What is Elliott Wave Theory?

Elliott Wave is a probability theory based on the observations of Ralph Nelson Elliott, who noticed that waves behaved in predetermined repetitive patterns based on investor psychology. The change in investors’ psychology is reflected in the price action.

What does a wave pattern look like?

In general, market moves progress in 5-wave patterns. Waves 1, 3 and 5 are called the motive or impulsive waves, which are characterized as directional “trend-following” moves. Waves 2 and 4 are countertrend interruptions, which are necessary corrections of the trend move.

I already use certain technical indicators on my currency charts, so why do I need to learn Elliott Wave Analysis?

Elliott Wave analysis can be combined with ANY technical indicators. It measures investors’ psychology, thus allowing you to determine the highest probability move the market will take. You can combine this knowledge with your technical indicators to determine where you want to position yourself in a trade. For example, did you know that roughly 70% of the time we are in corrective sideways sequences? If you knew when we were about to enter a wave 1, 3 or 5 impulsive move, do you think that just might improve your odds of having a positive trade?

In what time frame, can I apply Elliott Wave Analysis?

Elliott Wave analysis can be applied to any time frame. Whether you are a momentum, day, or swing trader, you can use Elliott Wave theory to come up with high probability setups. The reason is that you can see the same repetitive patterns as described in Elliott Wave Theory in any time frame – in the daily chart, 4-hour chart, 1-hour chart, 15-minute chart, 5-minute chart and 1-minute chart.

How much experience do I need to take the Elliott Wave Mastery?

You should have an understanding of trading, and have the basic skills in identifying trends and major chart formations, Fibonacci retracements, and finally support and resistance. It is not necessary to be a master at identifying them.

Do I have to take FOREX Foundation before taking Elliott Wave Mastery?

It is not necessary if you already have a methodology in place that you use to trade the markets. You should also have the basic skills in support and resistance and identifying trends. However, FOREX Foundation is an excellent course that takes you from A-Z in trading. If you do not have a solid grounding already, Jody recommends that you take FOREX Foundation first.

Do I need any special software to take the Elliott Wave Course or to get coaching from Jody?

You do not need any special software. Almost all basic charting software programs you use will provide you with the basic chart setup required. Jody also goes over your charting software with you to determine if it meets your needs as a trader in her free 90 minute coaching session with you.