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Trade What You See - Almost Naked Trading

  • #1,241
  • Oct 12, 2010 6:56pm Oct 12, 2010 6:56pm
It's a few times now that I miss perfectly good entries where I wait all day for price to hit exactly where I want it.. only for it to hit the point I was waiting for during the night...

I really like to see how price is reacting before entering any trade (still using limit orders, but I can still see how PA is at the time), but I think I'll have to start using limit orders and leave them over night.... bit angry a missed two great trades last night..

sorry had to vent
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  • #1,242
  • Oct 12, 2010 7:00pm Oct 12, 2010 7:00pm
Quoting pierre23
It's a few times now that I miss perfectly good entries where I wait all day for price to hit exactly where I want it.. only for it to hit the point I was waiting for during the night...

I really like to see how price is reacting before entering any trade (still using limit orders, but I can still see how PA is at the time), but I think I'll have to start using limit orders and leave them over night.... bit angry a missed two great trades last night..

sorry had to vent
I use them all the time.
  • #1,243
  • Oct 12, 2010 7:12pm Oct 12, 2010 7:12pm
Quoting lawgirl21
I use them all the time.
Yeh.. I guess I have no choice but to use them.. I guess most of the market moves happen while Im asleep. By the way nice short trade on the GJ LG. I had a short position from the top of that recent drop but closed at +20 on a small pullback.. nice managing the trade.

I've entered an early entry long on the GbpJpy. Probably should have waited for momo upward before entering but we'll see how this one turns out
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  • #1,244
  • Oct 12, 2010 7:38pm Oct 12, 2010 7:38pm
Quoting pierre23
Yeh.. I guess I have no choice but to use them.. I guess most of the market moves happen while Im asleep. By the way nice short trade on the GJ LG. I had a short position from the top of that recent drop but closed at +20 on a small pullback.. nice managing the trade.

I've entered an early entry long on the GbpJpy. Probably should have waited for momo upward before entering but we'll see how this one turns out
Wow, I'm not seeing anything long here.
  • #1,245
  • Oct 12, 2010 7:39pm Oct 12, 2010 7:39pm
3 tap on daily chart is starting to move. Posted earlier
  • #1,246
  • Oct 12, 2010 7:55pm Oct 12, 2010 7:55pm
Quoting lawgirl21
3 tap on daily chart is starting to move. Posted earlier
Good call, LG!
This trade is looking good on the h4 as well.
However I don't like the R:R on D1 with an SL below the previous low (i.e. about 170 pips away) and a potential reward of 60pips at the likely bounce of 1.4000. Decided to skip this trade because of that reason, but it's a nice setup.

The h4 entry into this setup would have given a way better R:R of about 1:1
Trading Makes Money!
  • #1,247
  • Oct 12, 2010 8:09pm Oct 12, 2010 8:09pm
Quoting Cencored
Good call, LG!
This trade is looking good on the h4 as well.
However I don't like the R:R on D1 with an SL below the previous low (i.e. about 170 pips away) and a potential reward of 60pips at the likely bounce of 1.4000. Decided to skip this trade because of that reason, but it's a nice setup.

The h4 entry into this setup would have given a way better R:R of about 1:1
Excellent analysis.
  • #1,248
  • Edited 11:47pm Oct 12, 2010 8:30pm | Edited 11:47pm
Want to see something really impressive? Look at how powerful the 3 tap system is on the weekly TF. 1st trade over 700 pips, 2nd trade over 1200 pips. This would take incredible patience, but I think it is how the big boys make money.
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  • #1,249
  • Oct 12, 2010 8:32pm Oct 12, 2010 8:32pm
Why aren't more newbies over here checking out this thread? What a shame.

Calling all Newbies. Newbie Alert! Newbie Alert! If you need to build some confidence and make some pips while doing it, without dipping into the technicalities behind multi-dimensional trading, then you really do need to be in this thread thread.

I've seen posting about how they are going to give up on trading and want to know what they should do next. Well, here, would be a good start to the "next" question. Its simple. Straight forward and it makes pips. There are a trillion ways to make pips in the market. It does not all have to be rocket science (though I prefer rocket science, lol!) for you to do well. Besides, this method will teach the newbie why and how money management is just as important as the signal you trade.

Newbies and those who have lost confidence in their abilities, get your rear-ends over here and Tap that Pip!
  • #1,250
  • Oct 12, 2010 8:33pm Oct 12, 2010 8:33pm
Quoting lawgirl21
3 tap on daily chart is starting to move. Posted earlier

Am in on this.
How come nobody told me the greatest way to make pips is to use SIMPLE strategy until I stumbled on this thread few days ago. LG, u are da missile not da bomb. Great job here. Am already pipping!!!
A missed Money is better than a lost Money
  • #1,251
  • Oct 12, 2010 9:14pm Oct 12, 2010 9:14pm
Quoting lawgirl21
Wow, I'm not seeing anything long here.
had a bit of a drawdown the first half hour of entering (20 or so pips), but it was still within the channel... if it had broken and closed outside I would have closed for a loss. Now in the money.
  • #1,252
  • Edited 9:36pm Oct 12, 2010 9:16pm | Edited 9:36pm
Quoting WaveTop
Why aren't more newbies over here checking out this thread? What a shame.

Calling all Newbies. Newbie Alert! Newbie Alert! If you need to build some confidence and make some pips while doing it, without dipping into the technicalities behind multi-dimensional trading, then you really do need to be in this thread thread.

I've seen posting about how they are going to give up on trading and want to know what they should do next. Well, here, would be a good start to the "next" question. Its simple. Straight forward and it makes pips. There are...
I guess this is a compliment WT! But I never considered this a beginners' system for several reasons. First because there are no exact numbers and newbies want to know exactly when to enter, when to exit, when to set up, when to trade, etc. Second, because personal judgment is so important. (Not that newbies don't have good judgment, but usually newbies don't have good judgment).Third, newbies generally have massive egos that are either on top of the world with a single winning trade, or in the depths with a loser. That confidence swing must be controlled to be a good trader--not easy for experienced traders, but especially new ones. I know all this because I used to be one.

I am very happy to have anyone and everyone here, but there are some questions to which I shall not respond. Nor will I talk about MM, as there are countless sites and threads that do so. This is a serious trading thread for serious minded traders who want to make money whether they be a sharp newbie or experienced trader looking for something different.

Thanks again for the good press!
  • #1,253
  • Oct 12, 2010 9:46pm Oct 12, 2010 9:46pm
I noticed something today that noone has brought up yet. What if the RSI is off the charts. I had a few charts today where the RSI was basically at the 0 or 100 limit and thus was moving horizontally. When this happens, you don't really know whether RSI is still moving in that direction, or whether it has leveled. Any ideas? Does it even matter?
  • #1,254
  • Oct 12, 2010 10:17pm Oct 12, 2010 10:17pm
Quoting duffypratt
I noticed something today that noone has brought up yet. What if the RSI is off the charts. I had a few charts today where the RSI was basically at the 0 or 100 limit and thus was moving horizontally. When this happens, you don't really know whether RSI is still moving in that direction, or whether it has leveled. Any ideas? Does it even matter?
What was PA doing during this time? These are oversold/bought levels. We don't pay attention to them except to be aware that sooner or later levels traveling at the top/bottom will eventually head down/up. Those levels can be maintained for hours though.
  • #1,255
  • Oct 12, 2010 11:28pm Oct 12, 2010 11:28pm
Quoting lawgirl21
What to see something really impressive? Look at how powerful the 3 tap system is on the weekly TF. 1st trade over 700 pips, 2nd trade over 1200 pips. This would take incredible patience, but I think it is how the big boys make money.
Look at the perfect H & S also! Beauty!
We are our own best indicator.
  • #1,256
  • Oct 12, 2010 11:51pm Oct 12, 2010 11:51pm
Out of these trades on daily charts +15 and +25.
  • #1,257
  • Oct 12, 2010 11:57pm Oct 12, 2010 11:57pm
Quoting lawgirl21
I guess this is a compliment WT!
Indeed!


Quoting lawgirl21
First because there are no exact numbers and newbies want to know exactly when to enter, when to exit, when to set up, when to trade, etc.
Precisely what they don't need, LG. At their stage, they desperately need "fundamentally simple" as their prime "indicator," at this point. Call it the FS indicator, if you will.


Quoting lawgirl21
Second, because personal judgment is so important. (Not that newbies don't have good judgment, but usually newbies don't have good judgment).
Remember, what it was like when you were a Nube. All that minutia to wade through, all those TA missiles being launched at you faster than you can blink. That's simply too much for the Nube to consuming all at once. Not because Elliot, Gann, Gartley, Pesavento, or Millard, offered us rocket science, they not attempt to consume it all at once, but merely because one of the very first things the Nube needs is to develop at least a base level of patience and confidence. And, that is precisely what a thread like this can teach the Nube, or even the trader who feels they lost their "touch." All advanced concepts in trading (or, life for that matter) are positioned upon fundamental concepts.


Quoting lawgirl21
Third, newbies generally have massive egos that are either on top of the world with a single winning trade, or in the depths with a loser.
Which is why being forced to wait on the 3rd wave (you call them Taps), will give them training for learning more about market waves and market cycles, which is a huge topic in and of itself - unless the Nube already possesses a technical mindset/background (mathematics, engineering, physics, EECS, etc.). Having to wait on the individual cycles, helps to reduce the ego.


Quoting lawgirl21
Thanks again for the good press!
Been the mentor before, so I can appreciate what you are doing here with these guys. I think you are doing the right thing with this thread. Keep up the good work and I may even drop back by to explain the WHY behind the H1 Four Hour Break-Out. We know it happens, but many (most) don't really know why it happens. There is a technical principle that explains this particular phase of any currency pair's "session life-cycle" which causes the range to occur.

In fact, it happens in many other places other than the first four hours of the new daily session. And, here's the really cool part - the entry into and duration of, that particular phase of the pair's session life-cycle, can even be predicted before it happens.

Here's a pic of the proprietary indicator I use. I call it, Omega. The indicator you see below is producing Sinewave. That's what gives it its wave-like behavior and that's what makes it predictive. In the financial markets, anytime you can design an indicator that produces anything approximating clear Sine and Cosine, you've got something special, because by definition, sinewave = predictive [with all the mathematical/physics caveats that I won't get into here assumed, of course.]

Thus, the OmegaWave cycle frequency and amplitude, tell you before hand, when you will see an H1 break-out range on the horizon.

Anyway, I'm not going to disturb your fine thread - I just thought you might want to know the reasons behind the H1 BO range.

Cheers and much continued success!

http://i52.tinypic.com/11bhu9x.jpg
  • #1,258
  • Oct 13, 2010 12:39am Oct 13, 2010 12:39am
hi LG,

15Mtf and 5MTF i'm going entry short for EU ....

CHEERS
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  • #1,259
  • Oct 13, 2010 1:48am Oct 13, 2010 1:48am
Quoting pierre23
Yeh.. I guess I have no choice but to use them.. I guess most of the market moves happen while Im asleep. By the way nice short trade on the GJ LG. I had a short position from the top of that recent drop but closed at +20 on a small pullback.. nice managing the trade.

I've entered an early entry long on the GbpJpy. Probably should have waited for momo upward before entering but we'll see how this one turns out
GJ just hit tp +53pips.

Limited order placed for a long (first green line, TP second green line) on the EURAUD, will let this one go and check back tomorrow. SL just below support (below blue area).
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  • #1,260
  • Oct 13, 2010 8:21am Oct 13, 2010 8:21am
Quoting Codex
Hey lawgirl21,

Well I'm a newbie and I have been following your thread religiously, it has taught me quite a lot.

(Yes I fell into the indicator death trap, you name it I had it, most of the time I had no idea what they were doing , so I went back to basics, pure price action, support and resistance, trendlines).

Anyway, just want to show my appreaciation and say thank you very much for starting such an awesome thread.
You are so welcome, Codex. Glad to have you here.
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