In forex, the markets are watching a fixed game with the USD/Chines yuan (USD/CNY), leaving plenty o...
Combining Elliott Wave and Price Action for Swing Trading
05/28/2009 12:01 am EST
Most traders believe that in order to make a living as a full-time trader, they have to be trading all day every day in order to make the big bucks. This interview proves that's not the case. Dave Floyd is a successful, full-time independent currency trader and money manager who makes just five to seven trades each month. His strategy is an interesting combination of watching both Elliott Wave and simple price action to determine where his entry and exit points will be. He admits that he is an extremely patient trader, waiting until just the right moment to enter a position. Here, we talk about his "ideal trade" and why he trades using three very specific time frames. We also discuss why he thinks looking at Fibonacci applied to time is just as important as applying it to price. Dave will also review the one odd currency pair he trades almost exclusively, and the advantages that particular currency affords him.
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