastic chart the fractal just gave a sell...

 

[wackypete2]

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



Peter