Want a Sure-Fire Forex Trade Setup? Look for a Triangle
Watch this quick educational video from an Elliott wave forex expert, Jim Martens
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.
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.
Get Forecasts for the Forex Markets FREE
Forex FreeWeek is On!
Now through 12:00 noon Eastern (NY) time on Wednesday, Feb. 19, enjoy free 24/7 access to intraday, daily, weekly and monthly forecasts inside Jim's Currency Pro Service.
Free means free. No catch, no obligation, no credit card. You get all the forex-trading analysis, charts, and video updates for the world's 11 most-popular FX markets from Elliott Wave International's Currency Pro Service.
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.