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Move C then forces the price in the direction contrary to the trend. This is the Elliott Wave sequence. What is important to keep in mind is that the Elliott Wave principle is deeply rooted in mass psychology and this repeatable formation is caused by dynamic changes in the attitudes of the buyers and sellers. The first 5 moves represent the balance of power to the buyers in the case of the bullish market, while the A , B , and C moves represent the balance of power to the sellers in that market.
Click Here To Join Elliott Wave Rules and Guidelines Though many traders complain that Elliott Wave analysis is too esoteric and difficult to understand with all it rules, the fact is that within the Elliott Wave principle there are only three main unbreakable rules.
Rule 2: Wave 3 can never be the shortest of the three impulse waves. Rule 3: Wave 4 can never overlap Wave 1. Now along with these rules there are some important guidelines as well: The Guideline of Equality says that two impulse waves within a five wave sequence will tend toward equality, and most times this means that when Wave 3 is the extended wave, Wave 1 and Wave 5 will be approximately equal in size.
The Guideline of Alternation states that Wave 2 and Wave 4 will alternate. So when Wave 2 is a sharp correction, then we can expect Wave 4 will be a congestive style correction. And vice versa. Also it should be noted that in most cases Wave 2 tends to be Sharp and Wave 4 tends to be congestive. The Guideline for Channeling — The use of Elliot Wave parallel trend lines helps to project the potential support and resistance and end points of impulse waves.
Firstly, when wave 3 is complete, you could connect the extremes of Wave 1 and 3, then draw a parallel line to the extreme of Wave 2 to find the possible termination of Wave 4. After Wave 2 and 4 are complete, you would extend a parallel line connecting the extreme of wave 2 and wave 4 to find the end of Wave 5. When price moves to certain percentages, traders tend to have natural inclinations that are played out in the markets.
Some of the most important Fibonacci levels include the following: Here are the common relationships that the waves within the Elliot Wave sequence have to Fibonacci levels. It is important to try commit these to memory, so that you know how price action is most likely play out. Wave 2 — Wave 3 — Wave A — Wave B — The image below will show you the Fibonacci relationships that confirm Elliott Wave patterns on the chart.
Combining The Elliott Wave structure with Fibonacci relationships gives information about high probability turning points and where the next price move will likely terminate. Therefore, counting waves and applying the appropriate Fibonacci levels is essential for every Elliott Wave trader. Once you are comfortable combining the predicative power of Elliott Wave and Fibonacci, you will gain confidence in your trading by leaps and bounds.
Although they are not directly related to Elliott Waves, they can facilitate the wave identification process. Zig Zag Indicator — This is an indicator, which isolates smaller price swings. The indicator consists of straight lines, which go from crucial tops to crucial bottoms. This helps us to have a clearer picture regarding the important price moves. Fibonacci Retracement — This indicator will plot the Fibonacci ratio levels.
You simply stretch the indicator between a low and a high point on the chart and it automatically gives you the retracement levels. If you combine these two tools, you will begin to simplify your Elliott Wave analysis. On the chart you see the Zig Zag indicator — the thin red lines.
The thicker red lines indicate the Fibonacci levels, which are measured by the Fibonacci Retracement indicator. We start with the first wave, which is a big bearish impulse move. This is Wave 1 and sets the base for our Elliott Wave count. The second wave retraces Typically, however, it will extend The fifth move measures Then comes the corrective move. Wave A of the correction reaches Wave B is bearish and it retraces Wave C is bullish and it pushes the price increase which equals As you see, the Elliott wave responds accordingly to Fibonacci relationships in a very harmonic manner.
This is considered the most attractive wave to trade. In order to identify this wave, we first need a Wave 1 in the direction of a new developing trend followed by a corrective wave, Wave 2, which covers When we identify these two waves, then we can try to anticipate the beginning of Wave 3. Many times at the beginning of Wave 3 we will also see a Harmonic pattern , usually a Gartley or Bat formation. Wave 5 also provides a good trading opportunity.
Wave 5, will reach anywhere between These are the two impulse Elliott Waves that can be traded. These two waves are formed during the trend phase. We should not forget that the general trending move also creates two corrections. However, corrections are considered harder to trade and provide smaller profit opportunities. After the completion of the trend phase ending with Wave 5, we can anticipate the three A , B , and C waves of the general correction, within the corrective phase, Wave C provides the highest probability trade setup.
Wave C is the most powerful wave within the corrective phase and has many similarities to Impulse Wave 3. There are no Elliot Waves in a casino. You begin counting the waves on a downtrend and you notice that the ABC corrective waves are moving sideways. Hmm, is this a flat formation in the works? This means that price may just begin a new impulse wave once Wave C ends. Trusting your Elliott Wave skills, you go ahead and sell at the market price in hopes of catching a new impulse wave.
You place your stop just a couple of pips above the start of Wave 4 just in case your wave count is wrong. Because we like happy endings, your trade idea based on the Elliott Wave Theory works out and nets you a couple of thousand pips on this day, which is not always the case.
You have also learned your lesson this time around so you skip Vegas and decide to use your profits to grow your forex trading capital instead.
