My Forex Prediction using Advanced GET - page 39
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I myself cannot also remember how I was able to send Private Mails (they called it PM).
I hope some readers can help you in this respect.
Meanwhile I shall email you at your email address. Glad to help you or any readers who want to know more about Get or Elwave or even Fibonacci Trader.
Regards
KennethClick on the poster user name on top of message, a menu will pop up...
Click on the poster user name on top of message, a menu will pop up...
Thanks, GreatYves, for coming forward to help. Great to have a guy like you around.
Kenneth
Usually how do I know when will the wave end or when the count becomes invalid?
Do you know other software that can calculate EW other than AdvanceGet?
thanks.GreatYves has given the answer.
Normally the count becomes invalid when one of EW rules is violated ie especially the support and resistance levels of the wave labels are penetrated.
There are 3 other commercial EW softwares other than Advanced Get. They are (1) Elwave, (2 MTPredictor and (3) Elliottician Refined Trader. The last one is by subscription and is even more sophisticated than Elwave.
I have practically used all these softwares for my stock market trading before I even come to know about forex.
Kenneth
It is always a good practice that during the weekends we do a review of both the forex market and compare the Daily and Weekly EW charts to see (1) what the economic scenarios are likely to be and their impact on the forex market and (2) what does this comparison show – are their directions in parallel or are they diverging.
Fundamentals: The stream of economic data during the week Sept 14 to Sept 20 had their different impacts on different currency pairs.
UK has always been a weak contender, and the last news of renewed banking concern caused the Pound to dive. Both GBPUSD and GBPJPY took a beating last Friday. A trend in place is assumed to continue its major direction until some “good solid” news come in to support. Will there be any???
Although there are some good economic data from US, the US Dollar was also not spared and hit fresh lows against Euro and Yen. And discouragingly, more commentaries are coming forward to say the dollar is becoming a “carry trade' financing currency. Then to make things worse, the dollar was further rattled by comments from former Fed. Reserve Chairman Greenspan.
Everytime I hear the phrase “carry trade” it sent shivers to my spine as I remember its impact not only on forex market but especially on world stock exchanges.
Technicals: Against such fundamental background, we now take a look at the EW charts to see what they tell us. Attached is a doc file containing both the Daily and Week EW chart patterns for the 5 currency pairs.
EURJPY: On a Daily basis, it is consolidating with the likelihood it is going down into a subwave C.The Weekly chart shows it is heading for Primary Wave 5 Down as prices have penetrated the lower price channel.
So both the charts are pointing to the same direction ie downwards.
EURUSD: Daily is in a “paradox”. The Oscillator is showing negative divergence, but the price channel is pointing upwards with a Primary Wave 5 and the short term Stochastics is remaining strong. So we will turn to the Weekly chart for the story.
This is interesting. The Weekly Chart shows EURUSD is still in its Primary Wave 3 UP, and a look at the chart tells me Wave 3 is NOT OVER yet.
This means even if the Daily chart turns down, it will retrace as per Fibonacci ratios. After that, it will RESUME ITS UPWARD PATH. This is chart-wsie. What about any backing from the fundamentals. If the “fear factor” generated by the reasons given under “Fundamentals” gets stronger, then there is every reason to accept that the technicals are also correct.
GBPJPY: Both the Daily and the Weekly are telling the same story – only one way ticket – and that is Down with the fundamentals supporting the trend.
GBPUSD: The Daily is in its complex Corrective formation of ABCs whilst the Weekly shows its Primary Wave 5 Down is in formation. Even if the Daily Correction is over, this currency pair is also likely to go Down for two reasons viz (1) supported by fundamentals and (2) the Weekly chart takes precedence over the Daily chart.
USDJPY: The Daily is already in Primary Wave 5 Down whilst the Weekly is Down but the Primary Wave 5 Label has NOT appeared yet.
This means USDJPY will also go down.
Personal Perspective: The above interpretations are my personal views and I take no responsibility in what you decide. The risk is always the trader's responsibility. That is what every disclaimer says.
Hope you will find this review helpful.
Kenneth
That's great, GreatYves. Your knowledge of Elliott Wave theory is growing every day by leaps and bounds, and your sharing of your knowledge is of tremendous help to our readers.
You will soon not only catch up with me but even pass me by and that is the time I shall be retiring from this thread, and you handle two babies - hehehe. Then I can relax and visit these threads.
Regards
KennethC'mon Kenneth! I simply have made some copy and paste. Your the reference. Stay here we need you! I could not be of much help. Now i am also turning a head toward American and Canadian stocks and options. Yesterday i discover one of my cousins who is a pro trader of stocks want to coach me in the fine art of stocks picking, so time is becoming scarce.
I simply wish to collaborate when i can, no more then that! If you leave this thread it's gonna die! By the way, if you like my thread better, your welcome to move your analysis in it. This thread starter is not even coming back.
C'mon Kenneth! I simply have made some copy and paste. Your the reference. Stay here we need you! I could not be of much help. Now i am also turning a head toward American and Canadian stocks and options. Yesterday i discover one of my cousins who is a pro trader of stocks want to coach me in the fine art of stocks picking, so time is becoming scarce. I simply wish to collaborate when i can, no more then that! If you leave this thread it's gonna die! By the way, if you like my thread better, your welcome to move your analysis in it. This thread starter is not even coming back.
Hi, GreatYves.
Glad to be able to get you online now. Difficult to chat with you on other days due to our time zone difference.
If you are interested in American/Canadian stocks, that is very good. In fact, just early this week I bought the Fibonacci Trader version 4 (eod) - I hate to go for real-time and I have been using it for our Malaysian stock market trading for the last 2 days. It was encouraging as I made some profit on 2 trades (closing my position with 3 days.) It is more than using Fibonacci ratios. It gives (1) the Price and Time projections with dates and (2) gives probability values as prices approach different levels (which they call Zones). From this I know what are my chances that I shall hit certain targets or not.
Frankly it is better to trade stock market (ie the individual company shares), not futures, using Daily charts - whether it is Advanced Get, Elwave, etc.
The Fibonacci Trader is not an Elliott Wave software. I like it because it has the Time Forecasts and the High Probability values.
If you have any American stocks you are interested, let me know and I do a chart for you, my friend, on the FT. It accesses directly from the Yahoo database (but it is not realtime). Give me a few names, let me plot and then email you. This software does NOT read csv files - most unfortunate. so cannot use in forex.
I still prefer to keep the threads separate, as they are on two different softwares, otherwise I can get confused sometimes and talk on the wrong software - hehe.
Kenneth
Hi, GreatYves.
Glad to be able to get you online now. Difficult to chat with you on other days due to our time zone difference.
If you are interested in American/Canadian stocks, that is very good. In fact, just early this week I bought the Fibonacci Trader version 4 (eod) - I hate to go for real-time and I have been using it for our Malaysian stock market trading for the last 2 days. It was encouraging as I made some profit on 2 trades (closing my position with 3 days.) It is more than using Fibonacci ratios. It gives (1) the Price and Time projections with dates and (2) gives probability values as prices approach different levels (which they call Zones). From this I know what are my chances that I shall hit certain targets or not.
Frankly it is better to trade stock market (ie the individual company shares), not futures, using Daily charts - whether it is Advanced Get, Elwave, etc.
The Fibonacci Trader is not an Elliott Wave software. I like it because it has the Time Forecasts and the High Probability values.
If you have any American stocks you are interested, let me know and I do a chart for you, my friend, on the FT. It accesses directly from the Yahoo database (but it is not realtime). Give me a few names, let me plot and then email you. This software does NOT read csv files - most unfortunate. so cannot use in forex.
I still prefer to keep the threads separate, as they are on two different softwares, otherwise I can get confused sometimes and talk on the wrong software - hehe.
KennethStocks is another jungle i am just starting looking at the forest from far.. I still need to find a fictive account, my cousins use the phone to call his bank and makes his orders he get executed at the worst price of the day but he still profitable, and he use google finance to make his stock picking. I would like to find the better approach, i am still a baby in this.