My Forex Prediction using Advanced GET - page 56
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Fujii May ‘Take Action’ on Yen; G-7 Seeks Currency ‘Stability’
Lot's of talk but what can they really do? Lower the interest rate to 0% again?
Today I SHORT GBPJPY according to GET's trade signal to sell.
However I did not do straightaway but waited for some time.
I sold at 143.46 and closed at 143.18 - a gain of 28 pips or US$311.53; the trade took 10 hours 9 minutes to complete.
Attached are the details of the transactions.
Kenneth
Ok, i noticed , by experience that fibo ratio DOES not apply to all instrument. And not all ratio's are equally usable. You will find many fibonacci ratio in forex specially in the majors, GBP USD and JPY. You will hardly find same relationship with other pairs. To convince you i invite you to read a thread, it is very lenghty but there is so many example of live trade that have been done with the fib ratio that i am very sure will make you an addept. It is call Fibonacci Tradingon ForexFactory forum. I warned you it is a very long thread. With a lot of day to day interactive trading but i think you may concentrate on only bobokus post and you will get the main idea. I myself have post many trade setup with fibo clusters wich have magically hit to the pip. The originator and personal mentor have turned commercial but was one of my trading buddy for a long time when i was hanging in a live chat room. He have waked me up to fibs as he have noticed the relationship of the 1.382 on the gbpusd after a 61.8-38.2 rejection. Good reading. I have more fibonacci base material i could share but you should start with this thread.
Thanks for sharing this link, GreatYves. Good to know that in reality Fib ratios do work. I was a bit taken aback by that study. I certainly want to read more about these ratios and understand them. Will start with the thread you have mentioned.
Hi, guys (GreatYvs and Gann68uk). The only name I know is Prechter, and when you talk of "Batchelor, Ramyar and Goel", it is like Greek to me. I must update myself, man - I am years behind.
Are you two guys doing a DOCTORATE in Fibonacci studies? hehehe. I have enough of studies - mind is on making money in forex and stock market. But good to know more if these studies can help in refining my existing "old-fashioned and out-of-date" techniques.
I love to listen to discussions. Any more forthcoming?
KennethI cant debunk any statistical studies offhand, but at the same time theory and practise might not go hand in hand, under certain scenarios. I am tending to think that Fib Ratios are like self fulfilling prophecy. They work because most people in trading use it. And that is good enough reason to use it, whether pure ellioticians used it or not.
Discussions: I am very good in raising questions, but not in providing answers
. I have you guys around to do that! You can expect more questions from me!! I am going to read about Wave trees in Elwave now. Can anyone explain the basic concept behind it? Not sure whether I have to post this in the Elwave thread. But since a bunch of us follow both threads, maybe it doesnt make a difference. But please point out if this should be in the other thread.
We don't really mind. The Elwave thread is more for posting Elwave signals when there is any. Right now there is no 4 consecutive wave degree to post. Unless you find any you are free to post where you want! We'll find you anyway!!
Have you download the book i post in my thread? Have you read a bit on Fibonacci thread on FF? Here some questions for you! 
I cant debunk any statistical studies offhand, but at the same time theory and practise might not go hand in hand, under certain scenarios. I am tending to think that Fib Ratios are like self fulfilling prophecy. They work because most people in trading use it. And that is good enough reason to use it, whether pure ellioticians used it or not. Discussions: I am very good in raising questions, but not in providing answers
Any questions/discussions relating to Elwave will best be posted in GreatYves thread as it was set up for that purpose.
Anything on GET is to be in this thread since it focuses on Advanced Get.
Anything that combines both Elwave and GET, it does NOT matter which thread.
hehehe.
Gann68uk, I am happy that amongst our readers at least there are guys like you who knows how to ask the difficult questions to find out the answers. It does not matter whether you yourself know the answer or not, at least you can compare the thinking of other EW users.
I am also happy to have you around to participate, otherwise life for me in this thread is beginning to get "bored" when I do all the talking and no one asks questions. Something was missing but happily not now - hehehe.
Regards to all
Kenneth
Hello Kenneth and everyone,
Sorry for not posting latest EW charts. I have been working hard trying something on elwave (you know what I'm talking about and I can't say it here in the forum) and failed miserably. I spent quiet a lot of time and couldn't sort it out. damn encryptions!! I almost got it but then encryption played its part and made it unusable.
My elwave will expire this weekend. I will probably renew it or let it go. I'm broke spending money on all these expensive software and wife is not happy seeing any returns for all my spending...
. So it is highly unlikely she will approve me spending any further money on these software's. lets see.
I have been reading and following our trading guru kenneth articles and trading recommendations. And this is how I'm going to approach it.
1. Every night after 9pm once new york market closes do EOD analysis of Advanced GET signals (thanks to kenneth).
2. EOD elwave chart analysis after 9pm once new york market closes. (Not sure how i'm going to do this with the lack of elwave)
3. Determine the trend (up or down or correction wave)
4. Decide the pair I want to trade
5. Enter in the demo account and keep journal of those trading.
6. Triple my demo account then I will move to live account.
While between trading read all the articles posted by kenneth on trading disciplines and how to control human emotions.
That's the plan. Lets see how it goes.
We don't really mind. The Elwave thread is more for posting Elwave signals when there is any. Right now there is no 4 consecutive wave degree to post. Unless you find any you are free to post where you want! We'll find you anyway!!
Hi GreatYves,
Yes, have downloaded the book. Next in line for my reading, after finishing what I am on currently 'Elliot Wave Principle - Key to Market Behaviour' By Frost and Pretcher. It is so heavy reading. I am hardly doing 3-4 pages a day. There is so much to absorb! The Ebook on fibonacci will be no less fascinating!!
Any questions/discussions relating to Elwave will best be posted in GreatYves thread as it was set up for that purpose.
Anything on GET is to be in this thread since it focuses on Advanced Get.
Anything that combines both Elwave and GET, it does NOT matter which thread.
hehehe.
Gann68uk, I am happy that amongst our readers at least there are guys like you who knows how to ask the difficult questions to find out the answers. It does not matter whether you yourself know the answer or not, at least you can compare the thinking of other EW users.
I am also happy to have you around to participate, otherwise life for me in this thread is beginning to get "bored" when I do all the talking and no one asks questions. Something was missing but happily not now - hehehe.
Regards to all
KennethThanks Kenneth. I have another important question, relating to general trading, which only you guys who are actively trading can answer, by virtue of your experience.
Is day trading more or less difficult than swing trading?
I have noticed that day traders get in, make 40 -50 pips, pocket real money and move on. Whereas swing traders have to go through more emotional turmoil in holding a position, see it go their way for some time, only for the market to retrace and take much of their profits and then possibly go their way again.
As there isnt much time in day trading for other external factors to influence, is it easier to day trade? In our own forum we have Kenneth doing day trading (more or less) and GreatYves doing swing trading in demo account. Overall, over a period of say 4 weeks, which one of these has been banking more? (assume GreatYves is also trading real money).
I have read about whether to day trade or not depends on individual psychology, but seems to me there is more to it. I am beginning to think that daytrading is more profitable, which a lot of us are not able to do because of our current work commitments. I have another buddy who travels in the train with me and is a daytrader too. He too is in the money most of the time, while here I am reading about theories.
Your views much appreciated.