This rrliot Wave started forming at 0300 on march 27th go check the chart you may be able to catch second half of wave still.
First of all - very well done - I envy you to say the least!!!
If you don’t mind me asking (and I don’t expect you to reply if you feel it a sensitive subjct) how much margin did you have left after buying the 100 lots?
What I am trying to find out is what percentage of your total did you put in play for those 100 lots.
Dale I’m going to respond to the ? by saying I’m an experinced trader been doing this for years and as an experinced trader I would never put on a trade that would cripple my balance. The funny things is I learned so amazing things working for a forex firm from 1998-2001. I actually stoped working for them and gave up my leinceses to trade my own account about 3 months before 9-11 and man was that a nice ride in the USDvs JPY which is the only pairs I trade by the way. at that point in time the pairs flexed from 105 yen to the dollar up to the high of 136 yen to the dollar I made a ton of money then and also make a ton of money now doing swing trades on bad economic news and then once news factors in to price I go back to the fundamentals and start playing the currency pairs to move back into realistic ranges after over bought or over sold conditions have set in. Usually the next move is to get back on a realistic patteren and then you can make money when this happens. If we get back in a time were no bad news occurs then we have to stick to the support and resistence factors but at this point in time theres so much market moving news that people are going nuts buying and selling these pairs all over the charts news events 1. the china situation which was over blown. 2. the sub-prime meltdown which right now we have no clue how bad it really is. 3. Iran starting crap and kidnapping 15 british saliors and marines . 4. The possible war with Iran. 5. The oil markets killing the stock market which further unwinds the yen carry trade.
Once all this news finally plays out the forex markets will finally calm down and we will have to play on the support resistence factors again.
Till then this could be a wild ride to wealth for many traders just watch developements and you’ll catch these big moves.
I thank you very much for the reply.
No - I did not think you were a gambler - but also did not realise who I was dealing with.
Put it this way - I justed wanted to get some advice to someone who is REALLY making money out of this - and it sure would seem that you are.
Once again - thank you for your reply.
I was wondering if you might entertain a few questions on elliott waves?
I have been to elloitwave.com and took the basic course on elliots, but if I am understanding this right the wave on the Grand Cycle is always going up. But as I can see the fx market can only go so high because both sides of the pair cannot go up. I think that fx eliminates all inflation and just lets the pairs trade in a range. A large range but still a range. Im I on the right track or am I totally lost? Any help would be appreaticated.