- April 30, 2009
- Posted by: Ramki Ramakrishnan
- Category: Forex, Trading Tips
If you are trading in the Forex markets, and wish to learn how to use Elliott Wave Analysis to trade currencies profitably, then you should start by reading the book “Elliott Wave Principle Applied to the Foreign Exchange Markets” written by Robert Balan. I have had the pleasure of discussing many wave counts with Robert Balan during my days at Standard Chartered Bank when I was writing the popular SCXE pages on Reuters, and this is my chance to thank him.
Timing the Forex market and Elliott Wave Analysis
Anyone who has traded the Forex market will be able to tell you that timing is all important to be profitable. This market is not only extremely volatile, it is also very liquid. These are perfect ingredients for successful use of the Elliott Wave Analysis. However, even experienced wave analysts (myself included) frequently find it very difficult to surmount the psychological barriers that prevent people from becoming fabulously wealthy. If you have a strong stomach, and an iron-cast self-discipline in terms of money-management, and a sound knowledge of the Wave Principle, you CAN become very rich trading the Forex markets.
As I mentioned in the main page, you will find a lot of links on either side that will give you the theory, including rules and guidelines governing Elliott Wave Principle. My aim is to provide you with several examples of its real-time application. I have assembled examples of the use of the Wave Principle in EUR/USD, GBP/USD, USD/JPY, AUD/USD etc as well as some crosses such as GBP/JPY. Many of these examples are drawn from recent history, and more will be added as we go along. For now, I suggest you study each chart carefully along with the notes I have placed on them. That will help you gain a better understanding of how to use Elliott Wave Analysis to trade currencies. Good luck.