Here is a quick blog from our Live Trading Room host, Dan Hussey. Take a look at how to manage your risk by using inflection zones and Elliot Wave to your advantage. The Live Trading Room is held daily from 7:00 AM EST (12:00 PM BST) until 8:00 AM EST, join Dan there for more insight into these proven methods of trading.
EURGBP Live Trading Room Video Recap and Trade Setup
EURGBP 60 min Primary Elliot Wave Analysis
In our primary analysis, we are looking for three waves back in a corrective wave structure into the 50% Fibonacci Retracement off prior highs. This image captures the waves structure we are expecting.
EURGBP 240 min Alternate Elliot Wave Analysis
Our alternate analysis is looking for a terminal three wave move up into a larger 50% retracement, this is no longer our preferred view. In either scenario, we are expecting the 50% retracement highlighted in the Live Trading Room Recap video to get its reaction to first targets and provide a FREE TRADE (a term we use to describe a setup where our risk becomes zero when our first targets are hit).
This video is a highlight from the Live Trading Room (the daily recap for subscribers). We utilize Elliot Wave in conjunction with technical’s to provide the best Elliot Wave Analysis of the markets. Remember, trading isn’t about how much you make, or being right, its about managing risk and how much you DO NOT LOSE! Regardless of larger Elliot Wave structure or trends, inflection zones have a high probability to trade from their ENTRY areas to their T1 (first target). We exploit this statistical advantage by using Elliot Wave and inflection zones to manage our risk, while looking for setups in the direction that the EWF Elliot Wave charts suggest. Join us daily from 7:00 AM until 8:00 AM EST.