i don't see anything major on the charts. Check the usd/jpy. COT report and charts both show me this one is about at the top of its move up.
I had some questions from other forex traders regarding my USDCHF trade where I started buying from 1.2788 and sold everything at 1.3220. Here is how I saw the wave back then and where I see it now. Notice that I started building at the end of wave 2. After 10 years practicing Elliot Wave theory, you too will become proficient. Trust me.
USDCHF reached a low of 1.2993, nearly 50% of 1.2693 to 1.3282. Wave C of wave 2 is probably over. Wave 3 will probably take us to 1.3955 in 22 trading days. I used 1.618 to get these numbers. Keep in mind that wave 1 lasted 14 trading days. HIA flows will lay the foundation for this humongous wave 3. If I am right, then this is my Christmas present for all of you. Looks like I wasn't the only one waiting at this level to buy USDCHF at that level. By the way, if USDCHF goes through 1.2993, then you have to get out. However, I really don't think that I am wrong. Anyway, let me get back to this USDCHF trade. I expect to be busy stacking this position until the end of December.
I started buying USDCHF on Monday at 1.3088. Been buying from 1.3088 to 1.3135. Presently long 50 USDCHF at an average price of 1.3096. Stop placed at 1.3097.
Deptrai, Why do you trade USDCHF instead of EURUSD ? I assume you got stopped out. Have you established a new position ?
It is a positive carryover trade and I spent most of 2005 going long USDCHF. Yes. Got to honor my stops. No. Just sitting here thinking about what to do next. Maybe I'll just wait until the New Year is here and liquidity comes back to the market. Regards, Deptrai