Your Doing Elliot Wave Wrong - Optimized Trading System

This video features a trading system that I actually traded on live Forex markets. It is based on Elliot Wave theory but does not follow Elliot Wave rules. This trading system has been extremely profitable, but it is very subjective.Show more

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In addition to reviewing the indicators, providing exact entry rules, defining the take profit and stop loss levels, and scoring the system on a scale of 1 to 10, I also share my 6 optimization tips that you can try in your own trading system development. Do not neglect back and forward testing, that is critical.

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⏱️ Timestamps ​​⏱️
00:00 - Start
01:03 - Indicators
03:41 - Examples
11:09 - Results & Score
11:50 - Optimization

⚙️ System Specifics ⚙️
📛 System Name: Ride the 5th
🏆 Trader’s Landing Score: 9
🎹 Instrument: Any instrument
⌛ Time Frame: Any timeframe

👀 TradingView Indicators
Links to indicators located here: https://traderslanding.net/indicators/

Name: Relative Strength Index (RSI)
Inputs: Default
Style: Uncheck all boxes except for the RSI itself.
By: TradingView Built-In

Name: Stochastic RSI (Stoch RSI)
Inputs: Default
Style: Remove middle bands.
By: TradingView Built-In

☝️ Long Entry
1. Identify a new bullish market sequence.
2. Draw Fibonacci projection from the beginning of the sequence to the first pullback.
3. Price breaks the 1.618 level.
4. Bullish divergence on wave 3.
5a. On the first pullback the Stoch RSI enters the oversold territory.
5b. The retrace is at least to the 0.236 level.
5c. If it goes past the .5 level the setup is off.
6. Enter on the first cross-up of the Stochastic RSI
7. The stop loss level is the 0.50 Fibonacci Level.
8. The target is the length of wave 1 projected from wave 4.
9. Setup is canceled if a new sequence is started in the opposite direction.

👇 Short Entry
1. Identify a new bearish market sequence.
2. Draw Fibonacci projection from the beginning of the sequence to the first pullback.
3. Price breaks the 1.618 level.
4. Bearish divergence on wave 3.
5a. On the first pullback the Stoch RSI enters the overbought territory.
5b. The retrace is at least to the 0.236 level.
5c. If it goes past the .5 level the setup is off.
6. Enter on the first cross-down of the Stochastic RSI
7. The stop loss level is the 0.50 Fibonacci Level.
8. The target is the length of wave 1 projected from wave 4.
9. Setup is canceled if a new sequence is started in the opposite direction.

🔥 Risk to Reward: Wave 1 Projection
🛑 Where to place stop-loss: 50% retrace of wave 3.
🚀 Where to take profits: Wave 1 retrace projected from wave 4.
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⚠️Disclaimer: This content references opinion and is for information purposes only. Not intended to be investment advice.

Metatags
#StrategyReview #TradingSystem #ElliotWaveTheory