My Forex Prediction using Advanced GET - page 71
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Hello, bubble:
Good to hear from you giving more details on your chart.
From your writing, I have no doubt you are knowledgeable in Elliott Wave Principles and Elliott Wave charting.
I am a follower of Elliott Wave Principles and I am interested in any thread that touches on Elliott Wave irrespective whether the charts are generated using GET, Elwave or any other sources or manner.
I notice in this forum, at present there are only 2 threads on Elliott Wave charting ie:
1) One started by serulink using Advanced Get and now taken over by Kenneth since serulink has abandoned this thread.
2) A new thread started recently by GreatYves in Harmonic Trading – Modern Elliott Wave trading using Elwave.
I see you also as an “expert” in Elliott Wave Principles and charting; can I suggest why won’t you also start a NEW THREAD in Harmonic Trading on your existing way of charting Elliott Wave charts and making predictions, otherwise it is all talk and nothing for readers to follow.
You can be sure I shall be one of the first readers of your new thread, so that we can have 3 different threads with 3 different approaches. It will definitely enrich readers knowledge of Elliott Wave Principles and charting.
I hope my request to you, bubble, is reasonable and not demanding.
Joe44My thread on Elwave is more a sub product of Kenneth thread since i wanted to make a forward test to validate on a long run the usage of Elwave as being a a good trading tool, but either a bug, or inconsistencies in elwave wave counts had lead us to unsatisfactory results. Not being a registred user myself, and insatisfaction by those who have subscribed to a trial version regarding support from prognosis is also posing problems.
Most of the trades i have been taking based on elwave have either been profitable or closed at break even. I had some loosing weeks but overall was profitable. But my final conclusion is that I personnaly don't need it to be profitable, my knowledge of Fibonacci trading paired with good trend identification is good enough for consistent profit. Over this period of time i have also acquire more discipline and i am taking trade based on H4/Daily charts instead of M15-H1 charts, witch have taken off a load of stress and most importantly i am being as much profitable then ever. I even funded my live account and had a first week with un-risky 6.7% profit.
I haven't wait to quadruple my 3 demo account as i said i would do. But i made 115%, 65%, and 45%, since July. Trading a small live account should prove more difficult, but it's a necessary step towards my goal.
Off topic, but that 225 pips spike down on gbpyen and other pairs, was this just another stop loss hunt party while liquidity was low? In this case we should resume to the up side? What else could had happen? 101 years old CIT bank filling for bankruptcy, could it be it?
These are two M5 charts for GBPJPY which closed on Friday, Oct 30, 2009. Both are preferred counts (not alternate counts) and the differences in Wave Counts are so evident. It is puzzling, mind disturbing and creates confusion for the user.
Later I will try and explain what could be the cause of this and how we should dig deeper to find the source of the problem.
KennethThe forex market is a fragmented market with forex brokers spread all over the globe, and because the market is unregulated, each forex broker is able to offer their own bids and quotes and spreads to the public within a highly competitive environment.
Very often, we find no two forex brokers will be offering the same rates. Even foreign exchange money changers in different locations do not offer the same exchange rates.
If Mr A is using Broker X and Mr B is using Broker Y with two different sets of quotes, their Price History will be different.
On the other hand, if both Mr. A and Mr. B are using the same broker X, their Price History will be the same.
Therefore with 2 different brokers and 2 different Price Histories, would you expect both charts to show the same Wave Counts. Unlikely and this gives rise to the impression that the same Elwave software (albeit different versions) are giving different answers.
If 2 users using the same Price History file produce different results, then the problem does indeed lie with the software.
Readers of this thread can refer to my answer in Harmony Trading forum under Modern Elliott Wave Trading using Elwave whereby a reader using the same price history file for gbpjpy as I am using has confirmed that his wave counts do tie up nicely with that of GreatYves. Another reader has also confirm that his wave counts for this pair also tie up with mine though I am using 6.2 ver and he uses a 9.1 series.
Readers are invited to go over to the above thread to read more about it.
Thanks for your interest.
Kenneth
Hello, Kenneth:
I want to thank you for your lessons on Sat and Sun, teaching us when to place our Entry Orders ie upon completion of waves 2 or 4.
I have just opened a demo account with fxdd, and after revising what you have taught us, tonight I applied what I have learned.
I short EURJPY when it finished its wave 4 on a 1 minute chart and have closed my trade for a gain of 25 pips. As this is my first trade, I am very excited about it. I want to continue practicing on the demo account your elliott wave techniques and see how well it goes before opening a live account.
I am giving below 1) the 1 min chart showing wave 4 at 132.34 on finishing and my order was at 132.31 and 2) the MT4 1 min chart and my first profit.
Thank you once again, Kenneth.
Joe44
Hello, Kenneth:
I want to thank you for your lessons on Sat and Sun, teaching us when to place our Entry Orders ie upon completion of waves 2 or 4.
I have just opened a demo account with fxdd, and after revising what you have taught us, tonight I applied what I have learned.
I short EURJPY when it finished its wave 4 on a 1 minute chart and have closed my trade for a gain of 25 pips. As this is my first trade, I am very excited about it. I want to continue practicing on the demo account your elliott wave techniques and see how well it goes before opening a live account.
I am giving below 1) the 1 min chart showing wave 4 at 132.34 on finishing and my order was at 132.31 and 2) the MT4 1 min chart and my first profit.
Thank you once again, Kenneth.
Joe44sorry, forgot to put the images.
Attached are the EW charts for our 5 currency pairs.
There is not much change in the Wave Counts.
EURJPY: Chart-wise, prices are likely to move up towards Wave [A] level. Aggressive traders can Buy into Wave [C].
EURUSD: This is turning Bearish as prices have now moved BELOW the 10 and 30d MA and more bearish candlesticks are appearing. Give it an Bearish Engulfing Bar and it will be ripe for shorting.
GBPJPY: This pair is getting tricky to trade for day trading. Although its Primary Trend is down moving towards Primary Wave [5]. During the day, it can swing from one end to the other and vice versa. I am Staying Aside for the moment.
The spread is around 10 pips and if your Stop Loss is 20 pips, it can be easily triggered as price movements for this pair are rather fast.
GBPUSD: Primary Wave [3] is gradually edging up. I am monitoring this pair closely for further improvement in sentiment before going in for a Buy.
USDJPY: Wave [C] has completed the first ABC wave count, and will be heading down. I am staying aside.
General: The only 2 pairs I am interested are EURJPY and GBPUSD and will be watching closely before moving in.
Lately I have turned cautious. During last month, a look at the chart patterns I can straightaway know whether there is a trading opportunity but these are harder to come by. Where in doubt, stay out – that is the motto.
Kenneth
(PS: The XP partition of my laptop has crashed and I am unable to use my Elwave 6.2 for a while until this problem is resolved.)
Too bad for your XP partition! I am now a Win7 lover! I strongly recommend it!
You are right about gbpjpy. I got stop 3 times on it since the start of the week. Now i go with my system that show me the short side, but it don't feel good..
The growing rumor of a sell off in stocks is hard to ignore. I wonder if the US and JPY would go up again in case of a panic sell off like last year. We could be in for another wild ride. But is another scenario possible? Could investors put their money into European bonds instead of the usual US bonds? We never know what would be the outcome of a panicked herd looking for a safe heaven. I wonder what the opinions of are readers on this mater.
Towards the evening (Malaysian time) I BOUGHT EURJPY at 133.90 and SOLD at 134.28 making a gain of 38 pips or US$417.00 within 2 hours 32 minutes.
Attached are the details of the transaction.
As mentioned in my morning's posting, EURJPY's Primary Wave [C] is moving up towards the level of Wave [A].
Kenneth
Hello, Kenneth:
I want to thank you for your lessons on Sat and Sun, teaching us when to place our Entry Orders ie upon completion of waves 2 or 4.
I have just opened a demo account with fxdd, and after revising what you have taught us, tonight I applied what I have learned.
I short EURJPY when it finished its wave 4 on a 1 minute chart and have closed my trade for a gain of 25 pips. As this is my first trade, I am very excited about it. I want to continue practicing on the demo account your elliott wave techniques and see how well it goes before opening a live account.
I am giving below 1) the 1 min chart showing wave 4 at 132.34 on finishing and my order was at 132.31 and 2) the MT4 1 min chart and my first profit.
Thank you once again, Kenneth.
Joe44Hi, Joe44:
I am glad to learn your first attempt in day trading (although on a demo account) was an ideal hit by applying the Elliott Wave trading techniques you have learned from this forum.
I notice from your chart that (1) you entered at the completion of Wave 4, (2) you are using a vey fast time frame of 1 min and (3) you are also using Fibonacci ratio to assist you.
I wish you continued success in your demo practice on Elliott Wave trading techniques and that at some point in future you will share with us your trading experience, both success and failures, so that we can learn together.
Regards
Kenneth