Trading_Jazz
Long

Elliot vs Scott // IF=THEN ®

FX:USDJPY   U.S. Dollar/Japanese Yen
FX:USDJPY            

Bullish breakout version after 72 days of "consolidation" between Weekly Support W1 and Daily resistance D1

Basic Elliot impulse with 5 waves:

iMPULSE LEG:


Wave 2 = 61.8% of wave 1 (Prices usually do not retrace more than 61.8% of the wave one gains;
Can never exceed the start of wave 1);

wave 3 = 161% ext of wave 1 (can never be the shortest impulse wave);

wave 4 = 38.2% of wave 3 (can never overlap wave 1 );

wave 5 = wave 1

CORRECTiON:


Wave A = usually around the 50%/61.8% of wave 5

Wave B = Usually 50% of Wave A and Should not exceed 75% of wave A

Wave C = Wave A ( AB=CD ) *
161% ext Wave A
262% ext Wave A


Cyphers:
CYPHER:
Point B:
38.2% to 61.8% XA
Point C:
127% to 141% ext XA
Point D:
78.6% XC
Target:
TP1 38.2% CD
TP2 61.8% CD

Safe trades;
Hi Trading_Jazz! Really great analysis. Let me ask you a question... When you say 38.2% to 61.8% XA you mean that the price cannot tauch the 61.8% or cannot close beyond the 68.8%?
Thanks!
+1 Reply
Nice question ;) the correct way is the closing price, however, since this patterns are synced with elliot waves, we are looking for "zones" where the price tends to revert, sup&res levels, there's situations where you can find an entry signal above or below those ratios, like and rsi divergence that you were not able to find when completed the pattern. I Always look left ;) search for previous structure. If you have a pattern to complete 10 pips below a resistance, why not to go test it and sell it there ;)
+1 Reply
Beautiful!
Reply
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