Elliott wave counts + Guidelines + Price Action

[Abbars713]

Ok so since some know I took a course in Elliott wave and having a entry method using ONLY structures like bull/bear flag breakout. I got lost and came back here. Did the homework and came with something i THINK fit me. Im gonna present the trade on AUDUSD.

Elliott wave guidelines - Corrections

• wave 2 = 50-61.8% retrace, according to book. It happens it comes down to 78.6%
• Wave 4 MOST of the times retrace 38,2% - 50% it happens that it retraces to 61.8%

AUDUSD

As we see here we are in a correction phase. We have done W and X and searching for a Y, so I used my elliott wave knowledge and counted what happened after the X

- We got 5 waves down which makes up for a wave A
- After wave A we got wave B in a more complex correction called Running flat.
- Now we are searching for a wave C and wave C contains 5 waves, just like wave A.

So I had my eyes when I saw that the price had broken some previous swings on wave 3 so I assumed we were making a wave 4 (correction, remember the guideline for wave 4)

The 12 hr time frame showed a decent bearish rejection candle toward the guidelines so i entered short with 50% retracement.

Let me know what you guys think, I look on many charts and it shows some results, will post more trade opportunities I get on this thread.

Kind regards, abbars713

 

[Alan4XTrader]

Many years ago I subscribed to the Elliott wave International report where their experts provided trade signals. I followed their trade advice and all I did was lose money. When their wave count was wrong they just changed the wave count. If the experts can't get it right then how am I suppose to get it right. Since then I have moved on. I think the best way to analyze the market is by using price action. It works very well for me and the vast majority of my trades are winners. Been there, done that, and moved on!