Pipster's 1hr Elliot wave system

Hello all, I am a trader that just cannot stop looking for the holy grail.

If I find a system that works, I just have to keep trying to make it better.

Here I will share with you a method that I like to use.

Feel free to ask questions or comment.

What you will need :1 hr chart (you dont need 1hr chart, I just like it)
Any pair
RSI(7)
Knowledge of The Elliot wave
Macd(12,15,1)
200 ema
50 ema
20 ema
What you need to look for: Divergence is a good sign of a turnaround, in which you will start your wave count.

I am currently posting my trades here http://www.forexfactory.com/showthread.php?t=264685

An article about The Elliot Wave
http://en.wikipedia.org/wiki/Elliot_wave

Lesson 1 http://www.forexfactory.com/showthre...43#post4158943

Lesson 2 http://www.forexfactory.com/showthre...49#post4159249

To find the start or the top of a wave count, just look or the high or low.

Counting a wave takes a lot of practace, and some times you're not right,

but as they say "practace makes perfect".

Hey Pipstert, thanks for sharing. How do you determine your sl and tp? What kind of risk do you take each trade? I am newer to Forex and trying to get some ideas.

Hey Jimbibidy, to find your limit, put a fib for an example, to the top of say, wave 2 to wave 1, 161% is a good limit.

Risk? I like to only risk 2% of my account per trade, unless ur trading 1 lot with 50$ account, which I wouldn't suggest to do. This system gives you the option to have a 2:1 risk.