As expected from yesterday`s analysis the pound continued to move towards the upside reaching and exceeding the specified target at 1.5734 by 1 pip.
Today we are adding an alternative count, however it should be mentioned that even though both counts point at the same direction for tomorrow`s session, they differ greatly in expectations for where the pound is going to head next.
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I get the feeling you are making this up as you go along. Your counts keep changing and costing me money.
Dear RBTrinder,
When approaching the Forex market, there is no place for feelings, we know that at EWF, therefore we follow strict rules and we know as well that numbers are the only proof. An accusation of making things up as I go along is unaccepted as it question my professionality and credibility in particular and Elliott Wave Forex professionality in general.
We don’t make commission from members trades and our very existence hinges on our ability to help our members make money multiple times over the monthly subscription.
And it’s really sadden us to know that an EWF member lost money because we believe that Elliott Wave Theory can accurately predict the market. We don’t simply make things up as we go along and all of our analysis is done objectively following strict Elliott Wave rules. Even then, we’re not 100% perfect but we do strive to be as accurate as we can be.
So I’ve compiled the net profit of the last 30 days period in pips below. Feel free to check if it is an accurate list, here is some statistics and facts about it:
1 – The net profit was 427 pips while the pound traded in a tight range of 435 pips
(the hourly chart was used and the profit/loss was calculated from the price on the chart at the time of publishing the analysis against target/invalidation point mentioned).
2 – On 4th of January we accurately called for a top and the pound fell short of the target by 27 pips and continued towards the downside.
3 – On 12th of January we accurately called for a bottom and the pound reversed its direction exactly -by the pip- from the target specified.
4 – The accuracy rate of the past 30 days period was exactly 80.95 % with 17 successful analysis and 4 unsuccessful ones.
5 – In the following list I did not consider the profit when the pound fell short of the target by 2 pips (i.e. 20th of January).. on the contrary that was considered a loss although from analytical point of view it was an accurate analysis (and if such analysis was considered it would have improved the accuracy rate further and of course the net profit).
========================================
Detailed profit/loss from 29DEC to 26JAN
========================================
Date Result
————————-
DEC29 66
DEC30 0
JAN02 54
JAN03 0
JAN04 58
JAN05 90
JAN06 0
JAN09 38
JAN10 -46
JAN11 59
JAN12 62
JAN13 0
JAN16 0
JAN17 109
JAN18 0
JAN19 17
JAN20 0
JAN23 -37
JAN24 -79
JAN25 81
JAN26 -45
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Total 427
Accuracy Rate 80.95%
========================
However there are many other factors that needs to work hand-in-hand such as being disciplined and not letting our emotions take over. Everyone has his/her own trading style and this is something out of our control. Whatever that is, we always tell our members to have a good money management technique and not to over leverage.
At the end, I should remind you that when we entered the market (as traders and analysts) we knew the risk involved and even though we provide such great results at EWF, nothing is guaranteed, the next month might not yield the same results. What we promise is that we -as always- will do our best providing our members with the highest probability analysis.
Sincerely,
Nady
Dear Nady,
I really appreciate thiscomment. As a new member I would like you to show me how you calculated the profit in pips you mentionned, for the last day for example ( jan26-45 pips).
Thanks in advance.
Regards,
Emmanuel
Dear Emmanuel,
Thank you for your comment, and to answer your question, I simply look at the hourly chart and far at the right side of the chart you will find the price of GBPUSD at the time of publishing the analysis highlighted. On Jan26 it was 1.5691, and since the pound reached the invalidation point at 1.5736, then I subtracted 1.5691 – 1.5736 = -45 pips.
If you have further questions,please do not hesitate to leave us a comment.
Sincerely,
Nady
Hi Nady,
Can you recommend a good ebook on how to trade intraday using elliot waves patterns?
Thanks in advance.
Hi Nady,
take a look at the alternate hourly wave count. If you set pink i to the left (instead orange x), followed by an green a, then followed by an green b (new low) and since 1.5234 we can see green c, cause green c reached exactly 1.618 of green a, while green b reched 1.38 of green a.
What do u think? In this case it would be highly likely that we will see strong downward movement… let’s see and let the market decide.
good luck everybody!
Dear ShahramShahi,
Thank you for your comment, if I understood your suggested count correctly, then you are suggesting that wave ii pink is unfolding as an expanded flat correction, right ?!
That is exactly what the main hourly count is suggesting
.. and I totally agree that it is highly likely that soon we will be seeing a strong downwards movement.. we called for a top on Thursday`s analysis but the invalidation point was met, therefore we have to be really careful as we are at the time being in a critical juncture , we will discuss that in detail shortly on end of week analysis.
Sincerely,
Nady
Hello Nady,
first, I have yet to recieve 27 Jan 2012 post for the GBP/USD.
Now, I will say this…I am up over 6k since I started with you folks. I use EWF services as a way to guide and or compare and contrast MY analysis. If I wanted to hand over my trading responsibilities to another I would get a broker. But then again I don’t need anyone else to make me “broker” when I am perfectly capable of that myself. I do not always agree with EWF and that is when I stay out of the market. This stategy has served me well as I am usually wrong.
Keep up the great work.
Respectfully…
Dear Abujindani,
We are currently working on a strategy specifically tailored to Elliott Wave Theory, We will let you know once it is out. I should add that expert traders value good money management as much as they value a good strategy, money management is often neglected and more light should be shed on it.
Sincerely,
Nady
Dear Burl,
My apologies for the delay, I`m currently working on end of week analysis and it will be published within the hour.
Thank you so much for your insight, it is really appreciated as such comments help keep us focused on our goals of providing the highest probable analysis as well as keep us even much more aware of our responsibilities, as I mentioned in a previous comment our very existence hinges on our ability to help our members make money multiple times over the monthly subscription.
Thank you again for your comment and insight.
Sincerely,
Nady