Modern Elliot Wave trading using Elwave. - page 9
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Hello all,
I just woke up. I will post the latest 1H chart for GBP/USD and GBP/JPY later today.
GreatYves, yes I will post the chart until the trial period runs out.
cheers
So my mechanical stop kept me into play all night and true the morning, i have turn my loosing trade into a winner and bagged a 50 pips trade, on twice my usual risk. That wasn't an easy one but with elwave on my side, the decision to kept the loosing trade running was easier. But i admit, i hardly slept a few hour this night. I turned and turned into my bed. It's funny that while sleeping with a bad trade in the red, i cannot sleep. And sometime i sleep very well, and i wake up in the morning with a profit... F1 Elwave v9.1 was very bearish on GBP/JPY, but that pair went zomby. My 7.6 was right on eur/usd. Might still be lady luck, but i am more and more relying on Elwave. I regret the times i did not. (Last week.)
But still, an EA or a mechanical system is necessary to manage the trade. I only have an emergency stop loss.
FormulaOne, can you tell us witch MT4 broker you are using?
Kenneth, your Elwave analysis are almost completed.
Here you go special 5 pairs X 3 time frame for Kenneth. pffff...
eurjpyelwave.rar
eurusdelwave.rar
gbpjpyelwave.rar
gbpusdelwave.rar
usdjpyelwave.rar
Here you go special 5 pairs X 3 time frame for Kenneth. pffff...
eurjpyelwave.rar
eurusdelwave.rar
gbpjpyelwave.rar
gbpusdelwave.rar
usdjpyelwave.rarThanks, GreatYves, for these 15 charts. I am now unziping them and study these charts. After that, I will come back again to give my views.
If I see any good trading opportunities, you can be sure I shall put my bets on them, otherwise I shall be wasting my time and your time - hehe.
I really appreciate your time and efforts in doing this. I dare not make this sort of requests again.
Regards
Kenneth
As a chartist, I look at the Elwave charts alone and these are my views on each of the currency pairs in their respective time frames.
Remember my advice: Stick to your time frame.
USDJPY:
Daily: Going Down into Subwave C. Can Short.
4 Hours: Going Down into Subwave C. Can Short.
1 Hour: Corrective Subwave 2 in progress. Looks it is in a long period of consolidation. I will stay aside if I am an 1 hour chart trader.
Conclusion: I can short either as a Daily user or as an 4-Hour user and stick to it.
GBPUSD:
1 Hour: Completed it subwave 2. Started its way to Subwave 3. Should be BUYING as subwave 3 up has just started.
4 Hour: The pattern for this time frame is a bit more complex. Although the price channels are pointing up, it is in fact in a CORRECTIVE phase of a larger Subwave 1. So, as an 4 hour trader, I shall STAY ASIDE where in doubt.
Daily: Two different Wave Degress are pointing downpath. A Large Subwave (2) has completed and going into Subwave (3) down, and a smaller Subwave (ii) has also completed and going into Subwave (iii). Good to SHORT this currency pair.
Conclusion: Here, for this currency pair I will choose to be a Daily user and short this currency pair.
GBPJPY:
1 Hour: Find difficulty in interpreting this pattern. So I shall STAY ASIDE as an 1 hour trader.
4 Hour: Here again, I prefer to stay aside as this type of pattern is tricky to take advantage of.
Daily: Ahhhh ... here the pattern is clear. Subwaves 1 and 2 have been completed, and it is going up in its Subwave 3. So, if I am a Daily trader, I shall be BUYING.
I shall continue in another hour's time as I am now turning over to our Malaysian stock market, which is about to start at EST 9:00 pm NY.
Kenneth
Hummm... I am considering taking the hourly buy signal on eurusd. But i hesitate, should i wait for a dip....???
EURUSD:
1 Hour: There are no Wave Labels in this time frame chart. So unable to interpret anything. You may want to do another analysis to get the wave labels.
4 Hour: It is already in the middle of a large Subwave 3 and also in the middle of a smaller subwave iii. No doubt it is in an Uptrend but because at this time the third waves have gone on for a while, I shall Stay Aside as my risk has become greater. Best is to catch at the end of Waves 2 and 4.
Daily: Same comments apply for the Daily chart.
Conclusion: For the above reasons, I have to stay aside. You can analyze the chart further by going deeper into extra wave degrees to get the smaller subwaves for very short term trading, but for longer periods it may not be worth the risk.
EURJPY:
1 Hour: No wave labels to analyze. Cannot do anything. You may want to re-analyze this again to get the wave labels.
4 Hour: Subwave ii has completed. It was a very long period of corrective phase. It will now enter into a subwave iii up. You can Buy at this point, although it has gone up a few bars. Alternatively, you may wait for it to retrace a bit, then enter.
Daily: This is a beautiful pattern with 3 different Wave Degrees pointing to their respective third waves. And the smallest subwave ii has completed. So, you can consider Buying.
Conclusion: This will be a good Buy.
NEXT STEP OF EVALUATION:
You can now do a second evaluation and that is to check with the Summary Inspector or you can do a Scan Inspector to pick up (1) all the 4 consecutive signals, (2) all the Waves 2 and 4, and (3) all the Waves 3 and 5.
Personally, I prefer to view all the charts first, then do the above especially since I love charts and interpreting them.
General:
If readers have any questions, just ask – no hassle for me to reply as it is all about learning about Elwave and Elliott Waves – hehe.
Good Trading
Kenneth
So my mechanical stop kept me into play all night and true the morning, i have turn my loosing trade into a winner and bagged a 50 pips trade, on twice my usual risk. That wasn't an easy one but with elwave on my side, the decision to kept the loosing trade running was easier. But i admit, i hardly slept a few hour this night. I turned and turned into my bed. It's funny that while sleeping with a bad trade in the red, i cannot sleep. And sometime i sleep very well, and i wake up in the morning with a profit... F1 Elwave v9.1 was very bearish on GBP/JPY, but that pair went zomby. My 7.6 was right on eur/usd. Might still be lady luck, but i am more and more relying on Elwave. I regret the times i did not. (Last week.)
But still, an EA or a mechanical system is necessary to manage the trade. I only have an emergency stop loss.
FormulaOne, can you tell us witch MT4 broker you are using?
Kenneth, your Elwave analysis are almost completed.I was having the same type of "restlessness" in my sleep during the early years of my trading - even dreaming of stock market trading. Then after some "years", with confidence in the softwares and in my own judgment, then only I begin to have sweet dreams. Nowadays I sleep like a baby no matter what.
It is a price to pay - whether worth it or not, I do not really know. But it is a good experience.
Kenneth
I was having the same type of "restlessness" in my sleep during the early years of my trading - even dreaming of stock market trading. Then after some "years", with confidence in the softwares and in my own judgment, then only I begin to have sweet dreams. Nowadays I sleep like a baby no matter what.
It is a price to pay - whether worth it or not, I do not really know. But it is a good experience.
KennethI am really considering of trading the daily's only. Lowering my risk considerably. Trading lower time frame is fun but i can hardly take the stress. So i think i'll try your advice, GBPUSD really looks good for a short. And i am sure i will sleep well tonight. I am putting my stop over friday's high at 6751. Will let it run as long as it will go. So i am putting this trade on my secondary account. Leaving my main account for better opportunities on eur usd...
I am really considering of trading the daily's only. Lowering my risk considerably. Trading lower time frame is fun but i can hardly take the stress. So i think i'll try your advice, GBPUSD really looks good for a short. And i am sure i will sleep well tonight. I am putting my stop over friday's high at 6751. Will let it run as long as it will go. So i am putting this trade on my secondary account. Leaving my main account for better opportunities on eur usd...
For me, I am going for GBPJPY on a Buy (using Daily chart), as the larger waves are pointing upwards. If I can make a quick profit of around 30 pips, I am content.
Kenneth