Another Elliott Wave Scenario.

Let’s take a look at another Elliott Wave scenario.

This time, let’s use your knowledge of corrective wave patterns to grab those pips.

You begin counting the waves on a downtrend and you notice that the ABC corrective waves are moving sideways.

Hmm, is this a flat formation in the works?

This means that the price may just begin a new impulse wave once Wave C ends.

Catching the Elliot Wave

Trusting your Elliott Wave skills, you go ahead and sell at the market price in hopes of catching a new impulse wave.

You place your stop just a couple of pips above the start of Wave 4 just in case your wave count is wrong.

Because we like happy endings, your trade idea based on the Elliott Wave Theory works out and nets you a couple of thousand pips on this day.

However, beware, this is not always the case.

You have also learned your lesson this time around so you skip Vegas and decide to use your profits to grow your forex trading capital instead.

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