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(Video) Want a Sure-Fire Forex Trade Setup? Look for a Triangle

  • Written by Syndicated Publisher No Comments Comments
    February 18, 2014
    Last fall, the editor of Elliott Wave International’s Currency Pro Service, Jim Martens, observed a beautiful pattern in the chart of the Japanese yen. This pattern, called a triangle in Elliott wave terms, offers a very clear outlook for the market.What is a triangle? It’s a corrective pattern, meaning that it moves in the direction opposite the primary trend. And, it’s very easy to spot on a chart. Here’s an idealized diagram of a triangle.

    Triangle

    When a triangle ends, the old trend should resume. This allowed Jim to make a very clear forecast for the dollar/yen. Watch this 7-minute video to see the triangle he observed, and the outcome.


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    This article was syndicated by Elliott Wave International and was originally published under the headline (Video) Want a Sure-Fire Forex Trade Setup? Look for a Triangle. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.

    Images: via Flickr (licence attribution)

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