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Trade What You See - Almost Naked Trading

  • #1,941
  • Oct 24, 2010 9:33am Oct 24, 2010 9:33am
Quoting lawgirl21
Yes, thank you PhAn and DuffyP...let's stick with the simple plan.
+1
  • #1,942
  • Oct 24, 2010 9:36am Oct 24, 2010 9:36am
Quoting lawgirl21
Careful podgy, you are reaching too far back for an H4 chart. Should be no more than a week back.
Ah thanks Lawgirl,didn't realize.
  • #1,943
  • Oct 24, 2010 9:47am Oct 24, 2010 9:47am
Quoting podgy
Ah thanks Lawgirl,didn't realize.
Put period separators on your charts, it helps to focus the "trading area". I didn't look at your 3 taps on a longer TF. Could be 3 taps on a daily or weekly, which is very powerful, just have to have more patience and the drawdown can be hugh.
  • #1,944
  • Oct 24, 2010 9:57am Oct 24, 2010 9:57am
Quoting podgy
Ah thanks Lawgirl,didn't realize.
Actually, moving the first tap to the week before, still looks like a winning trade.. depending on the market open today.
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  • #1,945
  • Oct 24, 2010 10:16am Oct 24, 2010 10:16am
USDCHF
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  • #1,946
  • Oct 24, 2010 10:19am Oct 24, 2010 10:19am
Hi Guys just lovin this thread can someone please post the period seperator indi pls.Thanks
  • #1,947
  • Oct 24, 2010 10:21am Oct 24, 2010 10:21am
Quoting podgy
Hi Guys just lovin this thread can someone please post the period seperator indi pls.Thanks
It's built into MT4 charts podgy. Right click on any chart and look under Common tab of properties.
  • #1,948
  • Oct 24, 2010 10:23am Oct 24, 2010 10:23am
Quoting Ph22
It's built into MT4 charts podgy. Right click and look under properties.
wow now thats what I call quick thanks ph22
  • #1,949
  • Oct 24, 2010 10:25am Oct 24, 2010 10:25am
Very interesting pair last week. There were several ways to make pips. We could have stayed in the first trade, or gotten out with appro. 80 pips, then gotten in again on second trade for 100+ pips.
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  • #1,950
  • Oct 24, 2010 10:27am Oct 24, 2010 10:27am
Quoting podgy
wow now thats what I call quick thanks ph22
Double thanks Ph22!
  • #1,951
  • Oct 24, 2010 10:28am Oct 24, 2010 10:28am
Going to church...see ya this afternoon.
  • #1,952
  • Oct 24, 2010 10:31am Oct 24, 2010 10:31am
Hi Lawgirl and other more experianced traders with this method,can one confirm that after a week the trade set-up is no longer valid,and we wait for a new set-up.Thanks
  • #1,953
  • Oct 24, 2010 10:32am Oct 24, 2010 10:32am
Quoting lawgirl21
Double thanks Ph22!
Happy to help where I can
  • #1,954
  • Oct 24, 2010 10:39am Oct 24, 2010 10:39am
Quoting podgy
Hi Lawgirl and other more experianced traders with this method,can one confirm that after a week the trade set-up is no longer valid,and we wait for a new set-up.Thanks
Hi podgy, I think LG is probably best person to answer. I am not greatly experienced on this method but from what I have read I think that trades from a Tues on have a better success rate than say Sun night ones. ie the trendline for the week is more developed. Having said that I think LG will take a bridge trade (starting previous week) if all the other higher TF's align. That's my understanding...I'm sure LG will correct me if I have it wrong
  • #1,955
  • Oct 24, 2010 10:43am Oct 24, 2010 10:43am
I'm really feeling your thread. Your approach seems excellent. I've been trading for about a year and a half and haven't made a dime! My situation seems similar to yours in that I don't have an ego...I just wanna make money! I'm a pharmacist (the humblest of all medical professions) and charts intrigue me to no end. I've had all the pitfalls you speak of and have gone through about 3 brokers until finally settling on TD Ameritrade which just bought thinkorswim. I feel the simplest strategy will lead to the greatest success and like you I've deleted almost all indicators. I currently use only Ichimoku, linear regression channels (for support/resistance) and a momentum indicator called FW Fisher Transformer which is a fancy stochastic. After about a week of study on 3 timeframes things are starting to become a little clearer. Now all I have to do is turn in some profits. I plan on keeping up with your thread and wish you much success. I'm new to FF but I'm loving what I've seen so far.
  • #1,956
  • Oct 24, 2010 10:49am Oct 24, 2010 10:49am
Quoting Ph22
Hi podgy, I think LG is probably best person to answer. I am not greatly experienced on this method but from what I have read I think that trades from a Tues on have a better success rate than say Sun night ones. ie the trendline for the week is more developed. Having said that I think LG will take a bridge trade (starting previous week) if all the other higher TF's align. That's my understanding...I'm sure LG will correct me if I have it wrong
  • #1,957
  • Oct 24, 2010 12:41pm Oct 24, 2010 12:41pm
Quoting podgy
Hi Lawgirl and other more experianced traders with this method,can one confirm that after a week the trade set-up is no longer valid,and we wait for a new set-up.Thanks
As far as I know, the three tap idea started on David's thread. There was some confusion there about the "one week" rule. David had been using it on his Neural Network, but early trades on that thread clearly did not use it.

LG has been pretty consistent about observing the week rule, though I've seen some trades taken here that look back to the previous week. These usually happen pretty early in the week.

I think the big question here is whether the trend is still valid. In this thread, we are using four hour, daily and weekly RSI for trend confirmation. If the first legs of the trade occur much further back than a week, then you have to start asking yourself whether the RSI readings are doing anything for the trade analysis. Personally, I think the answer is no.

Thus, in my view, to take longer trades means looking to something else to confirm the trend. And that may be fine. But it's not this strategy. Just my 2 pips.
  • #1,958
  • Oct 24, 2010 1:18pm Oct 24, 2010 1:18pm
Quoting lawgirl21
You are probably very young. ..don't quit your day job, don't even think about it!

(sounds like you mother, doesn't it) Not in todays global economy. Keep your day job and use your trading abilities to accumulate wealth. Wealth can be a very good thing. It is the wealthy who create jobs and are able to help others. Your ability to trade can never be taken away from you, while a day job can. But there are so many good things about day jobs other than a paycheck. Being around others for one thing, getting up and getting dressed. Smiling and laughing...
I am about half way through this thread and loving every post,I get the feeling Lawgirl you are a very helpful person and get alot out of helping others.Just wanted to say a gigantic thankyou for all your effort and time.
  • #1,959
  • Oct 24, 2010 2:23pm Oct 24, 2010 2:23pm
Quoting podgy
I am about half way through this thread and loving every post,I get the feeling Lawgirl you are a very helpful person and get alot out of helping others.Just wanted to say a gigantic thankyou for all your effort and time.
You are so welcome! And thank you for your kind words.
  • #1,960
  • Oct 24, 2010 2:28pm Oct 24, 2010 2:28pm
Quoting Ph22
Hi podgy, I think LG is probably best person to answer. I am not greatly experienced on this method but from what I have read I think that trades from a Tues on have a better success rate than say Sun night ones. ie the trendline for the week is more developed. Having said that I think LG will take a bridge trade (starting previous week) if all the other higher TF's align. That's my understanding...I'm sure LG will correct me if I have it wrong
You are right on, Ph. Three taps on longer TFs will out of necessity reach back into past weeks. This method of trade set-ups works on all longer TFs. Maybe on shorter then H4 too...I just have never tried on shorter TFs.

Take a look at the daily chart below: 3 taps.
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