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Trade What You See - Almost Naked Trading

  • #161
  • Sep 29, 2010 1:42pm Sep 29, 2010 1:42pm
Here is what I am referring to when I mentioned the longer term TL and the PA hitting top of up trend channel. It may bounce back down once PA touches upper channel line. Sorry I did not know how to post chart before.
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  • #162
  • Sep 29, 2010 2:51pm Sep 29, 2010 2:51pm
Hi lawgirl,

I like your thread.

I just wanted to add that different brokers have different closing times for their bars/candles. If one is going to do analysis, he/she should do their analysis on the chart that gives them the signals.



fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #163
  • Sep 29, 2010 3:00pm Sep 29, 2010 3:00pm
Quoting PurePrice
Here is what I am referring to when I mentioned the longer term TL and the PA hitting top of up trend channel. It may bounce back down once PA touches upper channel line. Sorry I did not know how to post chart before.
And if it touches, we will look to what I call a channel trade..one of my most favorite ways to trade, but more risky.
  • #164
  • Sep 29, 2010 3:08pm Sep 29, 2010 3:08pm
Quoting fxtsun
Hi lawgirl,

I like your thread.

I just wanted to add that different brokers have different closing times for their bars/candles. If one is going to do analysis, he/she should do their analysis on the chart that gives them the signals.



fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
You are so right, that is why I said earlier I use FXDD, whose new day starts at 2:00 p.m. PST for me. My H4 candles are 10, 2, and 6:00, but everyone should know their candle times for their particular brokers.
  • #165
  • Sep 29, 2010 3:16pm Sep 29, 2010 3:16pm
Quoting lawgirl21
And if it touches, we will look to what I call a channel trade..one of my most favorite ways to trade, but more risky.
Agreed, I would be shorting the touch of the upper channel line, not going long, as was originally suggesed by the 3 taps method. However, still remember that the overall trend is up, so I won't risk too much on the touch of the upper channel line. Like you said Lawgirl, it is a bit more risky ... However, if that channel line is broker though, then a nice long trade would be in order
  • #166
  • Sep 29, 2010 3:19pm Sep 29, 2010 3:19pm
Quoting k.k
after first candel TL is going inside secound candel not exactly under secound candel is it o.k ?
Thanks for posting your chart. Yes, that is fine and a definite touch, with PA resuming its move. Remember there are no exact numbers here.
  • #167
  • Sep 29, 2010 3:24pm Sep 29, 2010 3:24pm
Quoting PurePrice
Agreed, I would be shorting the touch of the upper channel line, not going long, as was originally suggesed by the 3 taps method. However, still remember that the overall trend is up, so I won't risk too much on the touch of the upper channel line. Like you said Lawgirl, it is a bit more risky ... However, if that channel line is broker though, then a nice long trade would be in order
My chart shows a goodly distance from top channel line.
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  • #168
  • Sep 29, 2010 3:33pm Sep 29, 2010 3:33pm
Out of trade with +29 pips.
  • #169
  • Sep 29, 2010 3:36pm Sep 29, 2010 3:36pm
Out with +22 pips.
  • #170
  • Sep 29, 2010 3:39pm Sep 29, 2010 3:39pm
Quoting lawgirl21
My chart shows a goodly distance from top channel line.
If you are looking to get a few pips only off the trade, then it is all good -- I, on the other hand, am sitting this one out on the sidelines to see where price will go.

BTW.. the EURCHF trade you called is shaping up nicely ... thanks for the call and for this thread. What time zone are you in? when do you have time to actually post your charts and calls ...I'd like to follow along so that I cna check my computer for updates to the thread.
  • #171
  • Sep 29, 2010 3:40pm Sep 29, 2010 3:40pm
Quoting lawgirl21
THE CHART LOVERS METHOD

Scan through any or all pairs you wish to trade and jot down only those which have confirmation of direction on all three TFs. Do this by observing the RSI.

For LONG: RSI should be pointing between 12:00 and 2:00. 3:00 is neutral.

For SHORT: RSI should be pointing between 4:00 and 6:00. Again, 3:00 is neutral

NOTICE ON THE CHART BELOW THAT THE DIRECTION IS DOWN, OR SHORT. (RSI IS BETWEEN 4:00 AND 5:00 O'CLOCK)
Hi Lawgirl,

excuse me if my question is too stupid, but I do not really come along with your description of the RSI conditions. You described the RSI by using the time measurement. But .. what does it mean, the RSI is between 4 and 5 o' clock!? Wenn I do observe the scale of the RSI I could not discover what you mean ?!

Apart from this, great and plain idea! Thanks for sharing!!

All the best,
Dortmunder
  • #172
  • Sep 29, 2010 3:41pm Sep 29, 2010 3:41pm
Quoting lawgirl21
Out with +22 pips.

Are you still long in the eur/chf trade or are you already out?
  • #173
  • Sep 29, 2010 3:44pm Sep 29, 2010 3:44pm
Quoting PurePrice
If you are looking to get a few pips only off the trade, then it is all good -- I, on the other hand, am sitting this one out on the sidelines to see where price will go.

BTW.. the EURCHF trade you called is shaping up nicely ... thanks for the call and for this thread. What time zone are you in? when do you have time to actually post your charts and calls ...I'd like to follow along so that I cna check my computer for updates to the thread.
I am in California- PST. I work full time, but am self-employed, so can look at charts. I post whenever I can, I scan charts whenever I can. But remember to make your own decisions about trades, don't depend on anything I say or anyone else says...check it out for yourself..as you are doing.
  • #174
  • Sep 29, 2010 3:45pm Sep 29, 2010 3:45pm
Quoting PurePrice
Are you still long in the eur/chf trade or are you already out?
Out with +15 pips. Forgot about that one.
  • #175
  • Sep 29, 2010 3:46pm Sep 29, 2010 3:46pm
Quoting Dortmunder
Hi Lawgirl,

excuse me if my question is too stupid, but I do not really come along with your description of the RSI conditions. You described the RSI by using the time measurement. But .. what does it mean, the RSI is between 4 and 5 o' clock!? Wenn I do observe the scale of the RSI I could not discover what you mean ?!

Apart from this, great and plain idea! Thanks for sharing!!

All the best,
Dortmunder

2 O'clock means the angle of your hour hand when looking at a clock when it strikes 2:00. In other words, the angle of 30 degrees. 1 O'clock would be 60 degrees, and 12 O'clock would be 90 degrees. Consider 3 O'clock to be 0 degrees. 4 O'clock would be -30, 5 O'clock would be -60 degrees, and 6 O'clock would be -90 degrees ... hope that is clear.
  • #176
  • Sep 29, 2010 3:48pm Sep 29, 2010 3:48pm
Quoting lawgirl21
Out with +15 pips. Forgot about that one.
I am currently in 2 trades...both negative at this time. EURUSD and GBPJPY..I'll post the charts.
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  • #177
  • Sep 29, 2010 3:48pm Sep 29, 2010 3:48pm
Quoting lawgirl21
Out with +15 pips. Forgot about that one.

Is there a particular reason you are exiting these trades right now, or is it the end of trading day? I am thinking of staing in eur/chf to ride it out..I moved SL to BE+1
  • #178
  • Sep 29, 2010 3:50pm Sep 29, 2010 3:50pm
Chart
Attached Image (click to enlarge)
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  • #179
  • Sep 29, 2010 3:52pm Sep 29, 2010 3:52pm
Quoting PurePrice
Is there a particular reason you are exiting these trades right now, or is it the end of trading day? I am thinking of staing in eur/chf to ride it out..I moved SL to BE+1
No, no reason whatsoever. I want to be fairly clear for the start of the new trading day (2:00 p.m. PST). Ordinarily I would ride it out, but I had too many open trades.
  • #180
  • Sep 29, 2010 3:56pm Sep 29, 2010 3:56pm
Quoting lawgirl21
Chart

Looks like price is not able to break 1.3640ish area after 4 tries. It is starting to look like a breakout trade almost for the last 4 candles
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