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Trade What You See - Almost Naked Trading

  • #1,501
  • Oct 17, 2010 5:20pm Oct 17, 2010 5:20pm
Quoting RandiF
Hi!

A question about the RSI.

From your first post:
Scan through any or all pairs you wish to trade and jot down only those which have confirmation of direction on all three TFs. Do this by observing the RSI.

For LONG: RSI should be pointing between 12:00 and 2:00. 3:00 is neutral.

For SHORT: RSI should be pointing between 4:00 and 6:00. Again, 3:00 is neutral

[i][size=2]NOTICE ON THE CHART BELOW THAT THE...
No, the 50 level is just a point of reference for our purposes.
  • #1,502
  • Oct 17, 2010 5:22pm Oct 17, 2010 5:22pm
Quoting Ph22
Hi Lawgirl, methinks u meant EURGBP
Yes, thanks.
  • #1,503
  • Oct 17, 2010 5:27pm Oct 17, 2010 5:27pm
Quoting alexmackel
EURJPY 3 taps setup

Should I wait for a breakout of the trendline below?
That would the most conservative move, but for this system you don't have to. You have to decide.
  • #1,504
  • Oct 17, 2010 5:56pm Oct 17, 2010 5:56pm
Lawgirl,

In pairs with positive correlation, with the same setup at the same moment, you could enter in both, increasing your risk ?

Thanks
  • #1,505
  • Oct 17, 2010 6:03pm Oct 17, 2010 6:03pm
Quoting alexmackel
Lawgirl,

In pairs with positive correlation, with the same setup at the same moment, you could enter in both, increasing your risk ?

Thanks
Yes, increasing your risk. Your MM needs to be adjusted. I do not advocate trading this way.
  • #1,506
  • Oct 17, 2010 6:05pm Oct 17, 2010 6:05pm
Quoting lawgirl21
Yes, increasing your risk. Your MM needs to be adjusted. I do not advocate trading this way.
Ok, thanks.
  • #1,507
  • Oct 17, 2010 6:17pm Oct 17, 2010 6:17pm
Hi LG, a couple of questions for you re: exits.

Do you allow the trade to lose pips after entry, if so,


At what point do you exit a trade when it is negative territory (do you ever let price hit your SL)?


In an earlier post, you mentioned to exit when the candle changes colour (if my memory serves me correctly), if so do you monitor the trade after entry on a lower timeframe 1H, 15M?
  • #1,508
  • Edited Oct 18, 2010 9:29am Oct 17, 2010 6:22pm | Edited Oct 18, 2010 9:29am
We looked at this pair all last week for a BO of the long consolidation and it finally happened. Did anyone catch any pips on it?
Attached Image (click to enlarge)
Click to Enlarge Name: 4x.gif Size: 15 KB
  • #1,509
  • Oct 17, 2010 6:23pm Oct 17, 2010 6:23pm
Quoting alexmackel
EURJPY 3 taps setup

Should I wait for a breakout of the trendline below?
What was your decision about this trade, AM?
  • #1,510
  • Oct 17, 2010 6:27pm Oct 17, 2010 6:27pm
Quoting lawgirl21
We looked at this pair all last week for a BO of the long consolidation and it finally happened. Did anyone catch and pips on it?
I am in, +5 pips

Entry 113.61
SL 113.99
TP 113.05
Waiting to move to BE
  • #1,511
  • Oct 17, 2010 6:30pm Oct 17, 2010 6:30pm
Hi, how was everyones weekend?

My analysis for today

AUDJPY - this ones in a massive consolidation mode and I've already taken advantage of this trading range last week. I've taken a long with a considerably tight stop to see how this one pans out.

EURUSD - again at the top of the daily channel and broken below the H4 channel. Shorted with another small stop.

refer to screenshots
Attached Images
  • #1,512
  • Oct 17, 2010 6:30pm Oct 17, 2010 6:30pm
Quoting pedross
Hi LG, a couple of questions for you re: exits.

Do you allow the trade to lose pips after entry, if so,


At what point do you exit a trade when it is negative territory (do you ever let price hit your SL)?


In an earlier post, you mentioned to exit when the candle changes colour (if my memory serves me correctly), if so do you monitor the trade after entry on a lower timeframe 1H, 15M?
I try hard not to ever let a winning trade turn into a loser. Happens sometimes, but not often. This is about the only time I have harsh words about myself, with myself...when this happens.

I generally never let a trade hit my SL either. That's because my SLs are often very unrealistic.

I exit from the same TF on which I took my set-up. That is, if it was a H4 set-up I will exit on an H4 candle PA change or color change. If a daily set-up, then I will exit on a daily change of PA and/or candle color change, etc.

I only use a lower TF like 15M to enter a H1 4 candle BO trade...and only for entry, not for exit.
  • #1,513
  • Oct 17, 2010 6:35pm Oct 17, 2010 6:35pm
Entered this trade short. Now in the money. Hope it stays that way.
Attached Image
  • #1,514
  • Oct 17, 2010 6:42pm Oct 17, 2010 6:42pm
Quoting pierre23
Hi, how was everyones weekend?

My analysis for today

AUDJPY - this ones in a massive consolidation mode and I've already taken advantage of this trading range last week. I've taken a long with a considerably tight stop to see how this one pans out.

EURUSD - again at the top of the daily channel and broken below the H4 channel. Shorted with another small stop.

refer to screenshots
This is going to be a beautiful BO when it happens.
  • #1,515
  • Oct 17, 2010 6:44pm Oct 17, 2010 6:44pm
Thank you for you speedy and helpful reply LG, one more question for you re:

"... if it was a H4 set-up I will exit on an H4 candle PA change or color change..."

By this am I correct in understanding that you will exit if PA momentum has stalled and reversed?

BTW I am making pips but did take a loss perhaps a little larger than I should have last week, hence the need for some clarification!

Pedross
  • #1,516
  • Oct 17, 2010 7:00pm Oct 17, 2010 7:00pm
Quoting pedross
Thank you for you speedy and helpful reply LG, one more question for you re:

"... if it was a H4 set-up I will exit on an H4 candle PA change or color change..."

By this am I correct in understanding that you will exit if PA momentum has stalled and reversed?

BTW I am making pips but did take a loss perhaps a little larger than I should have last week, hence the need for some clarification!

Pedross
I will exit if PA reverses. A stall can just be a "breather" before another good move. That is one reason I do not like to move to a smaller TF for exit when I took the trade on a longer TF. What is really a breather or stall on the larger TF can look like a reversal on the shorter TF. So I view it as mixing apples and oranges.

But this is where personal judgment comes in. Don't sit and watch a trade turn around thinking it will come back to you...generally it does not.

I would like to hear more about how you took a larger loss than you needed to.
  • #1,517
  • Oct 17, 2010 7:00pm Oct 17, 2010 7:00pm
After move to BE, I was stoped with a +6 pips profit
Should I wait a little more?


Quoting alexmackel
I am in, +5 pips

Entry 113.61
SL 113.99
TP 113.05
Waiting to move to BE
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy17_10_10_aftertrade.gif Size: 26 KB
  • #1,518
  • Oct 17, 2010 7:06pm Oct 17, 2010 7:06pm
Quoting alexmackel
After move to BE, I was stoped with a +6 pips profit
Should I wait a little more?
Do not be sad about a winning trade! You didn't let it turn into a real loser, that's good trading!
  • #1,519
  • Oct 17, 2010 7:09pm Oct 17, 2010 7:09pm
Quoting lawgirl21
Do not be sad about a winning trade! You didn't let it turn into a real loser, that's good trading!
You might want to look for a way to re-enter. Try moving to the H1 chart and look for a H1 4 candle BO to enter again if all directions still confirm short.
  • #1,520
  • Oct 17, 2010 7:10pm Oct 17, 2010 7:10pm
Quoting lawgirl21
Do not be sad about a winning trade! You didn't let it turn into a real loser, that's good trading!
Thanks, lawgirl, you are very kind.

I find that exits are maybe more difficult than entries.
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