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Trade What You See - Almost Naked Trading

  • #4,961
  • Nov 19, 2010 10:35am Nov 19, 2010 10:35am
RSIs look like something is going to happen long. H4 3 Tap has setup and triggered, may be late to enter on that setup. But looks like a BO may happen...squirrely candles though.
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  • #4,962
  • Nov 19, 2010 10:39am Nov 19, 2010 10:39am
Getting ready for work. Will check in later. Hope everyone met their goals this week. Great start of the week...got a little indecisive toward the end.
  • #4,963
  • Nov 19, 2010 10:48am Nov 19, 2010 10:48am
Quoting lawgirl21
Getting ready for work. Will check in later. Hope everyone met their goals this week. Great start of the week...got a little indecisive toward the end.
thanks a lot LG for your effort to make this thread successful.here is 12:45am,going to bed soon,good night and all the best
  • #4,964
  • Nov 19, 2010 10:54am Nov 19, 2010 10:54am
Quoting lawgirl21
RSIs look like something is going to happen long. H4 3 Tap has setup and triggered, may be late to enter on that setup. But looks like a BO may happen...squirrely candles though.
For the past 3 hours it didn't go past 0.9994...
  • #4,965
  • Nov 19, 2010 10:59am Nov 19, 2010 10:59am
Hi all,

I am posting this chart because I have been on this thread for many days and I think some of the chart reading components that I have marked off here would be very helpful for some of the decision making that is often discussed. These are very basic things that I have trained to watch for on any chart in any time frame. They show clear examples of when the market is "saying something" that everyone can hear, but not all can interpret. As the GBPUSD chart progressed this week, these elements began to appear. I do not normally leave a chart marked up in this way for an entire week because it is annoying, but when these elements combine to suggest important things like bias, then it can save lots of $ and :-( to be able to recognize them in context and most importantly - in time. In the future I will refrain from such complex charts, but I hope that this is useful to the thread and the great traders here. I tend to take much fewer trades than all of you do because I am much more conservative, but that doesn't mean I don't see lots of good trades.

Lawgirl, if this is out of line with anything you are doing, please feel free to tell me and or remove this post. My intention is to fill in what I perceive as a small gap in some of the chart analysis. Sorry for such a lengthy post...

What an excellent trading week we all had, and I thank you Lawgirl for being such a very cool support and always on the money. (pun intended)

-Joe
Attached Image (click to enlarge)
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  • #4,966
  • Nov 19, 2010 11:02am Nov 19, 2010 11:02am
Quoting lawgirl21
RSIs look like something is going to happen long. H4 3 Tap has setup and triggered, may be late to enter on that setup. But looks like a BO may happen...squirrely candles though.
It stalled three times testing the high support from the highest candle to the left. The last two bars are both hanging men. There isn't any true consolidation going on here. If it made a clear break of the support line, then there might be reason to re-enter long. But it looks to me like its at least as likely to retrace.
  • #4,967
  • Nov 20, 2010 12:25am Nov 20, 2010 12:25am
Quoting lawgirl21
Earlier trade going against me. I have now put in a SL.
i think entries for BOs are better in pull backs. because more ofte when a BO occurs, the support/resistance breached will turn to resistance/support respectively and more often than not the level will be tested. The best entries for such BOs will be at pull backs whil SLs can be placed below/above the earlier resistance/support breached.
We trade to live not live to trade................
  • #4,968
  • Nov 20, 2010 3:49am Nov 20, 2010 3:49am
Hi LawGirl...

How much pips per week you make in average with your system? And what is your winning rate in %?
And how many trades per week you take in general ?

I want to know how bad am I ?
  • #4,969
  • Nov 20, 2010 7:59am Nov 20, 2010 7:59am
Quoting ovyeh
i think entries for BOs are better in pull backs. because more ofte when a BO occurs, the support/resistance breached will turn to resistance/support respectively and more often than not the level will be tested. The best entries for such BOs will be at pull backs whil SLs can be placed below/above the earlier resistance/support breached.
But we are trying to capture the initial BO. Yes, the breached S/R line becomes the new S/R lines, like on the chart you are referring to and more recently GBPUSD.
  • #4,970
  • Nov 20, 2010 8:13am Nov 20, 2010 8:13am
Quoting BatmanXXL
Hi LawGirl...

How much pips per week you make in average with your system? And what is your winning rate in %?
And how many trades per week you take in general ?

I want to know how bad am I ?
I have a goal of 100 pips per week at this time. I almost always go past that goal. Then I stop live trading for the week, no matter when I reach that goal. I never give winning ratios a thought. I trade until I reach my goal.
  • #4,971
  • Nov 20, 2010 8:35am Nov 20, 2010 8:35am
Reset your goal... aim higher.

Try for 150 pips a week... or maybe 50 a day even.
In the days of old when sailors were bold, and seldom if ever contented.
  • #4,972
  • Nov 20, 2010 9:13am Nov 20, 2010 9:13am
Quoting jsmanuse
Hi all,

I am posting this chart because I have been on this thread for many days and I think some of the chart reading components that I have marked off here would be very helpful for some of the decision making that is often discussed. These are very basic things that I have trained to watch for on any chart in any time frame. They show clear examples of when the market is "saying something" that everyone can hear, but not all can interpret. As the GBPUSD chart progressed this week, these elements began to appear. I do not normally leave a...
Thanks for posting this chart Joe. It says it all. It shows us that we could stay with this pair only and make a living trading it. I think it was pippete who made pips on it three times this week. And thanks for your kind words, though I am not always on the money....
  • #4,973
  • Nov 20, 2010 9:15am Nov 20, 2010 9:15am
Quoting pt49
Reset your goal... aim higher.

Try for 150 pips a week... or maybe 50 a day even.
It's been suggested that I do that, but I haven't upped the goal yet, maybe will soon. How about you? Have you set a trading goal and are you meeting it?
  • #4,974
  • Nov 20, 2010 9:45am Nov 20, 2010 9:45am
Thanx Lawgirl for an awesome thread.....and your prompt and honest feedback has made this even better

May you get all the Pips that you wish for !

I shall post further when I have something useful to share...which I will definately soon enough....

take care

chanu
  • #4,975
  • Nov 20, 2010 9:57am Nov 20, 2010 9:57am
A fun trade to watch this coming week for the not so faint of heart. A 3 Tap weekly trade set up and trigger (but entry only if PA continues long)
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  • #4,976
  • Nov 20, 2010 10:07am Nov 20, 2010 10:07am
Another interesting pair to watch on the daily chart for the next few days. Had a very nice 300+ pip move up at the beginning of the month..and then, total indecision. It will break sooner or later, in the meantime it is trading back and forth within the ditch.
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  • #4,977
  • Nov 20, 2010 10:12am Nov 20, 2010 10:12am
Nice 3 Tap trade on daily chart for 70+ pips. The run may be over, but maybe not. Might be worth keeping an eye on this pair and looking for another entry.
Attached Image (click to enlarge)
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  • #4,978
  • Nov 20, 2010 10:23am Nov 20, 2010 10:23am
I could not find a 3 Tap setup for this pair on any TF, but overall, PA is/was last week, definitely moving up. I looked at the H4 chart (also H1) and see that this pair has been trading in a tight range for the past 40 hours or so. It has to go somewhere sooner or later. This pair is definitely on my watch list.
Attached Image (click to enlarge)
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  • #4,979
  • Nov 20, 2010 1:37pm Nov 20, 2010 1:37pm
Hi all
For me last week was hard one, my week target (+10%) had failed. In fact i did -3%.
My conclusions are:
Do not try to trade Monday morning (GMT+1 Time). There is no direction at all.
Try to trade exactly as The system is described. This week i have tried many "improvements" and "smart ideas"
I will focus for now at 3Tap part and have hope that next week end with better results.
What i did right last week:
I think my MM works, i put 2-3% in each transaction. Size in lots is calculated for every transaction based on how big in pips will be the stop loss. I try to put the stop loss at first reasonable S/R level and what i observe is that when i put TP also at closest S/R level i have 1:1 Risk Ratio (or something very close to this). OMG i now see that last week i had almost 100 trades, biggest drawback was -10% and finally i have -3% so it could be much worse.
Next positive is i have not done anything really stupid like going for win all/loose all trade.
If you have any remarks, advices what should i do, on what should i focus at the begging or anything else, please let me know. I play on demo but i treat it very serious, and want to go live as soon as i will have positive results.
So that is all for now, please all of you be ready for many very detailed questions next week.
  • #4,980
  • Nov 20, 2010 4:28pm Nov 20, 2010 4:28pm
Quoting LFB
Hi all
For me last week was hard one, my week target (+10%) had failed. In fact i did -3%.
My conclusions are:
Do not try to trade Monday morning (GMT+1 Time). There is no direction at all.
Try to trade exactly as The system is described. This week i have tried many "improvements" and "smart ideas"
I will focus for now at 3Tap part and have hope that next week end with better results.
What i did right last week:
I think my MM works, i put 2-3% in each transaction. Size in lots is calculated for every transaction based on how big in pips...
I suggest you look back through your 100 trades and see what would you would have done if you had taken only your 20 best signals. By best signal, I mean without the benefit of hindsight. Then look at maybe your 25 or 30 best signals. Then 50, then 75, etc... If you are seeing significant dropoff, I would think that's a clear indication that you are overtrading and/or jumping in at the wrong times (either too early out of impatience, or too late to try to chase the trade).

One of the hardest things to resist is the temptation to be doing something, to always be in a trade. I'm really working on the idea of being patient and letting the market show itself before pulling the trigger.
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