GBP/USD fell into what I call a double zone. First falling into the weekly demand zone and within that a smaller time frame (8 hour chart) demand zone. My entry was at 1.3105 with a stop market order in at 1.2699. I've decided to risk 2% of my account size on this trade and looking to take off 2/3 once it hits 3:1. Dollar has been very strong recently so I may be a bit more aggressive with taking profits. If you like my info guys please give me a thumbs up or follow me. Would love to hear more of your thoughts on my analysis as well. Thanks for viewing guys and gals :)
Trade active
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Entered at 1.2745 August 10th 2018.
Trade closed: stop reached
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Stopped out early. This zone still Looked good.
Comment
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I know a bit late to update but decided to reenter this trade a couple days ago with an entry at 1.2626 and my stop at 1.2650. Currently up 166% on my initial investment.
No profits to take. trade closed. (advice for those silly enough to keep following other traders with no experience- never trade against the trend)
Agentzereo
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@chaosbegone, If you know anything aboht trading then yoh’d know that successful traders have more losers than they do winners. Risk managemrnt such as using stops is what cuts out big losses.
Before calling someone inexperienced please back it up with something more than just one unsuccessful trade.
chaosbegone
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@Agentzereo, If you are trying to imply you are a successful trader. HA!
You want thumbs up for your analysis. WHAT ANALYSIS?! All you did was mouth of a line on how strong the dollar has been. That is absolutely no basis to decide an entry point.
A trade where your stop loss is 400 pips away! That is just absurd - aka guesswork.
This has absolutely nothing to do with one unsuccessful trade and everything to do with nonsense posts.
Agentzereo
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@chaosbegone, No, I am not implying that I am a successful trader but I am on that path and have been working hard at it in the past year with amazing improvements. My dollar index chart is the playing field one should use in the big picture and start drilling down to smaller time frames for tighter entries. Also, where are you getting this 400 pips from? Even if it was a 400 pip zone that would still be fine as long as one position sizes correctly never risking more than 2% of their account size.
Please educate yourself properly before you start bashing people with poorly backed up statements. Please check out my audusd chart I recently published. Went against the trend on that one and I'm up 300% on that trade risking only 1% of my account.
chaosbegone
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@Agentzereo, Don't divert from the topic! We are talking about this chart - GBPUSD. What does what you posted in another chart matter?
Poorly backed up statements? You STILL HAVEN'T answered ... where is the original analysis you wanted thumbs up for? There was none.
400 pips stop loss (I got directly from you and i quote. " My entry was at 1.3105 with a stop market order in at 1.2699" That a diff of 406 pips exactly )You pointed out as well the trade was closed "AFTER" it fell below this value.
Worse now you are suddenly claiming ... with no analysis again that you suddenly entered a long trade again... with no warning, no early prediction, no analysis and days after it bounced off close to that level. Not bashing ... just pointing out hogwash!
And just to point out to you - the inexperienced trader that would probably guide a lot of newbies to their deaths with such posts. If you entered as you said at 1.2626... and your stop is 1.2650. It means you went SHORT. It also means you are not up your investement but DOWN!
But another point i should probably point out is that GBPUSD NEVER REACHED the levels you speak off. The lowest is actually 1.2661! - yet somehow you entered at 1.2626! WOAH!
Agentzereo
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@chaosbegone, Ah crap. My typos screwed it up! Definitely my fault :( Was wondering where you got that 400 pip statement at. As for the second trade, I did give a disclaimer that I was late to update on entering the second long trade which was at 1.2676 and not 1.2626 (another typo).
Anyway, I can’t and don’t intend to please all traders but please keep in mind that not every trade will work but when they do, they do very well. So how’d you like my other chart set ups?
$$$$$$$$
chaosbegone
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@Agentzereo, What are you talking about? "Please all traders". You keep going off topic. I'm not looking for trading advice. I'm just wondering ... (and I've asked this question 2 times already) - WHERE WAS THE ANALYSIS YOU WANT PEOPLES THOUGHTS ON?