I have only been studying the Elliott Wave principle for a few weeks and I am blown away by how accurate it is.
I am only demo trading at the moment because I still have lots to learn and I am still making mistakes and misread the signals, e.g. what I thought was a trade wasn't. I have a long way to go yet but one thing I have begun to notice is about 3pm UK time, 10am EST some currency's make big moves so trading them with the EW indicators is very easy.
Whilst writing this I have been looking at the EOD charts for the currencies and the two I happen to look at first have done what the EW indicators said they would do today.
Example1: EUR/USD opened at 1.2187 and EW indicators show a sell, the current price at the time of me writing this is 1.2151 (ok this is only 36pips) but not bad for doing jack squat)
Example2: GBP/USD opened yesterday at 1.7928 and the EW indicator show a sell, the price at the time of writing this is 1.7891 (only 37pips for today but again it is not bad for doing nothing)
Just to test this as soon as I saw the indicator for GBP/USD I decided to place a trade to see what happens, was not expecting any big moves or anything as it has no doubt made its big moves during the day, i just wanted to see if so later in the day it would still follow this trend and sure enough, I am 7pips up whilst typing this. I just wanted to see if it continues to move in that direction and it is.
Ok I know the above will be open to criticism and questions I expect this but please remember I am writing this to let all people on this forum know if I can do it, they sure can.
The finer details have yet to be worked out including stop losses etc that is why I am only demo trading and will continue to do this for a while yet.
Even though it has only been two weeks, I felt I had to wright something.
me being so new to trading I felt I needed to share my experience with others who are new to FOREX and let them know the EW principle & indicators are the dogs doughnuts (well in my opinion they are) But most of all i am glad i have found an indicator and a method i feel comfortable trading with.
Sorry, for the long post but if anyone has any questions or advice let me know
CarpeUK
P.S my test trade whilst writing this is now up to 13pips (god you have to love this Elliott character)
P.S.S
the plug in i use for the above is for FXCM and it has just about everything i need to trade the FX market. it has just about all the indicators you will need including my very own favourite, Elliott Wave.
It also includes all currency pairs with tick, 1min, 5/15/30/60 daily and monthly charts including open, close, high and low prices
http://www.fxcorporate.com/FXCM/fxchartfull.EXE
I am only demo trading at the moment because I still have lots to learn and I am still making mistakes and misread the signals, e.g. what I thought was a trade wasn't. I have a long way to go yet but one thing I have begun to notice is about 3pm UK time, 10am EST some currency's make big moves so trading them with the EW indicators is very easy.
Whilst writing this I have been looking at the EOD charts for the currencies and the two I happen to look at first have done what the EW indicators said they would do today.
Example1: EUR/USD opened at 1.2187 and EW indicators show a sell, the current price at the time of me writing this is 1.2151 (ok this is only 36pips) but not bad for doing jack squat)
Example2: GBP/USD opened yesterday at 1.7928 and the EW indicator show a sell, the price at the time of writing this is 1.7891 (only 37pips for today but again it is not bad for doing nothing)
Just to test this as soon as I saw the indicator for GBP/USD I decided to place a trade to see what happens, was not expecting any big moves or anything as it has no doubt made its big moves during the day, i just wanted to see if so later in the day it would still follow this trend and sure enough, I am 7pips up whilst typing this. I just wanted to see if it continues to move in that direction and it is.
Ok I know the above will be open to criticism and questions I expect this but please remember I am writing this to let all people on this forum know if I can do it, they sure can.
The finer details have yet to be worked out including stop losses etc that is why I am only demo trading and will continue to do this for a while yet.
Even though it has only been two weeks, I felt I had to wright something.
me being so new to trading I felt I needed to share my experience with others who are new to FOREX and let them know the EW principle & indicators are the dogs doughnuts (well in my opinion they are) But most of all i am glad i have found an indicator and a method i feel comfortable trading with.
Sorry, for the long post but if anyone has any questions or advice let me know
CarpeUK
P.S my test trade whilst writing this is now up to 13pips (god you have to love this Elliott character)
P.S.S
the plug in i use for the above is for FXCM and it has just about everything i need to trade the FX market. it has just about all the indicators you will need including my very own favourite, Elliott Wave.
It also includes all currency pairs with tick, 1min, 5/15/30/60 daily and monthly charts including open, close, high and low prices
http://www.fxcorporate.com/FXCM/fxchartfull.EXE
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