Trading the Wave Counts with GET
Attached are the charts for our 5 currency pairs.
The chart patterns are more stabilized with yesterday's data updates.
EURJPY: This pair went up to a high of 135.13 from my Entry Point of 134.12 – about 100 pips up. In between there were swings from up to down and down to up.
For day traders who were prepared to hold for 10 hours or more will turn up to be winners. But for conservative traders like me, I chickened out much earlier but nevertheless still made 19 pips when I saw price movements did not seem to going my way. At least, I did not lose.
Today's BUY is still on. At time of writing, it is down by 5 pips. The pace is a bit slow this morning, so we have to wait further until the pace picks up and prices are moving our direction ie Up, then we move in.
Unfortunately, with GET we do not have those lower wave degrees to guide us, other than the above.
EURUSD: This pair is expected to move down. The pace is picking up a bit faster than EURJPY and going down now by 10 pips. Let it move a bit more – say 20-25 pips, then you can do a SELL.
Hope you are prepared to hold for 10 hours or so.
GBPJPY: I am staying out of this pair for a while. Have been a bit more conscious of the 10 pips spread I have to make to the forex dealers – a lot of money considering there is a Buy order and then a Sell order.
Chart-wise, it is going down.
GBPUSD: My focus is now turning towards this pair for trading opportunities to BUY. The Price Target Profit is getting stronger at 54; It is now down by 12 pips; so I will wait further till prices improved and pace picks up, then I move in.
USDJPY: This is in CORRECTIVE mode, so I shall stay away.
General: Today there should be some trading opportunities amongst EURJPY, EURUSD and GBPUSD as per their chart patterns and wave counts.
Good Trading
Kenneth