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Naked Chart Challenge

  • #1
  • First Post: Edited Jun 27, 2021 11:32pm Jun 20, 2021 1:56pm | Edited Jun 27, 2021 11:32pm
Are you an experienced trader? Show us what you've got! Are you a beginner? You are also welcome to share your charts.

RULES

  1. No indicators, except what I have attached below for psychological numbers. Tick Volume may also be used in your analysis.
  2. No time frames lower than the 1HR are allowed.
  3. Do not post charts without context. This should be a learning experience. Give reasons why you believe price is going to move in a certain direction. Don't just post a chart with an arrow drawing pointing up and an arrow drawing pointing down. You must be specific.
  4. Disclose your entry price, your stop loss (if you choose to use one), and your take profit, prior to or shortly after taking the trade.
  5. Trades may be closed out before hitting your take profit if necessary. If you close your trade early, then you must post a comment giving a reason why. Stop losses may be moved to break even, and may be trailed.
  6. You may use any currency pair.
  7. This is not a thread to teach trading strategies. But you are welcome to share your conditions for taking a trade.
  8. Fundamental Analysis is not permitted. This must be pure price action trading.
  9. No trolling, no making fun of people for losing trades or for making mistakes, no petty arguments, no bullying.
  10. Have fun!

Psychological Numbers Indicator (courtesy of jeanlouie)

Attached File(s)
File Type: ex4 Price_Scale_wRound_Numbers_v1.03.ex4   35 KB | 560 downloads

Example Chart
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.png Size: 38 KB
Learn from your mistakes and march on.
  • #2
  • Jun 20, 2021 2:18pm Jun 20, 2021 2:18pm
Congrats on your new thread bro. As a fundamental trader i won't be useful in this thread, but i will try to be on your "EURUSD 2.0" thread. So i won't be sharing my view here but i will be tracking this thread as much as possible. I am sure this thread will be helpful for all of us here. I wish you the greenest pips!
You have to have an IQ higher than 90 to interact with this user.
  • #3
  • Jun 20, 2021 2:24pm Jun 20, 2021 2:24pm
Quoting Nordling00
Congrats on your new thread bro. As a fundamental trader i won't be useful in this thread, but i will try to be on your "EURUSD 2.0" thread. So i won't be sharing my view here but i will be tracking this thread as much as possible. I am sure this thread will be helpful for all of us here. I wish you the greenest pips!
Well, you are always welcome to give it a try.

Thanks for the kind thoughts.
Learn from your mistakes and march on.
  • #4
  • Jun 20, 2021 2:29pm Jun 20, 2021 2:29pm
Quoting here2there
Are you an experienced trader? Show us what you've got! Are you a beginner? You are also welcome to share your charts. RULES No indicators allowed, except one. The indicator I am allowing for this challenge makes it easier to see psychological numbers. I have attached it below. No time frames lower than the 1HR are allowed. Do not post charts without context. This should be a learning experience. Give reasons why you believe price is going to move in a certain direction. Don't just post a chart with an arrow drawing pointing up and an arrow drawing...
Thanks for Indi and your nice chart..
M
  • #5
  • Jun 20, 2021 2:34pm Jun 20, 2021 2:34pm
Quoting meugampong
{quote} Thanks for Indi and your nice chart.. M
Well, the Indi isn't mine. It was created by a very generous coder named jeanlouie.

Green pips!
Learn from your mistakes and march on.
  • #6
  • Jun 20, 2021 8:11pm Jun 20, 2021 8:11pm
Short at 1.19961
Stop at high of most recent swing
Take profit in 302 pips

Rationale: 50% pullback entry of AB=CD formation
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 32 KB
If you are good at something, never do it for free--Joker
  • #7
  • Jun 20, 2021 8:15pm Jun 20, 2021 8:15pm
Quoting jmn5611
Short at 1.19961 Stop at high of most recent swing Take profit in 302 pips Rationale: 50% pullback entry of AB=CD formation {image}
You are more than welcome to draw lines on your charts to show patterns, support and resistance lines, supply and demand zones, psychological levels, fib levels, etc.... It's all a part of trading price action.

Thank you for sharing your trading idea.
Learn from your mistakes and march on.
  • #8
  • Jun 20, 2021 8:17pm Jun 20, 2021 8:17pm
Quoting here2there
{quote} You are more than welcome to draw lines on your charts to show patterns, support and resistance lines, supply and demand zones, psychological levels, fib levels, etc.... It's all a part of trading price action. Thank you for sharing your trading idea.
Okay, I thought the chart had to be price only.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 37 KB
If you are good at something, never do it for free--Joker
  • #9
  • Jun 20, 2021 8:24pm Jun 20, 2021 8:24pm
Quoting jmn5611
{quote} Okay, I thought the chart had to be price only. {image}
No, feel free to draw your lines.

I should clarify this when I get a chance.
Learn from your mistakes and march on.
  • #10
  • Jun 21, 2021 4:06pm Jun 21, 2021 4:06pm
Buying opportunity
Eur/Usd CP 1.1918
Profit 1.1980
SL - 50pips
Attached Image (click to enlarge)
Click to Enlarge Name: 2316d70854a9e446732fd817c209ac21.png Size: 37 KB
You Only See What They want You to See.
  • #11
  • Edited 4:55pm Jun 21, 2021 4:30pm | Edited 4:55pm
I see an apparent buying opportunity on EURJPY
The Daily chart is showing a strong bullish engulfing candle with a long lower wick at the low of the previous Weekly candle.
I am using limit orders on this trade. My limit orders are set near fib levels based on the Daily candle, as I am looking for a minor retracement to occur. I have one set near the 38.2 level at the price of 130.992, and another limit order set near the 61.8 fib level at the price of 130.664.
I am not using a stop loss. However, if price closes below 129.907 (see red line), then I will close the trade.
My target is at 132.437 (near the 61.8 fib level; see green line).

Note: if my limit orders don't get filled, then I will likely enter on a market order on a pullback. Let's see how it goes!

EURJPY Daily Chart
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY Daily.png Size: 18 KB


Disclaimer: this is not financial advice. It's posted for educational purposes only.
Learn from your mistakes and march on.
  • #12
  • Jun 22, 2021 11:07am Jun 22, 2021 11:07am
Quoting here2there
I see an apparent buying opportunity on EURJPY The Daily chart is showing a strong bullish engulfing candle with a long lower wick at the low of the previous Weekly candle. I am using limit orders on this trade. My limit orders are set near fib levels based on the Daily candle, as I am looking for a minor retracement to occur. I have one set near the 38.2 level at the price of 130.992, and another limit order set near the 61.8 fib level at the price of 130.664. I am not using a stop loss. However, if price closes below 129.907 (see red line), then...
Well, it took off without filling my limit orders. But I am ok with that.

What could I have done better? I should have put a limit order near the 15% level in addition to the 38.2% and 61.8% levels. Had I done that, I would have caught this move up. At this point, price has gone up too strongly to get in with a market order. I will wait for a pullback on the Daily before considering going long.
Learn from your mistakes and march on.
  • #13
  • Jun 22, 2021 12:06pm Jun 22, 2021 12:06pm
Quoting here2there
{quote} Well, it took off without filling my limit orders. But I am ok with that. What could I have done better? I should have put a limit order near the 15% level in addition to the 38.2% and 61.8% levels. Had I done that, I would have caught this move up. At this point, price has gone up too strongly to get in with a market order. I will wait for a pullback on the Daily before considering going long.
focus on levels .00 .20 .50 .80 nearby fib levels, you will see the point.
BullShit BearShit
  • #14
  • Jun 22, 2021 1:00pm Jun 22, 2021 1:00pm
Quoting etrade360
{quote} focus on levels .00 .20 .50 .80 nearby fib levels, you will see the point.
Thanks. I use 15%, 38.2%, 50%, 61.8%, and 74.6%. I don't put limit orders directly on these levels, but near them. 15% is the one that occurs most frequently. 38.2% is next in line, and then 50%. I am only speaking of minor retracement levels here, drawn on the Daily candle.
Learn from your mistakes and march on.
  • #15
  • Jun 22, 2021 3:17pm Jun 22, 2021 3:17pm
Quoting here2there
{quote} Thanks. I use 15%, 38.2%, 50%, 61.8%, and 74.6%. I don't put limit orders directly on these levels, but near them. 15% is the one that occurs most frequently. 38.2% is next in line, and then 50%. I am only speaking of minor retracement levels here, drawn on the Daily candle.
combine fb percentage with fixed price levels i've told you, then take a point with no fear StopLoss,, i think you know it,, BTW,, i have been in this FF since year 2000, and you're 1st person i like, because your trading style matched my way,, hope we're good partner in the trading job
BullShit BearShit
  • #16
  • Jun 22, 2021 6:11pm Jun 22, 2021 6:11pm
Quoting etrade360
{quote} ... hope we're good partner in the trading job
Subscribe to me and I will add you to my buddies list.
Learn from your mistakes and march on.
  • #17
  • Jun 23, 2021 1:49am Jun 23, 2021 1:49am
Hello all,
I have attached the chart to show my personal trading method using the daily and weekly charts. The key is the previous days close price where we wait for price to go back into the previous candle body and then continue to break the previous days close for an entry.
On the weekly charts it is a wonderful method to sit back and watch.
Try it out and share the results.
The Blue line is the previous days close where we make a long entry when this line is broken
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-d1-black-bull-group.png Size: 38 KB
  • #18
  • Edited 10:41am Jun 23, 2021 8:39am | Edited 10:41am
Quoting peterhenders
Hello all, I have attached the chart to show my personal trading method using the daily and weekly charts. The key is the previous days close price where we wait for price to go back into the previous candle body and then continue to break the previous days close for an entry. On the weekly charts it is a wonderful method to sit back and watch. Try it out and share the results. The Blue line is the previous days close where we make a long entry when this line is broken {image}
Sounds like a decent strategy. But please be sure to follow the rules of the thread. Thanks.

By the way, you may find these FREE pure price action tools particularly useful for your strategy.
Learn from your mistakes and march on.
  • #19
  • Edited 10:13am Jun 23, 2021 9:41am | Edited 10:13am
USDJPY Trade
Price got rejected at a key area of resistance, and also near a key psychological price (111.0). It is also showing weakness at the previous weekly high, thus indicating it could decline.
I entered at 110.692
I am not using a stop loss. However, if price closes above 111.099 (see crimson line), then I will close the trade.
My target is 110.0 (psychological level).
I may add to my position if opportunity knocks.

NOTE: I am trading against the stronger currency on this pair (USD). So I am treating this as a retracement trade; meaning, it will be closely monitored, and likely won't last long. Because there is greater risk involved when trading against a stronger currency, I plan to set a stop at break even at some point during the trade.

Let's see how it goes!

USDJPY Daily Chart
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.png Size: 17 KB


Disclaimer: this is not financial advice. It's posted for educational purposes only.
Learn from your mistakes and march on.
  • #20
  • Jun 23, 2021 11:11am Jun 23, 2021 11:11am
Concerning this Trade I posted earlier, bulls are starting to show further weakness between the 50% and 61.8% fib levels on the 1HR. Therefore, I will be adding to my short position on USDJPY soon.

USDJPY 1HR Chart
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.png Size: 10 KB

Disclaimer: this is not financial advice. It is for educational purposes only.
Learn from your mistakes and march on.
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