Identifying a high-confidence trade opportunity is just the first step of the trade. One of the most important aspects of trading is trade management. You need to know where you are wrong so you can get out, and you need to learn to manage your winning trades. Learn to set and manage your protective stops in this free resource.
While the Wave Principle is not in and of itself a trading method, you can use the three rules for impulse waves to determine where to place your protective stop. In the first lesson of this free resource, Jeffrey Kennedy reviews these three rules and then shows you where you should place your initial stop.
Next up is a video, How to Find and Capitalize on Elliott Wave Opportunities, from Jim Martens where he shows you what he looks for on a chart to find an opportunity. You'll see where he likes to place his initial stop, when he moves his stop to manage risk and protect gains, and at what point he exits the position.
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Jeffrey Kennedy, MSTA, CFTe, CMT, CEWA-M, is Chief Commodity Analyst at Elliott Wave International (EWI), with 25-plus years of experience as an analyst, trader and teacher. He writes Commodity Junctures, EWI's premier commodity forecasting package that focuses on Elliott wave analysis of the commodity markets. He also produces Trader's Classroom, an educational service that shows how to spot trading opportunities with wave analysis and supporting technical methods. In 2014, he achieved the title of a Chartered Market Technician, certifying his proficiency in multiple technical analysis tools. Subscribers and students always tell us how committed he is to empowering them to achieve trading success.
Jim Martens is EWI's Senior Currency Strategist and editor of trader-focused Currency Pro Service. He began his financial markets career in the mid-1980s in New York. Jim is an experienced instructor who presents Elliott waves as a forex-trading method at seminars and tutorials around the world.