Long USD

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Long

U.S. Dollar/Canadian Dollar (FX:USDCAD)

FX:USDCAD U.S. Dollar/Canadian Dollar

Long USD

What's the reason for going long? :)

moneymaking

1. the start of a new elliott Cycle
2. fundamental analysis of the bearish oil market and its effect of the Canadian dollar

DonkeyTrades

Alright, I don't use elliott wave strategy that much but since I see the eurusd trade going in profit, I'll trust you on this one. :)

Thanks for sharing and Good luck trading !!

moneymaking

buy that book i told you about

moneymaking

forget about harmonic patterns, forget about them completly. only as they flow with elliott wave cycles do they have any value. they can point the end of a wave, or correction. other than that they are worthless.......

moneymaking

there are two types of traders, the cattle and the movers and shakers. the big dogs and the half pints. trust me when i say their is a better way, this is coming from experience. graduate to the next level of the game, like i recently did, to the elliott wave level....... http://www.elliottwave.com/

DonkeyTrades

Great, this will definitely help me in changing my trading strategy. Thanks for the advice, I really appreciate it. :)

moneymaking

people make money trading harmonic patters, but its very very difficult. you have to consistently trade the same currency pair or instrument, so you can catch the percentage of winners, also stop losses must be extremely tight. its more like a meat grinder, than pro trading.......

DonkeyTrades

Awesome, Thanks. I'll make sure that I learn this strategy the correct way before applying it.

moneymaking

http://www.amazon.com/Elliott-Wave-Principle-Market-Behavior/dp/0471988499

I just wanted to ask, do you trade only 1 position on single currency pair or 2 positions on the same currency pair?

moneymaking

you don't have to split up the trade if you do not want trading elliott wave, its not as important. when you trade harmonic patterns you should always split it up into two parts, close half the trade if it hits the 0.382 and then move the other half to break even.......

DonkeyTrades

From your experience of trading with elliott wave strategy, do most of the single trades hit their target? The reason I asking this is because I see the target for this trade is like 200 pips away and most of the time I saw the market turn around the other way before hitting the target.

moneymaking

normally i would wait and trade the 3rd wave. however, the bearish oil market is crushing the Canadian dollar and other major oil exporters, that's why i set the tp so high, and jumped into the trade earlier than normal.

DonkeyTrades

Oh ok, make sense. Here again the risk is low with a potentially high reward. Thanks for sharing once again!!

moneymaking

look at all the harmonic patterns i listed as trade idea that failed. i then took some time off and reevaluated my situation. elliott wave takes some time to learn, but make no mistake about it, it is the holy grail.

moneymaking

im still learning myself. one thing i have learned is that harmonic patterns are a hyped up pile of , meat grinder trading for peanuts, huge drawdown. look at all the harmonic patterns that got stomped out on my ideas. i have since found the holy grail, and it is elliot wave.

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