Elliott Wave Principle Forex

Elliott Wave Principle is based on the fact that prices usually move in fives waves in the direction of the larger trend and in three waves contrary to it.

In an up trend a five wave advance will be followed by a three wave decline; in a down trend a five wave decline will be followed by a three wave advance. Five-wave patterns are called impulse waves, three-wave patterns are called corrective waves.

More specifically, if you wish to trade hourly waves you should use the daily waves to establish the direction of the prevailing trend and the 15-minute waves for timing your trade entries and exits.


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