Forex Trading Strategy based on Elliott Waves Principle
Since the Elliott Wave Principle was discovered by its founder, R.N. Elliott, in the 1930’s and 1940’s, it has since gained wide acceptance as a legitimate market analysis and forecasting tool.
The Wave Principle, as it is sometimes called, is a detailed description of how groups of people behave. It shows that mass psychology swings from pessimism to optimism, and back again, in a natural sequence, creating specific measurable patterns.
One of the most obvious places to see this phenomenon in action is in the financial markets, where changing investor psychology is recorded in the form of price movement. Using stock market data as his main research tool, R. N. Elliott isolated eleven patterns of movement, or “waves,” that recur in market price data. Read more about Elliott* Forex Trading Strategy