Elliott Waves are incredibly useful while trading the financial markets. In today’s post, I am going to show you how Elliott waves enabled us to anticipate multiple turning points in GBPUSD, one of the most traded currency pairs in the FX or Forex markets. It is now 20 minutes past 9 am in Chicago, (where I have come for a few weeks), and when I opened my Reuters screen, the first headlines I read was Hedge Fund Boss Odey says the Sterling Pound GBPUSD could continue to fall further before Brexit. And then I thought to myself, well, the members of WaveTimes knew the Pound was going to fall, back in February. In the first image below I give you a screenshot of that story and then continue to give you a link to the Elliott Waves analysis that I had sent to a members who asked for consulting on GBPUSD back in February 2018. You can then see how Elliott Waves give us an credible edge in trading, whether it be in FX markets such as the GBPUSD or any other liquid instrument such as stocks and commodities.
Further down is the link for the Elliott Wave analysis of GBPUSD dated 13 February 2018. Note that the Pound Sterling was trading on that day at 1.3883. The Elliott Waves analysis anticipated that we will likely get a dip to between 1.3763 and 1.3711 and then recover slowly to 1.4386 to complete a bull cycle. The analysis went further to state that we will likely decline from 1.4386 to 1.3024, although this could all take a few months. Incredible as it seems now, the GBPUSD made a low of 1.3710 on 1 March 2018, and then rallied to a high of 1.4376 on 17 April 2018. That was the top! We dipped to a low of 1.3048 on 28 June 2018, recovered to 1.3362 by 9 July and then fell again. The low as of now is 1.2840.
So you can see the power of Elliott Waves in action. You will see from the analysis presented below that I have used exactly the same techniques that is taught in the Elliott Wave book “Five Waves to Financial Freedom“. This blog is considered by many as a living book, an extension of what is taught in FWTFF.
The secret to success is having an edge, and knowing how to USE that edge. You can learn these techniques yourself! But if you are busy, you can always approach me for consultation as a member of the exclusive club.
Here is the link: How Elliott Waves anticipated several turning points in GBPUSD