My Forex Prediction using Advanced GET - page 61
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GBPJPY seems to have hit the bottom!!
GBPJPY seems to have hit the bottom!!
I agree with your analysis, gann68uk. The chart does not look good for bears.
Today GET is still having a Sell signal on this currency pair, but I have advised readers to turn CAUTIOUS as looking at the chart I would not want to short it.
Thanks, gann68uk, for putting up the chart.
Kenneth
GBPJPY seems to have hit the bottom!!
This chart is showing GBPJPY down all the way from its Cycle Wave.
On the left is the Wave Tree showing the hierarchy of the wave counts, starting with Cylce Wave III in formation. This Cylce Wave III is an EXTENDED Wave III which means GBPJPY will be going down for quite a while though there may be retracements from time to time.
It further shows the Primary Wave [3] is an extended wave except it termed it as Extension [3C]. By convention, Waves 1, 3 and 5 do have not any wave labels ABC in them. ABCs are for Corrective mode.
(Wave 3 should NOT have any ABCs but why they have here I do not know. It is a weak feature of Elwave that I have previously pointed out in my postings.)
Intermediate Wave (1) of Primary Wave [3] has the words Undefined, meaning the software was unable to define the subwaves but certainly seems to be completed, and Intermediate Wave (2) is going to be formed, though undefined at this stage. It has projected using FR ratios where Wave (2) levels will be.
When Intermediate Wave (2) is completed, the trend will resume downpath into Intermediate Wave (3) which will be the longest wave and that will be a good time to short this currency pair.
Kenneth
Today I short GBPUSD at 1.5766 and bought back at 1.5727 making a gain of 39 pips or US$390.00 within 5 hrs 58 mins.
As I have mentioned in my posting this morning, that although GET did not give any Sell signals for this currency pair, the GET chart has clearly shown it is in Primary Wave [3] Down. Wave [3] is the best wave to trade.
I shall be attaching later details of this transaction.
Kenneth
The Second trade I did today was USDJPY - Sold at 89.70 and bought back at 89.52 making a gain of 18 pips or US$201.07 within 12 hours 47 mins.
This morning when I attach the EW chart for USDJPY, I made the comment that this currency pair is in a very bearish trend, and you can short either on rally or on weakness.
So, today in total I made 57 pips or US$591.07;
Later I shall be attaching details of these 2 trades.
Kenneth
The Second trade I did today was USDJPY - Sold at 89.70 and bought back at 89.52 making a gain of 18 pips or US$201.07 within 12 hours 47 mins.
This morning when I attach the EW chart for USDJPY, I made the comment that this currency pair is in a very bearish trend, and you can short either on rally or on weakness.
So, today in total I made 57 pips or US$591.07;
Later I shall be attaching details of these 2 trades.
KennethAttached is a doc file containing the above 2 trades.
You will notice that as a matter of course, I put my TP as 50 pips in each order, but once I am able to achieve my target of 30-40 pips per trade I will lock in my profit. And the second order I shall be content with whatever pips I can make to give me a total for the day of about 50-60 pips or US$500.00 per day.
Kenneth
I am a bit confused here in the way we should be tying up Elwave and Metatrader. If we choose an hourly chart in MT, should we then open only an hourly chart in Elwave? What does it mean if we choose hourly in MT and then change the compression in Elwave to daily?
The reason I am asking is that I have a totally different picture of GBPJPY compared to the chart posted yesterday.
Below I have shown chart in Elwave where I have opened an hourly chart in MT4 and have the compression set to hourly in Elwave:
Then I set both MT to daily and opened the chart as daily in Elwave and get the picture below. As you can see, the analysis for daily is totally different to what I posted yesterday. Would greatly appreciate if anybody can say how I should set up Elwave tieup with MT.
It further shows the Primary Wave [3] is an extended wave except it termed it as Extension [3C]. By convention, Waves 1, 3 and 5 do have not any wave labels ABC in them. ABCs are for Corrective mode.
(Wave 3 should NOT have any ABCs but why they have here I do not know. It is a weak feature of Elwave that I have previously pointed out in my postings.)
KennethCan we not have corrective zigzags in Impulse Wave 3? More so in an extension 3?