My Forex Prediction using Advanced GET - page 32
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Buying dip in an up trend or selling rally in a down trend is not completely chaotic. It is to my knowledge the best way to obtain higher then 50% accuracy in trading. But this is only half the equation. The exit is more difficult to pin point, since any pull back bring the trader in a state of fear and makes him get out the trade too early. For long this was my problem. Being able to hold on to a trade until optimal target is the answer to being a profitable trader. Now what time frame to trade is another part of the puzzle i have not yet been able to answer. It is the time frame we fell the most comfortable trading in. It also depends on the spread paid, the leverage, the trading method used, and the ability the trader can distill all these parameter into a comfortable way to trade. This had become a very difficult task because of my lifestyle. I am a married father of two with a demanding job that live in the EST so i am sleeping during 2nd half of asian and the European session (too bad) and i am working during the new-york session. Any trading system that does fit this lifestyle have to be excluded. So this exclude any kind of scalping. So i have to swing trade taking on trade during the first half of Asian session. Fixed target i need to take. But what can be hard is coming back home from work and see that your 100 pips target have been missed by a few pips and that you trade is now in the red. This happened to me more too often. Trailing stop does not work better.
Elliot wave trading was always something to consider since it let me trade the way i needed with fixed Stop and Target. It does not always work but it seems to beet the odds. The problem with Elliot Wave is that put 12 Elliotician in a room and none will come out with the same wave count. But apparently this is Okay! As long as the count is consistent, the odds of accuracy is positive. An Elliot wave software is a tool that greatly help keeping consistent since it is not affected by emotions and count the waves always the same way.
Kenneth have introduced me to Elwave witch is an Elliot Wave tools that i am learning to rely upon with already very interesting results on my account, efficiently being able to identify high risk/reward setups.
In order of keeping the focus on elwave, I am starting a new thread where i want the main subject being Elwave related. I will come back in this thread regularly to follow Kenneth very entertaining and educative post but i feel it is better to specialized a thread on Elwave.
My new thread is call Modern Elliot wave using Elwave and is located in the Harmonic trading forum.
PS. Oh, oh. Could not attach a csv file. Readers, what shall I do now?
Compress it with winzip or winrar.
Compress it with winzip or winrar.
You have previously taught me this. I have made two attempts this morning but failed. Error message came up to say "Sorry, rar file cannot be created."
Sorry, Readers, nothing much I can do. The idea is you need to have a Trading Journal of your trades to enable you to study them. You will find it a source of help to improve your performance.
Since this morning's trading, some changes have taken place, and attached are the updated charts for above.
Note the comments and the new direction of the arrows and price channels.
Kenneth
Hi, Guys:
Today I am SHORTING both EURJPY and GBPJPY.
No EW Charts for today, as I am still using yesterday's afternoon chart that I have posted.
Enjoy your trading
Kenneth
Morning, Guys:
Attached are the EW charts for EURJPY, GBPJPY and GBPUSD.
They are all heading south. I shall be SHORTING these 3 currency pairs.again today.
Yesterday, EURJPY Open to Low hit 161 pips and GBPJPY Open to Low hit 175 pips.
I shall wait for awhile first. There is a time to wait and a time to act.
Shall keep readers updated.
Kenneth
Hi, Guys:
While waiting to short GBPUSD and GBPJPY, I was monitoring their price movements, and observed that it was going to retrace upwards.
So I bought these two currency pairs, and within 1 hour I made a gain of US$600.00; Attached is the doc file to show the transactions.
I am still waiting to SHORT these two currency pairs as the major direction is still down.
Kenneth