Day 450: Elliot Waves

Profit: $2.16 Total: $977.57

The dollar is trying it’s best to continue it’s upward momentum and it’s been a good fight to watch. The AUD/USD has been falling hard while the NZD/USD is holding. USD/JPY has been keep up with it’s rally while GBP/USD and EUR/USD has been keeping up with a good fight. There’s some dollar data that’ due tomorrow and Thursday which may being a snap in the dollar.

I’v been scalping the EUR/USD today which behaved pretty sporadic. Price action was jumpy and all over the place, but I started to mess around with Elliot Waves. This was my first time applying EWT (Elliot Wave Theory) to the markets and it worked out okay. I’ve been very skeptical on EWT just because it’s so subjective on it’s wave counts. I wanted to try something new and will study it a bit more. I’m not much of a Fibonacci trader so it was pretty different to incorporate Fibs into my trading.

Not even sure if I did it correctly, but worked out okay for NY’s session. The ABCDE pattern is my prediction in price. Let’s see how the predictions do overnight…

2

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s