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Trade What You See - Almost Naked Trading

  • #1,701
  • Oct 19, 2010 9:58am Oct 19, 2010 9:58am
This is another example of when your broker closes the 4h candle can make a huge difference in using this method. I have 3 MT4's open with 3 different broker times (GMT, GMT+2 and GMT+3). Only one of them (GMT+2) showed the same 3-tap that simmo got on his chart.

Quoting simmo24
Hi Lawgirl

Thanks for the system. I read the first post and jumped right in !! Such a simple method. Anyway i made 56 pips on my first trade. I've attached a chart, maybe you could tell me if I've got the right idea. I think Iclosed the trade too early as I was trailing the stop. I'll need to get used to the higher timeframe. I'm currently trading using the Choros method (Dance) , but this uses smaller timeframes.
Thanks again and I'll be reading the thread intently from start to finish.
******************* I'd rather make money than be right.
  • #1,702
  • Oct 19, 2010 10:01am Oct 19, 2010 10:01am
Quoting simmo24
Hi Lawgirl

I read the first post and jumped right in !!

Thanks again and I'll be reading the thread intently from start to finish.
Listen to the whispers.... You may learn something
  • #1,703
  • Oct 19, 2010 10:05am Oct 19, 2010 10:05am
Quoting 4xStar
This is another example of when your broker closes the 4h candle can make a huge difference in using this method. I have 3 MT4's open with 3 different broker times (GMT, GMT+2 and GMT+3). Only one of them (GMT+2) showed the same 3-tap that simmo got on his chart.
That's why you have to know the start of your brokers new trading day. Mine is 2:00 p.m. PST, so my H4 candles form at 2:00, 6:00, and 10:00 Everyone should be trading what they see on their charts.
  • #1,704
  • Oct 19, 2010 10:10am Oct 19, 2010 10:10am
Quoting lawgirl21
That's why you have to know the start of your brokers new trading day. Mine is 2:00 p.m. PST, so my H4 candles form at 2:00, 6:00, and 10:00 Everyone should be trading what they see on their charts.
What I am seeing is if the 4h candles close is out of sync with GMT-London time, the patterns are not as accurate. There is a trader in FF who specializes in GU and he says if the 4h candles do not sync with London open (which means +1 GMT for 6 months of the year) then they have little validity. So far I can't find an MT4 that syncs with London open.
******************* I'd rather make money than be right.
  • #1,705
  • Edited 10:41am Oct 19, 2010 10:23am | Edited 10:41am
Quoting 4xStar
This is another example of when your broker closes the 4h candle can make a huge difference in using this method. I have 3 MT4's open with 3 different broker times (GMT, GMT+2 and GMT+3). Only one of them (GMT+2) showed the same 3-tap that simmo got on his chart.
Im on Alpari Uk GMT +1

Sorry make that GMT +2 Forgot we are still in British Summertime.
  • #1,706
  • Oct 19, 2010 11:26am Oct 19, 2010 11:26am
Quoting simmo24
Im on Alpari Uk GMT +1

Sorry make that GMT +2 Forgot we are still in British Summertime.
Yep and that agreed with my GMT +2 candles .. the other 2 MT4 programs had different candle closes that did not show the 3-tap.
******************* I'd rather make money than be right.
  • #1,707
  • Edited 1:54pm Oct 19, 2010 1:07pm | Edited 1:54pm
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy, h4.jpg Size: 156 KB
Short AUDJPY @ 78.79. This is my 2nd go with this pair. 1st time I went short @ 79.29 and closed the the trade @78.87 to preserve profift. 42 pips.
  • #1,708
  • Oct 19, 2010 2:06pm Oct 19, 2010 2:06pm
Quoting 4xStar
This is another example of when your broker closes the 4h candle can make a huge difference in using this method. I have 3 MT4's open with 3 different broker times (GMT, GMT+2 and GMT+3). Only one of them (GMT+2) showed the same 3-tap that simmo got on his chart.
Sorry but I may not understand what you are saying but jumping around on different brokers' platforms to me is like saying the W. & D. are in sync but the 4H isn't so I will use a scalper's 5M strategy to get in the trade. Doesn't make sense. I don't even demo on my FXDD platform, I use a 1 micro lot if I'm testing or unsure of an entry; I can always get in with more if it starts going my way. Just my .02 cts. p.
  • #1,709
  • Oct 19, 2010 2:14pm Oct 19, 2010 2:14pm
Quoting piprac
Sorry but I may not understand what you are saying but jumping around on different brokers' platforms to me is like saying the W. & D. are in sync but the 4H isn't so I will use a scalper's 5M strategy to get in the trade. Doesn't make sense. I don't even demo on my FXDD platform, I use a 1 micro lot if I'm testing or unsure of an entry; I can always get in with more if it starts going my way. Just my .02 cts. p.
The broker time only affects the 4 hr candles, not the daily, weekly, 60 min etc. If 4 hr candle opens when London opens, in theory, it more clearly reflects what is happening right then .. if it opens 2 hours before or 2 hours after London, its shape 'could' give an erroneous impression of where price is headed. London is the major forex market so if you are watching 4h candles, it may be better to have them open when London opens.
I have been told this by more experienced traders, I am not entirely sure how it works out in real time, but I have noticed over the past few days that some people see a 3-tap on their 4h chart where others do not .. and this depends on when their 4 hr candles open & close.
I'm still experimenting to see if having 4h candles in sync with LO makes a significant difference or not...
Hope that clears it up.
******************* I'd rather make money than be right.
  • #1,710
  • Oct 19, 2010 3:11pm Oct 19, 2010 3:11pm
Quoting lawgirl21
I was looking at this pair also. Pink line = H4 3 tap; Orange line = H1 4 candle BO. Nice trade.
50% exit @ +87.5 per with a nice profit stop locked in. Had to sit on me hands a bit but the first leg worked out rather nicely. Haven't decided if I want to carry this over or just do a total exit as there is a lot of prior support in this area.
Attached Image (click to enlarge)
Click to Enlarge Name: AJ-10-19-10-H1.jpg Size: 393 KB
Listen to the whispers.... You may learn something
  • #1,711
  • Oct 19, 2010 5:38pm Oct 19, 2010 5:38pm
I made 100 pips on the EU tank today and would have made a lot more if I had not been busy coding ane merely left the 100 pips default tp in place.

I would also have made a shed-load more had I had the box-trading ea in place, so I have coded it.

In the attached zip is the new box-trading ea, plus the existing ea's plus a basic user guide pdf.

Anyone trying to use Atr to set a tp needs to download the latest buy/sell ea's; I included the inputs in the original but forgot to actually code a response to them. I really must stop doing that.

lg, it seems the trading ea's are proving useful to many here, so perhaps you would add the zipfile to your post 1 so it is easily available to newbs, along with a brief reason for it being there. Pm me if you do not know how, and I will describe how to do this.

Attached File(s)
File Type: zip Lawgirl's EA's by Steve Hopwood.zip   84 KB | 917 downloads
  • #1,712
  • Oct 19, 2010 6:26pm Oct 19, 2010 6:26pm
Quoting Scrutch
50% exit @ +87.5 per with a nice profit stop locked in. Had to sit on me hands a bit but the first leg worked out rather nicely. Haven't decided if I want to carry this over or just do a total exit as there is a lot of prior support in this area.
Well, I know what I would have done...out with profit. That one trade would have about met my weekly goal.
  • #1,713
  • Oct 19, 2010 6:28pm Oct 19, 2010 6:28pm
I had a very busy day at my office and have not been able to look at charts, but it looks like many pips have been made today by you traders! Great job all!
  • #1,714
  • Oct 19, 2010 8:29pm Oct 19, 2010 8:29pm
A look back at 3 tap trades. This is one reason I think is a good idea to concentrate on only a few pairs when trading.. a living could be made with just this pair.
Attached Image (click to enlarge)
Click to Enlarge Name: 4x.gif Size: 15 KB
  • #1,715
  • Oct 19, 2010 9:18pm Oct 19, 2010 9:18pm
I totally agree with you LG. I have been looking at far too many pairs and end up confused as to which pair is best to select to trade. At times I would make a bad decision and end up with a losing trade.
BTW, I must commend you on your effort to help traders by sharing your strategy. It seemed that your thread is the most popular on FF
MayinFx
  • #1,716
  • Oct 19, 2010 9:24pm Oct 19, 2010 9:24pm
EC has a 3tap (kinda lame) and might even be setting up for a H14BO. I show the H4 Strong Down, D1 Weak Down and the W1 Strong Down. A bit early for an entry on my part...needs to show me it's serious first.

Edit: All have flopped over to Strong Down and approaching a H14BO...
It did make a double bottom on the H1 a couple of bars ago.
Listen to the whispers.... You may learn something
  • #1,717
  • Oct 19, 2010 9:38pm Oct 19, 2010 9:38pm
Quoting Scrutch
EC has a 3tap (kinda lame) and might even be setting up for a H14BO. I show the H4 Strong Down, D1 Weak Down and the W1 Strong Down. A bit early for an entry on my part...needs to show me it's serious first.

Edit: All have flopped over to Strong Down and approaching a H14BO...
It did make a double bottom on the H1 a couple of bars ago.

I'm not seeing a 3 tap trade. But I like the H1 4 candle BO set-up.
Attached Image (click to enlarge)
Click to Enlarge Name: 4x.gif Size: 13 KB
  • #1,718
  • Oct 19, 2010 9:38pm Oct 19, 2010 9:38pm
Quoting 4xStar
What I am seeing is if the 4h candles close is out of sync with GMT-London time, the patterns are not as accurate. There is a trader in FF who specializes in GU and he says if the 4h candles do not sync with London open (which means +1 GMT for 6 months of the year) then they have little validity. So far I can't find an MT4 that syncs with London open.
I am using FOREX.com UK, Metatrader GMT .
  • #1,719
  • Oct 19, 2010 9:41pm Oct 19, 2010 9:41pm
Quoting lawgirl21
I'm not seeing a 3 tap trade. But I like the H1 4 candle BO set-up.
Scrutch--I was checking out your chart above and understood all your markings except for the red horizontal lines. The top one looked like a S/R line, but what was the bottom one marking? That was a beautiful trade.
  • #1,720
  • Oct 19, 2010 9:59pm Oct 19, 2010 9:59pm
Quoting lawgirl21
A look back at 3 tap trades. This is one reason I think is a good idea to concentrate on only a few pairs when trading.. a living could be made with just this pair.
too true.... but i was looking at smaller TF and went shrt instead of long and now stuck ...do i cover losses and get out here or is there a chance of it coming down ??
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