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Trade What You See - Almost Naked Trading

  • #1,021
  • Oct 8, 2010 12:13pm Oct 8, 2010 12:13pm
Quoting lawgirl21
But all larger TFs are long still..even monthly, which may be fairly set, now there has been a 6-7 trading days. In any case, are you looking to enter short today, or wait till open on Sunday?

I'm done trading for the week..got to protect my pips. It's only analysis for me now for the weekend.
Have been short......on the way up the highs, and at the highs. PA is just above my average. If they pull the rug....this afternoon or next week, I'll smile.
  • #1,022
  • Oct 8, 2010 12:27pm Oct 8, 2010 12:27pm
Quoting traderathome
Have been short......on the way up the highs, and at the highs. PA is just above my average. If they pull the rug....this afternoon or next week, I'll smile.
I'm watching, but not for today..next week.
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  • #1,023
  • Oct 8, 2010 12:27pm Oct 8, 2010 12:27pm
Quoting lawgirl21
That's great, but are you using this thread's trading methods?
yes LG i'm using this methods to entry ....

MTF Rsi 3 for monthly TF, MTF RSI 3 for WK TF and blue line Rsi 3 for D1 TF and MA 3 for D1 ......

on D1 TF just check the rsi3 and MA3 is negative div.....

now zoom to 1hr TF u will see the clear sell signal, to get into tread ...

cheers
  • #1,024
  • Oct 8, 2010 12:44pm Oct 8, 2010 12:44pm
Quoting mrhb30jr
yes LG i'm using this methods to entry ....

MTF Rsi 3 for monthly TF, MTF RSI 3 for WK TF and blue line Rsi 3 for D1 TF and MA 3 for D1 ......

on D1 TF just check the rsi3 and MA3 is negative div.....

now zoom to 1hr TF u will see the clear sell signal, to get into tread ...

cheers
OK, good. I'm just having trouble reading your charts.
  • #1,025
  • Oct 8, 2010 1:18pm Oct 8, 2010 1:18pm
Have a good weekend folks; I've spent today on the sidelines...I sit on my hands on NFP day!
You don't have to be right, just don't be too wrong
  • #1,026
  • Edited 8:07pm Oct 8, 2010 1:25pm | Edited 8:07pm
LG --

I. Enough experience yet to have an opinion about this?

Preferable to usual H4 3 taps?

Little real difference?


II. Secondly, would you be willing to suggest the amount of screen time to really trade 3 taps properly. I'm not looking to tune in just every 4 hours, but wonder what you regard as a reasonably interval to be away? Maybe run through the screens hourly and stay with it if something is closing in on its third tap AND the RSIs and lined up correctly?

Love to know your thinking on this.

Thanks, LG. Have a great weekend.

Forest
  • #1,027
  • Oct 8, 2010 1:54pm Oct 8, 2010 1:54pm
LG
Very good thread. Am new to FX trading (just a couple of months) and recently started live. Initially did well using charts and techs but last week and especially fridays made losses (NFP ??).

your system seems simple and practical. just confused as to which TF to use for entry .... H1 or H4 .. or switch to a shorter TF....

also your idea of demo and live is good... ... will surely be following this thread..
  • #1,028
  • Oct 8, 2010 2:53pm Oct 8, 2010 2:53pm
Hey all,

I was just wondering whether to go against a trend when looking at a 3 tap entry.

I was watching EU/JPY last night and inside the larger up trend, was a 3 tap down. The third tap was an up candle, with the previous candle getting very close to the bottom end of the up trend. I set a buy stop entry looking at SR levels thinking it was a good place to go and placing a stop below the lower TL. Long story short, entry was hit and then went south. I don't have a problem with this as long as my entry was sound which I believe it was. I didn't get stopped out until after the NFP release so It'll help me sleep better thinking it was because of that

Main reason for writing is to ask this. Even though the major trend was up, should I still have gotten in to the short trade with the tripple tap? Just seems to go against what I've been told where you go with the trend If it's something I might need to work on for this system, I will

All in all I'm up 22pips for the week and after being out of the game for a while, i'm pretty happy with it. I think it was 5 or 6 wins to 3 losses.

Anyway I hope all had a good week and see you all again next week. Happy Thanksgiving to fellow Canadians out there

FK
  • #1,029
  • Edited 8:57am Oct 9, 2010 8:35am | Edited 8:57am
Quoting fkforex
Hey all,

I was just wondering whether to go against a trend when looking at a 3 tap entry.

I was watching EU/JPY last night and inside the larger up trend, was a 3 tap down. The third tap was an up candle, with the previous candle getting very close to the bottom end of the up trend. I set a buy stop entry looking at SR levels thinking it was a good place to go and placing a stop below the lower TL. Long story short, entry was hit and then went south. I don't have a problem with this as long as my entry was sound which I believe it was. I didn't...
Hi FK--It would help if you had posted your chart, but here is how I saw and played this pair Friday. The RSI on the weekly and daily was down, so I believe the bias was short, not long.

Remember that by Friday, the weekly RSI is all we really need to look at to determine directional bias., as it is set, done, cooked, over, by Friday. I almost never trade against the weekly---especially from about Thursday - Friday, unless I am intentionally placing a counter trend trade.

Remember too that we are really only concerned with this week, as seen through the H4 chart. So if you isolate the week, this is our focus area (blue).
Chart 1
  • #1,030
  • Oct 9, 2010 8:56am Oct 9, 2010 8:56am
Chart 1

Looking at this chart, blue area only. Do we see any 3 tap trades? I don't. That doesn't mean we give up on this pair and move to another one. Let's move to the H1 chart and take a look.
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  • #1,031
  • Oct 9, 2010 9:03am Oct 9, 2010 9:03am
Chart 2 - Same as H4, but moved to H1. This is where all the trades are.
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  • #1,032
  • Oct 9, 2010 9:10am Oct 9, 2010 9:10am
Chart 3 - Shows Friday's trade. Not a 3 tap trade, rather a H1 4 candle breakout trade in the direction we anticipated--short.
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  • #1,033
  • Oct 9, 2010 9:19am Oct 9, 2010 9:19am
Quoting fxwalla
LG
Very good thread. Am new to FX trading (just a couple of months) and recently started live. Initially did well using charts and techs but last week and especially fridays made losses (NFP ??).

your system seems simple and practical. just confused as to which TF to use for entry .... H1 or H4 .. or switch to a shorter TF....

also your idea of demo and live is good... ... will surely be following this thread..
Welcome fxwalla, entry TF depends on which type of trade it is H4 3 tap or H1 4 candle breakout.
  • #1,034
  • Oct 9, 2010 9:27am Oct 9, 2010 9:27am
Quoting Forest-Sea
LG --

I. Enough experience yet to have an opinion about this?

Preferable to usual H4 3 taps?

Little real difference?


II. Secondly, would you be willing to suggest the amount of screen time to really trade 3 taps properly. I'm not looking to tune in just every 4 hours, but wonder what you regard as a reasonably interval to be away? Maybe run through the screens hourly and stay with it if something is closing in on its third tap AND the RSIs and lined up correctly?

Love to know your thinking on this.

Thanks, LG. Have a great weekend....
Hi Forest- I really have no answers for you here. My whole premise is that money can be made with whatever screen time one has available and in any market-- if one knows what they are looking for. Whatever time I have to sit down and look for set-ups is when I am looking for trend (RSI) confirmation. That's why the weekly trend is so important.

I have no preference for type of trades, just depends on PA and what it's doing.
  • #1,035
  • Oct 9, 2010 9:53am Oct 9, 2010 9:53am
Lawgirl I sent you a pm, to indicate to you that my proprietary system(or so I thought) is very, very similar to what you are teaching people here. So goodonya. Its awesome to see someone bring this to the board.

I would have myself, but I am next to useless at posting pics, graphs, charts et all. I am learning as we speak, but not there yet.
  • #1,036
  • Oct 9, 2010 10:27am Oct 9, 2010 10:27am
I went short on Friday with USD-CHF. The weekly trend is clear, however, the H4 chart looks not that bearish. Currently -34 pips.
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  • #1,037
  • Edited Oct 10, 2010 8:37am Oct 9, 2010 11:05am | Edited Oct 10, 2010 8:37am
On what basis did you take this trade? This chart is almost exactly like the charts posted above. You missed the trade. It was an H1 4 candle breakout trade for about 50 pips.
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  • #1,038
  • Oct 9, 2010 11:06am Oct 9, 2010 11:06am
I am looking at the H4 and Weekly chart of US$ - Peso and wanted to ask if you see a short opportunity too.
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  • #1,039
  • Oct 9, 2010 11:09am Oct 9, 2010 11:09am
Quoting lawgirl21
On what basis did you take this trade? This chart is almost exactly like the charts posted above. You missed the trade. It was a H1 4 candle breakout trade for about 50 pips.
I considered all three time frames: Weekly, Daily and H4 and saw on each of them a down trend, but apparenty I waited too long.
  • #1,040
  • Edited 1:52am Oct 10, 2010 1:35am | Edited 1:52am
Quoting MikeNYC
I considered all three time frames: Weekly, Daily and H4 and saw on each of them a down trend, but apparenty I waited too long.
Hi Mike,

enclosure the USDCHF 240MTF and 60Mtf

Chart 1 USDCHF 240M Time Frame :
Indicator Window2. MTF RSI period 3 - Blue line RSI3 - D1 TF, Orange Line RSI 3 Weekly TF and Margareta line RSI 6 Weekly TF.

RSI 3 D1 and WK TF is oversold.....

Chart 2 USDCHF 60M Time Frame :
Indicator Window1. MTF RSI period 3 - Blue line RSI3 - 240M, Orange Line RSI 3 D1 TF and pink line RSI 3 Weekly TF.
RSI 3 240MTF, D1 and WK TF is oversold.....

Indicator window 1
RSI 3 240MTF - Orange, RSI 3 D1 MTF - Blue Line (below 50level), RSI 3 - 60 MTF cross over the 50 Level, SELL Entry .....

note : USDCHF lowest overall in the area or are in a very low point and the weak, the possibility of reversal will occur or continue to make a new low point


Cheers
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