steves_c

steves_c

I've started to use a new strategy and so far it's been profitable. Using the fibonacci trend line to forecast support and resistance lines it's offering plenty of opportunities in conjunction with Elliot Wave. This type of S&R in my analysis is a lot easier to trade than a traditional S&R as it's appears in to be more accurate.

steves_c

A kiss off the fibo trend line and target hit from the retrace provides a sell set up. The move on a smaller timeframe (15min) looks impulsive. There is potential this could try and make new highs but the sharp reaction gives me confidence it's time to short. My SL is set above the resistance trend line to play safe, if it goes above this the Elliot Wave theory is...

steves_c

Riding wave 1 of C in an ABC correction

steves_c

ABC for a short. With so much buying pressure it could take a while to hit target. Moving SL to break even once drops

steves_c

This pair is moving slow today and giving off mixed signals. However, we have a strong implsive wave which is potentaily the start of a C or an A. either way it's a long for the short term. Once im a few pips in profit, break even

steves_c

The begining of wave 3, with a nice wide stop loss offering plenty of room to ride this one for the rest of the week.

steves_c

Wave 1 of C has complete and hitting of 61% gives us a short signal. I'll be moving my stop to break even as soon as I have a few pips behind me

steves_c

B is finished, meaing we can ride wave C

steves_c

Wave 1 is complete, proving confirmation that wave C has kicked off. I'll be riding this one down to the first target price.

steves_c

Visiually we can see the start of a C taking place. However with a lot of buying pressure it may take some time to hit the target price.

steves_c

Trading the C of an ABC correction. This move follows after a huge expanding flat that happened yesterday

steves_c

Looks like the B is complete and ready for a long to hit wave C target price

steves_c

Confirmation on the 1-5minute timeframe of impulisve clear bearish candles provides the assumption the beginig of wave C has started.

steves_c

It's hard to determine if this is the correction finished but with such strong bullish bars on a lower timeframe it sets us up for a nice buy. A tight stop loss with a potential 64 pips to jump on. As always if it forms an ABC correction. Move your stop to breakeven.

steves_c

A small scalp but a nice B is forming giving us the assumption a C will push for a long.

steves_c

A complicated sturture is always difficult to read. However, we have a bounce of the 61% fib which gives us a buy signal to complete the end of an expanding flat.

steves_c

I don't normal trade retracing waves especially a 4 but this bounced so nicely off wave 3 target i just had to buy

steves_c

Attempted this trade earlier in the week but the correction wasn't complete. Given this time the lowest low has strong bull candles (visible on a lower TF) it's ripe to go long to catch some impulsive pips