The Wave Principle helps you identify the trend, stay with the trend, and assess when to exit if the trend is likely over.
Yet currency trading includes a special set of considerations. In other words, the gap between theory and practice can be more difficult in the forex markets. Simply being able to recognize each of the 13 Elliott Wave patterns isn't enough.
For example, do you know the answer to this frequently asked question?
Q: Do some currencies trend more rapidly in a bear market, even though "bearish" in one currency can mean "bullish" in another?
A: The currency market is different from the equity market, since bear and bull markets are relative to another currency. If we were talking about purchasing power, all currencies could rise or fall together.
In our analysis, we’re looking at one currency relative to another. In essence, one currency is in a bull market while the other is in a bear market.
But the currency thought to be in a bear market might be in a bull market relative to a third currency. Of course, that would mean that the bullish currency from the first pair is also stronger than the third currency.
This reply comes from senior analysts Jim Martens and Jeffrey Kennedy -- who have compiled the most useful, informative and downright cutting-edge forex tutorial for Elliott wave traders you'll ever come across. With over 40 years of combined experience, they are two of the best teachers of the method at work today.
Together, they will teach you the invaluable skills you need to apply wave analysis more successfully to your forex trading -- because nothing helps you learn faster than a good teacher.
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Editor's note: Through the end of the month, we'll share more of their tips to forex traders to promote their January online course -- check back with us each week!