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Nearly Naked (Simple Trades)

  • #4,321
  • Jun 22, 2010 10:57pm Jun 22, 2010 10:57pm
My first chart to this thread... hope i will learn the art of naked charts....

Took short at circled area.
Attached Image
  • #4,322
  • Jun 22, 2010 10:59pm Jun 22, 2010 10:59pm
Quoting Saxon
I have a really small short on right now. So far just up a few, but H1 might push me to TP
Well, TPd at +6.....I just get so bored waiting for targets.....
  • #4,323
  • Jun 22, 2010 11:37pm Jun 22, 2010 11:37pm
Quoting amyc
Does that mean bullish? For a market that is apparently going down it doesn't look so bearish to me at the moment.
Are you referring to the indicator or the MA's?
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,324
  • Jun 22, 2010 11:41pm Jun 22, 2010 11:41pm
Quoting MarcVUM
Are you referring to the indicator or the MA's?
the indicator
  • #4,325
  • Jun 22, 2010 11:47pm Jun 22, 2010 11:47pm
Quoting amyc
the indicator
It would appear to be bearish but I will tell you why I believe it's temporary....

From my view of the Daily and H4 charts PA is just consolidating for a number of candles. If PA gets to 8650 that would be a great place to go long according to my historical experience with the MA's.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,326
  • Jun 22, 2010 11:55pm Jun 22, 2010 11:55pm
Quoting MarcVUM
It would appear to be bearish but I will tell you why I believe it's temporary....

From my view of the Daily and H4 charts PA is just consolidating for a number of candles. If PA gets to 8650 that would be a great place to go long according to my historical experience with the MA's.
I would agree with that, it also fits with my view for the Dow on Wednesday.
  • #4,327
  • Jun 23, 2010 12:42am Jun 23, 2010 12:42am
Quoting MarcVUM
This is where I'm at right now in regard to A/U. White ovals indicated pending orders. I would thoroughly like to see PA reach the Daily PP / 150ema for a short. This aligns with what Shahab was looking at. I'll take a quick long if it reaches the Daily S1 below.

Hi MarcVUM,
When you say Pending Order, what do you mean?
In MT4 there are 4 types of Pending Orders:
1. Buy Stop - an order to open a Buy at a price higher than price at the moment.
2. Sell Stop - an order to open a Sell at a price lower than price at the moment.
3. Buy Limit - an order to open a Buy at a price lower than the price at the moment.
4. Sell Limit - an order to open a Sell at a price higher than the price at the moment.
When you use the term Pending Order (PO), could you please also say Sell or Buy.
Therefore if you mean Buy POs on your chart, I presume you are expecting the price to continue up from there. If you mean Sell POs on your chart, you are expecting the price to drop from there.
I’m sure I’m not the only one that needs this explanation.
  • #4,328
  • Jun 23, 2010 1:04am Jun 23, 2010 1:04am
Quoting Peter-FX
Therefore if you mean Buy POs on your chart, I presume you are expecting the price to continue up from there. If you mean Sell POs on your chart, you are expecting the price to drop from there.
I’m sure I’m not the only one that needs this explanation.
No problem. I use the Daily S/R's; significant historical S/R's and MA's as my floating S/R's to figure out where I'm putting pending orders.

On the chart that I previously posted I had white ovals above and below the current PA. The white ovals above are places that I have orders to sell and the white ovals below are places that I have orders to buy. As each candle closes it moves my floating S/R's (MA's) so my closest orders change. For example: we are nearing the D S1 on A/U so I have a buy order at 8675 right now. And up at top I have a sell order at 8747...this is where the 150ema currently is on the M15. The important thing that you need to know about how I trade is that when I'm trading like this I will only be going for 5 - 10 pips... I will only take longer positions targeting many more pips from the upper TF's (H4 and H1). These positions are typically taken due to a Doji candle either rubbing against the Bollinger Band or a Doji that occurs after PA shows an inability to continue rubbing against the Bollinger Band.

Hope this makes sense. Let me know if you have any other questions.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,329
  • Jun 23, 2010 1:13am Jun 23, 2010 1:13am
Quoting MarcVUM
No problem. I use the Daily S/R's; significant historical S/R's and MA's as my floating S/R's to figure out where I'm putting pending orders.

On the chart that I previously posted I had white ovals above and below the current PA. The white ovals above are places that I have orders to sell and the white ovals below are places that I have orders to buy.

Hope this makes sense. Let me know if you have any other questions.

Excellent reply! Thanks MarcVUM.
  • #4,330
  • Jun 23, 2010 1:19am Jun 23, 2010 1:19am
Quoting Peter-FX
Excellent reply! Thanks MarcVUM.
You are welcome. Btw. Just took 10 pips from that D S1 trade. Time to move onto the next.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,331
  • Jun 23, 2010 1:58am Jun 23, 2010 1:58am
Geez! I get made fun of by OvT and Saxon for going to bed before London over the past few days and the night that I stay awake they aren't even around! Come on guys, what's this all about!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,332
  • Jun 23, 2010 2:39am Jun 23, 2010 2:39am
Quoting amyc
I would agree with that, it also fits with my view for the Dow on Wednesday.
Yup, I just cant find the right spot to pull the trigger for the bullish move (if and when that happens). I got stopped out twice so now not in Aussie.
  • #4,333
  • Jun 23, 2010 2:46am Jun 23, 2010 2:46am
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting MarcVUM
You are welcome. Btw. Just took 10 pips from that D S1 trade. Time to move onto the next.
Hi Marc,
Nice trade!
I didn't go for that one as per my rule No1 "No trade before coffee"

Did you think about only closing half of your position at the initial target and let the rest run a lil more saved at BE?
"Blue Horseshoe loves Anacott Steel!"
  • #4,334
  • Jun 23, 2010 2:52am Jun 23, 2010 2:52am
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting MarcVUM
Geez! I get made fun of by OvT and Saxon for going to bed before London over the past few days and the night that I stay awake they aren't even around! Come on guys, what's this all about!
Well. Maybe they are just dreaming of the pips in their sleep, while you make some.
For me trading hours are a real problem.
Europe Session I am out to work.
So when I get home I only have the rest of NY-session before things calm down.
Asia Session is where I should get some sleep then.
Still trying to figure out how to deal with that.
"Blue Horseshoe loves Anacott Steel!"
  • #4,335
  • Jun 23, 2010 2:59am Jun 23, 2010 2:59am
Quoting Tuner
Hi Marc,
Nice trade!
I didn't go for that one as per my rule No1 "No trade before coffee"

Did you think about only closing half of your position at the initial target and let the rest run a lil more saved at BE?
Hi Tuner. It's almost 4am here! I need to go to bed!

I only close half and keep half open when I'm trading off of higher TF's (H4 and H1). For instance, I have a short from 8850 that I'm still holding.

These little 5 to 10 pip trades are my bread and butter and I do them 10 to 15 times a day. Sometimes people ask me why I don't shoot for more than just 5 to 10 pips and the easy answer is: I don't know for certain where PA is going at the edge of the cliff and neither does anyone else!

In the beginning there were times when I did try to capture more pips from these quick trades but more often than not I would get stopped out with nothing or even worse a loss! I've learned my lessons to say the least and take what I can get (or plan for) and move on. I've monitored A/U PA for years and when trading off of the M15 I have noticed that most candles can reap 5 to 10 pips after hitting a wall (S/R).
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,336
  • Jun 23, 2010 3:11am Jun 23, 2010 3:11am
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting MarcVUM
These little 5 to 10 pip trades are my bread and butter and I do them 10 to 15 times a day. Sometimes people ask me why I don't shoot for more than just 5 to 10 pips and the easy answer is: I don't know for certain where PA is going at the edge of the cliff and neither does anyone else!
Very nice!
Everyone got his/her own style to manage this business.
I am more up to go for swings but those nice lil bounces are also tempting sometimes.
Taking 5 to 10 pips should be possible in almost every market conditions.
So you bread and butter is saved.

Sleep tight and get some rest!

See you soon!
Tuner
"Blue Horseshoe loves Anacott Steel!"
  • #4,337
  • Jun 23, 2010 3:17am Jun 23, 2010 3:17am
Quoting Tuner
Very nice!
Everyone got his/her own style to manage this business.
I am more up to go for swings but those nice lil bounces are also tempting sometimes.
Taking 5 to 10 pips should be possible in almost every market conditions.
So you bread and butter is saved.

Sleep tight and get some rest!

See you soon!
Tuner
I'll take a little 4hr nap and see what you guys and gals did during London come 8am my time! See you later.

http://smileys.smileycentral.com/cat/26/26_11_12.gif
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #4,338
  • Jun 23, 2010 4:37am Jun 23, 2010 4:37am
Quoting MarcVUM
Sometimes people ask me why I don't shoot for more than just 5 to 10 pips and the easy answer is: I don't know for certain where PA is going at the edge of the cliff and neither does anyone else!

In the beginning there were times when I did try to capture more pips from these quick trades but more often than not I would get stopped out with nothing or even worse a loss! I've learned my lessons to say the least and take what I can get (or plan for) and move on.
Marc I understand how you feel. From my début days in this business, I was reared (like most) to think that I need to shoot for hundreds of pips and it took me a long time to see the light.

For me, this is not a game of "How many pips can I get". It's a business of "How consistently profitable can I be".

 

  1. Smaller targets = more wins
  2. More wins = ability to emotionally cope with larger lot sizes
  3. Larger lot sizes = greater net profits


I am still progressing in that process of cutting down targets and replacing old habits with the new ones. And slowly but surely ...

But 5 to 10 pip wins ...great work Marc

Rob

  • #4,339
  • Jun 23, 2010 6:14am Jun 23, 2010 6:14am
Quoting priceaction
Marc I understand how you feel. From my début days in this business, I was reared (like most) to think that I need to shoot for hundreds of pips and it took me a long time to see the light.

For me, this...
Hi Rob

I wanna say something if I may. I think the concept of smaller target more wins is not valid if you have a wide SL. As a probability point of view if you randomly pick a point in the chart and have a 10 pips TP and 100 pips SL, the probability of win is %90 (I dont consider spread in this example).That's actually what so many traders do, they use a wide SL or no SL at all, they go for 10 pips each time, happy for a while , then they meet the ugly side if the truth, which a 1oo pips SL will hit 1 out of 10 random trade.

But if you keep RRR reasonable let's say around 1:1.25-2 and you shoot for a 15 pips with a 10-12 pips SL you are doing the right thing.

To support what you are saying, I should add the pips are not important but your Risk and Return on the trade. As an example with a 10K account if you wanna risk 2% per trade with a 10 pips SL you can risk 2 Lot per trade ,while if you shoot for a big TP and need a 100 pips SL you can only trade 0.20 lot. The result will make no difference if you make 20 pips in 2 Lot or 200 on 0.20 lot as they both give you %4 Return.
  • #4,340
  • Jun 23, 2010 6:25am Jun 23, 2010 6:25am
Quoting shahab8b
Hi Rob
I wanna say something if I may. I think the concept of smaller target more wins is not valid if you have a wide SL. As a probability point of view if you randomly pick a point in the chart and have a 10 pips TP and 100 pips SL, the probability of win is %90 (I dont consider spread in this example).That's actually what so many traders do, they use a wide SL or no SL at all, they go for 10 pips each time, happy for a while , then they meet the ugly side if the truth, which a 1oo pips SL will hit 1 out of 10 random trade.

But if you keep...
Shahab, our thoughts align
10 pip TP with 100 pip SL would be very silly wouldn't it.

But seriously, small risk is a key component of my trading style. Even if I do hit a big winner, the risk upon entry would have been minimal.

Good to get your view on this.

Rob
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