My Forex Prediction using Advanced GET - page 40
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Stocks is another jungle i am just starting looking at the forest from far.. I still need to find a fictive account, my cousins use the phone to call his bank and makes his orders he get executed at the worst price of the day but he still profitable, and he use google finance to make his stock picking. I would like to find the better approach, i am still a baby in this.
As long as it is NOT Futures and NOT penny stocks and companies with lousy earnings, you will not experience the type of volatility that is in forex. It is these wild fluctuations in forex that triggered all the stop losses.
As long as you stick to companies with solid history of profitable business and potential earnings growth, and using Elwave or Advanced Get to look for Waves 2 and 4 to enter your trades upon their completion, you can make the money. And get out when you see Wave 5 completes.
The only disadvantage in trading individual company shares is you CANNOT short.
Anytime you need help in evaluating technically, just drop me an email.
It is now 11:30 pm (Malaysian time) and EST 11:30 am NY. I am going to sleep now. Good to chat with you even if it is for a short while.
Goodnite
Kenneth
Hello Kenneth,
I just came across this thread just today. Its great to see your predictions on forex here. If I can do anything to help you and provide more chart data from my trial version of elwave then please let me know and I will do my best.
Just a quick question: Is this prediction useful only for the week or can I apply it to daily as well? It looks like a weekly forecast so I may not be able to apply it daily. I do intra-day trading (spread betting) so have to close each trade by end of day. I will try short-term trading (i.e. have it open for 2-5 days) and see how it goes.
Please let me know whether i can get this to work on a daily basis.
cheers mate.
Kenneth, i have committed a USDJPY short. What are your view on this pair. (See my thread).
Kenneth, i have committed a USDJPY short. What are your view on this pair. (See my thread).
Yes, GreatYves, the USDJPY will be a good trade to short, especially when the Elwave shows 4 consecutive negatives and downs.
You must be prepared to hold it for a few days to get the most pips out of it.
Give me another 15 minutes or so, and I shall be going over to your thread. I have been busy this morning, and still has not taken my breakfast. Good thing Malaysia is also having 2 days public holidays for our local festivals of Hari Raya Puasa.
Regards
Kenneth
Morning, Guys:
Sorry for the late posting. Did some further studies especially now the GreatYves and FormulaOneFan can provide Elwave charts as additional aids for our trade decisions. Really appreciate their efforts.
There is no attachment of charts today, as yesterday (Sun) they were attached in our comparative study of Daily and Weekly charts.
There should be no doubts in our mind what we should be doing this week, as most of the currency pairs are pointing downwards, we should be Shorting them other than EURUSD which we will stay aside for the moment as it is entering a crucial forecast date of reversal.
FINE TUNING OUR ENTRY: Most commercial trading systems suggest that (1) the previous day's closing will be our Entry point OR (2) the opening price of today's market. With this approach, a trader will be taking a higher risk if (for whatever reason) prices go the other way and you must be prepared to cut your loss. If it turns out to be as per the EW chart, then you will be well rewarded. Normally, for the first half hour (at least in stock markets) it is seeking direction.
So a third approach will be to wait for a while (it can be a few minutes, half an hour or even more) – like a crouching cheetah waiting for its prey, then when it moves in the direction of the EW charts convincingly, then you do your entry. Your profit is less but you have a firmer trend in place.
INTRA-DAY: For intra-day traders, no matter where your entry is, it is subject to wild fluctuations WITHIN THE SAME DAY and all stop losses (of whatever size 20 to even 100) can be triggered. This is a risk you must bear in mind when you are doing intra-day trading.
POSITION TRADING: That is why EOD charts are intended more for position holding even if it means holding for a few days/weeks – don't talk about months – that becomes investing and you won't want to invest in forex – it is WRONG PLACE to invest.
Personal Perspective: My favorites are GBPUSD and GBPJPY to short even if it means to hold my position for a few days. And one more – USDJPY. Fundamentally, both the Pound and the Dollar are in a weak position and makes it technically attractive to short, also supported by charts.
At time of writing, the EURUSD has turned down. The others are in GREEN ie Up. In this case, I shall wait for them to turn DOWN first when the Pips to Open turns RED, then I short. We do not know how strong the Contra-Trend Up will be, so we need to monitor closely.
Kenneth
Hi, Guys:
After watching the screen for a few hours since this morning, finally I see EURUSD and GBPUSD moving down for the following reasons:-
GBPUSD as per EW chart, with Pips to Open 38 Pips down
EURUSD as per Time Studies forecast is going down with Pips to Open 38 pips Down.
I have therefore SHORT these two currency pairs.
No action was taken on the others as they are showing Contra-Trend Up. Best to short when the Pips to Open turns RED by about 30 or more pips. However for myself I will not be over-commiting myself.
Kenneth
Hi, Guys:
After watching the screen for a few hours since this morning, finally I see EURUSD and GBPUSD moving down for the following reasons:-
GBPUSD as per EW chart, with Pips to Open 38 Pips down
EURUSD as per Time Studies forecast is going down with Pips to Open 38 pips Down.
I have therefore SHORT these two currency pairs.
No action was taken on the others as they are showing Contra-Trend Up. Best to short when the Pips to Open turns RED by about 30 or more pips. However for myself I will not be over-commiting myself.
KennethSince writing the above, I have closed the trade for GBPUSD for a gain of 41 pips or US$410.00; This was a fast one as the momentum picked up.
EURUSD is outstanding.
Kenneth
Since writing the above, I have closed the trade for GBPUSD for a gain of 41 pips or US$410.00; This was a fast one as the momentum picked up.
EURUSD is outstanding.
Kennethhello kenneth, why have you closed? do you not expect it to go down further?
long usd
USD started going up finally...
eur/usd: key levels; SL:1.4700 and TP:1.4630
gbp/usd: SL:1.63 TP:1.6150