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(Video) EURUSD: Great Short... 2 Months Ago. Here's How NOT to Miss Similar Opportunity Again
Elliott wave patterns in EURUSD were calling for a huge decline way before the latest round of bad news from the eurozone

By Vadim Pokhlebkin
Fri, 16 Dec 2011 16:15:00 ET
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Usually every Friday, EWI's Senior Currency Strategist and the editor of our forex-focused Currency Specialty Service, Jim Martens, records a brief video update for subscribers.

Each video gives you Jim's latest views on forex markets -- plus a practical lesson in applying Elliott wave analysis to forex trading.
 
The clip below is from the video that Jim recorded on November 4, when EUR/USD was trading near $1.38.
 
Jim's forecast in this November 4 analysis is decidedly bearish on the EURUSD (bullish on the USD). Since then, EURUSD fell from 1.38 to below $1.30. That's a huge move that any forex trader would be proud to have caught.
 
Watch Jim explain what turned him bearish the euro, bullish the dollar on November 4:
 

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Tags: Elliott Wave trading, euro, euro/USD exchange rate, eurozone, forex, forex trading, technical analysis, technical indicators, trading lessons, U.S. dollar, video
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robert prechter
The Elliott Wave Principle is a detailed description of how financial markets behave. The description reveals that mass psychology swings from pessimism to optimism and back in a natural sequence, creating specific Elliott wave patterns in price movements. Each pattern has implications regarding the position of the market within its overall progression, past, present and future. The purpose of Elliott Wave International’s market-oriented publications is to outline the progress of markets in terms of the Wave Principle and to educate interested parties in the successful application of the Wave Principle. While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will Elliott Wave International make specific recommendations for any specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice is intended. Investing carries risk of losses, and trading futures or options is especially risky because these instruments are highly leveraged, and traders can lose more than their initial margin funds. Information provided by Elliott Wave International is expressed in good faith, but it is not guaranteed. The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities. Please ask your broker or your advisor to explain all risks to you before making any trading and investing decisions.
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