Stupid Eur/USD Trade

[wep56]

Quote from Comandatore:

hi weppy,
your posts demonstrate the psychology of 95% of the losing traders, in fact while the market is going in one direction you bet on the other and argue the trend....will be surprised to know that your trades are profitable...no offense mate.

Z CoMaNdAtOrE!

HaHa, and I suppose that you are in the other 5% no doubt.
I'm curious as to how you would know the psychology of 95% of the loosing traders?? Must of read it in a book somewhere, Huh?
The market is going in one direction and I bet on the other and argue the trend? Wonder where you came up with that nonsense?

 

[Comandatore]

reading your posts mate, arguing with every body on the stops..and not wanting to understand or accept and camping on your "positions" you reflect the psychology of the "mass" 95%!!
ZC

 

[wep56]

Quote from Comandatore:

reading your posts mate, arguing with every body on the stops..and not wanting to understand or accept and camping on your "positions" you reflect the psychology of the "mass" 95%!!
ZC

Well first of all ‘mate’, I’m not arguing anything with anybody. Merely pointing out the fact that one of my FX platforms makes available an order called a “stop loss” which in fact is not a true stop loss order but a stop order. Nothing more that a minor discrepancy in terminology in my opinion.
The mass psychology of the 95% has absolutely nothing to do with me, my trading, or this topic. The greed/fear factor is an entirely different subject. And I don’t buy into that 5% / 95% mass psychology ratio anyway. Especially in the FX markets. I will accept the fact that 95% of individual traders will fail in the long run. The reason for that is simple.
Under capitalization, over leveraged accounts and poor risk management. There are plenty of good trading strategies and charting programs, available for anyone willing to put in the time and effort. But all of that is secondary to sound money management. That is where 95% of individual traders fail.
So your attempt to label me or anyone else as being in the 95% group is nothing but conjecture on your part.
As far as camping on positions as you say, well I think that you are a little out of whack with that statement since you know absolutely nothing about me or my trading style.
My trigger finger works just fine.

 

[wep56]

08:02 AM EST
GBP/USD>>Bearish engulfing pattern on 4h.
At top of recent trading range on 4h.
Failed to break resistance at 1.7812 during European session.
Trading down from upper Bollinger band on daily.
Unable to overcome 40 m/a on daily.
Slightly overbought on daily ROC2.
Sold just before the 8:00 AM open on the 4h at 1.7756. Stop at 1.7830. Target 1.7608
Anyone disagree with this trade?

 

[wep56]

12:00 Update
Looking for solid break of 1.7694 pivot support on 1h. Will move stop to B/E if this happens.
Will monitor last 4hours for possible exit if target is not hit.
Not real crazy about holding over the weekend.
Current Price: 1.7692
12:14 Update
Moved stop to B/E. Current Price: 1.1.7665

 

[wep56]

Quote from wep56:

12:00 Update
Looking for solid break of 1.7694 pivot support on 1h. Will move stop to B/E if this happens.
Will monitor last 4hours for possible exit if target is not hit.
Not real crazy about holding over the weekend.
Current Price: 1.7692
12:14 Update
Moved stop to B/E. Current Price: 1.1.7665

12:21 Update: Placed a buy stop at 1.7666. (.250 retracement level of 1.8498 to 1.7390) Looks like a good place to get out. Possible support area.
12:27 Update: Buy stop hit at 1.7666. I'm flat. 91 pip profit.

 

[wep56]

Comandatore,
The above is how my trading day went today. Not bad for someone in the 95% group, huh? $1820 in a little over 4 hours.
I wonder what you did today?? Maybe you will share that??
Anyway, my day is over. I have to prepare for a hurricane that is supposed to slam us here in south Florida on Monday.
I'll let you know when I get another trade setup. HaHa
Anyway, good trading to you.