Each currency pair is unique. As Dr. Pipslow said about finding your trading niche, each set of currency pairs has its own behavioral tendencies that set it apart from the others. It is important to match your personality with the behaviors of the pairs you trade. We already talked about the majors, the comdolls, and the crosses in…
As you may have guessed, the key to using the Elliott Wave Theory in trading is all about being able to correctly identify waves. By developing the right eye in recognizing what wave the market is in, you will be able to find out which side of the market to trade on, long or short. There are THREE…
During Junior Year in the School of Pipsology, we learned that each forex trader is unique and that various trading styles fit different types of personalities. If your personality doesn’t match your style of trading, you could wind up hurting your account AND your ego. This quiz can help you find out whether you are better…
Like we mentioned earlier, Elliott waves are fractals. Each wave is made of sub-waves. Huh? Let me show you another picture. Pictures are great, aren’t they? Yee-haw! Do you see how Waves 1, 3, and 5 are made up of a smaller 5-wave impulse pattern while Waves 2 and 4 are made up of smaller 3-wave…
So what have we learned? Scams ARE real! Yes! Really bad people are out there trying to make a dishonest living. However, unlucky for them, you are smart! You know that the only way to succeed in currency trading is to learn from square one and gain trading experience! Now say this three…
The 5-wave trends are then corrected and reversed by 3-wave countertrends. Letters are used instead of numbers to track the correction. Check out this example of a smokin’ hot corrective 3-wave pattern! Just because we’ve been using a bull market as my primary example doesn’t mean the Elliott Wave Theory doesn’t work on bear markets. The same 5-3…
Mr. Elliott showed that a trending market moves in what he calls a 5-3 wave pattern. The first 5-wave pattern is called impulse waves. The last 3-wave pattern is called corrective waves. In this pattern, Waves 1, 3, 5 are motive, meaning they go along with the overall trend, while Waves 2 and 4 are corrective. Do not…
UK: The FCA and PRA If you live in the U.K., the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are for you! On April 1, 2013, both of these agencies replaced the Financial Services Authority (FSA) as the financial industry’s regulatory bodies. The Financial Conduct Authority is a non-government agency funded by the firms they regulate,…
Back in the old school days of the 1920-30s, there was this mad genius and professional accountant named Ralph Nelson Elliott. By analyzing closely 75 years’ worth of stock data, Elliott discovered that stock markets, thought to behave in a somewhat chaotic manner, actually didn’t. When he hit 66 years old, he finally gathered enough…
Despite the forex market is the largest financial market in the world, it remains largely unregulated. There is no international organization or global agency that monitors and oversees the currency trading occurring all over the world in the interbank. Due to the unregulated nature of the spot FX market, this opens up the opportunity…