Online trading is fast becoming one of the most popular businesses that can be done on the INTERNET.
Despite the risk involved in it, the daily trading turnover is getting more huge and more people are getting involved in the act.
Over the years I have come to discover that, to win in Forex, Commodities or any other financial markets, there is a need to learn and learn.
Winning starts by identifying no-nonsense high probability trades and having the patience to run them through.
Winning is not about the number of trades, rather the number of quality trades and the patience and discipline to execute them.
One other thing__ good money management.
This blog, if it has shown anything, has proved that Elliott wave theory is the best markets forecasting tool- not just that- and also provides opportunities to trade high probability trade set ups with well defined entry, targets and exit levels.
Click here to learn why you need to learn Elliott wave theory .
Let's look at a few of Elliot wave patterns that were posted on this blog.
Just recently, we spot an ending diagonal pattern on Gold daily chart. The diagonal was clearly formed at a well measured convergence point.
The article titled Gold Rally is imminent; how prepared are you? was posted on 21st december
Price has since risen to 1102 from 1065.85 (about 400 pips) is a move that is expected to continue upside.
If you read the whole article, you'd see that the diagonal pattern we traded was in line with the general expected price movement.
As price is expected to surge higher, we provided an alternative in the article titled Gold Expected Rally; An alternative view.
We are still on diagonal pattern.
#Gbpchf
The chart below was posted as part of our analysis on Gbpchf titled Gbpchf: The Long Term View
The diagonal pattern was not yet complete and we made a forecast of what is required for the completion.
Of course, price moved exactly as we wanted.
The pattern completed at the region we forecast and what next? We sold and send trade recommendation to our subscribers.
The chart below shows how price responded to the pattern formation.
We made 700pips out of this move risking only 280pips. Is this for real? Absolutely!
Let's look at another interesting diagonal we traded.
#Gbpjpy and #Usdjpy.
Infact, if you have followed all the diagonals we discussed, your accounts should be smilling.
Read articles that show the power of the diagonal. Please take your time and check what happened after the formation on your chart.
Here we go:
On 13th August 2015. An article titled Gbpjpy: When will the bears take over?
On August 23, 2015. Read article titled What drive the diagonals?
At a time , we were posting intra day analysis of some currency pairs. Look at how we follow the price till we get a diagonal and how price reacted to it. Click here
What about Euraud rally after the diagonal.... an article posted on 8th June 2015
.....and an intra day ending diagonal on Gbpusd trade on 22nd February 2015
Before I go; what about the recent one we sent on Audnzd?... Are you among those that received the signal?
Read it here
Massive...right?
Let's look at another pattern...The Zigzag
The ones that easily come to my mind are the recent ones on AudJpy and GbpJpy (double zigzag)
#AudJpy
This was spotted on AudJpy on December 2, 2015. The x wave was a clear zigzag pattern, though we didn't zoom to a lower time frame to show its constituent waves.
We sent the signals to our subscribers. The pattern was clear and price respected it.
GbpJpy was more interesting. We forecast the pattern and the requirements for us to consider a sell trade. Price did exactly as we have forecast and BOOM!...... Our subscribers enjoyed this most.
The good thing is the risk/reward ratio, we only risked 280pips.
There are so many zigzag and double zigzag patterns we mentioned on this blog.
Just type 'zigzag' or 'zigzag pattern' in the blog's search box at the top right and read many other zigzag patterns. Read the requirements and if price responded. Where price responded, check the outcome on your chart.
Elliot waves theory has 5 core tradeable patterns.
Others are
Triangles... Read our exploits on Eurusd on 4th August 2015 (click the date to read)
The flat pattern. Example is the Usdcad buy set on 27th October 2015
and the non-overlapping 5-wave pattern generally known as Impulse wave ( probably the most popular elliott wave pattern)
An example... read the forecast on June 22 2015 and the outcome on July 13, 2015
Impulse wave appears most frequently. I am just too lazy to bring our many examples for you.
If only one can be patient for these patterns to complete, they are very reliable.
Why You May Want To Consider Trading Elliot Wave Patterns
1. They are very reliable if all the rules and guideline are kept. Are they perfect? No. The winning ratio is at an average of 70% i.e you will win 70% of your trades if you can recognize 'textbook-like' clear Elliot wave patterns like the examples I gave above.
2. They can compliment other trading systems like Price Action, Chart patterns and harmonic patterns.
3. They can be confirmed by your set of indicators to give you more confidence.
4. Minimum risk/reward ratio is 1:2. You will always win more dollars when you win than the dollars you lose in a losing trade provided you risk a fixed dollar value for each trade.
5. Elliot wave patterns are best traded at demand and supply levels so support and resistance traders will find them useful.
6. If you go further in the study , Elliot wave theory can be used as a forecasting tool for any market, be it commodities, currencies, energies, stocks, indices, real estate, Etfs or strategies that can be used to trade options, binary options e.t.c
7. They can be used for long term, swing and intra day trades. I do more of long term and swing. They are perfect for intraday trades as well.
In fact, every serious trader should learn how to trade with Elliot wave theory.
Okay, enough of story.
I have put together, a 2-month Elliot wave mentorship programme for you in which I will reveal how I trade elliott wave patterns.
The mentorship will not teach you the in depth, confusing and complex academic Elliot wave theory. It will simply be about how to recognize no-nonsense high probability elliot wave patterns in any market and time frame.
How you can use elliot wave theory as a simple trading system i what you want, isn't it?
The outline of the mentorship course is highlighted below.
1. Basic tenets of Elliott wave theory (EWT)
2. Rules and guidelines
3. The 5 core Elliott wave patterns briefly.
4. Trend Patterns in details (with rules and guidelines)
5. Corrective patterns in details (with rules and guidelines)
6. Fibonacci ratios in price and time
7. Ratio relationship of trend patterns
8. Ratio relationship of corrective patterns
9. The role of support and resistance and trend line analysis in support of Elliott wave patterns.
10. Reversal signals with candlestick patterns and indicators.
11. Momentum analysis and divergence.
12. How to trade the 5 patterns
- Specific entry levels
- Profit targets
- How to set stop loss
- How to exit a trade
- How to adjust stop loss with respect to market conditions
- How to take sequential profits
14. Relationship between Elliot wave patterns and harmonic patterns and how to use them together.
15. How to use Elliot wave to confirm chart patterns
And many more.
At the end of the 2 months programme, you will have gained the better knowledge of the markets and how to wait for the right set ups.
You will learn how not to panic.
Duration: 2 Months
Starting date: February 25, 2016
How The Training Will be delivered
1. The outline is broken down into small pdf notes and video tutorials (recorded by me). lectures will be delivered 4 times a week. Weekends for questions and answers
2. For each lesson, there will be examples from past and present price charts. For each lesson taught, all participants and I will brainstorm with many examples from the chart until the lesson is nailed.
3. Assignments will be given to all participants to label random charts and identify inherent trading opportunities.
4. Participants will learn how to use Mt4/Mt5 analytical tools for easy analysis.
5. I will ensure to answer all questions in the best way I can.
6. Training will be delivered through a secret Facebook group
7. Many more discoveries I plan to reveal and those I will end up sharing in the course of the programme.
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