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These days there's no shortage of books about trading. You could read for months before you find a book that applies to your trading style.
The free 45-page eBook -- The Best of Trader's Classroom -- is specifically for Elliott wave traders. This excellent eBook will save time and deliver the knowledge you want.
It's written by Elliott wave trader Jeffrey Kennedy: He had individuals like you in mind when he said:
I began my career as a small trader, so I know firsthand how hard it can be to get simple explanations of methods that consistently work. In more than 15 years as an analyst since my early trading days, I've learned many lessons, and I don't think that they should have to be learned the hard way.
The Best of Trader's Classroom offers 14 trading insights that you can use.
Consider these examples of what you'll learn:
-- Use bar patterns to spot trading setups
-- Use the Wave Principle to set protective stops
-- Identify Fibonacci retracements
-- Apply Fibonacci ratios to real-world trading
Jeffrey also discusses corrective patterns, including the triangle formation. Here's an edited excerpt:
Triangles are probably the easiest corrective wave pattern to identify, because prices simply trade sideways during these periods. [The graphic below] shows the different shapes triangles can take.
Triangles offer an important piece of forecasting information -- they only occur just prior to the final wave of a sequence. This is why triangles are strictly limited to the wave four, B or X positions. In other words, if you run into a triangle, you know the train is coming into the station.
Jeffrey goes on to provide three real-world examples of the triangle price pattern. Here's one of them with his accompanying commentary.
[The chart above] shows a slight variation of a contracting triangle, called a running triangle. A running triangle occurs when wave B makes a new extreme beyond the origin of wave A. This type of corrective wave pattern occurs frequently in commodities.
Learn more about Jeffrey Kennedy's 14 trading insights in The Best of Trader's Classroom.
This chart-packed 45-page eBook is yours to access FREE after you join Club EWI. Membership is also free.
Editor's note: You'll find the text version of the story below the video.
The U.S. economy slowed to a crawl in Q1: GDP (gross domestic product) came in at 0.2%.
When the next full-blown economic downturn arrives, cash will be the ideal refuge.
But savers and consumers face a startling prospect: Some people in high financial positions want to impose a ban on cash.
They advocate negative interest rates as a way to stimulate the economy. But they know this scheme has a problem: Most depositors would in turn use cash to avoid such a charge on their deposits.
A prominent economist has a solution: Simply eliminate cash.
"Cash... gives people an easy and effective way of avoiding negative nominal rates."
[Citigroup's chief economist] suggests three ways to address this problem:
- Abolish currency.
- Tax currency.
- Remove the fixed exchange rate between currency and central bank reserves/deposits.
Yes, [the chief economist's] solution to cash's ability to allow people to avoid negative deposit rates is to abolish cash altogether.
Bloomberg, April 10
If interest rates fall too far, even wealthy individuals and institutions may turn to cash.
The April Elliott Wave Theorist offers this perspective:
People and institutions holding billions of dollars have been trapped into accepting a negative interest rate -- meaning a guaranteed loss on their money -- because gathering, storing and employing an equivalent value of cash notes would cost more than the amount lost to negative interest. But there is a limit to this reverse usury. A large enough disparity would make it attractive even for billionaires to store cash instead of lend it. What is that interest-rate limit? Minus 2%? Minus 5%? If the limit is reached, even wealthy entities will opt for cash. That is, if the men with the guns let them do it. ...
They want to ensure that you have no possible route of escape.
How will they do it? By outlawing cash.
"The Death of Cash" was the title of an April 23 Bloomberg article:
Beginning on May 1, [JPMorgan Chase] said it will charge certain customers a "balance sheet utilization fee" of 1 percent a year on deposits in excess of the money they need for their operations ...
Pause for a second and marvel at how strange this is. Banks have always paid interest to depositors. We've entered a new era of surplus in which banks -- some, anyway -- are deigning to accept money only if customers are willing to pay for the privilege.
Further, for the first time in history, four central banks -- the ECB, the Swiss National Bank, the Swedish Riksbank, and the Danish Nationalbank -- all currently have negative policy rates.
Yet the war on cash has only started. Now is the time to learn how to win.
To that end, we've just put together a FREE report for you titled, "The War on Cash."