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
Since you state that this was done using EW....What do you feel are good resources for learning EW for the beginner?
I started by reading the EW bible book by Frost Pretchtor. You can get it from them... Amazon etc.
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.
well done!
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
Red peterdcharlebois
I tried to get the turn too, but I was too early.
As usual... :(
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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