peterdcharlebois

EW still blows my mind... Picked this up just off the bottom

FX:USDCAD   U.S. Dollar/Canadian Dollar
I saw this squeeze going on and thought... This might be where the turn happens... BAM! One of the nicest trades I've ever made. Trading is 1 part analysis, 1 part money management and 1 part luck. I like it when I pay attention and get lucky. The real luck here is that I went to bed was not tempted to close it early had I stayed up watching it. (I'm sure you all know what I mean) LOL
Red
7 months ago
well done!
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peterdcharlebois PRO Red
7 months ago
Thanks man. It was my second shot as I had taken a position at 1.2625. But held it and added to it at 1.25
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Red peterdcharlebois
7 months ago
I tried to get the turn too, but I was too early.
As usual... :(
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peterdcharlebois PRO Red
7 months ago
Well... what strategies to do employ for money management. That is what is most important when trading. Especially when you are trying to catch a falling knife. When you trade like this what percentage of your account do you put at risk? I keep mine at less than one percent. Then I can add a little more when the chance comes around again.
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gvs
7 months ago
Since you state that this was done using EW....What do you feel are good resources for learning EW for the beginner?
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peterdcharlebois PRO gvs
7 months ago
I started by reading the EW bible book by Frost Pretchtor. You can get it from them... Amazon etc. http://www.elliottwave.com/Book/Elliott-Wave-Principle
You can pick it up at the library or order online. I also had the good fortune of working with a long time trader who taught me a lot. We developed a program together. I have been thinking about teaching it again.
Start by reading the book. If you get excited about this let me know. 'cause it's not for everyone.
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