My Forex Prediction using Advanced GET - page 15
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Update No.1 BULL trend - Buy Low, Sell High (Not Buy High, Sell High)
When any currency pair is in a bullish Primary wave, the Buying rule is Buy Low (ie Buy on Dips and NOT Buy High) and Sell High.
So, when I normally buy on Opening Price, I am taking a risk as when yesterday's close went up, the assumption is for prices to continue higher the next morning - that is why many times I managed to close my positions in the morning and made some gains.
Ideally, it should be BUY ON DIPS enabling you to buy low and then Sell High. In this case, you use the Fibonacci retracement ratio to go down to around 61.8% to 78.6%, then you do your Buying. Of course, there is no guarantee that prices will not go down further. The Elliott Wave theory uses a lot of Fibonacci ratios to do its targets.
That is the theory of Buy on Dips in a bull trend.
The reverse applies to a bear trend - SELL ON RALLIES and don't do any buying even if prices are low.
Good Trading
Kenneth
Update No.2 Forex Market
There is a "dead silence" in the forex market which I do not like. Behind this seemingly quietness and calmness, traders are waiting and waiting for today's economic data releases.
By convention, half an hour before their release, activities will pick up one way or the other. If you are a momentum trader, you will be monitoring your favorite momentum indicators for the signals to act.
I am staying put where I am and watch the excitement as a spectator. I will only enter the picture when the uncertainty is cleared.
Good trading
Kenneth
Morning, Guys:
Attached are the EW charts for USDCAD and USDCHF, which I am SHORTING this morning.
My short-term profit target will be 30-60 pips with SL at 15-30 pips.
Shall update readers as and when there are significant developments.
Good trading
Kenneth
Update No.1 Tracking USDCAD
My Stop Loss of 30 pips for the USDCAD which I short this morning was triggered just a few minutes ago. On this currency pair I lost 30 pips. My TP was 60 pips.
That's trading.
Kenneth
Update No.2 Tracking USDCHF
Oops, my Stop Loss of 30 pips for this currency pair was also triggered a few minutes ago. My TP was 60 pips.
Despite all the EW charts point to a Primary downtrend, it just did not happen today.
So, today I lost a total of 60 pips equal to US$300.00; We must keep our bets that our loss in Dollar terms is 1-2% of our balance deposit.
I call it a day but I will continue to monitor the forex market until the economic news release comes out from USA.
Kenneth
Update No.3 Tracking the GBPUSD
I have always warned readers to avoid trading when you have some major news announcements to be made.
Events trading will create havoc upon release of the news. Poor Pound.
Kenneth
Let's fix your chart.
Dear Kenneth, i figure out why the candle on your chart looks weird. In Data Paths, select properties for ASCII, make sure that on the Format line you have Date-Skip-Open-High-Low-Close-Skip-Skip-Skip. (Select it with right mouse buttons.)
In date format put YYYY, MM, DD. It will look much better.
Then to upload a chart, do your Print Screen, then instead of Word use the basic Paint in Accessories, do a Paste, then use the Select tools to select a part of your chart, right click in it and do Copy to.. as a .GIF then name of the file you want to attach in your mail.
Dear Kenneth, i figure out why the candle on your chart looks weird. In Data Paths, select properties for ASCII, make sure that on the Format line you have Date-Skip-Open-High-Low-Close-Skip-Skip-Skip. (Select it with right mouse buttons.)
In date format put YYYY, MM, DD. It will look much better.
Then to upload a chart, do your Print Screen, then instead of Word use the basic Paint in Accessories, do a Paste, then use the Select tools to select a part of your chart, right click in it and do Copy to.. as a .GIF then name of the file you want to attach in your mail.
GreatYves, you are a darling. It is really great that you figured out the solution. I am going to try it out, and hopefully I can manage to do it like you have done so beautifully.
If I encounter any problem, I will communicate with you for further elaboration.
Thanks, mate.
Kenneth