Not going to talk about my trades today, but basically, GBPUSD had a volatile Black Friday and that caused me some losses on some of my trades. And I committed another one of the major traders' sins.... I got lazy I didn't review my trades. Though I quickly made the losses back, those could have been profits.
Now, back to the topic of the post - Elliot Wave Theory. I came across this theory briefly in the book "Technical Analysis Explained" by Martin Pring. It was a very short sub-section on it, and it really didn't get too much attention from me then. I've since become rather interested in EWT and I think it has very good predictive properties.
One thing I learnt about trading tools is this, there are leading indicators and there are lagging indicators. Many lagging indicators are way too slow for trading FX, so mostly, I look for leading indicators. While EWT isn't exactly an indicator, it is a good tool to trade with.
Check out www.elliotwave.com for some free videos on EWT.
Technical Analysis of the Forex Spot Markets using Elliott Waves, Chart Patterns, Candlesticks and other tools. Disclaimer: None of the comments in this blog shall be construed as professional trading or investment advice.
