My Forex Prediction using Advanced GET - page 10
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Afternoon, Guys:
Went out this morning. Just came back and prepare the EW charts for you all.
Attached are the EW charts from Aget. Today I have included 2 new currency pairs ie AUDUSD and USDCAD. In addition, I have included back USDCHF, so that we now have a portfolio of 8 currency pairs to choose from.
I shall start writing FIRST THINGS FIRST IN FOREX TRADING after I have taken my lunch, and post them in instalments to keep them within reasonable length.
Until then,
Regards
Kenneth
NOTIFICATION: Monday, 27 July 2009 - Ready to Trade
Hi, Guys:
We will be having TWO currency pairs to trade on Mon, 27 July 09, and I shall be posting the EW charts for these 2 currency pairs and my reasons for selecting them as I have examined these charts several times.
I hope to be able to post them on Mon morning, around 8.00 am +/- (Malaysian Time)
Goodnite (9:30 pm Malaysian Time)
Kenneth
I am ready to trade as well
Hi Kenneth and other board members,
I am ready to trade and looking forward to an exciting week as well.
My compliments go out to Kenneth for his commitment to this business.
Yes it is a business and it should be treated this way.
Consider this business could lead your way to a very rewarding path to financial and personal success.
I am committed mentally and financially and ready to overcome any obstacles coming my way.
Choose your style of trading,weigh your risks and rewards.
Works smarter not harder and you will be rewarded.
Thats all,have another great week of trading.
Hi Kenneth and other board members,
I am ready to trade and looking forward to an exciting week as well.
My compliments go out to Kenneth for his commitment to this business.
Yes it is a business and it should be treated this way.
Consider this business could lead your way to a very rewarding path to financial and personal success.
I am committed mentally and financially and ready to overcome any obstacles coming my way.
Choose your style of trading,weigh your risks and rewards.
Works smarter not harder and you will be rewarded.
Thats all,have another great week of trading.Thanks for your constructive and motivating posting.
Commitment is an essential element in any field of endeavour. You are a model of (1) a positive thinking and practical man, (2) a man of determination, (3) a prudent man practising sound financial management and (4) have a great desire to learn and to develop yourself into a successful trader. In time, you will make it in the forex world. (Maybe you are modest, and you may have already made it.)
This should be the type of thinking/attitude that every forex trader should be.
I am merely a "passing meteorite" in this forum, leaving behind me a small trail of knowledge and experience to share with you all. For me, I have been "a taker" and now I want to be a "giver". That is why I try my very best to recall every successful move or mistake I have made in stock market trading/forex trading and every theory I have come across - to share with my readers.
YOUR ULTIMATE SUCCESS does not depend on me or my analysis or any other analysis by anyone else BUT ON YOURSELF - in time you will acquire the know-how and experience to be a "proficient and profitable trader".
I love this phrase because we can be profitable without being an expert but merely becoming more proficient in our field of endeavour.
With this, I wish all my readers success in forex trading.
REMEMBER TOMORROW MORNING WE SHALL BE IN ACTION ONCE AGAIN.
Regards
Kenneth
Article II – Elaborating on Selecting the Currency Pair to trade
In selecting which currency pair to trade, you need to compare the two contenders in that currency pair.
You need to look at their economies first, then look at their chart patterns and Elliott Wave patterns before jumping in.
For examples:
GBPJPY: The Pound is a weaker opponent because of its deteriorating economy, whereas on the other the Yen has now surfaced as a stronger contender, especially since there is a growing demand for Yen from emerging nations.
With this overall picture, you then check your EW charts which show it is in its Primary Wave 5 downtrend. Fundamentals and Technicals are synchronized, walking in the same direction holding hands.
You therefore SHORT the Pound (indirectly you are buying the stronger Yen) or you are selling the Pound because it is a weaker contender.
GBPUSD:
The Pound against the US Dollar – the Pound will find a worthy opponent in the US Dollar – a worthy opponent.
The US (though it is still in recession) has come out with some aggressive policies to improve their economy/to slow down recessionary pressures, etc. And President Obama means business.
In this context, I see the US Dollar as a stronger and worthy opponent and the Pound as a slightly weaker contender.
If your conclusion is that both countries are equal contenders, then it is likely to be a DRAW. Then Stay Aside and let these guys fight their guts out.
What do the charts tell us??? The Daily EW charts show it is on a Primary Wave 5 Uptrend, whereas the Weekly EW charts show the Primary Wave is a DOWNTRREND and it is purely in a CORRECTIVE WAVE 4 (though it is going up). I would therefore be careful on this currency pair, as they are not synchronized. I do not touch Corrective Waves 2 and 4 even though one can make some money out of it.
General: My choice of currency pairs to play are based on such studies of fundamentals and technicals.
Hope this will help you guys to crystallize your thinking on this issue.
Regards
Kenneth.
Update No.1 Tracking GBPJPY and USDCAD
Looking at the 5 min MT4 charts for these 2 currency pairs, although USDCAD is conforming with the downward EW chart, the GBPJPY appears to be in a up contra-trend mood.
However, the ACTUAL ACTION has NOT come in yet as the volumes transacted so far is well below their daily average.
When that volume comes, we can then see clearer where GBPJPY is going. I am still of the opinion that based on the mid-term and longer-term EW chart for GBPJPY, it is still heading south.
Shall update you as and when the action comes.
Regards
Kenneth
Update No.1 This Week's Major Economic Announcements
The ones classified as "Important" in the Global Economic Calendar are on the USA, so I am not so concerned about its impact on the GBPJPY.
Looking at the 5 min MT4 chart, at least it is hovering BELOW the OPENING PRICE LINE. When we short,we don't like prices ABOVE THE OPENING PRICE LINE.
Regards
Kenneth