As I said yesterday, a thoughtful reader sent me an Elliot Wave forex prediction (euro/usd). He gave me the time and the date, as well as the predicted high/low and the near-term predicted movement (I assume it is near term.). So I captured a 24-hour period on a VantagePoint chart, and I compared one predictive approach (VantagePoint) to another (EWT). Below are his email, my chart, and the comparison of the predictions.
I like to simplify things as much as possible. I have an e-book on Elliott Wave. One diagram on page 14 makes it as clear as a bell. And, to give you a litmus test, to check if I might have a clue, or I am just a screwball with too much time on his hands – it is about 1400 EDT on August 24th. Elliot Wave Theory, as I have learned it, shows the EURO/USD pair moving down to 1.2642, up to about 1.2750, then back to 1.2550 and taking off to 1.3340 or above. If this happens, EWT is worth your time and all it will take to learn it is some time.
Lets keep it simple.
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Although one test does not a conclusion make, nevertheless, the reader offered the information for evaluation, and so I did. And since he likes to keep it simple, as I do myself, I compared his prediction to VantagePoint because VantagePoint is pretty simple to understand. As I write this, (10/26, 8:00 a.m., PST) the euro/usd price is 127.50. The results are interesting …
Trade in the day; invest in your life …
