My Forex Prediction using Advanced GET - page 78
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As predicted gbpusd is under some corrective wave, it have broken under the 38.2 retracement, after a fail attempt to break the top (submicro B wave?) I still hope for 61.8 retracement to accomplish. But it seems to refuse to pass the 50% at the time of writing. I will extend my order a bit! See you tonight!
Apparently, missed the trade by a little 5 pips..! Can't win them all!
Ascending slope serve as support, My entry point is still valid, i will set it up again, a bit higher this time.
Attached are 2 charts displaying Primary Wave 3.
One is GBPUSD which continues to show PRIMARY WAVE 3 UP - BUY
The other is USDJPY which displays a PRIMARY WAVE 3 DOWN - SELL
This morning I have already bought GBPUSD at 1.6813.
Kenneth
Remember our focus from now onwards will be on PRIMARY WAVE 3 Elliott Wave patterns since it is the LONGEST and most profitable wave to trade.
The Second Point is this: In an ESTABLISHED UPTREND there will be MORE UP DAY BARS than Daily Down Bars and the reverse is true in a down trend.
Our focus today will still be the same as yesterday:-
GBPUSD – Primary Wave 3 UP – BUY
USDJPY – Primary Wave 3 DOWN – SELL
Yesterday I lost 15 pips on the GBPUSD since it did not go up but went down. That is why once you have entered a trade, you must monitor price movements closely and using whatever technical tools you have, when you see prices are NOT moving your way, close your trade and cut your loss early to minimize your loss.
Today I will still be going for a BUY on the GBPUSD but I shall not be entering so early as I did yesterday. The factor in my favor is THERE ARE MORE DAILY UP DAYS than Daily Down Days in a Primary Wave 3 Uptrend.
But I want to make sure it is going to be a WHITE DAILY BAR before I enter.
EW Charts: Today I am attaching 3 charts ie GBPUSD (Primary Wave 3 Up), USDJPY (Primary Wave 3 Down) and USDCHF as an example of a downtrend with more Red Daily Bars than White Daily Bars.
Enjoy your trading
Kenneth
At the time of posting, this pair is DOWN by 61 pips.
Although it is in Primary Wave 3 Up, for Day Trading it is NOT time to enter a BUY yet.
For Day Trading, I would not be buying low when the Daily Bar is DOWN.
Kenneth
Maybe you should of waited for wave 4 correction before buying Kenneth..see my posts..https://www.mql5.com/en/forum/174180
Gbpusd
Looks like get labelled the intermediate single wave up on the daily GBPUSD incorrectly , intermediate waves form the primary trend and minor waves form the intermediate waves ,so infact what get labelled as primary were merely minor waves forming the intermediate swing up.
Same as the USDJPY ,CLEARLY on the daily there are several intermediate down waves forming the primary trend , the waves inside the intermediate swings that form the primary trend are simply the minor waves that form the intermediate waves
bubble
Maybe you should of waited for wave 4 correction before buying Kenneth..see my posts..https://www.mql5.com/en/forum/174180
Thanks, Jonnydenver69. I will certainly have a look at your posts.
Regards
Kenneth
Looks like get labelled the intermediate single wave up on the daily GBPUSD incorrectly , intermediate waves form the primary trend and minor waves form the intermediate waves ,so infact what get labelled as primary were merely minor waves forming the intermediate swing up.
Same as the USDJPY ,CLEARLY on the daily there are several intermediate down waves forming the primary trend , the waves inside the intermediate swings that form the primary trend are simply the minor waves that form the intermediate waves
bubbleThanks, Bubble, for your comments on GET's labelling. Seems GET has its “peculiar” way of wave labelling.
Regards
Kenneth