My Forex Prediction using Advanced GET - page 99
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Goodbye to 2009 and Welcome 2010.
One great attraction of forex trading is that whether times are good or bad, there are always opportunities for the proficient trader to make money. At any time, there will be currency pairs that go up and others that go down. So, a proficient trader can always find opportunities either to Buy Long or to Sell Short.
May this New Year provide us with the time and the opportunity to sharpen our trading skills to such a high level of proficiency that making money from forex markets is not a problem to us all.
Wishing you all a Happy and a Prosperous 2010.
Kenneth
GreatYves beat me to it
Anyway here is my take on it.
GET chart shows wave 5 down so trading any retracement (against the trend) over 50% fibo level is always a risk. It is not a good idea to do it.
The candle body did not close above the 50% fib level. Wait for the candle body to close above fibo level for continuation. It was just a wick that closed above 50% level.
22nd December didn't touch 50% level it closed just below that level.
So simple rules: Don't trade any retracement over 50% level until candle body is clearly well clear of fib levels. Even better don't trade anything over 50% fib level when it is contra-trend.
As anticipated market consolidating sideways in the form of a contracting triangle with breakout unknown.
AUDJPY and USDJPY
These two pairs continue to display they are in Wave 3 with at least 3 alternate wave counts.
I am still hanging on to my position on these 2 pairs as I am going to let the market run its full course on Wave 3.
At the same time I want to make another 2 orders on these 2 pairs for intray day purposes.
Would anyone like to suggest at what point would you think I shall be entering. I already have in mind the entry points using Fibonacci calculations since these 2 pairs are still maintaining their Wave 3.
Good Trading
Joe
(PS: Thanks, Kenneth, for your encouragement over the weekend. No matter how busy you are, do remember us at least during the weekends - hehehe).
These two pairs continue to display they are in Wave 3 with at least 3 alternate wave counts.
I am still hanging on to my position on these 2 pairs as I am going to let the market run its full course on Wave 3.
At the same time I want to make another 2 orders on these 2 pairs for intray day purposes.
Would anyone like to suggest at what point would you think I shall be entering. I already have in mind the entry points using Fibonacci calculations since these 2 pairs are still maintaining their Wave 3.
Good Trading
Joe
(PS: Thanks, Kenneth, for your encouragement over the weekend. No matter how busy you are, do remember us at least during the weekends - hehehe).On USDJPY case, i see it can easily go to 99.00 area whithin 4-5 weeks if we break strong resistance around 93.40-50 area. We'll see.