My Forex Prediction using Advanced GET - page 44
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Attached is a file showing the 2 trades which I did on 09/24 Thu:
A) Short:
GBPJPY – Gain 48 pips or US$527.65 within 7 hours
EURUSD – Gain 47 pips or US$470.00 within 22 hours
Total – Gain 95 pips or US$997.65;
B) Technical reasons for the action:
Chartwise, the EW chart for GBPJPY is pointing downwards towards a Primary Wave 5 Down and a Sell Signal from GET.
Chartwise, the EURUSD is displaying weakness in its final Wave 5, and GET has given a Sell signal as a Type 2 Trade (meaning Wave 5 is over). The Stochastics (5-3-3) has hooked down below 80 level, and I still stand by Fibonacci Time Study that a Change in Direction is forthcoming around Sept 21-23; so I gave it one more day and it did go down on Sept 24 (probably for some fundamental reasons also).
Target Profit/Stop Loss: You will notice I did not put any TP or SL in my orders. I left it open, as I prefer a discretionary approach. If I were to put a Stop Loss in both orders even around 50-80, they would have been triggered. I am not suggesting you do the same, as you may not be as experienced as I am in trading and judgment.
See you guys later around 8:30 pm (NY - EST) when I will post the EW charts for Sept 25 and my perspective.
Kenneth
At the time of writing, the heat on these 3 currency pairs has cooled down a bit.
GBPJPY is now 150 pips down compared with 222 pips this morning.
GBPUSD is now 53 pips down compared with 142 pips this morning, and EURJPY is now 91 pips down compared with 133 pips.
Looking at the Daily bar charts from MT4, they still do NOT look good.
Once a BEAR trend is firmly established, forget about buying on dips. Better to sell on rallies.
I have not taken any positions today, as the "peak period of the falls" has passed me by. Whether this morning's low's will be penetrated or not, I do not know. So I am staying aside and watch.
Kenneth
Attached is the file containing our currency pairs for both Daily and Weekly.
Fundamentals:
This area was covered in my morning's posting. So we shall not go over again.
One point to add: Both fundamentals and technicals are supportive of one another, which adds credibility to the chart patterns.
Technicals:
There is no significant changes in both the Daily and Weekly charts. Things seem to have settled down to a more stable formation.
EURJPY: Both the Daily and the Weekly charts are pointing downwards in syn with one another.
EURUSD: Here we have a Primary Wave 5 in the Daily chart whilst the Weekly chart shows a Primary Wave 3.
The situation has NOT changed since last week, and my comments then still apply. After Daily Wave 5 has completed its correction phase, it will resume its upward path in line with the Weekly chart.
Normally, in such cases I stay aside. Where there are no clear-cuts, why waste my time figuring it out and putting my bets. Nevertheless, I must say the Weekly chart shows a good pattern and setup.
GBPJPY: Both the Daily and Weekly EW charts the Pound will still go down further. The fundamentals are there to back it.
GBPUSD: In the Daily chart, we have what it looks like a Head and Shoulders patterns or triple tops. This is a bearish pattern, and supported by the fact that the Weekly EW chart shows its Wave 5 is in formation.
USDJPY: Both the Daily and Weekly EW charts are showing Wave 5 for Daily and Wave 5 in progress for the Weekly charts.
This currency pair will be another case study for me on Fibonacci Time Studies to ascertain the closest Fibonacci date for Wave 5's completion. This will be posted once I have finished the study.
Personal Perspective:
In times of uncertainty regarding economic recovery, I shall be continuing to do shorting.
My order of preference (which readers will recognize now) is 1) GBPJPY, 2) GBPUSD, 3) EURJPY. Yet I am not emotionally attached to any of them. We trade as and when they form good tradeable setups including USDJPY and EURUSD.
The Pound has fallen too sharp and too fast especially Thu/Fri that we can expect some form of support.
Kenneth
Here what i found... Just crop the image and use it as an avatar. Plenty of other alike on google images..
Here what i found... Just crop the image and use it as an avatar. Plenty of other alike on google images..
hehehe. The photo is indeed cute. Should add these words "A crouching cheetah waiting for its currency pair".
Thanks, GreatYves, for taking the time and trouble to search for this picture and to post it. Nothing better than to laugh at oneself - it does not hurt others - hehehe.
Kenneth