Here is another strategy you can use for day trading/scalping/swing etc.
Elliot wave exists in every time frame and I only to use 1m/2m/3m/5m/10m/15m to scalp.
I just entered a long position on IOTA using the Elliot Wave Theory. Look at my chart below.
To put it very simply, I entered position @ 0.786 fib retracement of wave 3.
As you can see, wave 3 hit exactly 1.618 extension of wave 1 (general rule of elliot wave), which shows we are likely missing wave 5.
For everyone that wants to be a smartass and say "wave 4 can't retrace into wave 1 dummy!!", GO STUDY ELLIOT WAVE MORE!!
In leveraged markets, it is completely fine for wave 4 to retrace into wave 1 territory ONLY BY A WICK!
Above chart is in one minute frame! When it is zoomed out to 5 or 10 min chart, you'll notice that overlapping territory is only by a wick. So this wave is completely acceptable.
My target for closing position is double top: $1.1988
Stop loss is $1.1743 = elliot wave failure. 1.6 risk to reward.
I'm already in 0.5% profit and I'm already hesitating if I should close my position and take profit. I'm a very conservative trader. Whenever I see loss in strength, I will close my position right away.
Greedy people will target 2.618 extension but I don't think it is likely due to the lack of volatility.
TRADING IS VERY RISKY!
Only trade if you are willing to lose that money :)