My Forex Prediction using Advanced GET - page 90
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here is the daily
Today, at Gmt 04:19 I BOUGHT 1 lot GBPJPY at 144.05 and SOLD at Gmt 05:10 at 144.62 making a gain of 57 pips or US$642.76 in 51 minutes.
Attached is the doc file showing the details of the transaction.
I am PMing to Joe to ask him to share with readers his analysis of this trade.
Kenneth144.62 is the 618 of the 153ish to the 139ish drop and the 38.2 of the recent 4 hr attached....
entry would have been on candle close above the 23.6
at least thats how I see it to be traded
Hello Kenneth,
I thank you for all the help you give to beginner like me. I learned a lot from your posts and everyday I'm learning new things. I really appreciate your posts. Keep them coming.
I haven't been posting in the forum but I regularly check them. So please don't stop them. I have been analysing your recent GJ trade. I have been thinking where your stop loss would have been for that trade? Is it just below 23.6 level?
Did you use elwave chart for this trade? or just GET? The reason I ask is because you usually don't trade ABC correction. You have mentioned quiet a few times you would stay out of correction. May I know what made you to enter this trade? GET signal is not clear. It shows wave 5 completion but then it went up, then down and started going up at which point you entered your trade. There is no wave counts so what made you to enter the trade?
Am I missing something? Please let me know.
thanks
Thanks to codybear and Joe
Hello Joe/Codybear,
Thanks for your charts and analysis of kenneth trade. We need more members like you. The more the merry
thanks
Hi, FormulaOneFan:
I am of the view that all Senior Members and Members of this forum are only too glad to help newbies in forex trading in whatever way we can so that they can gain the knowledge and understanding of the various trading techniques etc. available and that they can choose one which they will be comfortable with.
To me, it does not matter which trading method as long as it can help traders to make money consistently.
Like you, I also hope more member users of GET will come forward to tell us the currency pairs they are interested to trade and the rationale behind their choice. In this respect, I also like to thank Joe/Codybear for their analysis. They are indeed eye openers.
I shall be replying your Posting #897 separately.
Regards
Kenneth
FAQ - Stop Loss and Wave 5
Hello Kenneth,
I thank you for all the help you give to beginner like me. I learned a lot from your posts and everyday I'm learning new things. I really appreciate your posts. Keep them coming.
I haven't been posting in the forum but I regularly check them. So please don't stop them. I have been analysing your recent GJ trade. I have been thinking where your stop loss would have been for that trade? Is it just below 23.6 level?
Did you use elwave chart for this trade? or just GET? The reason I ask is because you usually don't trade ABC correction. You have mentioned quiet a few times you would stay out of correction. May I know what made you to enter this trade? GET signal is not clear. It shows wave 5 completion but then it went up, then down and started going up at which point you entered your trade. There is no wave counts so what made you to enter the trade?
Am I missing something? Please let me know.
thanks1) GET Chart: I was just using the GET chart. No Elwave chart was used in this instance.
It is true I have previously mentioned that I stay aside when it is an ABC.
The question which I like to ask you is this: Did you see any ABC appearing in the GET chart. The answer is NO. Therefore we cannot say it is an ABC chart – can we? In the chart, we saw Wave 5 appearing only.
So, we cannot say whether the next formation will turn out to be an ABC or a new Wave 3 in formation. No presumptions.
By convention, when a Wave 5 ends, the next formation will be an ABC BUT NOT WITH GET software. GET is GET and Elwave is Elwave. They are two different softwares and you should not make any comparisons otherwise you end up in confusion – in which case you might as well forget about using these softwares.
In GET, it is actually quite straightforward. When we see a Wave 5 DOWN completed, prices will go up whether it is an ABC or a Wave 3 Up. I have nothing to lose because it is going to go up. If it subsequently turns out to be an ABC, man, I have already made my money and already out of the market. So it does not do me any financial damage at all. That is the logic when I enter the trade. On the other hand, if it is going to be a Wave 3 Up, then I can continue to Buy long as Wave 3 will be the longest wave. Nothing to lose. Either way I will turn out to be the winner.
I trust this explanation will now clarify your mind.
2) Stop Loss: I ALWAYS have a Stop Loss but it is a mental one. I use the following formula to calculate my Stop Loss:-
Target Profit = x to y pips where x = 40 pips and y = 60 pips
Risk/Reward Ratio = 2-3 times
Therefore Stop Loss will be (x/2) or (y/3) whichever is lesser.
Answer is: 40/2 = 20 pips OR 60/3 = 20 pips
My Entry Price is 144.05;
Therefore my Stop Loss will be 144.05 minus 0.20 (ie 20 pips) = 143.85
As a matter of info, the Fibonacci Ratio of 23.6 level is 143.65; So at 143.85 (my Stop Loss level I would be out of the market already). I would have saved losing another 20 pips if I were to wait for prices to go down to the 23.6 support level (which was also the breakout level).
If there is anything you still feel you do not understand, feel free to drop you in a note in this forum so that other readers/users of GET can also benefit from this discussion.
Kenneth
Thanks for detailed information kenneth. Really appreciate your prompt response. How do we know it is wave 3 in formation? GET still did not mark them as wave 1 and wave 2. Is GET usually late marking those wave counts? So we could see them either marked as ABC or Wave 1 and wave 2 completed and wave 3 formation marked after few more days?
In GET, it is actually quite straightforward. When we see a Wave 5 DOWN completed, prices will go up whether it is an ABC or a Wave 3 Up. I have nothing to lose because it is going to go up. If it subsequently turns out to be an ABC, man, I have already made my money and already out of the market. So it does not do me any financial damage at all. That is the logic when I enter the trade. On the other hand, if it is going to be a Wave 3 Up, then I can continue to Buy long as Wave 3 will be the longest wave. Nothing to lose. Either way I will turn out to be the winner.
I totally understand the logic here and agree with you but there is still something confusing me. After wave 5 has been marked, it went up for few days. lets assume the high that was formed after few days up was wave 1. Then it started to go down for few days and lets say we mark the low as wave 2 and after that up and down it started to go up again. Lets assume this up is the wave 3 up. You entered on the second day of the up which was assumed wave 3 or wave c if it turned out to be ABC correction. BUT what if the down path continued on the second day after the first day up? what if the first day up was just a retrace? That is a possibility right? May I know what was your thinking at that time?
Did you think its the second day the candle is going up so it can't be retrace and it must be either wave 3 up formation or wave c up formation? How confident were you that the trade is likely to go up? I know experience played major part in this. If you could post your experience what was going through your mind that would help us as well.
Extract from FormulaOneFan:
"Did you think its the second day the candle is going up so it can't be retrace and it must be either wave 3 up formation or wave c up formation? How confident were you that the trade is likely to go up? I know experience played major part in this. If you could post your experience what was going through your mind that would help us as well.
How confident am I that it is likely to go up. Codybear has given the answer. Prices broke through the FR of 23.6 - that was when I entered the trade. If there is no breakout, there will be no trades.
What happens if it goes down after I placed my order. I am protected by my Stop Loss of 20 pips from my Entry Price - no big deal to lose the 20 pips.
Again, Fibonacci ratios are a great tool here. An understanding of how FR works and their behavior are vital to know.
Kenneth