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Hello all,
I'm looking for ew program and i can see there are
DT- MTP-Advnced get, Which one is the best?
What's your view for e/u and u/cad?
Thanks
I, for one, do not venture into PREDICTIONS/FORECASTS as there is a gap between EXPECTATIONS and REALITY as I highlighted in one of my earlier postings.
However, I look at the EW charts generated by Advanced Get to tell me WHAT IS THE MARKET DOING NOW? Then only I make a decision to (a) buy, (b) short or (c) stay aside.
Attached are the EW charts for EURUSD and USDCAD (this is the first occasion I am attaching charts - thanks to Ms Mel who suggested what I should do.
EURUSD: a WAVE 5 has appeared - meaning the currency pair has completed its uptrend and is going to go in for a CORRECTION ie down. I have been taught TO STAY OUT of corrections as they can have complex formations. So I am staying out. You decide for yourself.
USDCAD: Completed its WAVE 4 correction, and is going to head south. The -5- figures you see are the targets. Any short-selling of this pair should normally be done on the opening bell when the Pacific market opens, not half way down ie in the middle of the day when prices have already gone some distance.
These EW charts are DAILY charts as my Advanced Get is eod, not realtime.
It will be a pity if this particular thread is closed down for lack of continuity of supportive postings on the subject of Elliott Waves generated by Advanced Get and/or other EW softwares. Since I have this software (eod), I would volunteer to share with members who are interested in this area.
The currency pairs which I am monitoring daily are: (1) EURUSD, (2) EURJPY, (3) USDJPY, (4) USDCHF and (5) GBPUSD.
I will NOT be able to do postings every day, as I am a full-time stock market trader (from 9.00 am to 5.00 pm Malaysian time), and the first hour and the last hour of trading are crucial. 8.00 am to 8.45 am, shall be listening to CNBC Squawk Box and reading economic/business news etc.
1)During periods of the day when the Malaysian market is slow, I can then update the historical data for these currency pairs, study their Wave structures, then do my posting in this thread.
2)I will focus, at the most, on TWO currency pairs that display Wave 3 and Wave 5 (as according to Elliott Wave theory, the longest and most profitable wave to trade is Wave 3. For some reasons of their own, the developers of Advanced Get focused more on Wave 5 (its commencement and its completion).
3)Please remember (as I have always emphasized in my postings) I DO NOT MAKE predictions but rather capitalize on the trading opportunities that are present in the MAJOR DIRECTION of the currency pair (as displayed by Wave 3 and Wave 5) in the Advanced Get eod version.
Give me another 15-20 minutes and I shall be posting the EW charts for 2 currency pairs based on the eod data (ie Jul 7, 2009).
Attached are the EW charts for EURUSD and EURJPY from Aget that are displaying (a) the end of Upward Trend Wave 5 and (b) the commencement of a Downward trend which is now in formation.
Remember these are Daily charts - the major direction of these two currency pairs. Any shorter time frames are minor waves that are forming WITHIN the major direction.
The normal approach is to SHORT the currency pairs when the major direction is DOWN. I rather short on rally rather than buy on dips in a bearish situation.
EURUSD: At the time of posting, the Pips to Open is 4 pips up.
EURJPY: At time of posting, the Pips to Open is 79 pips DOWN.
Q: When do you close? (a) when you feel happy with your profit figure, (b) let the market run its course.
Q: When do you Stop Loss: As long as the major trend is intact, I don't put a stop loss unless there is a change in the major trend of the Wave by Aget. Since I am using a Daily Chart I follow the Wave trend. If I lose today, I shall be able to more than recover the loss when the downtrend continues as there will be MORE DOWN DAYS than Up days.
Funds: US$5,000.00 for starter. 0.5 Lot per currency pair will do.
Attached are the EW charts for EURUSD and EURJPY from Aget that are displaying (a) the end of Upward Trend Wave 5 and (b) the commencement of a Downward trend which is now in formation.
Remember these are Daily charts - the major direction of these two currency pairs. Any shorter time frames are minor waves that are forming WITHIN the major direction.
The normal approach is to SHORT the currency pairs when the major direction is DOWN. I rather short on rally rather than buy on dips in a bearish situation.
EURUSD: At the time of posting, the Pips to Open is 4 pips up.
EURJPY: At time of posting, the Pips to Open is 79 pips DOWN.
Q: When do you close? (a) when you feel happy with your profit figure, (b) let the market run its course.
Q: When do you Stop Loss: As long as the major trend is intact, I don't put a stop loss unless there is a change in the major trend of the Wave by Aget. Since I am using a Daily Chart I follow the Wave trend. If I lose today, I shall be able to more than recover the loss when the downtrend continues as there will be MORE DOWN DAYS than Up days.
Funds: US$5,000.00 for starter. 0.5 Lot per currency pair will do.
As a follow-up to the above posting, at the time of writing this posting (Malaysian Time: 11.00 pm), (a) the EURUSD pip to Open is down by 27 pips and (b) the EURJPY Pip to Open is down by 143 pips.
Morning, guys. I woke up early this morning and as I shall be going out today, I decided to put up 9 July 09 EW charts from Aget early.
According to today's (ie 9 Jul 09) Economic Calendar, there are two important announcements viz:-
1.At GMT 06.00 - GBP Interest Rate Decision
2.At GMT 07.30 USD Initial Jobless Claims
.
Normally in the past, important events (marked in the Economic Calendar) have a volatile impact on the respective currencies. Event traders love volatility as they see opportunities, but for conservative traders like me, I shy from such situations. I dislike price shock waves, as it destroys everything in its path.
Today, I am going to avoid currency pairs that have the USD as its sparing partner like EURUSD, USDJPY and the like.
1) EURUSD and EURJPY: Nevertheless, attached are the EW charts from Aget for (a) EURJPY, (b) EURUSD both displaying Wave 3 downtrend. Of these two currency pairs, EURJPY Wave 3 is more strongly established. I am staying out of EURUSD.
Remember in a Downtrend, SHORT on Rallies and not advisable to buy on dips. (Alternatively, you can enter a short trade when the Pips to Open are close to 0 (zero).
2) GBPUSD: For this currency pair, Wave 4 has JUST appeared today and the fibonacci retracement from Wave 2 to Wave 3 has dropped to between 25%-38.2%.
Do you think the retracement (ie Wave 4) has completed? I don't have the answer for you, as it can go down further. So, what do I do? I shall wait until there are clearer signs that Wave 4 has completed its cycle and there are signs of Wave 5 in formation then only will I enter a trade. Do not rush into a situation where you are not sure and not backed by technical analysis evidence.
EURJPY Update:
Did your heart pump faster and you wiped the sweat from your forehead as you saw the EURJPY surged higher and higher, minute by minute, by almost 160+ Pips to Open at one stage as I calculate my paper loss. I am not joking as I had such experiences during my early years of trading, and I had to do a stop loss. I could not believe the Advanced Get software made such a grave mistake in miscounting/misread the Primary wave counts.
At the time of writing, the EURJPY is beginning to lose steam. Its Pips to Open is 116 pips up.
I took another look at the Aget EURJPY Elliott Wave Daily chart updated to 9 Jul 09 time of writing, and I saw no changes in the major direction or Wave Label of its Primary Wave still pointing Wave 3 down. I do not think Wave 3 has reached its peak yet, as it just started.
I am hanging on and may close my Sell position before I go to sleep win or lose. It will be just another day considering the fact that yesterday the EURJPY Pips to Open was down by 310 pips.
I closed my SELL position for the EURJPY last nite (Malaysian time before I slept) when the price dived down to Pips to Open +20 pips. I lost 25 pips. Exciting to watch the currency shoot up (breaking every resistance) during the day, then gave up all its gains as tho it made a mistake, then recovered.
Today I have turned cautious on the EURJPY, and am focusing on the USDJPY It looks like an ideal candidate for SHORTING. - take a look at its EW chart from Aget.
However, there will be an event announcement today on the USA Trading Balance. So, I shall wait until the news comes out, and if it is bearish, SELL the USDJPY as the Aget EW chart shows its PRIMARY TREND is heading down.
Attached are the Aget EW charts for the 5 currency pairs that I have been monitoring daily using DAILY charts.
In today's EW charts, I have added a PRICE CHANNEL with 3 standard deviations. This feature is provided by Aget. Shows the path of direction. Enjoy yourself.
I would like to invite readers of this thread to give their comments OVER THE WEEKEND Sat or Sun since there is no forex market what we have learned from the forex market performance using the Advanced Get feature of Elliott Waves viz:
1)What is it that we have done right?
2)What is it that we have done wrong?
3)What will we do to correct our mistakes?
We are neither too old nor too young to learn, experienced or newbies in forex life is a learning process.
Encourage you to be POSITIVE and CONSTRUCTIVE bearing in mind the following:
1)I am not a professional trader;
2)I will MAKE MISTAKES from time to time in (a) interpreting the Elliott Waves and (b) timing my entries and exits BUT I want to learn to correct my mistakes to be a more proficient trader. I want to minimize my errors.
3)Advanced Get is NOT 100% foolproof. It is NOT INFALLIBLE. It will miscalculate wave counts because of the fast pace nature of markets. That does not make it a lousy commercial software. It is an established, proven, EW software you can be sure of that.
I will also examine myself critically and do postings. No excuses for myself.
I like to request you: (1) Do your postings on SAT and SUN only, (b) NOT Mon-Fri we won't have the time as we should be concentrating on our trades.
No comments/views by respondents should be ridiculed. Let us try to help one another.
LET US LEARN TOGETHER and enjoy forex trading. Thanks
At time of writing (Malaysian time: 4.00 pm), the EURJPY has resumed its DOWNTREND, Pips to Open -147 pips. I wont enter now.
Wait for it to rebound strongly, then start to SHORT. Use 5 min charts to monitor its rebound. Always when market goes down, SELL ON RALLY. Also close your position before Malaysian Time: midnight.
Linear Mode
