Elliot Wave Theory in Forex and Stock Trading

Elliot Wave Theory in Forex and Stock Trading

Elliot Wave Theory In Forex and Stock Trading , this theory does not only apply when we do a stock business but can be used when trading forex, oil, gas, and so on. Found by an American, Ralph Nelson Elliot, born on July 28, 1871 Marysville, America, who is a professional accountant.And this theory is found not in a short time but requires a long process that is for 75 years after having experience with data, numbers, and statistics when becoming a professional accountant. 

Ralph Nelson Elliot

Broadly speaking, the theory presented by Mister Elliot is that the stock market is thought to behave in a chaotic or erratic manner even though it is not and the trading patterns on the market always move in repetitive cycles. Upward and downward price increases are more caused by a set of traders’ psychology and this recurring increase is then called Mister Elliot as Wave or Wave. And Mister Elliot states that the movement of these waves will move repeatedly to form a similar pattern . And if you are able to identify where your position is in this Elliot Wave then you can predict where the price will go next. Wow! if this is true then you will become a monster in the world of commerce.

Before learning about the elliot wave further, we need to know first about fractals.

Fractals

It is a structure that can be separated into smaller parts and this smaller part has properties that are mostly similar to the previous structure. And you don’t have to go far to look for examples in this life because you can find it easily like sea shells, snow, clouds, and so on.

The most important and important thing to know about Elliot Wave is that they are fractals as well which when viewed in a shorter time frame will form Elliot Wave as well as the same as Elliot Wave with a longer time frame.
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