825# Elliott Wave application MT4

Submit by Janus Trader

Dedicated to all those who follow Elliott Wave on Forex Strategies Resources.

Elliott Wave trading strategy is an application MT4 for pratical trading.

In composing this system we wanted to simplify the approach to make it usable and to make it clear that the wave theory is not as complex as it seems, but it helps to have a mentality of movement that helps to understand the fluctuations of the markets.

In this system the relationship between the Elliott waves and the golden ratios of the Fibonacci numbers is not addressed, this thing comes later when the logic of the Elliott waves is understood and applied in the reading of the markets.

Currency pairs: Any

Time Frame H1 or higher.

Metatrader 4 indicators setup

MT4 good trade;

W.A Explosion

Awesome oscillator

3 level ZZ semafor

Simple Moving average 13 period, median.

Trading rules Elliott Wave application MT4

I state this is an aggressive approach and some false signals can happen, but overall it is a good trading system.

When the number of a wave appears, you see the correspondence with 3 ZZ level semafor to get an idea of the movement if it coincides with yellow squares it can be greater if it coincides with purple squares the movement can be less.

The Awesome is for reading major movements greater than zero for major wave up, less than zero major wave down.

Buy

Price above moving average 13 period.

Bar of the WA Expolsion indicator greater than its moving average.

Sell

Price below moving average 13 period.

Bar of the WA Expolsion indicator less than its moving average.

Exit position

The stop loss is placed above or below the previous swing.

The profit can be calculated with 61% of the previous movement, when WA Explosion changes direction or with a stop loss ratio of 1: 1.3

Trading examples

in the picture 1 AUDUSD H1

There are 6 trades, five wins and one loss, (not bad).

In picture AUDUSD 4H we have 7 trades 7 very clear wins.

EUR / USD H1 5 trades 4 win 1 loss.

My advice is to trade when the numbers coincide with the yellow squares.

In the pictures Elliott Wave application MT4.

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