Elliott Wave InternationalmyEWISocioniomics.Net
Home > Currencies

Forex: How to Find Trading Opportunities Others Are Missing
While the financial world was focused on the "fiscal cliff," Elliott waves nailed a "cliff" of their own.

By Vadim Pokhlebkin
Tue, 08 Jan 2013 18:00:00 ET
Add to Facebook Add to Twitter Email to a friend Printer Friendly

The beauty of trading a market like forex -- well, one of its many beauties -- is in how easily you can switch between the 70+ currency pairs out there.

Your choices range from the most popular EUR/USD (euro vs. U.S. dollar) to "exotics" like ZAR/JPY (South African rand vs Japanese yen). Most forex brokers let you choose which pair to trade simply by clicking on the drop-down menu.
 
More choices = more trading opportunities. Case in point: EUR/CAD, a less-traded "cross rate" between the euro and Canadian dollar.
 
On January 2, the first trading day of 2013, the financial world was focused on the just-reached "fiscal cliff" deal. Meanwhile, our own Currency Specialty Service focused on a "cliffhanger" in EUR/CAD, where the Elliott wave pattern called for a "free fall."
 
Here's what the Service told subscribers in a January 2 intraday update:
 
 
1/2/2013 4:45:45 AM
Last Price:
1.3065
[Peaked?] The drop through 1.3072 is enough to favor 5-waves up complete at the 1.3187 high. A break of support at 1.3072 would place the market in free fall territory.
 
The next morning, a new Currency Specialty Service intraday update continued (excerpt):
 

1/3/2013 8:28:54 AM
Last Price: 1.2896
[Down] Look lower to below 1.2890 as the next downside hurdle...
 
The next day (January 4), EUR/CAD fell as low as 1.2852. That's a drop of 213 pips.
 
The original January 2 "free fall" forecast was based on the recognition of a basic Elliott wave pattern in EUR/CAD charts: an ending 5-wave rally at multiple degrees of trend.
 
Wave analysis says that once a 5-wave move ends, what comes next is at least a 3-wave correction. Then, our Currency Specialty Service analysts used Fibonacci projections to calculate the downside price targets you see above.
 
We monitor 11 forex pairs around the clock. Look below to find the complete list.

Discover How Elliott Wave Experts Can Help Your Forex Trading Success

For a market that never sleeps, you need ’round the clock forecasts to catch ’round the clock opportunities.

Currency Specialty Service delivers intensive coverage that you can apply directly to your forex trading — literally 24 hours a day.

You get actionable forecasts for the 11 most traded currency pairs from EWI’s dedicated  4-person currency team. Their timely updates can help you tap into forex opportunities unfolding right now.

How It Works

Currency Specialty Service gives you instant online access to these resources:

Intraday Forecasts: You get short-term forecasts throughout each trading day – complete with fully labeled charts, “plain-English” analysis, key support and resistance levels, and price targets — to help you take advantage of the next high-probability market move. 

Daily, Weekly and Monthly Forecasts: Every evening, you get near- to intermediate-term forecasts featuring daily price charts, analysis, critical levels and price targets that you can use to bolster your next trading decision. And if you like to keep your eye on long-term opportunities, the weekly and monthly forecasts have you covered. 

Video Forecasts: Plus, you also get regular video updates, usually with a strong Elliott wave educational angle, at least once a week.

Build You Personal Analysis Package Now

Currency Specialty Service helps you to:

Plan your trading strategy with more confidence
You get clear and concise commentary on the most probable direction of the next move for the time frames that matter to you.

Get a clear picture of market probabilities
You get charts that are fully labeled with our up-to-date Elliott wave count, so you see our primary Elliott wave outlook and the alternate scenarios that help you manage risk.

Understand the upside or downside potential of a move — before you act
We show you price targets that tell you how far each move is likely to go, and where the prices should reverse.

Stay in control of your position risk
We give you key price support and resistance levels to help you formulate your own risk-management strategy.

Get valuable insights into market nuances and subtleties
You can’t put a price on experience. Our veteran market analysts help you “read between the lines” of price action — a very unique advantage.

Markets Covered

Currency Specialty Service aims to keep you ahead of the action in these markets:

 

Dollar Rates
  • EURUSD
  • GBPUSD
  • AUDUSD
  • DX, U.S. Dollar Index
  • USDCHF
  • USDJPY
  • USDCAD
Cross Rates
  • EURJPY
  • EURGBP
  • EURCAD
  • AUDJPY
  • GBPJPY

Build You Personal Analysis Package Now

 

Real Time Trading

 



FFS

EWI's Currency Pro Service delivers 24-hour-a-day coverage of the world's most traded currency pairs so you'll know every Elliott wave implication of every market move. Subscribe now and get instant access to actionable forecasts for:

EUR/USD         USD/JPY
GBP/USD
USD Index 
USD/CHF        USD/CAD 
AUD/USD
EUR/GBP
EUR/JPY
EUR/CAD
GBP/JPY
AUD/JPY
 

Discover what a team of Elliott wave experts can do for your forex trading>>


Free 14-page eBook


Trading Forex: How the Elliott Wave Principle Can Boost Your Forex Success

EWI's Senior Currency Strategist Jim Martens pulls from 25+ years of experience using Elliott wave analysis to show how you can put the power of the Wave Principle to work in your forex trading.
Download Trading Forex free.

*Currencies


© 2014 Elliott Wave International

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.