August 2008
Intermediate to advanced
208 pages
6h 50m
English
book
Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
by Jamie Saettele
Content preview from Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
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P1: PIC/b P2: c/d QC: e/f T1: g
c07 JWBK195-Saettele June 5, 2008 19:52 Printer: Yet to come
Explanation of Elliott Wave and Fibonacci 181
waves itself. Wave 4 completed in late July 2007 in the form of a trian-
gle (a–b–c–d–e). Expectations then are for a drop below the 1995 low at
81.12 to complete wave 5. Since triangles lead to terminal thrusts, the fifth
wave low will give way to a rally that could reach the triangle extreme near
150.00. In summary, expect price to come under 81.12 before a multidecade
low is registered. The long-term USDJPY count is detailed in Figure 7.29.
CONCLUSION
Knowledge of the wave principle will allow you to time your trades to the
day and sometimes even to the hour. This chapter should serve as a brief
introduction to the wave principle. It is strongly recommended that you
study the resources listed in the Notes. Always remember though, nothing
is a sure thing, and risk must always be defined and at the forefront of
consideration before taking any trade.
P1: PIC/b P2: c/d QC: e/f T1: g
c07 JWBK195-Saettele June 5, 2008 19:52 Printer: Yet to come
182
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