Best Forex Indicators for Forex
Elliott Waves is one of the most well-known indicators. This indicator has its niche in Forex trading analysis. Elliott Waves show that investor psychology is the driving force of the movements within the financial markets. This indicator gives more detailed and profitable results.
Many professional forex traders adopt the below approach while using Elliott Waves in Forex trading:
- Choosing a specific method for generating the count of Elliott Wave
- Let the Elliot Wave reach the “5” mark
- Confirmation of the trend
- Deciding a stop-loss point
- Place the stop-loss order by entering the Forex Market
- Deciding upon the target profits and stops
- Selecting a trade exit plan in case of losses
The Elliott Wave analysis Forex includes two different wave patterns: the five-wave pattern and the three-wave pattern. The five-wave pattern can be found with five other dominant waves, which include Wave 1, Wave 2, Wave 3, Wave 4, as well as Wave 5.