My Forex Prediction using Advanced GET - page 81
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I came to the conclusion that Elliott Wave Principles give me greater headache to learn. I am going back to the basic indicators like what evmeida_id said. Thanks any way, gentlemen, for the help you have given to readers like me.
Elliott wave is a complex subject as i said before i believe it was meant to look that way but infact it is really quite a simple method of trading when we actually take all the nonsense out of it ,stop believing in forecasts and trying to find out which wave of which wave the price is in , step back take a deep breath and look at the basic concept of waves subdividing as originaly put forward by dow and later totally corrupted by elliott.
Whatever you do i hope you at least use the basic wave concept as this is the framework behind all technical analysis ,without it the other choice is system trading and lets face it a monkey could be trained to buy and sell when the indicators flash green, red blue ,pink etc.
bubble
Hi, everybody:
I just became a member today and although I am new to forex trading, I have been trading the HK stock market for 5 years using Moving Averages and a few other momentum indicators. They work well for me. Whether it works with forex market or not, I do not know but I am going to give it a try on demo account first.
But like Joe44, I want to see what other ways experienced forex traders are using and how well their approach works.
Even before I became a member, as a guest I have been visiting various threads in this forum and this thread is rather lively with many contributions from experienced forex traders. The discussions etc. are very enlightening.
You do not need to have a headache, Joe44, (which I am sorry to hear that). All that is needed is to ask the experienced forex traders just 4 simple questions – that’s all:
Tomorrow morning we will be able to do trading. Simple questions to ask:-
1. What Currency Pair to trade for tomorrow – Mon Nov 23, 2009
2. At what Quote to enter
3. Will it be a Buy or a Sell?
4. What is the Target Profit, the Stop Loss.
You don’t even need to have any charts from anyone. No need to know wave counts and wave labels – why bother with them like someone said. No explanations for the recommendation are even needed. Just help your readers to make some money first. We can always learn later how to fish ourselves and if necessary, pay and learn.
It looks to me the most experienced trader is Bubble and I am impressed with his method.
Will you be able to do the above for us, Mr Bubble? – please.
Thanks
BrianWelcome to tsd ,
QUOTE""Tomorrow morning we will be able to do trading. Simple questions to ask:-
1. What Currency Pair to trade for tomorrow – Mon Nov 23, 2009
2. At what Quote to enter
3. Will it be a Buy or a Sell?
4. What is the Target Profit, the Stop Loss.""
this bring us back to forecasting again , lets leave the forecasting to the ladies with the crystal ball at the fair and make it simple to trade by following the price ,if the price is trending we look to buy/sell if trend trading is your style etc.
My recomendation would be to choose one currency pair to follow ,on one timeframe as your base ,it may or it may not give a signal according to your preferred style of trading at any particular time of the day or night ,if it means not taking a trade on any given day because nothing was signaled thats trading.
eg.
Lets say i trade the eurusd on the 60 minute timeframe and the price is in an uptrend , i would be waiting for a retracement to join the trend , how do i know if it is going to retrace so i can give a recommendation ?
Then when it does retrace how do i know the point of entry before the price shows me the level to enter?
Then lets say im in the trade ,how do i know before hand where the trend swing is going to end before it ends, the only thing i know for sure is when i see it end.
bubble
Full example
Take a look at these charts as an example of the full process,the chart is of the chfjpy.
Lets say i trade from the 60 minute chart as my base timeframe and im a primary trend trader ,the primary trend is composed of the intermediate waves that i have marked on the first chart in cyan , no labels no 12345 s etc not necessary as all im interested in is the intermediate retracement so that i can then try and gain entry into the trend , before i do that i need to take a look at the whole primary trend on the 240 timeframe or one degree up , i have labelled the higher timeframes intermediate waves in orange , so what does the 240 tell us , first there is no primary down trend ,that would of been better but its a single intermediate wave that is trending because i know the intrernal structure contains a trend because i can see it on the 60 minute so at least im trading a primary 60 min trend within a higher degree intermediate wave and im going in the right direction.
Next i need to fine tune my entry so i will go to a lower degree chart to follow the intermediate retracement , i know that all waves have waves inside them so this i can use to my advantage , you a can see the intermediate retracement still in cyan and im waiting for a new trend down to begin as signalled by the 123 that i have marked in red.
As you can see the price went down to make a new low as a trend should if its going to continue.
bubble
Do you subscribe to their Currency specialty service? I am looking everywhere on the net in hope to find their charts, the 200$/mo for basic daily eur$, $jpy and $index charts is still to much for me, but if i could found somebody to split the cost i would considerate it seriously. At least for a couple months, then if i found it profitable i would fully subscribe to it but for the moment it's out of my possibility.
I am seriously considering it. THis is how I look at it. $200 is worth paying if you can get back atleast $200 back in that month. Cause you will be recovering the money back and get so much knowledge in doing a correct wave count. I am sure there will be atleast one wave 3 in that month to cover it (assuming we want to avoid trading corrections). If I cant get $200/month trading, with the additional benefit of knowledge of the best minds at EWI, then there is no point in me trading at all! What hope do I have of trading and making money on my own then??
These guys are the best in the business and worth following their thought process and the way they approach the markets. I am giving myself another 2 months of study before going in for this. My idea is probably to stick with them for 3 months and by then we would not only get the knowlegde to do correct wave counts, but also the basis of their counts going forward ie if they have said a 5th wave has finished this month, that should form the basis for all our future counts.
I am seriously considering it. THis is how I look at it. $200 is worth paying if you can get back atleast $200 back in that month. Cause you will be recovering the money back and get so much knowledge in doing a correct wave count. I am sure there will be atleast one wave 3 in that month to cover it (assuming we want to avoid trading corrections). If I cant get $200/month trading, with the additional benefit of knowledge of the best minds at EWI, then there is no point in me trading at all! What hope do I have of trading and making money on my own then?? These guys are the best in the business and worth following their thought process and the way they approach the markets. I am giving myself another 2 months of study before going in for this. My idea is probably to stick with them for 3 months and by then we would not only get the knowlegde to do correct wave counts, but also the basis of their counts going forward ie if they have said a 5th wave has finished this month, that should form the basis for all our future counts.
Meanwhile i recommend this Mr. Caldaro freely available charts here.
charts
Meanwhile i recommend this Mr. Caldaro freely available charts here.
I have seen those charts before on stock charts and i must say they are impressive ,although i dont use the same labelling method its quite uncanny how the wave begin end points are near enough the same as with the method i use ,one point though , i was looking at the spx 6o minute chart for a comparison and it just did not make sense until i realised they have marked the 4 hour chart as the 60 minute ,strange too i was only reading tony caldaros web site the other day, anyway good luck with the charts , i think they will help a lot.
bubble
I have seen those charts before on stock charts and i must say they are impressive ,although i dont use the same labelling method its quite uncanny how the wave begin end points are near enough the same as with the method i use ,one point though , i was looking at the spx 6o minute chart for a comparison and it just did not make sense until i realised they have marked the 4 hour chart as the 60 minute ,strange too i was only reading tony caldaros web site the other day, anyway good luck with the charts , i think they will help a lot. bubble
They have a strange way of labeling the wave as a-b-a-b-a-b-a-b-c when unsure. Later on they label. See the $index.
Talking of the dollar index, the signals are getting mixed. I can read bullish as much of bearish views, and we are getting in the FOMC week, so i think i am gonna take it cool this week as there might be lot's of crazy action.
They have a strange way of labeling the wave as a-b-a-b-a-b-a-b-c when unsure. Later on they label. See the $index. Talking of the dollar index, the signals are getting mixed. I can read bullish as much of bearish views, and we are getting in the FOMC week, so i think i am gonna take it cool this week as there might be lot's of crazy action.
I have no idea at all about the labelling method used but then you know i dont use labels ,i find it more important to identify the beginning and end points of the waves and again im loathe to trade on forecasts as for the news i never take much notice of it .
bubble
Ok, this chart is off topic here, but it is still harmonic trading and worth a check... I was looking for a TL or any reason as to why gbpusd bottom at 6459, fiddling with zup indic, i came into this Andrew pitchfork. It can be random.