Forex Elliot Wave Trading–The 5 Wave Pattern|Elliott WavesForex Trading Strategies

Forex Trading Strategies
Forex Elliot Wave Trading–The 5 Wave Pattern|Elliott WavesForex Trading Strategies
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The principle offers traders a model for the likely path of prices, and this attribute allows the trader to make Elliott wave predictions for the future path of prices.

The Elliott wave model says that the price will trace out five ‘waves’ in the direction of the trend and then will correct in three waves against the trend. This knowledge is very useful because:

If you know the likely trend, this acts as an indicator to position your trade.

The wave principle was introduced by R.N Elliott in the late 1930’s. he was a professional accountant and avid market technician.
The Elliott Wave Principle proposes that collective investor psychology, or crowd psychology, swings from optimism to pessimism naturally. These social mood swings create patterns that appear in the price movements of markets. These movements can be tracked in real-time and, with practice, can be leveraged to make predictions of future market movements.
prechterThe story of Robert Prechter’s 444% return in the 1984 United States national trading championships is now almost legendary.
In 1979 Prechter left Merrill Lynch and published the first subscription issue of the Elliott Wave Theorist.
The 1970s had been very bullish years in the gold market but mostly bearish for stocks, yet his Elliott wave analysis called for a long-term reversal lower in gold (February 1980)
Prechters nearest challenger made 84%. He did not use magic or tricks he maintains he simply applied the wave principle to the letter and caught several moves in that 4 month period, using Dow futures as his trading vehicl
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