10th Grade: Elliott Wave Theory

Brilliant, just brilliant. I was always wondering what on earth they were talking about with all that 12345 abc guff in FXCM.

That’s a great description for anyone wondering what the numbers and letters on the charts the are for. (the experts add them next to the candlestick trends)

As you would have guessed I have not read through this website in order. I prefer to stick my finger in the spokes rather than a stick.

What time frame does this theory does this show up best in. Currently I’m watching GBP-AUD and it seems to be developing EWT in the 1hr chart, not really in anything else. Am I barking up the wrong tree here?

woof woof tree…

First in order to truely understand this stuff you really need to go through the school in order. You will find a lot of your questions will be answered there. The elliot wave principal in thoery works on all time frames but the bigger the better. If you take a look at NZD/USD on the weekly chart you will see that it is just finishing up the “A” wave. The “1” wave started about 6 weeks ago.

If you want to learn more about it goto elliottwave.com They have a whole course on it.
Good Luck

Thanks bazooko, I appreciate and agree with what you said about reading through in order.

Oh another thing, last night I read through 7th Grade’s important chart patters. If I’m correct EUR-USD did a classic head and shoulders and the trend changed up.
MACD and STOC and RSI seemed to point in this direction so I rode it and yeeha! More pips for me.

It’s funny that something you can read up on should happen like clock work in front of your face.

I am still using play money though but for the first time my demo account is well above it’s start amount. Much of this has to do with 13th Grade: Money Management.

Big ups to BP! Yeeeeah boyeeeeee!