-
How to start trading?
If you are 18+ years old, you can join FBS and begin your FX journey. To trade, you need a brokerage account and sufficient knowledge on how assets behave in the financial markets. Start with studying the basics with our free educational materials and creating an FBS account. You may want to test the environment with virtual money with a Demo account. Once you are ready, enter the real market and trade to succeed.
-
How to open an FBS account?
Click the 'Open account' button on our website and proceed to the Trader Area. Before you can start trading, pass a profile verification. Confirm your email and phone number, get your ID verified. This procedure guarantees the safety of your funds and identity. Once you are done with all the checks, go to the preferred trading platform, and start trading.
-
How to withdraw the money you earned with FBS?
The procedure is very straightforward. Go to the Withdrawal page on the website or the Finances section of the FBS Trader Area and access Withdrawal. You can get the earned money via the same payment system that you used for depositing. In case you funded the account via various methods, withdraw your profit via the same methods in the ratio according to the deposited sums.
Double Zigzag
As you can guess from the title, this pattern consists of two zigzags and correction between them. This is the first complex correction pattern we’re going to examine.
The main rules for Double Zigzags trading
- Double Zigzags subdivide into three waves and labels as W, X, and Y.
- Usually waves W and Y are zigzags.
- Wave X could form any correction pattern.
- Wave X is always smaller than wave W.
- Wave Y is always longer than wave X.
- In most cases, Double Zigzags are a deep correction in relation to the previous price movement.
It’s not easy to recognize a double zigzag in real time. Usually, this pattern forms when the first zigzag is far smaller from the expecting correction, so after a break, the second zigzag arrives. In other words, if the first zigzag isn’t enough to be a correction itself, the second zigzag takes place.
Duration of wave X
Usually, as shown in the chart below, wave X is longer than corrections inside waves W and Y. If a pattern forms in this shape, it’s pretty easy to label it. Remember, we can say that one or another pattern forms only when the whole structure ends. Until then, we should be careful.
However, sometimes wave X of a double zigzag could be relatively small. In this case, we could count this part of a chart as a single zigzag with extended waves A or C (depending on waves relations because the third wave can’t be the shortest).
Also, if we have a possible count with the longest wave C (this example is on the right on the chart below), we should also consider an option with a developing impulse (in this case wave C turns out to be the third wave). So, it’s safer to have a double zigzag with long wave X (see the chart above), while a wave count with small wave X could also have some alternatives.
Real examples
Let’s have a look at the chart below. There’s a downward double zigzag with a triangle in wave ((x)) (we’re going to examine this pattern in the next articles). Waves (a) and (c) of waves ((w)) and ((y)) are impulses (sometimes we could face leading or ending diagonals as well). An impulse in wave (i) confirms the ending of the double zigzag.
The next chart shows a double zigzag with an extended wave ((X)), so it’s easy to count two zigzags in the motive waves ((W)) and ((Y)), which both have longer waves (A). Also, note that an ending diagonal in wave (C) of ((Y)) highlights the ending of the whole pattern.
Two more examples of a double zigzag are shown below. There’s a downward pattern with impulses in all motive waves. Also, there’s another double zigzag in wave (x) with a pretty rare combination of diagonals. An ending diagonal in wave ((C)) of (w) is the final wave of the first zigzag and the second one started by wave ((A)) of (y) as a leading diagonal.
Triple zigzag: display and main trading rules
A pattern with three zigzags in a row calls a triple zigzag. Firstly, they're the main rules for this pattern:
- Double Zigzags subdivide into five waves and labels as W, X, Y, XX, and Z.
- Usually waves W, Y, and Z are zigzags.
- Wave X could form any correction pattern, except triangles.
- Wave XX could form any correction pattern.
- Wave X is always smaller than wave W.
- Wave Y is always longer than wave X.
- Wave XX is always smaller than wave Y.
- Wave Z is always longer than wave XX.
- In most cases, Triple Zigzags are a deep correction in relation to the previous price movement.
As you can see, the main difference from Double Zigzags is that Triple Zigzags consist of five waves as well as impulses and diagonal. However, Triple Zigzags are corrective waves while impulses and diagonal are motive ones.
To be honest, this pattern is rare. Moreover, it’s pretty rare. In this case, we should avoid using this pattern in the real-time wave counting because in most cases we’ll be wrong sooner or later. If you think there’s a Triple Zigzag, the first thing you should do is to check if there’s another wave count possible. More often, a simpler wave count is available.
Real example
It’s pretty hard to find an example, but there’s one on the next chart. All motive waves here are zigzags. The first wave X is a zigzag and the second one is a double zigzag. Keep in mind, that the second corrective wave of a triple zigzag could be marked as X or XX.
2023-07-25 • Updated
Other articles in this section
- Structure of a Trading Robot
- Building a Trading Robot without Programming
- How to Launch Trading Robots in MetaTrader 5?
- Algorithmic Trading: What Is It?
- Fibonacci Ratios and Impulse Waves
- Guidelines of Alternation
- What is a triangle?
- Double Three and Triple Three patterns
- Zig Zag and Flat Patterns in Trading
- Advanced techniques of position sizing
- Truncation in the Elliott Wave Theory
- Ichimoku
- What is an extension?
- Ending Diagonal Pattern
- How to trade gaps
- Leading diagonal pattern
- Wolfe waves pattern
- Three drives pattern
- Shark
- Butterfly
- Crab Pattern
- Bat
- Gartley
- ABCD Pattern
- Harmonic patterns
- What is an impulse wave?
- Motive and corrective waves. Wave degrees
- Introduction to the Elliott Wave Theory
- How to trade breakouts
- Trading Forex news
- How to place a Take Profit order?
- Risk management
- How to place a Stop Loss order?
- Technical indicators: trading divergences
