Forex trading live calls and set ups

[wackypete2]

Order filled @ 119.88 Stop 119.70

Peter

 

[wackypete2]

exit 119.80 -8

 

[wackypete2]

I might try again. Let's see how it plays out.

Peter

 

[wackypete2]

Hitting the lower line again. Too many times and eventually it'll break through. I'm not too comfortable shorting a break downward since the currency pair has been very strong lately. I'd look to play a false breakout instead.
Peter

 

[be-positive]

long gbp/usd 1.6564

 

[be-positive]

quick visit -------- hope everyone is doing well today
stp 1.6547 trg 1.6581
tlb never look at anything below 15mins

 

[be-positive]

reduced trg to 1.6580 stp now 1.6555

 

[be-positive]

long gbp/usd 1.6562

 

[be-positive]

stp 1.6542 trg 1.6582

 

[be-positive]

starting to get the smell of s-it around here

 

[be-positive]

come on gbp you know you want to go north

 

[wackypete2]

I'm calling it a weekend. Everyone have a happy and safe Easter holiday.
Be back Monday!!

Peter

 

[15 min tlb]

long oil 111.85

 

[15 min tlb]

long oil 111.85

+ 40

mbe

 

[15 min tlb]

Relevant to day traders.

OBSERVATION # 1
The greatest number of losing traders is found in the short-term and intraday ranks.
This has less to do with the time frame and more to do with the fact that many of
these traders lack proper preparation and a well thought-out game plan. By trading in
the time frame most unforgiving of even minute error and most vulnerable to floor
manipulation and general costs of trading, losses due to lack of knowledge and lack of
preparedness are exponential. These traders are often undercapitalized as well.
Winning traders often trade in mid-term to long-term time frames. Often they carry
greater initial levels of equity as well.

CONCLUSION:
Trading in mid-term and long-term time frames offers greater probability of success
from a statistical point of view. The same can be said for level of capitalization. The
greater the initial equity, the greater the probability of survival.

http://www.stator-afm.com/support-files/article_downsw_psychologyoftrading.pdf

When you done your money, you know the answer is correct.

 

[wackypete2]

I like this one too:

OBSERVATION # 2
Losing traders often use complex systems or methodologies or rely entirely on outside
recommendations from gurus or black boxes. Winning traders often use very simple
techniques. Invariably they use either a highly modified version of an existing
technique or else they have invented their own.

CONCLUSION:
This seems to fit in with the mistaken belief that "complex" is synonymous with
"better". Such is not necessarily the case. Logically one could argue that simplistic
market approaches tend to be more practical and less prone to false interpretation. In
truth, even the terms "simple" or "complex" have no relevance. All that really matters
is what makes money and what doesn't. From the observations, we might also
conclude that maintaining a major stake in the trading process via our own thoughts
and analyses is important to being successful as a trader. This may also explain why a
trader who possesses no other qualities than patience and persistence often
outperforms those with advanced education, superior intellect or even true genius.

Peter

 

[wackypete2]

That doc was an interesting read. Thanks for posting.

It's important to note though that it's based on the author's personal observations rather than conclusive evidence. The truly interesting part is just about anyone can stand back and see almost exactly the same thing just by observing others.

Peter

 

[wackypete2]

No one around today.
short eurusd 1.4597 stop 1.4607

Peter

 

[wackypete2]

Wasted no time there

-10

Peter

 

[15 min tlb]

Long eur usd 1.4570 stop 20

positions 2

target 20/40

mbe20