My Forex Prediction using Advanced GET - page 22
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When using Elliott Wave charts, we need to be constantly observant of the changes in the wave structures.
For example, in GreatYves chart on 15 Aug, the Subminuette Wave was 2/b meaning it was in Wave B of its mother Wave 2. Wave B is an Up Contra-Trend and since it has completed its cycle, the signal was Down meaning to Sell.
Now checking GreatYves chart today, the Subminuette Wave structure has now changed to a Wave 3 Down meaning it is on its downpath Wave 3. In my EW chart today, I have also shown Wave 2/B as completed, and it should be on its downward path to a Wave C. In other words, both charts do point out that for the short-term EURUSD is likely to go down and that there is a likelihood of 2 further waves ie Wave 4 and Wave 5 coming.
The conventional interpretation is that upon the completion of a Wave 5 Cycle, it goes into a major Correction of 3 waves ie Wave A, B, C.
Do not be confused about down Wave 3 or down Wave C. The important thing is it is pointing down, and one normally sells short on a downtrend
Hope readers will have a clearer picture of how to read Elliott Wave charts. The postings put up by GreatYves on Elliott Waves are very good, and readers should read those articles referred to.
Kenneth
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Reguarding eurusd, i tend to favor the minuette wave since all 3 time frame above subminuette are positive. And the very high RR was tempting. Also the Expert Advisor is giving a BUY advice. It`s hard to go against.
I have still a lot to learn reguarding Elliot Wave, i am still not convince it is the best way to trade but i would love it very much, from what i have read so far on other boards, most traders quit EW after many years. Everybody have their own alternative count and nobody trade it the same. But i stay objective. I have read about one trader that claim be millionaire trading the ew. This guy is selling his signal now on RAS. Here`s what i have found on him on FF.
Jul 9, 2008 3:09pm
FarhadFX
Forex Crab
Member Since Nov 2007
11 Posts
Farhad's Approach to Elwave -The strategy
Hi to all,
1) To start it's better to work on a less volatile currency pair such as USDJPY or EURGBP (Never work on much volatile currencies such as GBPJPY)
2) We buy when 4 consecutive waves on Elwave (Summary Inspector) are Positive.
3)We buy when all rows on negative culumn on Alert Inspector are Zero and we have positive culumn with some figures not equal to zero.
4) We sell when 4 consecutive waves on Elwave (Summary Inspector) are Negative.
5)We sell when all rows on positive culumn on Alert Inspector are zero and we have negative culumn with some figures not equal to zero.
6)we should consider some fundamental indicators as filters which i'll explain in the next post.
After that the guy never post again.
I am not getting anything from Alert Inspector. Maybe i am not using it properly?
Good morning..
elwaveeurusd_1.bmp
Kenneth, i have been thinking about your saying and all the fuss around august 25 and probable turmoil ahead across all markets. One lesson that i learned the hard way. It`s not to have any bias at all. It cost me a live account in 2008. Maybe we`re at the start of a major correction, but the trend have yet to bend.
Beware news ahead at 08.30 EST.
Hi, GreatYves:
Tomorrow morning (8:00 am EST) in Malaysia, I have to go to hospital for a routine check up and blood test, and would not be able to do any postings.
I hope you can post your 1-hour EW analysis for the benefit of the readers of this thread.
Thanks
Kenneth
Hi, GreatYves:
Tomorrow morning (8:00 am EST) in Malaysia, I have to go to hospital for a routine check up and blood test, and would not be able to do any postings.
I hope you can post your 1-hour EW analysis for the benefit of the readers of this thread.
Thanks
KennethI have my once a year check up too... Hopefully the prostate check is yet to come... I heard they do blood test for that nowadays, instead of the finger check.. Much better, since my doctor is a women.
Here we go:
elwaveeurusd_2.bmp
Morning, Guys:
Just back home. Attached are the EW charts for GBPUSD, GBPJPY, EURJPY, EURUSD and USDJPY. (No time for the others.)
I have added my comments on each of the above currency pairs and like what GreatYves said in his postings, as long as a new trend has not surfaced, keep to the existing trends which is true.
Sometimes I also made the mistake of “expectations” than going along with the “reality” of the present situation as depicted in the EW charts (although charts are not “everything”).
Expectations and Reality are worlds apart. And the forex market is always full of irony. When the EW charts showed an Uptrend and when you bought (like Mon), they went down. And yesterday, they went Up as per the EW charts.
That is why – for a particular day we cannot say with any degree of certainty that the market will go in a particular direction. But over a longer period, the trend is there. I find that trends are more stable in our Malaysian stock markets (especially for the blue chips) than for forex market due to the volatility of the latter.
My thinking is that EW charts are more reliable for position holding (ie over a longer time frame) than for intra-day trades. Intra-day movements are movements within the day and it has demonstrated time and time again it can change from one direction to another very quickly. I don't think I am gifted in this area. And I don't think you can be a millionaire playing intra-day forex trades.
The other day, I was reading a posting from a trader who traded Crude Oil and made 6 figures – it was over a period of 6 months ie position trading. I don't have the amount of funds to sustain bad times when prices retrace sharply.
So, guys, you make the decision as to whether you want to be an intra-day player or a position holder if you want to make big money (but make sure you have calculated your capital requirements first).
Good trading
Kenneth
Kenneth,
Perhaps you can try SuperAntiSpyware, it is free to download and for private use and available on the following link:
SuperAntiSpyware Free Edition - Free software downloads and software reviews - CNET Download.com
Regards,
ChrisstoffThanks, Chrisstoff. I have downloaded the software already. Will install later and see how.
The Avast and the Malwarebyte were able to clear some of the Trojan Horse but for this particular Trojan Horse Generic, it stubbornly held on refusing to move.
Just like our forex trading, when we Buy, it refuses to go up and when we Sell, it shot up. hehehe.
Thanks again
Kenneth
I have my once a year check up too... Hopefully the prostate check is yet to come... I heard they do blood test for that nowadays, instead of the finger check.. Much better, since my doctor is a women.
Here we go:
elwaveeurusd_2.bmpThanks, GreatYves, for the assistance. Interesting to note that the 1-hr analysis has now even gone down deeper into Micro and Submicro. That is really fantastic.
My check-up was purely a yearly routine.
Thanks and regards
Kenneth