My Forex Prediction using Advanced GET - page 92
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Hi, evryone
I'm from Bulgaria and I found this forum when I searched GET. Sorry for my bad english
. I attached 4 files with my own Elliot Wave labeling. I have knowledge about Elliot theory and I would like to compare my labeling whit this on Advanced GET. Is there anyone who want to help me?
Thanks
Volen
Trading Wave 3 with GET
Sorry for the late posting as I was kept busy at the office the whole morning.
Today there are 2 currency pairs which display a Wave 3 from GET:
These are:-
1. EURUSD – Wave 3 Down under Original, Aggressive and Short Term alternate wave counts and PIVOTS to support it.
2. USDCHF – Wave 3 Up also under Original, Aggressive and Short Term and PIVOTS to support it.
Attached is the file showing these 2 currency pairs.
Btw, thanks to FormulaOneFan for raising very piercing questions. I was also thinking of asking Kenneth what was his Stop Loss level and what role Fibonacci Ratios and Pivots had in his trade decision. And thank you, Kenneth, for the detailed answers which are very enlightening. I have also been guilty of focusing so much on Elliott Wave Counts and forget that Fibonacci Ratios provide the key to both Entry and Exit and the usefulness of Pivots in confirming the completion of a previous wave count.
Good Trading, guys
Joe
An Analysis Study of Joe's Trade on EURUSD
For this weekend, I would like to do an analysis study of Joe’s trade on EURUSD on Thu, Dec 17, 2009. This is of course with his consent.
Introduction:
On the morning of Thu, Dec 17, Joe posted GET charts for 2 currency pairs ie EURUSD and USDCHF both showing a Wave 3 with their PIVOT charts pointing in the same direction as their Wave Count.
At the same time, he pointed out that he had short EURUSD as it was displaying a Wave 3 Down and confirmed by its PIVOT chart.
Attached, for readers convenience, is the GET chart for EURUSD and its PIVOT chart.
Two interesting questions that we would like to study are:-
1. Of the 2 currency pairs EURUSD and USDCHF, why did Joe trade on EURUSD and not USDCHF as his funds enabled him to trade one currency pair only. On GET chartwise, both qualify as potential trades. In fact, I would have thought USDCHF, technically, was a better bet since it has 4 alternate wave counts to support it, whereas EURUSD has only 3 alternate wave counts to support it.
2. Were there any other Technical or Fundamental reasons for his choice?
The Second Question relates to his Timing Entry which is rather intriguing.
Entry Timing:
Two days earlier ie Dec 15, 2009, Tue, the EURUSD broke through its Fibonacci First Support Level of 1.4617 at Fibonacci ratio of 23.6; Any short sales to be done on that day will be when prices broke down this support level, as illustrated in our earlier case study of GBPJPY last weekend.
Two days later, on Thu, Dec 17, Joe entered his trade at 1.4514 (after the FR 23.6 has been broken).
If he was using a Breakout Strategy, his trade would only be done AFTER the Fibonacci Second Support Level of 38.2 has been broken.
The third chart in the doc file illustrates my point.
Q: What is his rationale or strategy in timing his entry?
Would any reader like to share his views on this? If we understand the logic, we will then have a Second Scenario whereby we can do our trades, thus increasing our trading opportunities.
Kenneth
Thanks, Joe
for me is fully enough to see what show GET's chart. If there isn't problem for you to attach charts in the future I will be gratefull. At this moment I'm reading a book, which I want to share whit you and evryone in this thread ofcourse. This is science research about Elliot Wave patterns. I thing it is useful.
Best wishes, VolenHi, Volen:
I am glad you find the GET charts helpful, and thanks for attached the eBook about Elliott Wave patterns. I am sure readers of this thread will be keen to read about it - at least I am. Anything about Elliott Wave, I shall be exited to know more.
Normally everyday I will post GET charts for Wave 3 currency pairs, as we are focusing our trades on this longest and most profitable Wave 3.
As a matter of fact, if you are interested to lay your hands on GET, do a Google search for "GET software". Once you have that software, I can show you how to load data into it, and you will be able to produce the GET charts for any currency pairs you want.
Have a good weekend.
Joe
(PS: I note you have also put up a post in Modern Elliott Wave Trading using Elwave. That is good. I am sure there will be members using that thread will help you in whatever way they can.)
Analysis of My Trade on EURUSD
Hello Kenneth, I honestly don't know what was his rationale behind entering the trade. Personally the fibo levels are not clear on the chart. Could you please tell us the reasons with some clear examples?
Hi, FormulaOneFan:
Later I shall be putting a post to explain the rationale behind my trade on EURUSD, so that reader users of GET will know what is in my mind when I decided to go for this pair.
I hope Kenneth will also share his views as he himself has also done a trade on this pair. I know Kenneth's style - he will let everyone of us to have our chance first to analyze the trade, then he will close it up with his views - hehehe (pardon me, Kenneth, for imitating your chuckle).
Joe