My Forex Prediction using Advanced GET - page 85
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Today the currency pair which is in Wave 3 DOWN is USDJPY in 3 of GET’s alternate wave counts – Original, Long Term and Aggressive.
Attached is the EW chart for this pair.
Two things users of Advanced Get need to take note:-
1. “Waiting for Confirmation” is a natural and integral part of any trading activity. At time of writing, the Pips to Open is 16 pips Up which is contra-trend against Wave 3 Down, you have to wait for the Pips to Open is DOWN by around 15-20 pips to confirm the TRREND FOR TODAY is in fact DOWN. Then you enter your Short order, not otherwise.
As I said before, NO ONE CAN TELL FOR CERTAINTY whether the market today is going to be Up or .Down. If he can do so, he would not be spending time in this forum. Would he/she?? This is a PROBABILITY GAME.
In all cases, remember you need to have a Stop Loss (I use it mentally). These normally are the support and resistance levels of the Pivot points of different levels – Primary, Major, Intermediate and Minor and your Wave Degrees – depends on you. Your R/R ratios will also help you to determine your Stop Loss in conjunction with these S&R levels.
2. As a Day Trader, you need to monitor closely the price movement of your trade. The dynamics of the market will determine the state of the waves. Even if a chart shows Wave 3 is in progress, it can turn into a Wave C. And when it does so, it is time to close your trade.
This was what happened to AUDJPY on Mon. The chart attached then showed it was pointing to a Wave 3 DOWN, but later in the course of the day, it lost its momentum and an update of the chart showed GET was changing the Wave 3 into a Wave C.
MARKETS ARE DYNAMIC, NOT STAGNANT. When it changes into a Wave C, close your trade. Although in the morning when I did my posting I intended to be a Position Trader for 2-7 days but because of market conditions change, I close my trade. I managed to make about 50 pips, otherwise it would have turned out to be a loss. Later I will attach details of this transaction.
On the Day of Battle, we may have to change our Battle Plans. When it is not in our favor, better to retreat than fight to the end. Hope this makes sense to users of GET.
Good Trading
Kenneth
Ken
I downloaded these files and installed them
How do i get the GET to begin ??
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Ken
I downloaded these files and installed them
How do i get the GET to begin ??
RapidShare: 1-CLICK Web hosting - Easy FilehostingIf the trading platform you are now using is MT4, no problem in exporting the historical data from MT4 to GET.
You refer to my Posting #728 Page 73 to Michaell56. In it, I have put down the procedure for doing this. In addition, I have also attached there a doc file containing snapshots of How To get GET Working with the data from MT4.
Enjoy yourself and remember to read up their User Guide manuals to get the most out of it.
If you are also interested to pursue Elliott Waves further, do a Google Search for "Elwave software".
I am using both softwares to do my stock market and forex trading.
Kenneth
If the trading platform you are now using is MT4, no problem in exporting the historical data from MT4 to GET.
You refer to my Posting #728 Page 73 to Michaell56. In it, I have put down the procedure for doing this. In addition, I have also attached there a doc file containing snapshots of How To get GET Working with the data from MT4.
Enjoy yourself and remember to read up their User Guide manuals to get the most out of it.
If you are also interested to pursue Elliott Waves further, do a Google Search for "Elwave software".
I am using both softwares to do my stock market and forex trading.
KennethCan we get real time data into GET ?
Today the currency pair which is in Wave 3 DOWN is USDJPY in 3 of GET’s alternate wave counts – Original, Long Term and Aggressive.
Attached is the EW chart for this pair.
Two things users of Advanced Get need to take note:-
1. “Waiting for Confirmation” is a natural and integral part of any trading activity. At time of writing, the Pips to Open is 16 pips Up which is contra-trend against Wave 3 Down, you have to wait for the Pips to Open is DOWN by around 15-20 pips to confirm the TRREND FOR TODAY is in fact DOWN. Then you enter your Short order, not otherwise.
As I said before, NO ONE CAN TELL FOR CERTAINTY whether the market today is going to be Up or .Down. If he can do so, he would not be spending time in this forum. Would he/she?? This is a PROBABILITY GAME.
In all cases, remember you need to have a Stop Loss (I use it mentally). These normally are the support and resistance levels of the Pivot points of different levels – Primary, Major, Intermediate and Minor and your Wave Degrees – depends on you. Your R/R ratios will also help you to determine your Stop Loss in conjunction with these S&R levels.
2. As a Day Trader, you need to monitor closely the price movement of your trade. The dynamics of the market will determine the state of the waves. Even if a chart shows Wave 3 is in progress, it can turn into a Wave C. And when it does so, it is time to close your trade.
This was what happened to AUDJPY on Mon. The chart attached then showed it was pointing to a Wave 3 DOWN, but later in the course of the day, it lost its momentum and an update of the chart showed GET was changing the Wave 3 into a Wave C.
MARKETS ARE DYNAMIC, NOT STAGNANT. When it changes into a Wave C, close your trade. Although in the morning when I did my posting I intended to be a Position Trader for 2-7 days but because of market conditions change, I close my trade. I managed to make about 50 pips, otherwise it would have turned out to be a loss. Later I will attach details of this transaction.
On the Day of Battle, we may have to change our Battle Plans. When it is not in our favor, better to retreat than fight to the end. Hope this makes sense to users of GET.
Good Trading
KennethHow did you manage to make 50 pips on the AUDJPY yen trade as from your entry point of 78.56 you had a stop of 50 pips @79.06 and the price never went any where near 50 pips from the entry you gave infact the trade was stopped out as when the market opened the next trading day the price gapped up to your stop.
QUOTE """Say with the Entry Price at Fridays’ close of 78.56, the Risk/Reward Ratio is 363 divided by 50 pips – about 7x. In this case, I do not even need to go for 1 lot. Just 0.1 Lot will do. END QUOTE"
Another point i would like to raise with you about your USDJPY chart , you have clearly marked the last wave 5 and the internal stucture of this wave you have marked with a 1 then 2 ,this means we are already in wave 3 so you are calling for a short during wave 3 of wave 5 so infact you are trying to trade some subwave of wave 3. Its quite clear from the lower degree charts that the usdjpy is in a correction at the moment and the correct entry for wave 3 was the break @89.16 which is the trade we discussed a while back ,so what does waiting for the open to move 20 pips down have to do with trading back into the trend.
bubble
Advanced get 2000i
Here, I want to share my style of forex trading. I use Advanced GET to perform analysis of forex market.
I like the style of swing trading. I only use trendline and elliott wave to forecast the direction of market.
okay .. I will be waiting for your appreciation
regardsHi brother Serulink, can you please teach me how to get free realtime datafeed for Get 2000i, i just couldn't get it.
How did you manage to make 50 pips on the AUDJPY yen trade as from your entry point of 78.56 you had a stop of 50 pips @79.06 and the price never went any where near 50 pips from the entry you gave infact the trade was stopped out as when the market opened the next trading day the price gapped up to your stop.
If he entered on Sunday open that was around around 79.08 - 79.50 he could then have short for 50 pips. He couldn't have open trade under friday's close, since price never in this territory but for only a few pips. By the way, Elwave was showing a long signal on sunday, see my tread.
If he entered on Sunday open that was around around 79.08 - 79.50 he could then have short for 50 pips. He couldn't have open trade under friday's close, since price never in this territory but for only a few pips. By the way, Elwave was showing a long signal on sunday, see my tread.
I did not want to make any replies as I figure out some smart guys will be able to figure out how I managed to make the 50 pips on AUDJPY on Nov 30, 2009.
GY, I admire you for taking the trouble to dig into the Historical Database to find out that on Nov. 30, for the first 15 minutes this pair was from 79.09 to 79.51;
I sold at 79.17 and bought back at 78.67 making exactly 50 pips.
I am attaching herewith a doc file showing 2 screenshots:
1. From MT4 Historical Database showing the Opening, High, Low and Close for the first 15 minutes on 30 Nov and this confirms what GY said.
2. Details of my transactions.
Please do not question me further on this as I shall not entertain such questions.
Anyway, I shall not be around as I shall be going off for my Xmas and New Year festivals.
Regards
Kenneth