Modern Elliot Wave trading using Elwave. - page 6
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Hi,
ive tested allwave and it works not profitable, sorry. Are you successfully?
Hi, ive tested allwave and it works not profitable, sorry. Are you successfully?
We did identified the recent EURUSD uptrend wich was very profitable.
But we are still in an exploring phase.
Attached is the EW chart for GBPUSD from Get. It is going to go into Primary Wave 3 Up, and it would be a good Buy when it retraces to 1.6588;
Chartwise: The Trading Range (generated by Get using a proprietary Fibonacci calculation) is 480 pips. Resistance level is 1.6908 and Support Level is 1.6428; Its Target Profit area is from 1.6750 to 1.7072; The Exit is 5 to 10 pips BELOW 1.6750 ie around 1.6740;
If your Entry price is say 1.6668, then your Loss will be 240 pips and your Profit will be 404 pips ie a R/R of 1.68;
The assumption is that you are a Position Trader holding your trade up to around Oct 15, 09 (calculated using Fibonacci series).
On the other hand, if you intend to be a short-term trader, your Entry will be at around 1.6588 and your Exit will be 1.6748 – a gain of 160 pips. Your Stop Loss will be at 1.6558 – a loss of 30 pips. Your R/R will be 3x; You will be lucky if this can be done on an intra-day basis, but should be achievable within 3 days (again using Fibonacci series to calculate.)
And by the time, you finished reading this paragraph, I think you will be having a headache trying to figure out what I have said. (hehehe).
Elwave chartwise: I end up more confused looking at 2 Elwave charts giving different outlooks. And the Summary Inspector is also not of much help, as the Analysis is rather mixed with a downward inclination.
When I was using Elwave 6.2 eod several years ago, the analysis did not go so deep as submicro, etc. Furtherest it went was subminuette and even then, not often. I based my stock market trades using Intermediate and Minor waves as I am a position holder. For forex, I shudder to use the micros and submicros as their wave structures can change quickly, creating instability. Instead of accuracy, it created confusion.
Even in the case of Advanced Get eod, it deals with Primary, Intermediate and Minor – 3 levels.
One thing that Yves did that was correct is to wait for preferably 4 positives and up or 4 negatives and down (these must be consecutive). This was what I did. Even such an approach requires us to be position holders, and your Stop Loss must be calculated carefully based on wave structures.
Kenneth
What settings are you using under Options/Analysis? Can you take a snip capture of it?
Attached analysis options.
GBPUSD 4 hr under my settings..
GreatYves, mine 4H chart start date was 1st sept and end 12th sept. Why there is difference? Is your setting different to mine?
GreatYves, mine 4H chart start date was 1st sept and end 12th sept. Why there is difference? Is your setting different to mine?
It's number of bars, Under Options/Analysis/Method "Analyse last ____ records"
I can't see your jpg yet, waiting for approval.
It's number of bars, Under Options/Analysis/Method "Analyse last ____ records" I can't see your jpg yet, waiting for approval.
Mine was not enabled. What value do you usually use? I'm doing real-time chart rather then close of play.
I can't see your jpg yet, waiting for approval.
They take long time to approve attachments. You can see the charts here:
http://www.skippetts.co.uk/charts/4h_cable.jpeg
http://www.skippetts.co.uk/charts/analysis_options.jpeg
They take long time to approve attachments. You can see the charts here:
http://www.skippetts.co.uk/charts/4h_cable.jpeg
http://www.skippetts.co.uk/charts/analysis_options.jpeghow come I can't edit existing post? URL is not working I will post again after fixing it.