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Naked Chart Trading

  • #81
  • Jan 20, 2007 7:46pm Jan 20, 2007 7:46pm
Don't kid yourself Walid, some people make a lot of money this way. It's true support and resistance. (im talking about the conversation that took place from page 4)
  • #82
  • Jan 20, 2007 8:19pm Jan 20, 2007 8:19pm
Hi everybody,

Anybody know a book to read in this naked trading topics? I'm confuse between Playboy or Penthouse, so if anybody has a better idea, please let me know.

Jimmy
  • #83
  • Jan 21, 2007 6:08pm Jan 21, 2007 6:08pm
Quoting 741
Hi everybody,

Anybody know a book to read in this naked trading topics? I'm confuse between Playboy or Penthouse, so if anybody has a better idea, please let me know.

Jimmy
Naked Trader
  • #84
  • Jan 21, 2007 6:17pm Jan 21, 2007 6:17pm
All indicators are lacking except the most important;price ,candle patterns tell the whole story
  • #85
  • Jan 21, 2007 7:04pm Jan 21, 2007 7:04pm
Quoting twoblink
NO NO NO PEOPLE, PUT YOUR CLOTHES BACK ON!!



I meant, anybody else trade without indicators??

I'm doing pretty much pure Price Action now, and would like hear from anybody else doing the same thing..

Me vs the Forex in its purist form..
Indicators are pointless. They tell you what happened in the past, not what's going to happen in the future. To me, trading on indicators is for people who can't read the market. It's about instinct, some people got it and some just dont.
I am Canadian!
  • #86
  • Jan 21, 2007 7:59pm Jan 21, 2007 7:59pm
Quoting monikroc
All indicators are lacking except the most important;price ,candle patterns tell the whole story
Lag is good for conservative entry and to ride the waves... Like Alan Hull said flea (trader) riding the elephant (trend)... LoL
  • #87
  • Jan 21, 2007 8:05pm Jan 21, 2007 8:05pm
Quoting Canadian_MAF
Indicators are pointless. They tell you what happened in the past, not what's going to happen in the future. To me, trading on indicators is for people who can't read the market. It's about instinct, some people got it and some just dont.
Indicators will help... You can always walk the distance; but always good to have a car - especially during the Canadian winter...
  • #88
  • Jan 21, 2007 8:12pm Jan 21, 2007 8:12pm
Roll the dice. Who needs price charts?
  • #89
  • Jan 21, 2007 8:35pm Jan 21, 2007 8:35pm
Quoting et_phonehome_2
Roll the dice. Who needs price charts?
All charts have price on it... LoL
  • #90
  • Feb 16, 2007 3:47am Feb 16, 2007 3:47am
I think if you can read the price to determine trends, entries and exits, trade naked.
If you can't, get the indicators to help you.

Both works but I'd like to be naked.
  • #91
  • Feb 20, 2008 11:39am Feb 20, 2008 11:39am
Quoting Horace Kent
Make acute note of BabeFX's comments, then look at this...Can you not see the trends here???:
those circles on the tail of the candle stick, did you add them or you used an indicator to do that? if its an indicator, pls can i have it..
  • #92
  • Dec 24, 2008 11:03am Dec 24, 2008 11:03am
Here is a naked chart with a few horizontal lines of interest.

http://img183.imageshack.us/img183/7950/pr1yj1.th.png

http://img367.imageshack.us/img367/5276/pr2zc5.th.png
Check Mate GAME OVER
  • #93
  • Dec 24, 2008 11:11am Dec 24, 2008 11:11am
Here is another:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Pr3.PNG Size: 20 KB
Click to Enlarge Name: Pr4.PNG Size: 23 KB
Check Mate GAME OVER
  • #94
  • Jan 6, 2009 5:29am Jan 6, 2009 5:29am
Let's stop the debating. There are so many variables in trading, some we might not even be aware of (e.g. our psychological habits). There are too many variables for people to make such blanket statements as: Trading naked doesn't work....or...Indicators don't work.

I'm sure there are highly successful traders in both camps. What's important, as some have already said, is that you find a system/strategy that suits you, something you can stick to and master. Presumably this is a thread intended for those who are interested in making trade decisions that are largely based on price action.

So let's discuss some strategies, tips, and advice.
  • #95
  • Jan 6, 2009 6:05am Jan 6, 2009 6:05am
Indicators do work but they don't work all the time. It all depends WHEN you look at the indicator and trade off it. If you're in a major uptrend and your indicators point downwards you will go SHORT and then you wonder why you lost money. Stochs don't know whether this is a change of a trend or just a retrace, they just show you what they see and you trade by what they show you, that's why sometimes you win and sometimes you lose.

I'm a Forex newbie, I started trading in November and I'm happy to say I'm trading naked since December, well at least I try. All I use are S&R lines, trendlines and candlestick and chart patterns and I feel like I've improved so much since I started trading. I tend to understand better how it all works and I my skills are improving.

Indicators show you what happened in the past that's why I don't see a point of using them but I'm just a beginner so what do I know. I think trading is 40% analysis and 60% psychology that's why Support and Resistance works, that's why trendlines, channels and round numbers work.

I'm always looking for new learning resources so if anyone knows of a good website, book, video, tutorial, article or anything else, please share it here with us or PM me. I'm reading a lot of threads here on FF and they take A LOT of times since most of them have some 500 - 1000 pages and more so I'm glad I'm a part of this thread right here from the beginning and I hope to learn much here.

To make my post somewhat useful, I'm posting my chart of EUR/USD. That's all I trade. I always looks at the Daily, H4 and H1 timeframes and I trade wherever I see a pattern be it H1 or H4, Daily is used as a reference only. Tips on anything would be appreciated.

http://www.shrani.si/f/24/Es/3tTlaoei/untitled.jpg
  • #96
  • Jan 6, 2009 7:11am Jan 6, 2009 7:11am
Do you tend to keep a tight leash on your trades, or do you give them a little more slack? Do you have a robust set of filters and confirmation rules, or do you have a simpler set of criteria you look for in your trade setups? Are you a more aggressive trader, or more conservative?

There are dozens of ways to ask these questions, but there seem to be two predominant styles of trading. On second thought, perhaps to be more complete, I should consider all four combinations:

  1. (TSTT) Tight Stops / Tight Targets
  2. (TSLT) Tight Stops / Loose Targets
  3. (LSTT) Loose Stops / Tight Targets
  4. (LSLT) Loose Stops / Loose Targets

I used to trade with fairly loose stops. Being able to accept a loss has always been a challenge for me as a trader. Of course it sounds good in theory: Cut your losses short, let your winners run. (Clearly this rule seems to encourage a TSLT strategy.) However, in practice, I found it very difficult to follow this simple rule. I guess it goes against human nature. We don't like to be responsible for a loss, or we feel something better is about to come (greed), and we always want to take any profit that is on the table because we don't want to lose it (fear).

Since I started to put an honest effort into cutting my losses short, I think I am finally starting to see the light. I have a rule: Exit a trade as soon as I get a candle in the wrong direction. Often times, after exiting with this rule, I see the price move further against what was my position. When that happens, I always feel good about following my loss-cutting rule. Furthermore, when I finally do catch that big move I've been waiting for, the profit I gain from that can easily cover the much smaller losses I incurred previously. If I had many larger losses, it would require several very large gains to cancel those losses out.

Another realization I made that has helped me wrap my mind around the concept of cutting my losses short, is timing. When I look back on some past charts and see my setups, I often see some ideal trades that would have worked perfectly. They almost always become profitable in just a few bars or less. I realized that it will soon be obvious if a trade is going to work properly or not. As soon as a trade starts to show the earliest signs that it is not going well (e.g. a candlestick in the wrong direction), I can quite confidently assume that it's time to exit the trade. This seems to prevent a lot of unnecessary loss.

  • #97
  • May 7, 2009 4:49am May 7, 2009 4:49am
Quoting govno
All I use are S&R lines, trendlines and candlestick and chart patterns and I feel like I've improved so much since I started trading. I tend to understand better how it all works and I my skills are improving.
Add pivot points and fibs and look for confluence with your other line studies - especially on the daily and four hour charts. Enter trends at pull backs to these significant levels. Get a bias from the higher time frames and enter on lower time frame support/resistance. Trade one instrument only, there are plenty of opportunities everyday to enter trades. It's all about patiently waiting for the market to come to your levels. keep practicing.
ps - I like your choice of chart colours
Attached Image (click to enlarge)
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BTC Return This Year: na
  • #98
  • May 14, 2009 6:42am May 14, 2009 6:42am
Great Men in the house i believe much in the naked chart trading with price action o.
Enjoy the green pips.
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #99
  • May 14, 2009 11:24am May 14, 2009 11:24am
Quoting govno
Indicators do work but they don't work all the time. It all depends WHEN you look at the indicator and trade off it. If you're in a major uptrend and your indicators point downwards you will go SHORT and then you wonder why you lost money. Stochs don't know whether this is a change of a trend or just a retrace, they just show you what they see and you trade by what they show you, that's why sometimes you win and sometimes you lose.

I'm a Forex newbie, I started trading in November and I'm happy to say I'm trading naked since December, well at...
hey dude...welll said...i think my story is the same as yours only i started back in may....

think s&r is probably the best and most profitable trading method i have ever seen....pinpoint entry

we use to have a saying back in NYSE....buy on the rumor, sell on the news...hence i think indicators are the news that has been printed already on your charts...

anyways would be nice if you can share your charts with us ??
Trade the moves, not the market
  • #100
  • May 14, 2009 11:31am May 14, 2009 11:31am
Quoting govno
Indicators do work but they don't work all the time. It all depends WHEN you look at the indicator and trade off it. If you're in a major uptrend and your indicators point downwards you will go SHORT and then you wonder why you lost money. Stochs don't know whether this is a change of a trend or just a retrace, they just show you what they see and you trade by what they show you, that's why sometimes you win and sometimes you lose.

I'm a Forex newbie, I started trading in November and I'm happy to say I'm trading naked since December, well at...
opps.. i have just read the rest of your post......check out the video i am posting....very very interesting as i must have seen it 510 times over and also if you wanna look at my previous post charts on how to find S&R


the video basically focusing on 10 mins charts....but you can use ithe theory on every time frame

http://www.youtube.com/user/abstraxis
Trade the moves, not the market
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