Using Elliott Wave in Forex Trading

Simplicity Of Elliott Wave

As we all know Elliot Wave is one of accurate analysis if we know to read each wave with the right value, here sample exercise below how to using elliot wave theory with the right method.

Exercise 1

At one moment you are faced with a pattern that seems to have emerged wave 1 and wave 2, until here the pattern that has been confirmed correct wave is a wave pattern is characterized by the emergence of the correction wave (wave 2).

elliott wave software

But wait, is this true wave 2?, it is still too early to make sure that this is a wave 2. For that some things which can be used as an additional consideration is:
* The nature of wave 2 is not likely to fall below the initial wave 1.
* Usually the wave 2 and 4, will bounce at the 50% Fibonacci level (retracement).

So now we draw Fibonacci lines along the wave 1. And look at the picture below, that the price has moved to a new level Fibo retrace 50%, so around that price is a prediction / signal which will be forwarded to the wave pattern 3, meaning it’s time to get ready to buy.

If you open a position, certainly the beginning of wave 1 position, is a realistic value to be used as a Stop Loss. Why? Read more »

Correlation Between Australian Dollar and Gold

australian-dollars-and-goldConsumer Price Index for Australia during the first quarter rose faster than expected today, starting a day with many important data releases, including UK GDP, the US FOMC Rate Decision and RBNZ Rate Decision. Higher than surveyed CPI drove the AUDUSD to new record, passing the 1.0850 mark for the first time.

Higher CPI was expected as the year-over-year Producer Price Index for the first quarter, a preliminary indicator of the prices passed onto consumers rose to 2.9% during the quarter, versus a prior 2.7% and an expected 2.7%.

The Australian Dollar reached a new record high against its American counterpart immediately after the announcement, passing the critical barrier of 1.0850. However after the release, the AUDUSD has retraced some of its gains on profit taking, although at the time of writing the Aussie dollar appears to be trending higher again. Read more »

Intermarket Analysis Is A Must For A Real Traders

Intermarket analysis can be accurate above 90% if we calculated all variable. This technique is very wealth. Popular single-market technical analysis indicators such as moving averages and chart pattern formations are lagging indicators which look retrospectively at an individual market’s past data in an effort to identify reoccurring patterns which can then be extrapolated into the future. This type of analysis really boils down to looking at where the market has been, and trying to guess where it is going.

intermarket_analysis

Since the objective of technical analysis is trend identification and forecasting, it would stand to reason that this goal could best be achieved by working with leading indicators that anticipate changes
in trend direction. Read more »

Secret Forex Trading Strategy That Works!!

Secret Ultimate Forex Trading Strategy That Given Stable Monthly Profit

Foreign exchange trading shares the same characteristics as other trading. The only thing to differ the forex trading from other trading is its very dynamic and complicated market. If other trading lets us play with product to get money, the foreign exchange trading needs us to play with money to get money. Actually there is no secret in forex trading. The true is forex trading secret is candlestick reversal patterns and combined with support resistance based high low it self. So we need to know exactly which dominant area based these range from high 1 and high 2 so it called resistance and low 1 and low 2 so it called support area.

accurate-intraday-forex-trading-system

The complexity and the policy of the market demand a great understanding from us. There are some keys to make our strategies work well. There also formulas created by experts. There are appropriate clues that some people name them secrets. To know all the miscellaneous we should get our self educated. We could get a short course of forex trading. We could also get any available online forex trading course. The course would lead us to make our first step and the following steps into the world of foreign exchange. Read more »

How To Backtesting Forex EA With 90% Modelling Quality Data

Setting up Metatrader 4 for backtesting can be a tricky, time consuming, and a little frustrating if you aren’t entirely sure you have it all working properly. This article will guide you through the entire process from obtaining high quality minute history data to installing a separate backtesting account to importing and converting the tick data to different time frames. In no time you will be up and backtesting years of history data with 90% modeling quality!

Step 1: Download high quality minute (M1) 99% data tick mt4 history. Try it free for 14 days. Or we can download free metatrader history data tick by tick from tickstory this support for mt4 build 425-1350.

Step 2: Download a new installation of Metatrader from Metaquotes.net. This will be your testing version of Metatrader. Install it in a new folder, making sure not to copy over any existing installations of Metatrader. I’ve named my new version MetaTrader 4 Tester 2.

Step 3: When Metatrader installer asks you if you want to launch Metatrader upon completing the installation, choose to NOT launch Metatrader by UNCLICKING the check box. Then select finish the installation.

Step 4: After you have finished installing a new version of Metatrader 4, delete all the folders within your Metatrader history folder. To find this folder browse the Metatrader program file where it was installed. This is typically in the directory: Program Files > Metatrader 4 (or whatever you chose to name this) > history. Read more »

7 Notes for Forex Hedging

Forex Hedging

One of the popular hedging methods in forex is buying and selling the same currency at the same time and eventually making a profit out of it. Here’s an explanation of how this interesting system works, and a few tips that will help reducing the risks. And there are risks.
forex hedging strategy protection against losses

The system

The trader buys and sells the same currency pair at the same time. For example, he sells EUR/USD at 1.3300 and buys it at the same price in a separate position. When the market moves in a specific direction with a significant distance, such as 100 pips for this pair, the trader closes the winning position and leaves the losing one open. Let’s assume EUR/USD went down to 1.3200 – the trader closes the short position and leaves the long position open.

forex hedging strategy

He then opens two new positions – buying and selling at the new price. If the price goes back to the starting point, 1.3300, the trader closes all three open positions – the initial long position is now even, and the two new positions balance each other. The trader won the profit of the first short position. More details can be found here.

Too simple? That’s right. Let’s get into details and give some tips. Read more »

GMT Forex Indicator

Free GMT Forex Indicator

Just want to share gmt forex indicator to see gmt server from your broker to get better way reading technical analysis for us as a full time trader. Just copy this indicator to folder indicator from your metatrader folder, example …/Your MT4/MQL4/Indicators/

How to using this indicator just attached this to any main chart on your metatrader on any timeframe and fill your local time from parameter input setting in this indicator,after that this indicator will show your broker time based gmt. I think this help for us to know what time GMT broker that we used.

GMT Forex Indicator

This Version Read more »

Forex Trading – Tips For Dealing With Risk Trading

Forex Trading Tips

Forex Trading generally or often abbreviated as FX is synonym for Foreign Exchange Foreign currency exchange aliases. In our language known as forex or foreign exchange. Forex trading, thus, is a currency trading between the two countries whose values ​​differ from time to time.

Currencies are usually traded in the Forex is the currency in the developed countries like the U.S. dollar (USD), Japanese Yen (JPY), Swiss Franc (CHF), British Pound (GBP), Australian Dollar (AUD) and Euros (EUR) . All currencies were typically exchanged or traded in pairs or called pair. For example, EUR / GBP, CHF, GBP / USD, EUR / USD, AUD / USD, GBP / JPY and others.

currency-trading-tips

Please note that Forex Market is the most liquid market and the biggest in the world. There are trillions of dollars of money that rotates in the forex market every day. The amount often exceeds the BNP (Gross National Product) of developed countries. Incredible. Neither party can control the price in the market for a long time but the market itself is moving. Read more »