HOW TO INTERPRET EACH ELLIOTT WAVE CHART FORECAST |
Common DenominatorsAlso, look for common denominators, where each count qualifies each other for the immediate ‘next’ sequence of the forecast - these often provide the very best opportunities for profitable trading as they both convey a particular direction in the more immediate future, but only disperse and change at the crossroad later. Under these conditions, you can simply trade to the measured price level until the point where the separation occurs. A simple trading tactic is to await a reversal signature at a pre-determined price target, look for a response, to see if the price action is rejected and sent in the opposite direction (give it some margin to work…everyone trades at different time-frames so a fixed amount is irrelevant). If it does respond, unwind your position and even create a new one in the opposite direction – if prices do not respond, maintain your position according to the original forecast. As always – Elliott Wave can support your own particular trading personality but it cannot replace it. Keep your orientation, learn from errors and go only as far as your understanding at this point in time allows you to go. As with any discipline – be persistent and keep on learning – the rest will unfold in time. We wish you a successful trading. Please contact us if you have further questions! |
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