Elliott Wave Good Trade 3 Forex Indicator

The Elliott Wave Good Trade 3 plots are based on the Elliot wave theory and plot corrective and motive waves to identify trend direction. This guide will talk about the indicator and how you can trade it.

What is the Elliott Wave Good Trade 3 Forex Indicator?

The Elliott Wave Good Trade 3 Forex Indicator works on the Elliot Waves principle. The Elliot Wave theory suggests that the market moves in impulse and corrective waves. The corrective waves have five legs 1,2,3,4, and 5, while the impulse waves have three legs A, B, and C.

Generally, you have to plot these legs manually by looking at the overall trend, and within main impulse and corrective waves, there can be several corrective and impulse waves. So, Elliott Wave Good Trade 3 Forex Indicator makes it easier to identify these legs so that you can trade accordingly.

The indicator also draws the Fib level on the current price action. When the price moves between these key levels, you can take positions.

Elliott Wave Good Trade 3 Forex Indicator
Elliott Wave Good Trade 3 Forex Indicator

Elliott Wave Good Trade 3 Forex Indicator Strategy

There are two ways to trade with the indicator. The first is the simple Elliot Wave strategy. The 0, 2nd and 4th leg is an entry points in an uptrend or downtrend. When these three legs form, you can look for potential upward or downward moves. It’s important to let the indicator signal the leg number, as the indicator can repaint.

The other way to trade with the indicator is by looking at the Fib levels. The Elliott Wave Good Trade plots Fib levels on the current price action. So, if the price touches 0.38, 0.5, and 0.618 levels, you can look for a potential entry point.

You can also combine the Elliot wave and Fibonacci levels. For instance, if the price hits the key Fib level and the indicator plots 0, 2nd, or 4th leg.

Although the indicator works best on all timeframes, you need to apply Elliott Wave Good Trade 3 Forex Indicator on longer timeframes, as the Elliot wave formation works best on longer timeframes.

Buy Signal

  • Wait for the indicator to plot the Elliot wave.
  • Look for entry at the 0, 2nd, and 4th
  • Or, the price must touch the 0.38, 0.5, or 0.618 Fibonacci levels.
  • Place a stop-loss at the 0 leg in case of an Elliot wave strategy and the previous low level if trading the Fibonacci levels.
  • Set take-profit when the indicator completes leg 5 or at the next Fib level.
Elliott Wave Good Trade 3 Forex Indicator buy signal
Elliott Wave Good Trade 3 Forex Indicator buy signal

Sell Signal

  • Wait for the indicator to plot the Elliot wave.
  • Look for entry at the 0, 2nd, and 4th
  • Or, the price must touch the 0.38, 0.5, or 0.618 Fibonacci levels.
  • Place a stop-loss at the 0 leg in case of an Elliot wave strategy and the previous high level if trading the Fibonacci levels.
  • Set take-profit when the indicator completes leg 5 or at the next Fib level.
Elliott Wave Good Trade 3 Forex Indicator sell signal
Elliott Wave Good Trade 3 Forex Indicator sell signal

Elliott Wave Good Trade 3 Forex Indicator sell signal Pros & Cons

Here are the pros and cons of trading with the indicator.

Pros

  • The indicator gives exact entry and exit signals.
  • The Fibonacci and the Elliot Wave can act as confluence.

Cons

  • The indicator is difficult to understand for beginners.
  • It is not suitable for scalping and short-term strategies.

Conclusion

The Elliott Wave Good Trade 3 Forex Indicator plots use the Elliot Wave principle to identify corrective and impulse waves.

The indicator also plots Fib levels on the current price action. These are some of the most powerful tools in trading, so with the help of Elliott Wave Good Trade 3 Forex Indicator, you don’t have to plot them manually.

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