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Profit with the ICWR Forex Strategy

ICWR stands for Impulsive/Corrective Wave Retracement. The ICWR forex method is a list of rules that traders use to determine entry and exit points in trading the forex market.

The ICWR forex method has been developed using a mix of the Elliott Wave Theory and Fibonacci ratios. Traders have discovered that corrective waves have a predisposition to retrace the preceding impulsive waves by a Fibonacci ratio.

So what are corrective waves? Corrective waves are short-term corrections that go against the long-term market direction. The major waves in the direction of the long-term market are referred to as impulsive waves. Bring up a chart of a major currency (say the GBP/USD) with the interval set on daily and you will see clearly the long-term direction, along with several corrective waves.

The most recurring Fibonacci ratios observed in the ICWR forex method are 25%, 38%, 50%, 61% and 75%.

Many traders use the ICWR forex method with an existing entry method to assist with their exit strategy to take out the maximum gain possible out of the trade. Many traders have discovered that managing a trade and determining the time to exit is even more important than choosing an entry point and direction to trade in.

The ICWR forex method is very easy to use. Simply bring up a chart of an interval you wish to trade, find the preceding impulsive movement (in the direction of the long-term direction) and compute the Fibonacci ratios. Now record the Fibonacci ratios on your chart. For example if the preceding impulsive movement UP was 100 pips, for the Fibonacci ratio of 25% you will place a line 25 pips below the top of the impulsive movement. Many charting packages come with a Fibonacci tool built in, calculating the ratios and drawing in lines for you.

These Fibonacci levels can then be used in a number of ways: - go your stop loss with every impulsive movement in your favor to maximize gain and minimize risk (the 75% ratio is commonly used for this) - determine when the corrective movement is probable to end in order to determine good entry points.

Traders often tend to panic when their trade is in gain and it starts to go against them. By using the ICWR forex method you will be ready to ride out the corrective waves in order to take out the maximum gain from your trades.

For more information on trading forex visit the link below.

Jon is the owner of iBlogForex, a blog about every aspect of the Forex market including Forex trading methods and strategies.

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