Odd, at the time I didn't feel too confident about the trade. I felt that there was a good chance that we could go well below 117.00. USDJPY went to 116.80 later that day and we saw 119.44 this morning. C'est la vi. You can't win them all.
Opened a long at 1.16531 Not saying its the bottom, but i am optimistic that it will go up in the comming weeks.
I would think that every hedgie is going to be going long the $US big time until the end of the month to make there monthly performance numbers look good. After that with profitable year secured and Christmas around the corner I can see profit taking or stops being placed to ensure bonuses. I think we are just now getting to the point were the trend takes on a life of it own. (As an aside does anyone else hate trend trading. I have been wanting to get long dollar for weeks now but I only feel comfortable trading in markets that are in congestion. I just can't bring myself to put a position on and let it run)
deprai ... your chart reading skills must be different than mine ... no matter ... you stayed in your trade and made a mint ... keep it up ... I want to read about you in the forbes400 next to the other famous ET traders here next yr
Zf, remain patient. I think that you may get your chance. I will be going long USDCHF again, but after a big selloff. I believe that wave 5 is over. Afterall, the HIA flows are far from over. Seth, I've been doing this since June 1995. So my trading skills are different than yours. Do lots of reading, keep a journal, be openminded, disciplined, and modest. Always ask yourself, "What does it take to be an elite forex trader?" It does take time to get to that level. A lot of time. Regards, Deptrai
This post is made on November 8th, one week and 300-plus positive pips after you say you entered the dollar long position. After "ten years" in the forex business, surely you've seen these "past posting" miracles before? Past posting = betting on the horse race as the winner's hitting the wire.
What's your estimate? What is your personal opinion on the subject? When is it going to be over? How much money is left behind?
Chood, I did add 2 more since I made that post to make it 20 contracts. At that time USDCHF was in wave 4 when I made that post. It was a complex wave 4 since wave 2 was simple. Keep in mind the Rule of Alternation in the Elliot Wave Theory. Sun Tzu says, "A battle is won before it is even fought." So I knew where I was going to get out beforehand. Like a very good chess player who thinks 6 moves ahead, a position trader must also think ahead. I guess it goes to show you how far ahead I was thinking. Regards, Deptrai