My Forex Prediction using Advanced GET - page 68
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Many thanks GreatYves.
I did the short, got 10 pips in minus, got remorse, got break even and got out. Then euryen felt down.. As usual.
Attached are the charts for 4 currency pairs with GBPJPY out of action. Later I will post the Elwave chart for GBPJPY.
EURJPY: Prices have not been able to break through 139.08 and the upward trend has been thwarted with Stochastics continuing to move down and 2 Bearish candles have now appeared.
Looks like it is going into a CORRECTIVE mode ABC heading for - 4 - target level of retracement.
So I am Staying Aside.
EURUSD: Although still showing Primary Wave [5] Up, it is losing more steam now as 3 Bearish candles have appeared and prices have now gone below the 10d MA and moving towards 30d MA. Stochastics are not helpful also.
Position Traders should be closing their trades and Bears would be advised to wait a little longer before shorting. Let the downtrend be established first.
According to Elliott Wave Theory, there are 8 Waves with the 1-2-3-4-5 Primary Waves completed, we should be seeing A-B-C waves.
Let's see how the waves unfold.
GBPUSD: This has entirely turned around. A few days ago, it was Primary Wave [3] Down, now it has become Primary Wave [3] Up.
It shows Wave Counts can change easily as market conditions change.
The PTI is not strong enough at 25 and prices are now only slightly above the previous price channel and at bottom of current up price channel. I will wait for the position to be clearer before I do any Buying.
USDJPY: The longer term is bullish but for the short term it may be retracing a little before it resumes its upward path - then we can be Bulls.
Take it easy, guys
Kenneth
Attached is the EW chart for GBPJPY which at last managed to update.
It shows it is PRIMARY WAVE [5] DOWN in formation, and should be a potential for SHORTING.
Kenneth
Attached is the EW chart for GBPJPY which at last managed to update.
It shows it is PRIMARY WAVE [5] DOWN in formation, and should be a potential for SHORTING.
KennethKenneth, come read my thread, we managed to set Elwave in real time. No plugin needed. But just one pair at the time.
Kenneth, come read my thread, we managed to set Elwave in real time. No plugin needed. But just one pair at the time.
Congratulations, GreatYves. That is really great and it will be a wonderful and learning experience for me to see in realtime how price changes will impact the Wave Counts in the lower Wave Degrees.
I want to test out the "concepts of Elliott Waves" in making my entries at the Waves 2 and 4 levels with Elwave as I hardly find it possible to do so with GET.
To be able to get in/out at/near end/top of a trend is every trader's dream.
I assume this realtime will be ready by tomorrow Oct 29.
Thanks. I will certainly go over to your thread.
Kenneth
Attached are the EW charts from GET for the 5 currency pairs including GBPJPY.
EURJPY: Despite this pair fell sharply yesterday, it is NOT in a bear trend as its OVERALL DIRECTION is still Primary Wave [3] Up.
It is merely going into RETRACEMENT ie Primary Wave [4] heading for Fibonacci Ratio of 61.8 ie 132.90;
My practice is to STAY AWAY from Corrective mode as the chart pattern is NOT a bear pattern.
EURUSD: We have 4 straight days of bearish candles, and should be convincing enough to say Primary Wave [5} Up is over. It will be going into a SHARP CORRECTIVE mode as it is already doing so.
Unfortunately for me, I STAY ASIDE in this phase though others may view it as an opportunity to short.
GBPJPY: Resumption of downtrend PRIMARY WAVE [5] has begun heading towards BELOW Wave [3].
So, this pair will be a good SHORT. Hopefully, readers will by now know when to place their Sell orders.
GBPUSD: Although the chart shows it is in PRIMARY WAVE [3] UP, however the technical signs are NOT strong enough to say the trend is firmly established.
So, the sensible thing to do is to wait for a few more daily bars BEFORE we take any action.
USDJPY: Very likely it is heading for FR 0.618 ie 90.15 before it will resume its upward trend. I shall be STAYING ASIDE.
General: The only pair that is of interest to me is GBPJPY. On a particular day, no one can say with certainty which way it will go. PATIENCE and wait and wait to make sure that it is indeed going down, then we make our move like a crouching cheetah.
Good Trading
Kenneth
I will be watching EURUSD at these 3 levels (1.4660-1.4685, 1.4580, 1.4400-1.4415). Price action in these areas will be my trigger
Attached is a chart for GBPJPY from Elwave which also shows this pair is in a downtrend.
I short this pair this morning at 148.42 and closed at 147.92 making a gain of 50 pips or US$552.36 within 25 minutes. This is also one of fastest time span a trade has been closed as a day trader.
Kenneth
Today I did 2 trades ie GBPJPY and and USDJPY and made a total gain of 81 pips or US$895.00;
Attached is a file containing the transactions.
The trades were made using the principles of Elliott Waves we have been presenting to readers during the last few days - how to use Waves 2 and 4 as our Entry Points.
As a day trader, I continue to use GET eod DAILY and now I started to use Elwave 30 min charts to pinpoint the Entry levels.
General: During the first 3 days of this week from Mon to Wed, I did NOT do any transactions but waited and waited until the opportunities were spotted today, then we made our moves.
Later I will attach the EW charts so that you can take note of our Entry Points.
Kenneth
These are the Elwave charts used to assist in making my Entries:-
GBPJPY: A 30 min Elwave chart was used. It was displaying that Minute Wave iv has been completed and it was on its way down to Minute Wave v.
Attached is the Elwave m30 chart. From the chart, you will observe that there were 5 consecutive Negatives with 5 consecutive Downs in parallel. The interpretation is that all the Wave Degrees IN THE M30 chart starting from Cycle right to Minute were all pointing down.
USDJPY: Here I have used Elwave Daily chart which was showing Intermediate Wave (4) has been completed and is on its way to Intermediate Wave (5) Down.
Attached is the Elwave D1 chart.
General: As readers may be aware, I use both GET and ELWAVE to complement/supplement one another to confirm the direction of the currency pair and the Entry Points. And over time, they are like the right hand and the left hand for me.
Kenneth