Visual Guide to Elliott Wave Trading
The Visual Guide to Elliott Wave Trading is an in-depth, easy-to-use guide to trading the financial markets with the Elliott Wave Principle.
In many ways this book picks up where Frost & Prechter's classic Elliott Wave Principle: Key to Market Behavior left off, which makes it "required reading" if you want to build a solid foundation in Elliott wave analysis. Co-authored by two of Elliott Wave International's most trusted analysts -- Wayne Gorman and Jeffrey Kennedy -- their trading insights offer a perfect blend of traditional textbook and real-world application.
Join Kennedy and Gorman as they provide step-by-step instruction in how to trade with Elliott. They include scores of real market charts that depict the Elliott wave patterns, which will help you measure the strength of trends, forecast market turning points, plus identify trading opportunities. What's more, this illustrated guide also explains how to use supporting technical indicators that can build confidence in your Elliott wave analysis.
Gorman and Kennedy know that "simple" does not mean "easy." Their combined expertise will help you build confidence in your analysis, create an effective trading plan, and better manage your trades. Whether your trading style is conservative or aggressive, their charts and techniques can help identify high-confidence opportunities.
Each chapter includes key points & smart investor tips, such as how to "Prepare yourself to take advantage of opportunities even when your preferred count does not materialize," and "Let the market commit to you before you commit to the market."
Elliott wave analysis recognizes that in financial markets, mass psychology swings from pessimism to optimism and back in a natural sequence. Use this book to recognize those wave patterns, and anticipate market moves that most traders never see coming.
The Visual Guide to Elliott Wave Trading is the new criterion for any serious technical trader.
How to Use This Book vii
Part I: Trade Setups 1
Chapter 1: The Anatomy of Elliott Wave Trading 3
Part II: Trading Examples 19
Chapter 2: How Zigzags and Flats Set Up a Trade for the Next Impulse Wave 21
Jeffrey Kennedy on CAT, TECH, and the Australian dollar
Wayne Gorman on silver and robusta coffee
Chapter 3: How a Triangle Positions You for the Next Move 77
Jeffrey Kennedy on GCA
Wayne Gorman on DELL
Chapter 4: Riding Wave C in a Zigzag 99
Wayne Gorman on S&P futures and T-bond futures
Chapter 5: Using Ending Diagonals to Trade Swift and Sharp Reversals 125
Jeffrey Kennedy on DJIA, BSFT, SLW, and TCK Wayne Gorman on the euro
Part III: Going Beyond Elliott Wave Patterns 155
Chapter 6: Applying Technical Indicators 157
Jeffrey Kennedy on CREE, WMT, and WYNN
Chapter 7: A Basic Options Trade 185
Wayne Gorman on the euro
Chapter 8: More Advanced Options Trades 195
Wayne Gorman on heating oil and soybeans
Chapter 9: Parting Thoughts 223
Appendix A: Introduction to the Wave Principle, by Wayne Gorman 229
Appendix B: Bloomberg Functionality Cheat Sheet 247
Glossary of Elliott Wave Terms 249
Educational Resources 253
About the Authors 255
Jeffrey Kennedy is Chief Commodity Analyst at Elliott Wave International (EWI), and editor of the Monthly Futures Junctures publication. A recognized expert in Elliott wave analysis and trading with more than 20 years of experience, Kennedy has taught thousands of people how to improve their trading with the Elliott Wave Principle.
Kennedy's polished wit and proven trading wisdom have made him a sought-after public speaker. He teaches online learning courses and conducts in-person seminars at Elliott Wave International, and is also an adjunct professor of technical analysis at Georgia Tech's Quantitative and Computational Finance program.
His precise and memorable trading maxims make technical analysis accessible to anyone with an interest in the markets, regardless of experience level or account size.
Wayne Gorman is Senior Tutorial Instructor at Elliott Wave International. With more than 30 years of experience as a risk manager and trader, he began his career at Citibank managing money market and derivative portfolios, and then went on to forex trading and various treasury management roles in London and New York.
Wayne has been using the Wave Principle since 1986, and traded full time with his own capital for more than four years. He has worked exclusively with Elliott Wave International since 2002.
Known for his ability to explain the logic behind technical and contrarian trading methods in a careful and understated manner, Wayne is a consummate Elliottician. His experiences helped him develop an impressive breadth of educational materials, which any trader can use to learn Elliott wave analysis successfully.
The Bloomberg Financial Series Visual Guide to Elliott Wave Trading is an essential resource for anyone who wants to gain a firm understanding of one of the most effective technical trading methods.
Written by Wayne Gorman and Jeffrey Kennedy—two highly qualified Elliott wave traders—this reliable resource puts the authors' personal trading experiences in perspective. It provides practical guidance on how to use the Wave Principle to find trades, assess trades, enter trades, manage trades by raising or lowering protective stops, and exit trades. And while it doesn't present perfect-world examples—because, honestly, there are none—it offers a realistic look, warts and all, at how you can become a better Elliottician and a more consistently successful trader.
Divided into three comprehensive parts, the Bloomberg Financial Series Visual Guide to Elliott Wave Tradingopens with an informative introduction to the anatomy of Elliott wave trading. Part Two then provides practical examples that walk you step by step through the authors' thinking during a number of trades they have made in real life. It also presents hypothetical setups that you might encounter in your own market experience and shows how to handle them. Part Three rounds out this detailed discussion by going beyond the basics to address how you can effectively apply other technical indicators to your trading and how you can use Elliott wave analysis and option strategies to form a powerful trading combination.
While there may be no one perfect way to trade, there are various ways to trade successfully using the Wave Principle as your primary discipline. This book will show you how.
The Bloomberg Financial Series Visual Guides cover today's most relevant finance and trading topics in a comprehensive, yet easy-to-follow style. The content brings to life key concepts for finance professionals and truly lives up to the series' name by examining concepts in a highly visual way—all charts are in color and presented in a large format for ease of use. Other strong visual attributes include consistent elements that function as additional learning aids for the reader, such as: Key Points, Definitions, Step-by-Step, Do It Yourself, and Bloomberg Financial Series Visual Guides functionality.
And for e-reader users, the Bloomberg Financial Series Visual Guides are available as enhanced e-books offering special features, like a Test Yourself section where you can test your newly honed knowledge and skills. The enhanced e-book versions also include video tutorials and special pop-up features. They can be purchased wherever e-books are sold.
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