Few points against shorting EUR/USD

Quote from Deptrai:

Sold USDJPY at 117.15. A regular ABC zigzag correction seems to have reached its target. 117.09 support held today. Oversold conditions. Since this is a positive carryover trade, GAIN has adjusted my cost to 117.10. Stop loss now placed at 117.11. The trend is Deptrai's friend.
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4 pips stop, or else?
 
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.
 
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

:p
 
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
 
Quote from Deptrai:

I have been building a long position in USDCHF from 1.2788 last Wednesday morning. Long 6 at 1.2788, 2 at 1.2799, 1 at 1.2819, 1 at 1.2840, 1 at 1.2855, 1 at 1.2900, 1 at 1.2930, 2 at 1.3047, 2 at 1.3097, and 1 at 1.3100. This comes to a total of 18 at 1.2889. Limit order has been placed to sell all 18 at 1.3220.
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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.
 
Quote from Deptrai:

the HIA flows are far from over.
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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
 
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