Elliott waves can be an art form as much as a technical tool. On this oil trade, I'm not sure what the larger degree waves are. I can see motive waves down and I can see the possibility of a diagonal. A diagonal is a motive/corrective hyrbid that subdivides into three waves instead of five. Perhaps its just a large zig-zag.
But regardless, the correction on this chart seemed to me like a flat formation in a larger 2 or B wave. When it seemed to complete, I waited for the red Heiken Ashi bar down. The MA lines were not yet sloping down on entry, so I took a chance here without confirmation. The trigger to liquidate would be a green Heiken Ashi bar, but I couldnt resist taking profits today :) It was a good result. The down trend seemed to coincide with a strong dollar rally. I will wait for a pullback before considering the next entry opportunity. I don't play every time the heiken ashi bars change color, only when they do so in favor of my primary wave count.
If anyone is interested in Elliott waves, I recommend the book: ELLIOTT WAVE PRINCIPLE by Frost & Prechter. Its a definitive work on the subject.
But regardless, the correction on this chart seemed to me like a flat formation in a larger 2 or B wave. When it seemed to complete, I waited for the red Heiken Ashi bar down. The MA lines were not yet sloping down on entry, so I took a chance here without confirmation. The trigger to liquidate would be a green Heiken Ashi bar, but I couldnt resist taking profits today :) It was a good result. The down trend seemed to coincide with a strong dollar rally. I will wait for a pullback before considering the next entry opportunity. I don't play every time the heiken ashi bars change color, only when they do so in favor of my primary wave count.
If anyone is interested in Elliott waves, I recommend the book: ELLIOTT WAVE PRINCIPLE by Frost & Prechter. Its a definitive work on the subject.