My Forex Prediction using Advanced GET - page 55
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Thanks for this GreatYves. I shall try and put this in a matrix. Might help in getting the whole concept in a single table.
As you can see, Fibonacci ratio's is the heart of Elliot Waves, To learn to trade with them is the first step to successfully understand Elliot wave. I would even said that you can successfully trade only with Fibonacci ratio's without ever labeling a single wave.
Later Elliot Wave become handy to identified trend and placing stops. But i trust more a clear 61.8 retracement bounce then any wave label...
A statistical study that I came across suggesting that fib ratios are over exaggerated and actually never subscribed to Ellioticians:
http://www.socionomics.org/pdf/EW_Fibo_Statistics.pdf
Would be great to have the views of those who are actively trading using Fib principle.
Please also see Goel's analysis, supporting Fib ratio's occurrences in markets.Ok, i noticed , by experience that fibo ratio DOES not apply to all instrument. And not all ratio's are equally usable. You will find many fibonacci ratio in forex specially in the majors, GBP USD and JPY. You will hardly find same relationship with other pairs. To convince you i invite you to read a thread, it is very lenghty but there is so many example of live trade that have been done with the fib ratio that i am very sure will make you an addept. It is call Fibonacci Tradingon ForexFactory forum. I warned you it is a very long thread. With a lot of day to day interactive trading but i think you may concentrate on only bobokus post and you will get the main idea. I myself have post many trade setup with fibo clusters wich have magically hit to the pip. The originator and personal mentor have turned commercial but was one of my trading buddy for a long time when i was hanging in a live chat room. He have waked me up to fibs as he have noticed the relationship of the 1.382 on the gbpusd after a 61.8-38.2 rejection. Good reading. I have more fibonacci base material i could share but you should start with this thread.
The problem with Bobokus method was for me trading the hourly. As i could not follow the market on this time frame, but i have tried hard, and lost health because of it. I have turned to JPY pairs witch i found work better on H4 chart and are less affected by news. Letting me breath in between trades. As i have already said, every one have to find their own style.
A statistical study that I came across suggesting that fib ratios are over exaggerated and actually never subscribed to Ellioticians:
http://www.socionomics.org/pdf/EW_Fibo_Statistics.pdf
Would be great to have the views of those who are actively trading using Fib principle.
Please also see Goel's analysis, supporting Fib ratio's occurrences in markets.I have read it and on the contrary Prechter suggest the Batchelor and Ramyar study is flawed and Prechter is using Goel analysis to confirmed Fibonacci ratios are significant. But what revelents is not that price does retrace to Fibonacci .236 .382 .500 .618 .786 ratios more then random with a 2.5% tolerance but that it extend to 1.272, 1.382 and 1.618 most of the time in the main trend direction. That's the trader's edge.
Great clarity in thinking Kenneth. It is this train of thinking that is most useful for beginner's like myself.
It is quite dangerous if Wave 1 is off the mark, for then all subsequent calculations will be wrong. And you are saying GET does that quite often!! Have to always keep this in mind.
One more question on the above: how can we know that EW OScillator for Wave 3 has not peaked?
Secondly, often the wave counts between Elwave and GET is different. If the Fib ratios that are used are the same, why should the counte be different? One way is if the starting point is different between the 2. But if they are the same and the counts are different, what is it that Elwave is doing that is fundamentally different to what GET does?
I guess the last question is quite theoretical in the sense that practical people will think 'As long it works I am happy'. But for me it is a bit unnerving. I still dont understand the basic concept behind Alternative Wave counts that are offered in Elwave.
Thanks in advance.This is an interestig question and mind provoking. What is in your mind has already been in my mind umpteen years ago. Raised the same questions as you did - only to myself. No one was around to help.
It will be another long answer. So, I keep it to Sat. Weekends are for such type of discussions while Weekdays my mind is on TRADING. Must make some money first - first things first.
Until then
Kenneth
Thanks for this GreatYves. I shall try and put this in a matrix. Might help in getting the whole concept in a single table.
That will be great, gann68uk. It will make my trading life "lighter" if these figures can be put into a matrix, so that at one glance i can see the entire relationships.
Man, good to have you around, gann68uk.
Kenneth
I have read it and on the contrary Prechter suggest the Batchelor and Ramyar study is flawed and Prechter is using Goel analysis to confirmed Fibonacci ratios are significant. But what revelents is not that price does retrace to Fibonacci .236 .382 .500 .618 .786 ratios more then random wittea 2.5% tolerance but that it extend to 1.272, 1.382 and 1.618 most of the time in the main trend direction. That's the trader's edge.
Hi, guys (GreatYvs and Gann68uk). The only name I know is Prechter, and when you talk of "Batchelor, Ramyar and Goel", it is like Greek to me. I must update myself, man - I am years behind.
Are you two guys doing a DOCTORATE in Fibonacci studies? hehehe. I have enough of studies - mind is on making money in forex and stock market. But good to know more if these studies can help in refining my existing "old-fashioned and out-of-date" techniques.
I love to listen to discussions. Any more forthcoming?
Kenneth
Hi, GreatYves:
Have you taken your dinner yet - it is 7:18 pm in your time zone.
I always knew in my mind from your postings that "there is so much you know that I do not know" and what I know you already know, and there is so much for me to know from someone who knows."
Here I go again with all these "knows" until I myself have a headache.
Not very often can be online with you due to time zone difference. I woke up early this mornng 6:30 am Malaysian time whilst NY it is 6:30 pm EST.
So, what do you do normally at weekends - hopefully not like me - looking at charts and writing my weekend postings. My wife was asking me: "don't you have better things to do?" Dare not say anything but just pretend did not hear her - hehehe.
Kenneth
Mr Kenneth and other traders:
The reason why EURUSD and EURJPY went up this morning is: after the G7 meeting, both the Dollar and the Yen weakened with the result the Euro went up (not because European countries are experiencing a faster recovery).
Joe