Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Looking on a naked chart, can you pick the best strategy? 32 replies

How do you see trading - Do you see it as a means to an end? 12 replies

Can you tell with naked eyes? 151 replies

Bow's trading journal 2 (almost naked trading on m5) 26 replies

Trading as naked as you can get 0 replies

Attachments: Trade What You See - Almost Naked Trading
Exit Attachments

Trade What You See - Almost Naked Trading

Just a reminder that it is USD nonfarm payrolls-day tomorrow so there may be a lot of volatility going on. If I remember correctly in last month there was almost 100 pips move in E/U during the first minutes after news.
Quoting Whistlepips
Just a reminder that it is USD nonfarm payrolls-day tomorrow so there may be a lot of volatility going on. If I remember correctly in last month there was almost 100 pips move in E/U during the first minutes after news.
Good point, I think in that case I might sit out. Better to be safe than sorry!
Just wanted to add my thanks to everyone on the thread, my trading has moved forward more in the last 3 weeks than the previous year.

dct
Quoting dct
Just wanted to add my thanks to everyone on the thread, my trading has moved forward more in the last 3 weeks than the previous year.

dct
Same here, thanks everyone.
Quoting jasonnevis
Good point, I think in that case I might sit out. Better to be safe than sorry!
I have a positive problem in my hands. All my 9 open 3 taps are going in a positive direction. Together at the moment around 500 pips (god bless LG & others for this thread). Should I or should I not close? Maybe I wait for tomorrow morning as it is for me several hours before payrolls news.
Quoting Whistlepips
I have a positive problem in my hands. All my 9 open 3 taps are going in a positive direction. Together at the moment around 500 pips (god bless LG & others for this thread). Should I or should I not close? Maybe I wait for tomorrow morning as it is for me several hours before payrolls news.
Wow, thats amazing! Good luck!
Quoting nhuda
Wow, thats amazing! Good luck!
Thanks. Tells something about the high probability of these trades.
Quoting Whistlepips
I have a positive problem in my hands. All my 9 open 3 taps are going in a positive direction. Together at the moment around 500 pips (god bless LG & others for this thread). Should I or should I not close? Maybe I wait for tomorrow morning as it is for me several hours before payrolls news.
Terrific. But take some profit off the table..perhaps 1/2 and let the other half ride. Nothing is worse than letting a postive trade turn into a negative one.
AUD/JPY just about to break out. Same with NZD/JPY
Quoting lawgirl21
Terrific. But take some profit off the table..perhaps 1/2 and let the other half ride. Nothing is worse than letting a postive trade turn into a negative one.
Youre so right here. Taking profit isnīt an easy issue. It easily leads to "if I only had....". I watched a video from dailyfx.com a while a go. If I remember correctly it was from their traders expo last year where some of their experienced traders said that he stops all his longer trades into stop loss by trailing the stop eventually higher as the trade develops.

Just trailed my stops. So about a half of the profit is secured. Thanks for the advice.
Quoting Whistlepips
Youre so right here. Taking profit isnīt an easy issue. It easily leads to "if I only had....". I watched a video from dailyfx.com a while a go. If I remember correctly it was from their traders expo last year where some of their experienced traders said that he stops all his trades into stop loss by trailing the stop eventually higher as the trade develops.
IMO that would work perfectly for a trending market maybe not so much for a market in range, but what do I know?
I would also take 1/2 my profit, maybe set my SL closer to my entry and then watch closely during the news. Whatever (analysed, educated) decision you make, stick to it and learn from the result that way it will always be a win, no matter the pips. Wish you a succesful outcome my friend.
Flp. 4:13
Quoting Whistlepips
I have a positive problem in my hands. All my 9 open 3 taps are going in a positive direction. Together at the moment around 500 pips (god bless LG & others for this thread). Should I or should I not close? Maybe I wait for tomorrow morning as it is for me several hours before payrolls news.
That is huge. My opionion, take it all and have a great weekend! There's always next week
Quoting Whistlepips
Youre so right here. Taking profit isnīt an easy issue. It easily leads to "if I only had....". I watched a video from dailyfx.com a while a go. If I remember correctly it was from their traders expo last year where some of their experienced traders said that he stops all his longer trades into stop loss by trailing the stop eventually higher as the trade develops.

Just trailed my stops. So about a half of the profit is secured. Thanks for the advice.
I think the hard part for me is trying to overcome the "catching the top/bottom" mentality.

By placing a trailing stop you are essentially saying that its ok to close a few pips below the top, giving away some of your profit. Trading psychology is a lot harder to develop than I had initially thought!

Congrats on the pips.
What broker is everyone using here? Any consensus, Pro and Cons?
Really good points! Thanks to you all. It is amazing how much one can learn in a short time by socialising with others and externalising ones problems. Anthar I think youīre right that trailing stops will only work well with trending markets.
What about three taps as in this picture against a resistance line?
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 57 KB
Quoting jdcompute
What about three taps as in this picture against a resistance line?
Just closed it + 100 pips. There is some resistance in weekly and monthly chart. Should you wait it to pass the spike on march 17th on a daily chart?

_____________

Empty barrels make the loudest sound.....
An old chinese saying freely translated
Quoting qweretyq
How do you manage a long term position while also trading short term in terms of MM? Same size trade for both? Is there a reason you do this? Very interested.

Oh yea, if I haven't said this already - thanks to you, Anthar and LG for helping me learn so much in the last week.

You're welcome, hope that book helped a bit. Let's not forget that I'm in the process of learning this stuff, too and all I do is listen, read and follow other succesufull people on this thread.

EURJPY ,as I said in an earlier post, has just broken long term resistance around 115.30 and next level of LT resistance I see it somewhere around 125.92 and 127.73. So far it broke through all intraday levels.

How do I manage longer term positions?
I have a different broker and different platform for this kind of trades. LG's BO strategy is great for spoting trends and watching the smaller time frames building the larger time frames(..and all that while making pips!...kind of like paid training..). I'm not very comfortable trading 3T H4 , yet but i use it for confirmation of direction.

So while my long term position is working for me I'm still out there everyday watching for 4C H1 BO's and if it happens that my LT position is retracing I will get in because that's what the charts are telling me to do, however this is only for a SHORT period of time looking to make my 20-30 pips and get out.

Same money mgmnt rules apply to all my positions. Position size is min. 2 lots(micro, mini or full) so I could cash in half of my positoin and let the other half run wherever it takes me. SL and TP's are not the same. Have different rules for LT positions.
4C H1 BO's rules are by the book the way they are explained by LG on the first page

...and the reason I'm doing this is only one: To make more pips

here's an update on my position, it looks like is testing 118.00 level.
+135 and moving SL at 117.10, locking in a few pips but still giving it enough room to move.

Attached Image (click to enlarge)
Click to Enlarge Name: eurjpyfew.03312011ev.gif Size: 26 KB



Hope this helps, it definitely helps me writing it all down. I certainly don't have the clarity and experience LG and others have in explaining their positions , sorry of it's a bit confusing.
Quoting Whistlepips
I have a positive problem in my hands. All my 9 open 3 taps are going in a positive direction. Together at the moment around 500 pips (god bless LG & others for this thread). Should I or should I not close? Maybe I wait for tomorrow morning as it is for me several hours before payrolls news.

That is fantastic. Great job, keep watching the market, it'll tell you what to do.
Quoting lawgirl21
I know I have posted this chart several times, but this pair is reaching October 2010 levels and that is significant. Remember that R/S are levels/areas and not necessarily specific numbers.

What will happen as PA approaches this level? I am assuming you all know, as I have stated it often enough....one of three things.

Exercise caution.
Hit resistance and head south in which case this pair will be trending down and create opportunities for short BO's and 3T on the smaller TFS

Break through resistance in which case will create opportunities for long BO's and 3T's on the smaller TF's

Do nothing or stall which means the smaller TF's will be oscillating giving us opportunities for short or long BO's, but I'll be cautious about entering 3T's

Is this the answer you're looking for?
1 trader viewing now