My Forex Prediction using Advanced GET - page 34
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I am bored a bit too... I am looking at something new (to me) and interesting. Renko charts. But i guess you already know! I am trying to figure out how to trade with this. As there is not much explanation out there. It not time related. So i put up a chart with 100 pip box size, and another on with 10 pips box size. Trying to backtest it. Fiddling with box size. Any idea? Off topic i know.
Hi, Guys:
This is a follow-up to my earlier posting. To make myself busy today to avoid boredom, I did a bit of scalping – I did 9 trades and attached is a doc file to show the transactions:
Lost 3 times – a total of 63 pips averaging 20 pips per trade
Won 5 times – a total gain of 69 pips averaging 14 pips per trade??
Breakeven: Once
A Profit of US$82.00 (ayah, so little. Better than losing or nothing).
Most of my trades were centered on GBPJPY.
I was using 5 min chart to do my scalping with the help of Fibonacci ratios etc. I could not manage to hit my normal profit target of 30 pips. There was 1 Short trade which hit a gain of 29 pips but I was greedy, then later it slipped to 8 pips and I quickly close my position. Later it shot up. Fortunately I went LONG this time and closed with a gain.
The breakeven trade was bought at a high price, so when it broke even I quickly closed it. Hardly 1 minute later, it zoomed down.
You will notice I was first Selling, then the subsequent trade was Long, followed by a Short, and followed by a Long, bla, bla, bla. “What goes down will go up, and what goes up will come down and the cycle repeats itself”. It does not always work out that way. I was using Fibonacci Retracement to capture these turning points at 61.8% to 78.6% and a high of 1.618 to 2.618;
I am not suggesting that readers follow such aggressive style of trading – you can be asking for trouble, and trouble is what I do not want readers to get into.
I still have not finished my trading day yet. First I am going to have my siesta since I have closed all my trades, then I shall come back to the “forex casino table” again to test my luck.
Tomorrow I shall be using 15 min chart with FR to do my scalping to see whether I can enhance my profit margin. Of course, I have not forgotten the fact that the overall direction of GBPJPY is down according to Aget.
Kenneth
Morning, Guys:
Attached are the EW charts for EURUSD, EURJPY, GBPJPY, GBPUSD and USDJPY.
Fibonacci Time Forecast: In the EW chart for EURUSD, today I have added one additional feature which I have omitted to cover so far is the Fibonacci Time Forecast using the Fibonacci sequence.
This aspect of the Fibonacci mystery has often been left out in most EW charts. In theory, it should be part and parcel of the Fibonacci family. The purpose of this time studies is to identify the dates (as near as possible) to major changes in market direction, and in the case of EURUSD as a case study Sept 21 is forecasted as a timeline for the breakout of its present Consolidation phase.
Let us see how good Fibonacci Time Sequence is??
It is too tedious to draw these time lines for every currency pair; So, it will be done selectively.
EURJPY: Although here we have a Primary Wave 3 down, a subwave (up) is in formation. The short term Stochastics has hooked up above the 20 level. So, do not short this yet.
GBPJPY: Today, this can be SHORT.
GBPUSD: Today, this can also be SHORT as yesterday's candlestick has turned bearish and short term stochastics is weakening.
USDJPY: Stay Out as pattern is not clear cut.
General: Personally, I am going for the GBPJPY to short today.
Shall update readers as and when anything interesting to update.
Kenneth
Update No.1 Shorting GBPJPY
This morning I SHORT 2 lots of GBPJPY.
At time of writing, closed my position - made a gain of 96 pips totalling
US$1,034.00; Good enough for the day.
Switching over to our Malaysian stock market. Later shall post my transactions.
I shall call the day off.
Kenneth
Update No.1 Shorting GBPJPY
This morning I SHORT 2 lots of GBPJPY.
At time of writing, closed my position - made a gain of 96 pips totalling
US$1,034.00; Good enough for the day.
Switching over to our Malaysian stock market. Later shall post my transactions.
I shall call the day off.
KennethAttached is the doc file containing the 2 transactions.
In fact, the first transaction was done last nite and held over to today - let the market run its course.
The other transaction was done this morning.
Have a good day.
Kenneth
At what price will you buy euro? On break out or you wait for retracement?
At what price will you buy euro? On break out or you wait for retracement?
Neither. I bought after I have updated my charts. Went through all the 5 currency pairs, wrote my posting, then switch over to MT4, then Bought. Did not wait (which is my normal practice to wait). Normally I am not so much concerned about the price I bought especially when the Pacific market has opened not for long. If the market has been trading for several hours into the afternoon, then I shall be a bit careful with my timing.
I like what I saw in the charts especially (1) when there is a change in the wave structure and (2) having been in consolidation for so long, the EURUSD will be making its move.
This comes with experience.
I am now switching over to our Malaysian stock market.
Kenneth
Update No.1 - EURUSD and GBPUSD
I have closed my position for these 2 currency pairs, making a small gain of 27 pips or US$270.00;
The pace of the price movements is a bit too slow for my liking. When the pace picks up again, I shall be re-entering.
Money in the pocket (no matter how much) is better than money in the street.
Kenneth