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Nearly Naked (Simple Trades)

  • #5,261
  • Edited 6:32pm Jun 30, 2010 6:22pm | Edited 6:32pm
Quoting Vince345
I am new to this site and relatively new to FOREX. 30 yr on a permanent hiatus from corp america (god willing). Have had a very successful career thus far, but am searching for a way to be in complete control of my destiny. I spent the past 7 years in medical device sales, so I had a lot of money saved, but my finance back ground is extremely limited. I have been actively trading EUR/USD for the past 2 months (would like to stick to this pair for now). I am treating the FOREX like I have treated every vertical movement in my career to date; I am...
Hi, first, welcome to the thread. Since you are a junior member, it looks like your post got lost back there, but I will do my best. I'm on the phone with some poeple right now, but would really like to answer your question, in the meantime can anyone else on the thread share some wisdom?

EDIT: Looks like people already are
  • #5,262
  • Jun 30, 2010 6:37pm Jun 30, 2010 6:37pm
Good night all See you tomorrow
  • #5,263
  • Jun 30, 2010 6:39pm Jun 30, 2010 6:39pm
Quoting atton
Good night all See you tomorrow
good night buddy
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #5,264
  • Jun 30, 2010 6:46pm Jun 30, 2010 6:46pm
Quoting atton
Good night all See you tomorrow
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #5,265
  • Jun 30, 2010 6:47pm Jun 30, 2010 6:47pm
Oke here is the system dont be scared it is not naked i now but for me it is a nice scalp sytem even for new people with good discipline and money management can get manny pips with it.

It is a easy system when you apply the rulles in combination with good MM and move stops for example dont wait to long for take profit use trailing stops.

I place it here because i like you guys and dont wanna start a thread with to many lurkers around me.

Ooh and another thing you can change the alert they can be iritating. Also the divergence you can get rid of it is a bit nondende but adding a macd to it just crossover is not a bad idea
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  • #5,266
  • Jun 30, 2010 6:59pm Jun 30, 2010 6:59pm
Quoting ingmarforex
Oke here is the system dont be scared it is not naked i now but for me it is a nice scalp sytem even for new people with good discipline and money management can get manny pips with it.
Sweet! I'll have to open a demo MT4 account somewhere and give it a shot. I'll let you know how I do. Thanks!
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #5,267
  • Jun 30, 2010 7:05pm Jun 30, 2010 7:05pm
Quoting ingmarforex
Oke here is the system dont be scared it is not naked i now but for me it is a nice scalp sytem even for new people with good discipline and money management can get manny pips with it.

It is a easy system when you apply the rulles in combination with good MM and move stops for example dont wait to long for take profit use trailing stops.

I place it here because i like you guys and dont wanna start a thread with to many lurkers around me.

Ooh and another thing you can change the alert they can be iritating. Also the divergence you can get...
Appreciate this, gonna share it with my friend lionsden. He's been looking for a good scalping system.
  • #5,268
  • Jun 30, 2010 7:19pm Jun 30, 2010 7:19pm
No probs guys in the future i share another 1 based on retracements but that's more naked and price action.

And remeber alerts can be turned off or changed
  • #5,269
  • Jun 30, 2010 7:21pm Jun 30, 2010 7:21pm
Quoting calderone
Wonder how weekly will close.

I love this pair but I am really unsure of its direction. I was thinking it may retrace up a bit....it looks like a pin bar is forming on the weekly.

Did you have targets for this trade?

I saw it possibly going down to about .812-.815 but now I am thinking its about to head back up.
  • #5,270
  • Jun 30, 2010 7:34pm Jun 30, 2010 7:34pm
Quoting forexstrah
I love this pair but I am really unsure of its direction. I was thinking it may retrace up a bit....it looks like a pin bar is forming on the weekly.

Did you have targets for this trade?

I saw it possibly going down to about .812-.815 but now I am thinking its about to head back up.
Sorry to butt in here forexstrah. If you are unsure of its direction, then perhaps its wise to stay out of the trade.

but yes, .812-.8137 is a plausible trouble area.

if you have any questions, dont hesitate to ask !
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #5,271
  • Jun 30, 2010 7:52pm Jun 30, 2010 7:52pm
Quoting s2659
Sorry to butt in here forexstrah. If you are unsure of its direction, then perhaps its wise to stay out of the trade.

but yes, .812-.8137 is a plausible trouble area.

if you have any questions, dont hesitate to ask !

Yes I have just been watching it to get a "feel" for what it may do next. I grabbed pips on this last down move and then got out.

I guess time will show us what it will do next.
  • #5,272
  • Jun 30, 2010 7:54pm Jun 30, 2010 7:54pm
Mark douglas...

I think whe alomst all like him


http://www.4shared.com/file/96740657...er_Market.html

Oke gonna sleep a bit
  • #5,273
  • Jun 30, 2010 7:59pm Jun 30, 2010 7:59pm
Quoting ingmarforex
Mark douglas...

I think whe alomst all like him


http://www.4shared.com/file/96740657...er_Market.html

Oke gonna sleep a bit
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #5,274
  • Jun 30, 2010 8:04pm Jun 30, 2010 8:04pm
Quoting Saxon
Hi, first, welcome to the thread. Since you are a junior member, it looks like your post got lost back there, but I will do my best. I'm on the phone with some poeple right now, but would really like to answer your question, in the meantime can anyone else on the thread share some wisdom?

EDIT: Looks like people already are
First all, this is a summary and really subjective.

To start, if you have a system that is working for you and your RRR is at least 1, then keep it up. I'm going to write down a summary of how I trade, but it is subjective and just that, a summary. Also, sorry to everyone else who knows how I trade already, I swear I will make a PDF and post it so you don't have to keep hearing it, but this will be the last time, I promise.

Some key things I look out for are as follows:

"00"s-
This is where a lot of big "Market Maker" orders are placed and have a high probability of causing PA friction. However, I have found that "00" will about 70% of the time stop PA, but the other 30% will accelerate it through. But luckily on "00" you can keep a tight stop.

S/R-
These are the obvious swings (High/Low) that you can spot on a naked chart. These S/R are not to be confused with Piv Calculated S/R like R1 R2 R3, S1 S2 S3 etc... I will get to those in a sec. These are support and resistance zones that caused obvious PA movements in the past.

Fibs-
These are great, but also can be ambiguous to their start and end. If it is an obvious start and end, then go for it, but if there is ambiguity to it, then don't trade it. I wrote a good step by step on drawing accurate fibs a few weeks ago on this thread; it also covered Fib overlays to look for confluence as well.

TL-
Trend lines are obvious and I don't think much detail needs to go into them

MACD/RSI Overlay-
I use a MACD with an RSI overlay on it to look for M30+ divergences and to keep me out of any PA traps

Pivots and SR
Pivots are always on my charts and are good places to look for widely accepted friction. S/R 1, 2, 3 are also good areas to look for friction and reset on the different time frames (Daily, Weekly and Monthly)

Moving Averages
I use a 50, 100 and 200 Moving Average (simple) system. Also, a few weeks back in the thread I covered how I use the various cross-overs and what not. But MarcVum is the king of MAs and I usually just trade his MA updates.

That is my toolbox. But it is just that, a bunch of tools that you need to learn to use. I would go from the beginning of this thread to the end and you will learn a ton on how to trade with simple yet effective methods. Here is what I do when I first open a chart.

I always start from a Higher time-frame and work my way down looking for obvious S/R and reversal points. The more obvious the better. You might only get 1 or 2 really strong ones, but that is fine. Then I work my way down to about an M30 timeframe and look for smaller yet still obvious S/R. The stronger the S/R and the higher the Timeframe the thicker the line I put. If there is a confluence of S/R, then that makes it even more reliable. Now that I have all of my S/R down. I go back to the higher timeframes and start to put fibs from obvious swings and work my way down. Only usually drawing 1-3 total from a Daily to an H1 timeframe. Look for fib confluences. Then I mark up all of the psychologically significant "00"s with a thick green line. All of the other "00"s usually get a dotted green line. Next I add the Pivs, the Piv SRs. I then look for strong TLs and add them. At the bottom of most of my charts is the MACD/RSI overlay to look for divergences and that is about it. I look for confluences and watch PA. All of these tools make up about 50% of my trading, the rest is watch PA. Which is looking at candle formations, PA shapes and PA angles. Time of day, data releases and other variables need to be factored in. If you read through the thread from the beginning you will learn a lot and my system will start to make sense. Also, you will learn a ton from the other traders in this thread who are in my opinion, far superior in their trading skill than I. We all learn from each other. I will hopefully in the next week or so write my complete method down in a PDF.
  • #5,275
  • Jun 30, 2010 8:05pm Jun 30, 2010 8:05pm
a nice 1H BEOB on EU engulfing a few bars at a PPZ area
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #5,276
  • Jun 30, 2010 8:08pm Jun 30, 2010 8:08pm
Quoting s2659
a nice 1H BEOB on EU engulfing a few bars at a PPZ area
It could be the start of a 50 pip drop on A/U down to D S1 right now.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #5,277
  • Jun 30, 2010 8:13pm Jun 30, 2010 8:13pm
heres a speculative idea for tomorrow/tonight. It could possibly go down to 1.09

disclaimer to the lurkers.. This is just SPECULATIVE.
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A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #5,278
  • Jun 30, 2010 8:14pm Jun 30, 2010 8:14pm
Quoting MarcVUM
It could be the start of a 50 pip drop on A/U down to D S1 right now.
I love it when I'm right on the money! I'll get my charts up here in a second to show you what I saw that gave me the clue.
When this baby hits 88 miles per hour, you're gonna see some serious s***.
  • #5,279
  • Jun 30, 2010 8:15pm Jun 30, 2010 8:15pm
Quoting MarcVUM
It could be the start of a 50 pip drop on A/U down to D S1 right now.
did you take a trade on the AU?
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #5,280
  • Jun 30, 2010 8:23pm Jun 30, 2010 8:23pm
Quoting s2659
did you take a trade on the AU?
Yes, but I'm out now. I hit quota! It should continue down to D S1 and take a little break.

Here's what I saw:
H4 - candle closed in white oval yet lower BB was still open as can be!
M15 - Slight touch of 35sma and nice spinning top candle above upper BB plus the Stochs down there were overbought.
M15 - on the next M15 chart I have the Awesome indicator pulled up and the bar just turned red after a poop load of green candles in a downtrend market so ... I put all of that together plus thanks to Amy I remember looking at her chart earlier today which showed two green lows for the day at 8391 and 8351, the first which was already hit.

It only made sense that this would occur.
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When this baby hits 88 miles per hour, you're gonna see some serious s***.
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