I have started this to help myself and others who are interested in Elliott Wave theory in relation to FOREX trading. I will post my trades taken and the profit targets and stop losses as i take the trades. Hope to learn more and teach more. (DO NOT TAKE THIS AS SIGNALS i do not give signals. Even if you take the trades i am not responsible for the winning and losses:)
“Many of life's failures are people who did not realize how close they were to success when they gave up.”
- Thomas Alva Edison
- Thomas Alva Edison
Friday, May 14, 2010
trade 77 .... what went wrong??
EURGBP entry @ 0.8574, SL @ 0.8620, TP @ 0.8482, BE @ 0.8558.
It was down trend , i entered according to plan. it was 1 pip shy of my BE point, then it went on to hit my SL. A loss of 46pips * 2 lots = 92 pips. What went wrong, what can be salvaged from this trade? Well it was my mistake as i took this trade the 15 min trend and 60 min trend were up and the 240 min and 1440 trend were down. clearly the market was not sure of going where. I should have avoided this trade but i didn't (Deviation of Plan) , worst still when it was in profits i should have exited but i didn't (greed). When the trade turned against me i should have quit with a small lost but i didn't (hope) . What can i say, its all my fault i am 92 pips down..... :).
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