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I would like to thank for all of your great posts here. I learned a lot form them. I already got the Elwave 7.6 and GET but could not use them due to I do not know how to get the data from eSignal. So would you please give me some advice where can I get the data and put in the software. Thanks in advance.
Sold my remaining GBPUSD at 1.6602 GMT 13:51 which I bought at 1.6586 making a gain of 16 pips.
Total pips gain is 50 pips for the day.
At the time of writing, GBPUSD is 1.6552, a drop of 50 pips from my selling price of 1.6602;
It must be the impact of the NFP news, which I still have not seen any latest news.
Kenneth
(PS: News just released in CNBC - Jobless Rate Jumps 10.2% as Labor Market Still Weak. That is the headline from CNBC.
One of the things I have learnt of late is not to look at news as a determining factor in the wave movement. It can be used as a pointer for which wave is forming. Example in this case, we can be sure that this is a Wave 2 (of 5) in progress, as news like this comes out during this period. GBPUSD now seems to be in wave B of corrective 2, with wave B forming a triangle. Triangle is a corrective pattern that cannot appear on its own in Wave 2, but can occur in Wave B of a corrective wave 2, which can be a zigzag or a flat. We will have to wait and see what it is going to be. Best thing now is to wait for this correction to finish and take position at start of Wave 3 of 5.
Hence in the attached chart, instead of looking it as a 5 wave impulse, we can look at it as a corrective 2, with a 1 in the place of 3 and the low before the 4, as an A. Good buying opportunity to follow soon.
Since Wave 2 is getting to a complex correction we can expect Wave 4 when it forms to be simple, by guideline of alternation.
We all from forex TSD forum thank you, for your contribution into publishing the next prediction on the next move of the market. We all said thank you.
Pls I would suggest that, on your website,
the download link you place for your fellow member to download prediction-software, that rapidshare link--download website, the only way to download from them is to be a premium-member, so with this it make your software you posted there for download impossible for we the non-premium member, to benefit from this.
suggestion---- this is the best, if you can allow this!
http://www.brothersoft.com---plz go to this website.
and SIGNUP. Then you can upload your software for free and it will be free for your fellow traders for download.
NOTIFICATION: DIFFICULTY IN TRADING THE CORRECTIVE WAVES and WHY?
The series of articles that I have been writing on Trading the Elliott Waves will not be complete without touching on the subject of Corrective Waves.
This evening I shall be presenting a brief article on Difficulty in Trading the Corrective Waves and Why? and hopefully readers will understand why every time I see a Corrective pattern in GET, I stay aside.
I would like to thank for all of your great posts here. I learned a lot form them. I already got the Elwave 7.6 and GET but could not use them due to I do not know how to get the data from eSignal. So would you please give me some advice where can I get the data and put in the software. Thanks in advance.
Michael
Hi, Michael:
Happy to hear you manage to have GET and Elwave 7.6.
MT4 platform has the facility to export data in csv file format to both GET and Elwave in respect of Monthly, Weekly, Daily, 4 hour, 1 hour, 30 min, 15 min, 5 min and even 1 min. Of course, these are not realtime data feed. Nevertheless, once these are input into these softwares, they will give you the Elliott Wave patterns and Wave Counts.
If you want realtime datafeed, you will have to contact either Esignal or Prognosis and these are subscription based.
I do hope you will be able to make use of these Elliott Wave chart patterns to assist you in your forex trading.
As I am now in the midst of preparing my article for today, I shall come back again later probably in the night to show you how to export the data from MT4 and then use them on GET or Elwave.
Financial Markets (be it stock market, forex market, commodities, etc.) will not go up or down forever. From time to time it will be punctuated with sharp retracements which Elliott Wave Theory labels it as CORRECTIVE waves.
When They Occur:
These Corrective waves occur at the end of Waves 1, 3 and 5 but the sharpest and normally the most destructive is that which occurs at the completion of the 5 Impulse Waves ie end of Wave 5.
Waves 2 and 4, in its strictest sense are NOT bear markets but purely retracements; when they are over, growth resumes but the CORRECTIVE wave that strikes AT THE END OF A BULL MARKET ie WAVE 5 is a BEAR MARKET, as it corrects the entire 5-wave cycle of market growth in a booming economy.
INTERESTING QUESTION:
An interesting question that arises is this: The last leg of a Bear market is a 5-wave pattern. Would you expect a SHARP REVERSAL upon its completion??? - a CORRECTIVE wave in reverse.
Readers are invited to give their opinions.
CORRECTIVE Waves:
In his book “Elliott Wave Principle Key to Market Behavior”, Prechter has devoted almost 14 pages to this topic, thus emphasizing its IMPORTANCE and COMPLEXITY nature.
There are only 4 main categories of Corrective patterns (details of which are given below). That's all, you say. It does not seem to be complicating.
It is not as simple as we are led to believe.
Difficulty in recognizing which category it belongs in its initial stages of formation gives rise to trading problems, and once a trade is entered, and the chart unfolds into complex patterns as market conditions keep on changing, you wish you had stayed aside in the first instance.
GET and Elwave – Corrective Waves:
In many of the GET charts that I have posted each week, we have seen for some of the currency pairs, it initially displayed a CORRECTIVE Wave A/B/C and when Wave C is over, you think a new Primary Wave trend will start – pop – it becomes another A/B/C and then another A/B/C. So far, it is common to see 3 sets of A/B/Cs ie Combinations.
In Elwave, it is even worse. It is a common place to see all sorts of categories coming out from single Zigzag to Triple Zigzag. And Double Three and Triple Three Combinations are no less uncommon.
CORRECTIVE Patterns: Four Main Categories ie
Zigzag containing 5-3-5 waves ie Internal Structure
Single, Double and Triple
Flat containing 3-3-5 waves
Regular, Expanded and Running
Triangle 3-3-3-3-3 waves
Contracting Variety – Ascending, Descending and Symmetrical
Expanding Variety – Reverse Symmetrical
Combinations:
Double Three (ie W-X-Y) and Triple Three (W-X-Y-X-Z)
What To Do:
Can a trader trade Corrective Waves. Of course, you can PROVIDED you are skillful in the interpretation of all these Corrective patterns and able to see through what pattern it is going to emerge and you are prepared for a prolong period of price adjustments. You move with the Internal Structure of the pattern, knowing your risk and reward. (In Triangle patterns, you will be trapped with rewards getting smaller and your stop loss closer to your entry points.)
However we have another school of thought – that in these complex circumstances it may be advisable to stay away – and I belong to this class of traders – Stay Aside when the pattern is in CORRECIVE mode as there are too many patterns involved and may prove a hassle to some of us.
I would like to thank for all of your great posts here. I learned a lot form them. I already got the Elwave 7.6 and GET but could not use them due to I do not know how to get the data from eSignal. So would you please give me some advice where can I get the data and put in the software. Thanks in advance.
Michael
How to get ADVANCED GET working with MT4 Datafeed
Hi, Michael:
I assume you are using GET 9.1 dashboard edition (if not, the procedure is still more or less the same).
I am attaching herewith, for the benefit of new users of GET, a document file showing “how to get the software going with the datafeed that is available from MT4 platform.”
It is 20 pages with screenshots of the entire process.
Procedure:
Initially you need to create a NEW FOLDER in your pc eg call it FOREX or any other name.
Export Data from MT4 platform:
1.Click “TOOLS” - Historical Center
2.A list of currency Symbols will appear on the left side of the window
3.Double Click the currency pair you are interested eg EURUSD
4.and a list of time frames will appear.
5.Double click the time frame you are interested eg Daily
6.and the database records will be displayed.
7.Double click EXPORT at bottom to export the database records of your time frame
8.and a Window pops up to ask you for the Folder you want to save in
9.Select your FOREX folder in your pc and then Click “SAVE”.
Input the CSV data file from MT4 into GET:
Follow the screenshots in the attached doc file.
FeedBack: I hope you will give me a feedback as to whether you have been able to do it successfully.
Enjoy yourself.
Kenneth
(PS: For Elwave, I can only do the doc file over next weekend.)
With my article on “Difficulty in Trading Corrective Waves and Why?” over the weekend, today I have intentionally revert back to GET's ORIGINAL settings (ie their default setting) for the purpose of illustrating that GET, in its default setting, frequently displays Corrective waves.
EURJPY:
You will note that for EURJPY, its Long Term setting displays it is going into Wave [5] (as per Fri chart posted) but for its Original setting now displays it is going into 4 sets of A/B/Cs. Perhaps this is the first time readers are seeing this.
Q: Can we trade the Original setting of Corrective Waves with 4 sets of A/B/Cs???
A: Yes and No.
It is “No” for conservative traders as it is in Corrective mode and advisable to avoid trading.
It is “Yes” for traders who are familiar with Corrective patterns and are skillful looking at chart patterns. From yesterday's article, we know we have (1) Zigzags, (2) Flats, (3) Triangles and (4) Combinations. (If you do not know how these patterns look like, you need to do a Google Search or read Prechter's “Elliott Wave Principle – Key to Market Behavior” as suggested by Gann68uk.)
With Zigzags, Wave C goes beyond Wave A.
With Flats, in a Regular Flat, Wave C is EQUAL to Wave A.
Triangles have shrinking/decreasing Daily bars, whereas Combinations contain a few sets of A/B/Cs.
Excluding Triangles, the MINIMUM PATTERN for EURJPY is a REGULAR FLAT with Wave C equals to Wave A.
Conclusion for EURJPY: At the minimum, Wave C will be moving towards Wave A and that is why I am suggesting for myself a BUY. And this is also reinforced by the fact that the Long Term setting displays it is going into Wave 5 Up. So in this case, it does not matter for a short term trader doing day trading whether it is Original or Long Term setting, this pair WILL BE MOVING UP. And once I hit my TP of 30-50 pips, I will close my position.
EURUSD: Back to its Original setting, chart shows it is PRIMARY WAVE [5]. I am suggesting to STAY ASIDE as frequently after Wave [5], it is going into an A/B/C Corrective mode.
GBPJPY: Whether it is Original setting or Long Term setting, this pair will GO DOWN and a Sell will be the trade.
GBPUSD: It is showing Primary Wave [3] in its initial formation. I shall wait until prices break through the previous Wave [5] level, then only will I move in to Buy. Let it gather more strength before making our move.
USDJPY: I am Staying Aside. It is in Corrective mode, having completed its first A/B/C. Since GET frequently generates a few sets of A/B/C, it is likely to move down to the first leg of its second set of A/B/C – ie a Wave A Down. I would not take a chance on this today.
General: My focus today will be on EURJPY and GBPUSD. It is NOT my practice now to enter on Pacific Open BUT rather wait for a while to make sure prices are moving in the direction of the chart, then only will I make my entry orders.
Thanks
surulink
Linear Mode
