Buy Low, Sell High -- it's the number one, Holy-Grail goal of any trader. It's also a lot easier said than done. Markets, after all, don't exactly come right out and politely tell you, "Excuse me, but I'm going to make a meaningful bottom or top at this exact pip or tick."
It gets even harder when you're dealing in the highly volatile currency markets. You might as well call it the "Fore-X Games." This comparison to the world of extreme sports is apt. But while pure adrenalin and fearlessness make you a better competitor on the field -- those same raw emotions are any currency trader's worst enemy.
As EWI's senior currency strategist and our Currency Specialty Service
editor Jim Martens knows from his 25-year experience, successful forex trading requires patience, discipline -- and the pure objectivity that Elliott wave analysis combined with secondary technical analysis indicators affords.
And in his latest webinar titled "How to Stay Ahead of the Next Big Move In Forex,"
Jim reveals that, while there's no such thing as 100% certainty in financial market analysis, there are several highly probable, "dead-giveaway" signs that a price move has reached exhaustion and is nearing its end.
In the first part of this 64-minute webinar, Jim reviews his original analysis of the EUR/USD he first presented on April 13, when EUR/USD was trading well above $1.30. That day, Jim identified a bearish reversal pattern, saying:
"The euro should slice through the 1.3035 and continue toward... 1.2655. The 3rd wave should extend to a new low for 2012."
In the following chart copied from Jim's webinar, (Elliott labels removed), you can clearly see the "3rd wave" decline that Jim's Currency Specialty Service
had called for on April 13.
Jim uses the remaining time in the webinar to answer the simple question: Did the April high constitute a meaningful top for EUR/USD? Jim explains the specific Elliott wave rules and guidelines to give you the answer:
- Did the 2011 decline in EUR/USD unfold in 5 waves (indicative of an impulse move), or in 3 waves (indicative of a corrective move)?
- Was the January 2012 EUR/USD rally a start of a new bull market -- or simply a countertrend move?
- And, in terms of percentages, did the January 2012 rally reach a common Fibonacci price target?
Jim then moves on to give you the big-picture euro-dollar forecast. The webcam keeps rolling as Jim presents the long-term chart of the EUR/USD dating back to 2006, below:
Lesson after lesson, Jim shows you how to apply Elliott wave rules and guidelines to hammer out a longer Elliott wave count for the euro/dollar. You also get detailed analysis of the other key US dollar pairs -- dollar/cable, dollar/Canadian dollar, dollar/Aussie dollar, and dollar/Swiss Franc -- which ALL point in the same direction.
60-minutes: That's all it takes to commit forex-trading lessons from Jim's private arsenal to your own trading toolbox.
Here's how to watch this forex-trading webinar now: