But how do you know when to apply this information to your trades?
If you're an experienced trader, you know that the answer to this "million dollar question" is elusive indeed.
Recently I had the pleasure of sitting down with EWI Senior Analyst Jeffrey Kennedy to find out how he empowers aspiring traders to make the best of their technical tools with his new educational service, Elliott Wave Junctures. Here's a glimpse into what subscribers can learn:
What kinds of indicators do you use in your analysis, and how do you suggest that a new student approach non-EW tools?
I use the standard. I'd say that RSI would be my number one pick. Number two would be MACD and the MACD-histogram. I'm a big fan of Japanese Candlestick analysis. The Wave Principle is my canvas, and these other ancillary tools are my paints and my brushes.
I always will be an Elliottician, but these other technical tools have merit and are indeed worthwhile: they allow me to build a case, build a more confident reason for making a forecast and for taking a trade; making a trading decision
Please tell us a little about how you incorporate these ancillary tools in Elliott Wave Junctures.
The primary purpose of my new service is educational. I am able to share my knowledge; and the scope is not limited to teaching subscribers the Wave Principle. I'm able to discuss its application, in a real-time market environment, and to cover other forms of technical analysis. I get to teach different technical indicators and oscillators as well as some of the proprietary techniques that I've developed myself over the years.
The focus is on real-time, unfolding events; sometimes historical, but I keep it educational, relevant and timely. It's not limited only to Elliott. It's all-encompassing of the entire body of knowledge in technical analysis.
The primary focus is not just instruction, but application.
What sets your new Elliott Wave Junctures service apart from the other subscriptions?
Application is very important to me. It's one thing if someone shows me a blank price chart, and then shows me the same chart, labeled "before-and-after," that's very static; it's very black-and-white. It may be a good example of how to apply the Wave Principle, but there's nothing exciting about it.
If I'm going to be able to empower my subscribers, which is what I'm passionate about, I want to teach them to do it for themselves. To do that, I need to show how the process unfolds; dynamic, proactive, absolutely.
Get 6 FREE Lessons from Jeffrey Kennedy -- Including 4 From His Elliott Wave Junctures Service
Jeffrey Kennedy shares his 20 years of wisdom in analysis and trading -- to help you decide when to act -- in a new FREE report, 6 Lessons to Help You Find Trading Opportunities in Any Market.
This report includes 6 different lessons that you can apply to your charts immediately. Learn how to spot and act on trading opportunities in the markets you follow.