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Trade What You See - Almost Naked Trading

  • #341
  • Oct 1, 2010 7:23am Oct 1, 2010 7:23am
Quoting freedomsg
Hi Lawgirl, are you saying, 1 can leave the 50 level out? Because I need only look at the direction of the RSI 12 to 2 or 3 to 5? Sorry for the trouble. Thanks
Yes, although some traders think trend is stronger above/below 50 line. We are using RSI only for general directional bias. Don't get hung up on the clock positions either...general direction is what we are looking for. We will confirm our bias by PA.
  • #342
  • Oct 1, 2010 7:37am Oct 1, 2010 7:37am
Quoting El Dee
Hi Lite,
If you read the thread (which is not very long at the moment!) this question has been asked and answered already
Just think of the last line on the indi as the hour hand of a clock
Thanks for the help El Dee
  • #343
  • Oct 1, 2010 7:50am Oct 1, 2010 7:50am
Quoting juzgood1978
http://www.bigdaypictures.com.sg/euraudtrade.jpgValid Trade?
Not yet.
  • #344
  • Oct 1, 2010 7:56am Oct 1, 2010 7:56am
Just long on nzdusd @ 0.74196 and audusd @ 0.97324. Took the trade as it broke through the resistance level. Now down a bit. What do you think of this trade lawgirl?

chonghm
  • #345
  • Oct 1, 2010 8:15am Oct 1, 2010 8:15am
I want to show you guys a trade I took last night that gave me 25 pips. This is an extension of my post # 338 above, a Breakout trade with a twist..

From my scan yesterday, I knew this pair had a short directional bias. I confirmed this bias before I set up the trade. H4 chart below

I could not find a valid 3 tap entry on the H4 chart. So I moved to the H1 chart and marked the highest high and lowest low of the first 4 candles of the start of my trading day (2:00 p.m. PST for me at FXDD, you have to know the start of your trading day). In other words, I drew horizontal lines only considering the 2:00, 3:00, 4:00, and 5:00p.m. candles. I did this around 8:00pm my time. H1 chart below

I waited for PA to pop out below my bottom line, stay there and continue down. It did, although I had already gone to bed. I had set a pending order below the bottom yellow line and caught the pips down.

Just another way we can skin this cat when we know the trend, but don't see a 3 tap set-up.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj1.gif Size: 13 KB
Click to Enlarge Name: ujxx.gif Size: 14 KB
  • #346
  • Oct 1, 2010 8:21am Oct 1, 2010 8:21am
Quoting chonghm
Just long on nzdusd @ 0.74196 and audusd @ 0.97324. Took the trade as it broke through the resistance level. Now down a bit. What do you think of this trade lawgirl?

chonghm
What type of trade was it? Please post your charts.
  • #347
  • Oct 1, 2010 8:38am Oct 1, 2010 8:38am
Hello Lawgirl21,

Charts attached for you scrutiny.

Thanks,
chonghm
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 66 KB
Click to Enlarge Name: audusd.gif Size: 63 KB
  • #348
  • Oct 1, 2010 8:47am Oct 1, 2010 8:47am
Quoting chonghm
Hello Lawgirl21,

Charts attached for you scrutiny.

Thanks,
chonghm
Let's go throught the process. For NZD all TFs are long. The 3 taps occurred. You may have entered a little late. Looks like you entered more than 8 hours after 3rd tap. Where is your next resistence level, which you will use for TP? Also remember that this is a short trading day. I would take my profit as quickly as I could.
  • #349
  • Oct 1, 2010 8:52am Oct 1, 2010 8:52am
Potential setup on USDCHF. What do you think Lawgirl?
Attached Image (click to enlarge)
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  • #350
  • Oct 1, 2010 8:53am Oct 1, 2010 8:53am
Quoting chonghm
Hello Lawgirl21,

Charts attached for you scrutiny.

Thanks,
chonghm

AUDUSD: All TFs were long when you entered. The 3 taps occurred. Again, this is a shortened trading day so get in and get out. Also, always know what is above up for a long trade and what is below you for a short trade. This pair is approaching 2 year highs, the probability is that it will not penetrate that high, so again, I would take my profits as soon as I could.
  • #351
  • Oct 1, 2010 8:57am Oct 1, 2010 8:57am
Quoting Baloo
Potential setup on USDCHF. What do you think Lawgirl?
I want you to go through the analysis. I will help you, but you tell me why you think this is a good trade.
  • #352
  • Oct 1, 2010 9:03am Oct 1, 2010 9:03am
Quoting lawgirl21
I want you to go through the analysis. I will help you, but you tell me why you think this is a good trade.
I'm seeing RSI down on the Daily and Weekly Charts, as well as a long term down trend for this pair. Was planning to post my charts but I keep getting a "high server load" error Will post as soon as FF is not so busy.
  • #353
  • Oct 1, 2010 9:08am Oct 1, 2010 9:08am
in short at .9774.
Attached Image (click to enlarge)
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  • #354
  • Oct 1, 2010 9:13am Oct 1, 2010 9:13am
Good. All TFs are short. Three taps occurred. You can see what is below you. Again, this is a shortened trading day so keep it tight on your TP.
Attached Image (click to enlarge)
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  • #355
  • Oct 1, 2010 9:17am Oct 1, 2010 9:17am
Quoting lawgirl21
Good. All TFs are short. Three taps occurred. You can see what is below you. Again, this is a shortened trading day so keep it tight on your TP.
Thanks! So you would take profit around .9745?
  • #356
  • Oct 1, 2010 9:22am Oct 1, 2010 9:22am
Quoting Baloo
Thanks! So you would take profit around .9745?
Move to a 15M chart now with that TP marked to watch the trade. Consider taking half your profit at that level, let the other half travel on down to .9725-30 level. PA seems to be moving in your direction.
  • #357
  • Oct 1, 2010 9:22am Oct 1, 2010 9:22am
Quoting lawgirl21
AUDUSD: All TFs were long when you entered. The 3 taps occurred. Again, this is a shortened trading day so get in and get out. Also, always know what is above up for a long trade and what is below you for a short trade. This pair is approaching 2 year highs, the probability is that it will not penetrate that high, so again, I would take my profits as soon as I could.
Noted. today is a short trading day and just closed both trades with a small profit. Thank you for your analysis.

chonghm
  • #358
  • Oct 1, 2010 9:23am Oct 1, 2010 9:23am
Quoting lawgirl21
Move to a 15M chart now with that TP marked to watch the trade. Consider taking half your profit at that level, let the other half travel on down to .9725-30 level. PA seems to be moving in your direction.
Cool - thanks again for you help! You're really running a great thread, though I don't know how you have time to trade responding to so many posts!!!
  • #359
  • Oct 1, 2010 9:26am Oct 1, 2010 9:26am
Quoting chonghm
Noted. today is a short trading day and just closed both trades with a small profit. Thank you for your analysis.

chonghm

Good. The right thing to do. Profit is always good..even small profit. Do it over and over again and it becomes large profit.
  • #360
  • Oct 1, 2010 9:29am Oct 1, 2010 9:29am
Quoting Baloo
Cool - thanks again for you help! You're really running a great thread, though I don't know how you have time to trade responding to so many posts!!!

You are welcome and thank you! I can respond for now, but don't know for how long I can respond without help.
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