Forex Trading Course (Part 4)

In order to find a good entry point, you head back to the School of Pipsology to find out which of the three cardinal rules and guidelines you could apply.

Here’s what you found out:: Wave 2 can NEVER go beyond the start of Wave 1So, using your superior Elliott Waving trading skillz

, you decide to pop the Fibonacci tool to see if price is at a Fib level. Holy mama! Price is just chillin’ like ice cream fillin’ around the 50% level.

Hmm, this could be the start of Wave 3, which is a very strong buy signal.Waves 2 and 4 frequently bounce off Fibonacci retracement levels

Since you’re a smart forex trader, you also take your stop into consideration.Cardinal rule number 2 states that Wave 2 can never go beyond the

start of Wave 1 so you set your stop below the former lows.If price retraces more than 100% of Wave 1, then your wave count is wrong.

Your Elliott Wave analysis paid off and you caught a huge upward move! You go to Vegas (or Macau), blow all your forex profits on roulette,

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and end right back where you started. Lucky for you we have another hypothetical scenario where you can earn imaginary money again…

You begin counting the waves on a downtrend and you notice that the ABC corrective waves are moving sideways.

Hmm, is this a flat formation in the works? This means that price may just begin a new impulse wave once Wave C ends.

your Elliott Wave skills, you go ahead and sell at market in hopes of catching a new impulse wave.You place your stop just a couple of pips above the start of Wave 4 just in case your wave count is wrong.

Because we like happy endings, your trade idea works out and nets you a couple thousand pips on this day, which is not always the case.

forex You have also learned your lesson this time around so you skip Vegas and decide to use your profits to grow your forex trading capital instead.

One of the three impulse waves (1, 3, or 5) will always be extended. Wave 3 is usually the extended one.