My Forex Prediction using Advanced GET - page 79
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Usdjpy
I really dont see the relevance of the statement you made about waiting for a couple of hours it really has no bearing whatsoever on how to trade .
Look at my chart and you will see the primary trend in orange as i explained to you before the primary down trend is formed by the intermediate swings ,marked in aqua , so the questions is how to we get into the primary downtrend safely do we wait 1 hour 2 hours or do we use our knowledge of elliott waves or dow theory ( dow theory is relevant to elliott wave theory as elliott based his theory on the findings of dow which came some years b4 elliott).
We know that intermediate swings subdivide into minor waves ,so after the intermediate retracement swing against the primary trend we can either wait for a minor trend to form (which i have marked in red) confirming the new intermediate wave down as trending and take the break into the minor trend of the intermediate wave (this option means a bigger stop) the other option is to drill down for a retracement after the break into the minor trend which would allow for a smaller stop.
bubble
I really dont see the relevance of the statement you made about waiting for a couple of hours it really has no bearing whatsoever on how to trade .
Look at my chart and you will see the primary trend in orange as i explained to you before the primary down trend is formed by the intermediate swings ,marked in aqua , so the questions is how to we get into the primary downtrend safely do we wait 1 hour 2 hours or do we use our knowledge of elliott waves or dow theory ( dow theory is relevant to elliott wave theory as elliott based his theory on the findings of dow which came some years b4 elliott).
We know that intermediate swings subdivide into minor waves ,so after the intermediate retracement swing against the primary trend we can either wait for a minor trend to form (which i have marked in red) confirming the new intermediate wave down as trending and take the break into the minor trend of the intermediate wave (this option means a bigger stop) the other option is to drill down for a retracement after the break into the minor trend which would allow for a smaller stop.
bubbleMr Bubble, based on your chart and comments on USDJPY, it is now at 88.96; Can I Sell NOW without waiting for a few hours like what you said earlier. And yet in your last para you say wait for a minor trend to form. Does not this waiting contradict one another!!
Hello, All:
I have some issues to raise:
1. With the inadequacies and problems of GET and Elwave, what is the point in putting up these charts by anyone everyday since they cannot be depended upon as their wave labels seem to be incorrect.
2. Can any one else please come forward to put up some “reliable” Elliott Wave charts and give us readers their Wave Counts and charts. Show the Wave Labels and more important, Can we Buy, Sell or Avoid Today!!! - not yesterday and no waiting for a few hours like what Mr. Bubble says. (Two persons I can think of that have also contributed from time to time to this thread on Elliott Wave are Mr Bubble and Mr Gann68uk.) Wonder whether they have the time to do this daily for readers of this forum and start a new thread for us to follow. It will be indeed great to hear from veteran Elliott Wave practitioners.
3. Mr jonnydenver69 has been putting up his Elliott Wave charts in .. What Really Works from One Professional. It seems he is using Elwave software, and I love to read them and wonder how he tackles the problem of inconsistency in Elwave as someone has put it.
4. I also hope Mr Kenneth will continue to post the GET charts despite its inadequacies, otherwise the moment you stop doing so, I think this thread can close down because every experienced trader and contributor will like to start their own threads instead of this thread.
Joe44I once tried to move kenneth out of this thread but it's like asking the mountain to move out. I respect his wish because he is very dedicated to his posting and i don't want to disturb him with this. I already started "Modern EW trading with Elwave" thread. But i propose a new Interactive trading EW thread. Kenneth start a fresh new thread: I propose: Elliot Wave interactive trading. If kenneth want to start it, Kenneth simply click this link, and insert the name of the new thread as the message title, it will let you create a new thread. Please.
Mr Bubble, based on your chart and comments on USDJPY, it is now at 88.96; Can I Sell NOW without waiting for a few hours like what you said earlier. And yet in your last para you say wait for a minor trend to form. Does not this waiting contradict one another!!
I think you miss understood my earlier post i was simply quoting the words of kenneth and no disrespect meant either , i was just making a point that waves exist at varying degrees and the whole point of elliott wave or waves is to take advantage of this fact and not simply make statements such as we should wait for 1 hour or 2 hours without specifying exactly what it is that we are waiting for within the context of elliot wave trading.
In the chart i posted you can see the minor trend (in red) of the intermediate wave , then minor wave 1 down then minor wave 2 up and then on the break of the low of minor wave 1 this confirmed the intermediate wave to be trending which is the point of entry for me at least @ 89.16.
Waves confirm each other at each degree by the vary nature of them constantly subdividing, so i hope you can see i was not advocating to wait for a few hours as that statement alone makes no sense.
As for the elwave software i think the inconcistencies arise due to several factors ,one being the starting point at which the wave count is taken from , i once tried the elliott analyser and quickly found that the counts came out different depending on the point i began the analysis from, so to counter this problem i only concentrate on new primary trends and their relationship to a higher timeframe so i can deferentiate between corrective /impulsive waves and the minor waves to confirm trends within the intermediate waves and for better entries ( by the way i dont use any elliott wave software ,i personally think elliott overcomplicated dows original theory which is excellent as it is).
bubble
I think you miss understood my earlier post i was simply quoting the words of kenneth and no disrespect meant either , i was just making a point that waves exist at varying degrees and the whole point of elliott wave or waves is to take advantage of this fact and not simply make statements such as we should wait for 1 hour or 2 hours without specifying exactly what it is that we are waiting for within the context of elliot wave trading.
In the chart i posted you can see the minor trend (in red) of the intermediate wave , then minor wave 1 down then minor wave 2 up and then on the break of the low of minor wave 1 this confirmed the intermediate wave to be trending which is the point of entry for me at least @ 89.16.
Waves confirm each other at each degree by the vary nature of them constantly subdividing, so i hope you can see i was not advocating to wait for a few hours as that statement alone makes no sense.
As for the elwave software i think the inconcistencies arise due to several factors ,one being the starting point at which the wave count is taken from , i once tried the elliott analyser and quickly found that the counts came out different depending on the point i began the analysis from, so to counter this problem i only concentrate on new primary trends and their relationship to a higher timeframe so i can deferentiate between corrective /impulsive waves and the minor waves to confirm trends within the intermediate waves and for better entries ( by the way i dont use any elliott wave software ,i personally think elliott overcomplicated dows original theory which is excellent as it is).
bubbleYou must view EW principle in it's simplest form. An impulsion, followed by a correction, stack them all together, and you get a trend, where are we located in this trend is what EW counting helping found out! But trends in forex world tends to change for many reasons like interest rates change, economic growth, geo-politics, capital flows, meteo, or whenever Bernanke sneeze. So this is why i personnaly have stop worrying about the Primary or SuperCycle but concentrate on the waves degrees of the near term like last couple of years. Staying aware of the major economic mostly country interest rates, but trying to ignore the rest witch is mostly noise.
So is wave labeling is important? I think what's important is to try to identify whether we are in wave 3 or 5 or 2/4/A-B-C of the wave degree related to the time frame you like to trade.
Bubble, your mtf_zigzag system is doing just this, it identify impulsive wave from corrective wave, labeling is just irrelevant.
By the way reader. Nice buy opportunity on the AUD/JPY carry trade.
Hummm... Another thing. I am VERY reluctant at shorting the USDJPY again. Remember when Japanese Finance Minister Hirohisa Fujii raised the prospect of currency market intervention. So i think that the 88.00 level is now a very dangerous level. I think it's a very special number for Japanese.
You must view EW principle in it's simplest form. An impulsion, followed by a correction, stack them all together, and you get a trend, where are we located in this trend is what EW counting helping found out! But trends in forex world tends to change for many reasons like interest rates change, economic growth, geo-politics, capital flows, meteo, or whenever Bernanke sneeze. So this is why i personnaly have stop worrying about the Primary or SuperCycle but concentrate on the waves degrees of the near term like last couple of years. Staying aware of the major economic mostly country interest rates, but trying to ignore the rest witch is mostly noise.
So is wave labeling is important? I think what's important is to try to identify whether we are in wave 3 or 5 or 2/4/A-B-C of the wave degree related to the time frame you like to trade.
Bubble, your mtf_zigzag system is doing just this, it identify impulsive wave from corrective wave, labeling is just irrelevant.
By the way reader. Nice buy opportunity on the AUD/JPY carry trade.Forecasting is the one thing i personally never do , lets face reality here and the fact is there is no one in the world who can forecast with 100% certainty where the price is going to go , ( and i dont mean 100% accuracy, just with 100% certainty), all we can do is follow the principles of market movement as you say impulsive corrective ,or trend countertrend, there in lay the clues and confirmations as to the direction only and not how far the price will go.
MTF_ZIGZAG LMAO ,, come on do you seriously believe that i use that.
The lines on the chart i draw manualy , they come from my own personal method of wave trading which has absolutely nothing to do with ziggy.
Looks like the AUDJPY is going south ,what were your reasons for giving a buy opp, i was looking at the daily ,i can see the primary trend , but the last leg up is a single intermediate swing up ,would prefer to see a break of that top before going long or even after this intermediate correction a new intermediate swing up being formed with a minor trend.
bubble