FOREX THEORY

#forex #trading #elliottwavetheory

Riding Elliott’s Waves

Let’s say you wanted to begin your wave count. You see that price seems to have bottomed out and has began a new move upwards. Using your knowledge of Elliott Wave, you label this move up as Wave 1 and the retracement as Wave

In order to find a good entry point, you head back to the School of Pipsology to find out which of the three cardinal rules and guidelines you could apply. Here’s what you found out:

-Rule Number 2: Wave 2 can NEVER go beyond the start of Wave 1

-Waves 2 and 4 frequently bounce off Fibonacci retracement levels