Trade What You See - Almost Naked Trading

Mixed directions. Monthly and weekly solidly long, daily and H4 short. Too mixed for me..(I don't like this pair anyway.)

On the daily .. notice the old support turn resistance on daily now, where the current price is .. I would short this pair also

The H1 4 candle BO short is happening now on my chart. Will wait for a candle close completely outside of the support line on M15 chart to enter.

..is moving closer to a BO short.

..making a move down.

usdcad is sitting in a nice ditch on the hourly now

In which direction do you think it will break out?

Looks like massive accumulation on the US/CAD. However, there is also a firm interest in completing the North American Union dollar, the Amero, which is no big secret any more, after Bush blurted out the plans to blend the Peso, US and Canadian dollar.

It was ordained in 1985, when the free trade agreement between the US and Canada was put into effect.

So the million dollar question IS, where do the people putting that into effect want the US dollar versus the Canadian? Probably LOWER. An American will probably have to suffer more terrorism and a lousy US dollar price to even contemplate marrying up with a canuck buck.

And the millions of illegal Mexicans certainly augment the plan to involve the Peso, don't they?

And that probably means the Euro/Us goes higher, the S and P etc...

Still. Despite all these wants and plans, the US/CAD is forming a powerful BULLISH descending wedge on the H4.

Just my three cents.

I don't expect price to move down if it crosses the sup line but I do expect it to rise at the daily opening price for 24pips

Hi All,

As discussed in my previous post I wish to add my analysis to the thread and hope to learn from other more experienced traders of this method and also bring some value where I can. As a newcomer to the thread I hope this is ok.

Pending Order Trades

USD/JPY- Short Position

Pending Order - 81.313
TP - 81.165
SL - 81.537

This pair is at very low levels I feel it could go down a little further to create a double bottom although I might be wrong so I am keeping my TP conservative.

http://i55.tinypic.com/30bplcg.gif

All the time frames indicate a downward trend and the RSI is pointing at 4 oclock on most time frames. We have already seen 2 taps on the 4 hour chart so I have now gone down to the 1 hour chart and have set a limit order on the 4 cande BO. This trade might not get triggered if we have already reached the bottom - we will see...

GBP/USD - Long Postion

Pending Order - 1.60254
TP - 1.60454
SL - 1.59997

This pair is approaching a significant level on the monthly chart where it could possible meet some resistance. However I have just set my limit order just beyond this level as I believe if it is broken it could reach up to form a double top.

http://i54.tinypic.com/2m5xwxt.gif

All the timeframes inidicate an upward trend and in most cases the RSI is pointing at 2 oclock. We also have a 3 tap setup on the 4 hour chart indicating further entry long however I will wait to see if it breaks the significant level at 1.60187 before entering. This trade again will be a 1 hour 4 candle BO trade.

AUD/USD - long position

Pending Order -0.98941
TP -0.99745
SL -0.98726

This pair has great potential for a 3 tap 4 hour trade long 0.98941 an area of important S/R along with the confluence of the trend line with the potential for a target around the 0.9777 area to create a double top. Inaddition this trade has a great risk reward if my analysis turns out to be correct!

UPDATE - Having just looked at the one hour chart it looks like I might have already missed the boat here, however my Pending Order will still remain although my TP is now 0.99351 as I saw resistance which I didnt see in the 4 hour chart. Lets see what happens!

http://i56.tinypic.com/2vkckds.gif

Pairs to Watch

EURO/USD

This pair has just had a 3 tap 4 hour trade setup long however I see there is a signifcant level at 1.40385 I might enter if this level is broken - definately a pair to watch I think.

http://i56.tinypic.com/11j9e02.gif


I hope this has been helpful to some people and I also hope if my predictions are wrong or anyone can see any fundemental error in my analysis can provide me with some guidence so we can all learn together. I am really enjoying this thread and hope to learn further from Lawgirl and the other experienced traders on this thread.

Many Thanks,

TheDell

PS - Sorry I dont know how to make my charts any smaller!

Ok LG. I understood. Thanks for taking the time and helping out. I do follow your thread everyday and it is giving me a lot of information.

Now what I should learn is some more patience .....

EUR/USD 4h around 3:15 EDT looks good for long position.

Entered on 1.4043 hope I got this right.

Fantastic thread, lawgirl!

Great job again! You really hit the target and made some pips. You are right on track.

Looks like you nailed it! Good job!

new zealand again
quick 30 pips from 8 am open candle

EUR/USD 4h setup hit my TP, 76pips profit

Thanks LG for sharing this system!

This is my favorite pair. I make lots of pips on this one. Good job!

86

You are so welcome! Great job, how long were you in the trade?

I know the 3 taps method is designed for higher t/f but I can't see why the same principle couldn't be distilled to the lower t/fs. Does anyone have a view on this?