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Trading Naked - Reading Candlesticks and other Price Analysis

  • #21
  • Jan 20, 2007 5:51pm Jan 20, 2007 5:51pm
I remember some good trades for gbp jpy using candlesticks and doble top/bottoms. I corelate my trades with other stuff, but sometimes, when they look really good...

http://upload5.postimage.org/299421/photo_hosting.html
Try hard, think fast, die young
  • #22
  • Jan 20, 2007 6:46pm Jan 20, 2007 6:46pm
Yes, let's keep our fingers crossed - that and the Yen! I'm short in both...

I have tested a lot of the systems here. I find I always end up incorporating candlesticks & other price action... making me think I should do all my trading naked

Don't think the wife would appreciate all the bum-butter on the chairs tho

D.

Quoting athalon7
Yeah- This is a good post and I appreciate the input. My very humble opinion is candlesticks are the cornerstone to any good trading strategy. I hope the Swiss moves down at least a hundred pips next week.
  • #23
  • Jan 20, 2007 6:52pm Jan 20, 2007 6:52pm
Hi Dof,

Thanks for the input! Strange but the more I look at charts, the more this stuff seems to hold true and pop out at me. Some good examples there. Confirmation/correlation is king!

Happy Trading,

D.


Quoting dof
I remember some good trades for gbp jpy using candlesticks and doble top/bottoms. I corelate my trades with other stuff, but sometimes, when they look really good...

http://upload5.postimage.org/299421/photo_hosting.html
  • #24
  • Jan 20, 2007 7:10pm Jan 20, 2007 7:10pm
Whoops, mistook you for NQoos at trading-naked.com. Sorry.

But great thread anyway!
  • #25
  • Jan 20, 2007 9:10pm Jan 20, 2007 9:10pm
Quoting Daemien
Hi Dof,

Thanks for the input! Strange but the more I look at charts, the more this stuff seems to hold true and pop out at me. Some good examples there. Confirmation/correlation is king!

Happy Trading,

D.
Right.
If you look in my example, second and fourth trade are better than the first and thierd because their are with the overall trend, just a confirmation that the trend is about to resume.
Like the exemple on gbp usd, before thanksgiving. It was double bottom on 4H chart and and a morning star on the daily, in favor of the trend.
Try hard, think fast, die young
  • #26
  • Jan 20, 2007 9:41pm Jan 20, 2007 9:41pm
Quoting ghitz
have a look at your weekly chart. doji at trendline. my guess is you get a down move to 2370, then assess price there. that should be support. afterthat, move up.

my 2 cents.
That doji on the weekly really stands out. Nothing is a sure thing, but pullbacks always happen, and this has been a strong uptick. I appreciate that.
"Its not where your at, but where your coming from"
  • #27
  • Jan 21, 2007 9:01pm Jan 21, 2007 9:01pm
Hey no problem. I checked out that site.. some great info! It will take some time to look through but I seem to have it lately.

Take care,

D.

Quoting JodyOng
Whoops, mistook you for NQoos at trading-naked.com. Sorry.

But great thread anyway!
  • #28
  • Jan 21, 2007 9:05pm Jan 21, 2007 9:05pm
I am still undecided if I should stick with trend trading at this point. I am placing trades similarly to Steve, but am using confirmation before I enter. On another site, somebody did about 2 months or so of candlestick trading - an experienced trader pointed out that almost every trade he made against the major trend ended up either negative pips or with very little gain - and his R/R was a little high in most of those as well.

I am sticking to playing both at the moment, but will be re-evaluating after a month or two.

Take care and good luck with the pips!

D.


Quoting dof
Right.
If you look in my example, second and fourth trade are better than the first and thierd because their are with the overall trend, just a confirmation that the trend is about to resume.
Like the exemple on gbp usd, before thanksgiving. It was double bottom on 4H chart and and a morning star on the daily, in favor of the trend.
  • #29
  • Edited Jan 22, 2007 7:26am Jan 21, 2007 9:22pm | Edited Jan 22, 2007 7:26am
There have been a few comments about 'Doji's'. For those following this thread, Doji's occur quite often - they are when the open and close of the candle are at the same price (or relatively close).

A Doji signifies change. You will notice that they appear quite often at a trend reversal point in the charts. By itself it acts as a warning and should not be acted upon. When it occurs in the presence of another trend-reversal pattern, it strengthens that particular signal.

A Spinning Top has a small real body with equal top and bottom shadows. By themselves they are neutral in significance and it is best to use them as a warning to pay attention. They can be found in other candlestick patterns.

The following chart shows examples of both a Doji & a spinning top.

Good luck all!

D.
Attached Image
  • #30
  • Jan 22, 2007 12:02am Jan 22, 2007 12:02am

Very educative and easy to read!
I'm definetely going to be reading this!
Thanks!

Dennis
  • #31
  • Jan 22, 2007 7:30am Jan 22, 2007 7:30am
Oops.. I just fixed an error on that last chart. 'Bullish' Candle should read 'Bearish' Candle needing another candle to close below the doji's for confirmation.

Thanks to bundyraider for pointing that out!

I'll try to proofread a bit better

Take care all,

D.
  • #32
  • Jan 22, 2007 7:32am Jan 22, 2007 7:32am
Hi Grillbritt,

I hope somebody can find something useful here

Anybody else have something to show us?? Feel free to post...

Take care,

D.

Quoting grillbritt

Very educative and easy to read!
I'm definetely going to be reading this!
Thanks!

Dennis
  • #33
  • Jan 23, 2007 7:00am Jan 23, 2007 7:00am
I find everything useful, and thank you Daemien for the thread
Regards
  • #34
  • Jan 23, 2007 7:27am Jan 23, 2007 7:27am
Again, the trend.
Last week we had a good shooting star on gbp usd. Everything was perfect:
-strong resistance
-divergence
-overbought
Everything was nice except the trend. You could have made some money with it (I've made 20 pips only) but if you were expectiv more than "some pips" you would have ended with nothing.

Afted that shooting star it came a hammer, nothing special about it, no bullish divergence, no resistance, no oversold, just the trend.
I think that a trend is going to reverse only once, but it can have as many corections as it wants.
Attached Image
Try hard, think fast, die young
  • #35
  • Jan 23, 2007 5:33pm Jan 23, 2007 5:33pm
You are more than welcome howard. Just capitalizing on the recent interest in other threads

Take care and happy trading,

D.

Quoting howard
I find everything useful, and thank you Daemien for the thread
  • #36
  • Jan 23, 2007 5:38pm Jan 23, 2007 5:38pm
Good call Dof! Did you have a set T/P or did you wait for the trend to continue before you exited?

I hope you had some long positions on that one as well...

Happy Pippin'!

D.


Quoting dof
Everything was nice except the trend. You could have made some money with it (I've made 20 pips only) but if you were expectiv more than "some pips" you would have ended with nothing.
  • #37
  • Jan 24, 2007 5:24pm Jan 24, 2007 5:24pm
Triple tops are an even more powerful indicator than double tops - the third top adds strength to a possible reversal.

Could this live AUDUSD chart be showing a triple top? Keep in mind that formations do not have to be perfect to be playable.

You can also consider this a 'Head and Shoulders' formation which is also a possible reversal indicator. Any chart, candle, bar, etc can show this particular formation. The center top is the head and is higher than the two shoulders on each side which are of roughly the same level.

My current strategy requires that I have a trade on my active pairs at all times (unless it is obviously ranging with absolutely no apparent direction). I entered this one on the close of the last large downward candle.

Time will tell....

Good luck all,

D.
Attached Image
  • #38
  • Jan 24, 2007 5:29pm Jan 24, 2007 5:29pm
Quoting Daemien
Triple tops are an even more powerful indicator than double tops - the third top adds strength to a possible reversal.

Could this live AUDUSD chart be showing a triple top? Keep in mind that formations do not have to be perfect to be playable.

You can also consider this a 'Head and Shoulders' formation which is also a possible reversal indicator. Any chart, candle, bar, etc can show this particular formation. The center top is the head and is higher than the two shoulders on each side which are of roughly the same level.

My current strategy requires that I have a trade on my active pairs at all times (unless it is obviously ranging with absolutely no apparent direction). I entered this one on the close of the last large downward candle.

Time will tell....

Good luck all,

D.
Hey Daemien, I thought it was best to put the sell in below the neckline of the head and shoulder for confirmation? Or are you purely using the triple top?
  • #39
  • Jan 24, 2007 5:37pm Jan 24, 2007 5:37pm
Hi llambert,

The system I am trading is very similar to Steviets (modified Steviet lol). Because my AUDUSD was stopped out earlier today, I had to enter a position.. I chose short because of this particular signal.

Sorry if I was unclear in the last message. I thought of this issue and should have explained it

Take care,

D.

Quoting llambert3
Hey Daemien, I thought it was best to put the sell in below the neckline of the head and shoulder for confirmation? Or are you purely using the triple top?
  • #40
  • Jan 24, 2007 6:21pm Jan 24, 2007 6:21pm
Quoting Daemien
Hi llambert,

The system I am trading is very similar to Steviets (modified Steviet lol). Because my AUDUSD was stopped out earlier today, I had to enter a position.. I chose short because of this particular signal.

Sorry if I was unclear in the last message. I thought of this issue and should have explained it

Take care,

D.
ahhh gotcha.
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