EURINR - Trading Currency / Forex markets using Elliott wave

EURINR - Trading Currency / Forex markets using Elliott wave...

By Waves Strategy Advisors, for more information on various research products visit: http://www.wavesstrategy.com/index.php/store.html

Trading Impulsive waves can result into multifold profits but after the end of Impulsive wave pattern corrective leg can be equally complex and markets will ensure to take away the profits made during an impulsive move. Elliott wave helps to understand if markets are moving in trending or corrective mode. For any trader it is important to capture the trend and trade cautiously when a good trend ends.

Below is the excerpt from currency research report “The Forex Waves” that shows a clear example of impulsive up move in EURINR from near 70 levels to highs of 79.50 in just 2 months period. Our readers have been bullish all the way and we have accordingly cautioned them when 5 waves on upside was complete and the downside correction of this up move started.

EURINR 60 mins chart: 

The above chart clearly shows why it is important to trade the trend! But a trending move last only for 20% to 30% of the times and rest all time market moves in correction mode. So it becomes equally important to analyze the corrective movements so that one can have a setup ready near the end of correction and capture for probable start of next trending move…

To know what we expect next in USDINR, EURINR, GBPINR, JPYINR subscribe to “The ForexWaves”. To know about various research products and subscription visit http://www.wavesstrategy.com/index.php/store.html