Hello. Let me introduce myself. I am a position trader in the currency market. I will be posting my trades, thoughts and feelings here. I believe that modesty is required. Let me give you an analogy. We traders are like the fisherman who goes out to sea. He tries to catch as many fish as he can. Though he may have great days he should never disrespect the sea. For if he does disrespect the sea, then the sea will show its true power and wipe him out. With that in mind let me welcome you to deptrai's trading room.
Long USDCHF at 1.2815 this Sunday afternoon. I have decided to use the selloff from last Thursday 1.3019 as a buying opportunity. It is interesting to note that the move down from 1.3019 to Friday's low 1.2776 forms an ABC correction where wave A is almost equal to wave C. Key levels to watch for on the way up will be 1.2900, 1.2926, and 1.2947. In the Asian market today, USDJPY fell to as low as 113.75, close to 66.6% retracement of 112.98 (10/06) to 115.09 (10/13). Key level to watch for is 114.40. USDCHF and USDJPY now trading at 1.2838/43 and 114.22/26, respectively. Stop now placed at my entry point 1.2815.
Just woke up briefly from my sleep to check on the forex market. USDCHF and USDJPY now trading at 1.2913/18 and 114.63/67 in the European market, respectively. Now that 1.2900 has given way, I am looking for a test of 1.2926 and 1.2947. It is interesting to note that 1.2900 was easy to overcome. Perhaps this is a sign that the USD bulls have come back.
Thank you Zastaber. Now back to business. It is the start of the American market. USDCHF traded as high as 1.2941 in the European market. Now at 1.2919/24. I am floating a 104 pip profit. I am looking for a break of 1.1993 in EURUSD. This marks a 61.8% retracement of the move from 1.1912 to 1.2123. EURUSD currently at 1.2028/31.
Areyoukidding, I am not worthy. The entry point looks good, but we all know that entry point is only one half of the trade. Exit point is the other half. USDCHF made a high of 1.2974 in the Asian market today. Now trading at 1.2946/51. I am floating a profit of 131 pips. I am looking for a test of 1.3019 (10/13 high), 1.3045 (10/3 high), 1.3061 (7/27 high), and 1.3087 (5/9/04 weekly high).