Scalping ES with Get Tools

[ACM]

Here is an example on using Ellipse, MOB, XTL and Elliott waves for scalping.
None of the trades suggested had more than 1 point stop.

Once the XTL went blue and the count signalled a possible wave 3, the Ellipse provided a number of Buy opportunities all closed at the following MOB.
The second to last trade could have been either a wash or a gain of 2 points depending if one was paying attention to the fact that the market had reached a wave 3 projection of 1.68.
In fact the last BUY trade is a losing one with XTL signalling the possible end of wave 3 and a potential wave 4 in ABC. Again the Ellipse allows to pick up a low risk wave C short (also suggested by an XTL reversal) that is covered at the MOB off of wave B and converging with the Ellipse that measures the whole of wave 3.

This is just to show how the combination of swing tools offered by Get and simple Elliot wave counting can provide a variety of trading opportunities at low risk and potentially high reward.

Happy Trading

Alex

[geronimo]

Where did you draw extenstion to get 1.618

What are the 3 points used in your example to draw the extension fib levels...

[ACM]

geronimo
length of wave 1 extended from wave 2 as per the count visible on the chart.
The wave labels show as Alternate because I set the wave4 overlap to 0 but maintain the wave1-3 ratio unchanged from the Original setting.
Also I color my 0 anchor line in white in a Fib Ext and if you look very closely to the far right of the chart you can see a trace of the 0 values in correspondence of the price level of wave2. In looking even closer you can see that the marker for the first ellipse is crossed by a white line
Alex

[Momentum]

Alex, when there are multiple choices for your begin or end points for the elipse, how do you choose which one to use?

TomB

[ACM]

Tom

That is a very interesting question to which I don't believe there is a clear cut answer.
Non the less here is an excerpt from a prior message of mine from this thread in which I tackle this very issue.

...As an aside here is a scenario that happens at times, where there are two equal highs/lows – both marked sometimes with the same Pivot strength - from which the Ellipse could be traced. As a general rule I tend to use always the first of the equal high/low for the starting point of the Ellipse and the last low/high for the ending point of the Ellipse. The reason I do this is that I consider those the points where the market turned. The difference is that the Ellipse tends to be a bit behind in time so if one is dealing with a market in a strong trend the Ellipse may not catch the contratrend move...

Hope this answers your question

Alex