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3 Basic Forex Trading Strategies For Beginners https://www.youtube.com/watch?v=880UGOQyK40 Elliott Wave Theory and Forex Nearly every student of technical analysis has heard of the Elliott Wave Theory and is probably fascinated by the concept. Despite its popularity, Elliott Wave is the least-correctly understood theory of technical analysis. In this video, senior technical strategist Jamie Saettele introduces the basic-yet-powerful forecasting rules of the Elliott Wave Principle. Elliot Wave Theory: The Basics Too many traders have found the numerous rules behind Elliott Wave Theory to be overly complicated and subjective. But for those who understand the rules, Elliott Wave Theory has proven to be a reliable basis for interpreting and forecasting price action. Developed by Ralph Nelson Elliott in the 1930s, Elliott Wave Theory was originally designed to forecast stock price movement. Over time, the theory has been applied to other markets -- most notably foreign exchange. The Elliott Wave Theory is founded on the notion that markets are not perfectly efficient. As a result, prices from one moment to the next are not random. Rather, they're subject to changes in overall investor behavior -- changes that can be predictable with an understanding of mass psychology. The theory's popularity in the forex market stems from the fact that about 80 percent of the volume in the FX market is speculative. This is important because Elliott waves are based on mass psychology -- herd behavior among traders in the markets. This has made Elliott Wave Theory a popular analytical strategy used by the technicians of leading investment banks and intermarket players. How to count waves The center of the Elliott Wave Theory rests on the idea that security prices move in waves. But before understanding the waves within the Elliott Wave Theory as applied to forex, it's important to remember this tenet: "every action creates an opposite reaction". Apply this thought to Elliott waves and examine the most basic wave structure: impulsive (going in the direction of the trend) and corrective (going against the underlying trend). Forex Elliott Wave & Daily Technical Analysis http://www.dailyfx.com/technical_analysis/elliott_wave Start a Conversation with our analysts on Facebook https://www.facebook.com/DailyFX