In this article, we will provide a simple tutorial for Elliott Wave Trend in Forex and Stock trading. Elliott Wave Trend is a good tool to identify the Elliott Wave Pattern in your chart. With some knowledge of Elliott Wave analysis, this tool get rid of a lot of manual wave analysis to save your time and effort. However, it can be more accurate through as it provides wave score for impulse wave and corrective wave. Elliott Wave Trend provides you a lot of features for your trading. Of course, many automatic analysis in Elliott Wave Trend is handy and convenient. Elliott Wave Trend consists of the following features:
Turning point strength
Turning Point strength Indicator for multiple time frame scanning
Automatic Wave Analysis with Template and Pattern Approach
Manual Wave Analysis with Template and Pattern Approach
Wave Analysis saving and sharing System
This tutorial is not necessarily covering everything. But this tutorial will try to give some intuition over the automatic Wave Analysis. Automatic Wave Analysis is based on the template and pattern approach described in the book: Financial Trading with Five Regularities of Nature (Scientific Guide to Price Action and Pattern Trading).
Steps to Perform Automatic Wave Analysis
For Automatic Wave Analysis, you can only perform with Impulse and Corrective Waves.
Click either Impulse or Correct button
Click any wave template in the sub window (i.e. small blue and red circles).
Click Draw Line button.
Use either position rule or Wave Score to accept and to reject your analysis.
Your trading will be based on the levels and turning point projected from your analysis.
Along with this article, you can have a look at this YouTube video about Elliott Wave Analysis. With this video, you will find more practical way of applying Elliott Wave for Forex and Stock trading.