Elliott Wave Analysis of Forex

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.

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  1. hello sir,
    my name is puneet walia, i read some of your comments about forex markets and other markets online, i would like to read more abt your techniques in the forex market, so it could help me to make my trading good………so if it is possible you could help me out with my trading……….i trade forex market…………i will be very greatful towards you………one more question sir do you have a twitter account if yes please let me so i could follow you
    or is there anywhere else that i could follow you……..i will appreciate that………..
    thankyou sir
    puneet walia

  2. There seems to be no trace of the book “Elliott Wave Principle Applied to the Foreign Exchange Markets” written by Robert Balan, from my search of libraries and bookstores.
    Is it still available, still recommended?

    1. Hi Josh, Bert Balan is one of my old friends, and I continue to recommend his book (just as I would also recommend Mr Prechter’s book). Mr Balan’s book is probably out of print, but if you search in Scribd, I think you might find some unauthorized copies floating around. I leave it to readers of this blog to recommend my own book!

  3. Dear Sir,

    I have been reading your book FWTFF and now starting to read Balan’s book as you suggested because I’m mostly trading in forex markets. During the study, I also did some online research and I found an interesting topics on the web saying that Elliott theory should be updated because there are more computers trading involved nowadays, what do you think about it (the link of this article is below if you want more details)? Besides, can I also have your comments on the book Mastering Elliott Wave by Glenn Neely (it seems too much technical to me)?

    Thank you so much for your time and all of your great works!

    1. Nick, I think you don’t need to read anything more to understand the theory of the original Elliott Wave Principle. ( I haven’t read Mr Neely’s book myself, so don’t know about it). Instead of searching for more material on the theory, you should start learning how to USE the EWP in your trading and investing. That is a different subject that a majority of people don’t understand or don’t even realize is different from the theory. All the best.

  4. Dear Sir,

    Thank you so much for your advice, it is very useful for new trader like me. I am practising with the wave counts, sometimes get lost but I understand this is difficult & long journey and will try harder. Your blog is great place for reference, thank you so much for your work & help!

    All the best wishes to you and your family!

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