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Trade What You See - Almost Naked Trading

  • #281
  • Sep 30, 2010 4:33pm Sep 30, 2010 4:33pm
Quoting PurePrice
I still use the triple hit method as presented by lawgirl ... However, if I see a channel as well, then the more reason I think that the triple hit will hold. I like to setup my TP near the other side of channel - a few pips just in case the Price does not quite make it all the way to the other end of the channel. I do NOT like to trade the channel in oposite direction of the trend ... meaning with the EUR/USD or AUD USD channel presented earlier, I will not short the top of the channel usually (there is much risk the price may break though the...
You have a clear understanding of this, PP. Excellent explanation. And you are new to FF?
  • #282
  • Sep 30, 2010 4:43pm Sep 30, 2010 4:43pm
My new trading day started about 30 min. ago. I have just finished a quick scan of 16 pairs and found an amazing number of them with 3 TF confirmation. Now I will go back through them and look for taps, breakouts and channels. They are:

USDJPY - short
AUDJPY - short
EURGBP - long
GBPJPY - short
EURCHF - long
EURAUD - long
CHFJPY - short
  • #283
  • Sep 30, 2010 5:25pm Sep 30, 2010 5:25pm
This pair had its third tap on the 6:00a.m. candle (my time). This has been going down since for 70-80 pips.
Attached Image (click to enlarge)
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  • #284
  • Sep 30, 2010 5:46pm Sep 30, 2010 5:46pm
At last, here is an intelligent thread by someone who can obviously trade: no ego and no pedestal. Some owners of the biggest threads would do well to take a leaf out of your book.

Nice one and thanks Lawgirl21.


If I'm not mistaken, you enter on the close of the 3-touch bar (forgetting trend direction for now). Have you had any experience of entering on a lower time-frame (as I believe you do for range breaks), to get a better R:R? e.g. you have your 2-bar TL on 4hr but enter on a subsequent 1hr TF touch, off the 4hr TL - make sense?

I have no affinity for 4hr TF, due to broker-time candle variances. Trading the 2-bar TL formed on the daily, looking for entry off good hourly PA (like a hammer) that 'touched', would be appealing and theoretically has merit.

Or has the plot been lost?
  • #285
  • Sep 30, 2010 6:15pm Sep 30, 2010 6:15pm
Quote: "Now I will go back through them and look for taps, breakouts and channels..."

Great!
  • #286
  • Sep 30, 2010 6:15pm Sep 30, 2010 6:15pm
Quoting lawgirl21
I totally missed this trade. Did anyone catch it? A 200 piper.
Hi LawGirl, please see attached image. Fairly big differences in candle formations, just wondering what timezone you are in?
Attached Image (click to enlarge)
Click to Enlarge Name: different-charts.gif Size: 24 KB
  • #287
  • Sep 30, 2010 6:37pm Sep 30, 2010 6:37pm
Quoting lawgirl21
My new trading day started about 30 min. ago. I have just finished a quick scan of 16 pairs and found an amazing number of them with 3 TF confirmation. Now I will go back through them and look for taps, breakouts and channels. They are:

USDJPY - short
AUDJPY - short
EURGBP - long
GBPJPY - short
EURCHF - long
EURAUD - long
CHFJPY - short
Hi lawgirl,

I was wondering about your EURAUD long, why did you go long?

Thanks,

fxtsun

----------------------------------------------------
I need my conscience to keep watch over me
To protect me from myself - Brendan Perry
  • #288
  • Sep 30, 2010 7:02pm Sep 30, 2010 7:02pm
Hi Lawgirl I was looking at your first post chart example, shouldn't we be looking at long trade as the trend is up though the RSI is Down
Quoting lawgirl21
THE CHART LOVERS METHOD

I am starting this thread for those of us who love charts..watching them...studying them...analyzing them and of course, making money from them.

My system is simple. It is a basic trend following one using the weekly, daily and H4 charts. I have made a goodly amount of money using this system, although I cannot say that I "discovered" it.

I have traded forex for approximately 4 years, have lost more than a few thousand dollars, have responded to more than one $99 special...
  • #289
  • Edited 7:43pm Sep 30, 2010 7:19pm | Edited 7:43pm
Quoting 547261646572
At last, here is an intelligent thread by someone who can obviously trade: no ego and no pedestal. Some owners of the biggest threads would do well to take a leaf out of your book.

Nice one and thanks Lawgirl21.


If I'm not mistaken, you enter on the close of the 3-touch bar (forgetting trend direction for now). Have you had any experience of entering on a lower time-frame (as I believe you do for range breaks), to get a better R:R? e.g. you have your 2-bar TL on 4hr but enter on a subsequent 1hr TF touch, off the 4hr TL - make sense?

I...
Thanks for your kind words.

No need to wait for 3rd touch close, just verify by PA that trade is going in desired direction. I often do go to a 15M chart to watch PA and enter after close of 15M candle in desired direction. Waiting for close of H4 candle would lose too many pips, I think.

I like your idea of a 2-bar TL on the daily. Try it and let us know how it is working. I have a trade going on now with a 3 touch long on daily chart on USDCAD pair since yesterday..still negative. I will post an update on that trade.
  • #290
  • Sep 30, 2010 7:26pm Sep 30, 2010 7:26pm
Quoting pierre23
Hi LawGirl, please see attached image. Fairly big differences in candle formations, just wondering what timezone you are in?

I'm on FXDD US. California, which is PST. Use your brokers' H4 formation time. Mine are 10:00, 2:00 and 6:00.
  • #291
  • Sep 30, 2010 7:28pm Sep 30, 2010 7:28pm
Quoting fxtsun
Hi lawgirl,

I was wondering about your EURAUD long, why did you go long?

Thanks,

fxtsun

----------------------------------------------------
I need my conscience to keep watch over me
To protect me from myself - Brendan Perry
I have NOT taken any of these trades yet! That was just the initial results of the initial scan for TF confirmation. Please re-read that post.
  • #292
  • Sep 30, 2010 7:30pm Sep 30, 2010 7:30pm
Quoting pierre23
Hi LawGirl, please see attached image. Fairly big differences in candle formations, just wondering what timezone you are in?
I can't really tell from your chart, but it looks like you still had 3 taps for a short trade.
  • #293
  • Sep 30, 2010 7:31pm Sep 30, 2010 7:31pm
Quoting mary4x
Quote: "Now I will go back through them and look for taps, breakouts and channels..."

Great!
Thanks Mary..this is a little harder than I thought it would be.
  • #294
  • Sep 30, 2010 7:35pm Sep 30, 2010 7:35pm
Quoting juzgood1978
Hi Lawgirl I was looking at your first post chart example, shouldn't we be looking at long trade as the trend is up though the RSI is Down
Which pair?
  • #295
  • Sep 30, 2010 7:41pm Sep 30, 2010 7:41pm
Yeah, that's a big list. Maybe just a couple of pairs....
  • #296
  • Sep 30, 2010 7:45pm Sep 30, 2010 7:45pm
Your first post chart GBPUSD
Quoting lawgirl21
Which pair?
  • #297
  • Sep 30, 2010 7:46pm Sep 30, 2010 7:46pm
Quoting mary4x
Yeah, that's a big list. Maybe just a couple of pairs....
No, not the pairs..I meant starting a thread.
  • #298
  • Sep 30, 2010 7:47pm Sep 30, 2010 7:47pm
Quoting lawgirl21
I can't really tell from your chart, but it looks like you still had 3 taps for a short trade.
I'm assuming this is the short you're looking at? Sure that would have worked, however I can't find a tap that works just before the big drop.

My time is Australian GMT+10 with FXCM Australia.. in fact, when I pull up the charts in the fxcm trading platform it actually has the same (pretty much) chart as you posted

thanks
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: H4.png Size: 17 KB
  • #299
  • Sep 30, 2010 7:56pm Sep 30, 2010 7:56pm
Quoting lawgirl21
I can't really tell from your chart, but it looks like you still had 3 taps for a short trade.
LG...
Click on the chart once
Click on the chart a second time and it will open in a new window
Click on the expand button (lower right) and chart is zoomed maximum

course that will not draw the trend lines in for you...
Listen to the whispers.... You may learn something
  • #300
  • Sep 30, 2010 7:57pm Sep 30, 2010 7:57pm
Quoting juzgood1978
Your first post chart GBPUSD
Sorry JG..I just posted that chart to show my chart set-up. There was no trade there.
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