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Trade What You See - Almost Naked Trading

  • #2,381
  • Oct 27, 2010 1:28pm Oct 27, 2010 1:28pm
just so that if anyone is not aware, please be aware that there is major news coming out in 1.5 hours (4 PM EST). Move your stops tight if you are in a position already. If not in, maybe you wish to wat till after this news event. Good luck and happy pipping.
  • #2,382
  • Oct 27, 2010 1:30pm Oct 27, 2010 1:30pm
Quoting lite27
Lawgirl,Please, answer me 3 questions. 1.Do you wait for closing of 3d tap candle or open position emmidiately when 3d tap candle touches trendline or is very close to it? 2.Usually when 3d tap candle correct to the trendline the RSI is not supporting our trade on H4. Is it important that RSI on H4 chart show the same direction as RSI on W and D when 3d tap candle touches the trendline? 3. Do you trade 30 min. and 15 min. using this method? Thank you very much for your simple , very good system and efforts to help peaple.
1. When trade is long and 3rd tap candle is long (green), I enter immediately. When trade is short and 3rd tap candle is short (red), I enter immediately, because there has been both a set-up and a trigger in both of these scenarios.

2. It is important that RSI on H4 and RSI on daily and weekly be in same direction before entering the trade. Remember there is a difference between a trade set-up and a trade trigger. The set-up is the 3 taps, the trigger is PA in the right direction. And yes, this is consistent with no. 1 above.

3. I don't trade shorter TFs for the 3 taps, but use shorter TFs for BO entries.
  • #2,383
  • Oct 27, 2010 1:45pm Oct 27, 2010 1:45pm
With a tight SL at resistance point (I use the 1hr charts to monitor)
  • #2,384
  • Oct 27, 2010 1:52pm Oct 27, 2010 1:52pm
Potential BO

Ideally id like it to follow main trend down south !
Attached Image (click to enlarge)
Click to Enlarge Name: eu_4.gif Size: 12 KB
  • #2,385
  • Oct 27, 2010 1:58pm Oct 27, 2010 1:58pm
Quoting lawgirl21
No, it was a 3 tap H4 trade taken about 16 hours ago on the 3rd tap. See red vertical line on chart.
Hi LG,
I looked back on my chart for the 3 tap trade on EURUSD that you took, but I can't see it on my chart. I supposed different Broker different datafeed. From the chart you posted, I presumed that you enter when the 3 candle closed or just about to close. You must be a very patient person to do that. I must learn to develop that trait if I were to be as successful as you.
Thanks for sharing the chart, believe me, I learn something from it.
MayinFx
  • #2,386
  • Oct 27, 2010 2:02pm Oct 27, 2010 2:02pm
Quoting PurePrice
If the thrid tap oocurs during the asian session (or generally after NY lunch time), then you will surely see PA stalling and goigng into a range. JPY pairs tend to be a bit more active during asian session.
Thanks for the insight. I am going to start paying attention to timing more, and look to incorporate the knowledge you've shared into my TP/SL decisions.
  • #2,387
  • Oct 27, 2010 2:18pm Oct 27, 2010 2:18pm
Quoting lawgirl21

2. It is important that RSI on H4 and RSI on daily and weekly be in same direction before entering the trade. Remember there is a difference between a trade set-up and a trade trigger. The set-up is the 3 taps, the trigger is PA in the right direction. And yes, this is consistent with no. 1 above.
In addition to watching the RSI shift, many of us like to move down to the m15 chart to see how Price Action reacts when it reaches the trendline for PA confirmation. Adding this step has helped me make better trading decisions.
  • #2,388
  • Oct 27, 2010 2:24pm Oct 27, 2010 2:24pm
eu short. am i right?
Attached Image (click to enlarge)
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  • #2,389
  • Oct 27, 2010 2:33pm Oct 27, 2010 2:33pm
Lawgirl:
I'm thinking that this needs to be copied to Page1~Post1.

Quoting lawgirl21
1. When trade is long and 3rd tap candle is long (green), I enter immediately. When trade is short and 3rd tap candle is short (red), I enter immediately, because there has been both a set-up and a trigger in both of these scenarios.

2. It is important that RSI on H4 and RSI on daily and weekly be in same direction before entering the trade. Remember there is a difference between a trade set-up and a trade trigger. The set-up is the 3 taps, the trigger is PA in the right direction. And yes, this is consistent with no. 1 above.

3. I don't...
Listen to the whispers.... You may learn something
  • #2,390
  • Oct 27, 2010 2:34pm Oct 27, 2010 2:34pm
Quoting Magnat
eu short. am i right?

although the setup may be valid I would be inclined not to initiate any trades this late in the trading day, as this tends to be very slow action until after Tokyo open perhaps. This is just my opinion and previous experience.
  • #2,391
  • Oct 27, 2010 2:36pm Oct 27, 2010 2:36pm
Looks like a 3rd tap to head south? Or not quite a real last tap?
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 19 KB
  • #2,392
  • Oct 27, 2010 2:50pm Oct 27, 2010 2:50pm
Anyone take this GBPJPY short. I know I jumped the gun. I know that LG said to wait for RSI to point down and PA to confirm. But I couldnt help myself.
Attached Image (click to enlarge)
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  • #2,393
  • Oct 27, 2010 2:56pm Oct 27, 2010 2:56pm
watching nzdusd BO 1HR trade here with news coming out in 5 minutes
  • #2,394
  • Oct 27, 2010 2:59pm Oct 27, 2010 2:59pm
weekly is up. i think this short wrong
  • #2,395
  • Oct 27, 2010 3:08pm Oct 27, 2010 3:08pm
Quoting Magnat
weekly is up. i think this short wrong
are the 1HR 4H and 1D down?
  • #2,396
  • Oct 27, 2010 3:11pm Oct 27, 2010 3:11pm
Quoting PurePrice
watching nzdusd BO 1HR trade here with news coming out in 5 minutes

Looks to be breaking UP ... not the direction I was hoping for
  • #2,397
  • Oct 27, 2010 3:14pm Oct 27, 2010 3:14pm
Quoting PurePrice
Looks to be breaking UP ... not the direction I was hoping for
Now looks to be touching the 3rd tap on 1 HR trend line
  • #2,398
  • Oct 27, 2010 3:15pm Oct 27, 2010 3:15pm
Quoting PurePrice
Now looks to be touching the 3rd tap on 1 HR trend line
NOT 1 HR , but 4HR 3 tap
  • #2,399
  • Oct 27, 2010 3:16pm Oct 27, 2010 3:16pm
Ok folks...a nice big round of applause for gspe if you will.

I've been communicating with gspe the last few days and he has been kind enough to almost completely redo his indicator for us. This is an indicator so it needs to be placed in the indicator folder and MT4 will have to be rebooted for this file to compile so you can use it. Experienced users can open it with MetaEditor and compile it and be done.

Default location is the upper right hand corner with enough room left for an Expert to show up. The indicator can be moved on screen by using the X and Y locations in the user dialog.

The user can use any time frame they wish but there is a limit of five time frames allowed. Just use the standard M?, H?, D1, W1 or MN separated by a comma.

There's a true/false statement if you only want to see the name of current pair listed. You don't need to enter a pair name, just set this to true and the current pair will be listed.

Font size and color may be changed in the user dialog.

There's a true/false statement if you want to see the indicator placed in your RSI window (upper right) and a user choice to enter the name of the RSI that they are using, if it's different that the standard RSI(3)...so, if you have your RSI value set to 7 or something other than 3 you will need to change this in the user dialog. You must have a RSI window for this option to work.

The value of the arrows are set to reflect the strength of the RSI movement:
Sideways arrow reflects a neutral value a bit above and below the 3:00 position.
Angled arrow reflects a weak move in the direction of the arrow, aproximately 3:00+ to 2:00 and 3:00- to 4:00.
Straight up or straight down arrow reflects a strong move form the 2:00 to 12:00 or from the 4:00 to 6:00 positions.

We have tried to come up with colors for the arrows that show well on both light and dark chart backgrounds. The arrow colors can not be changed via the user dialog, they can only be changed inside the code.

Thank You Very Much gspe......
Enjoy
Attached File(s)
File Type: mq4 Lawgirl's Trend Display v1.02.mq4   13 KB | 27,163 downloads
Listen to the whispers.... You may learn something
  • #2,400
  • Oct 27, 2010 3:17pm Oct 27, 2010 3:17pm
Quoting TheDirtySerb
Anyone take this GBPJPY short. I know I jumped the gun. I know that LG said to wait for RSI to point down and PA to confirm. But I couldnt help myself.
The H1, D and W RSIs don't agree. The trade you are taking is off the H1 chart. Triple Tap trades are generally off the H4. I know some people do it off other time frames. LG has done them off of longer timeframes, but I can't think of an example where she took a third tap on a shorter timeframe. From what I've observed, when working off the H1 chart, she generally waits for confirmation by price action, usually be waiting for a M15 close in the direction she wants to trade.

There are other reasons why your trade might be a good one, but they don't have much to do with any of the strategies used on this thread. (I'm actually thinking of shorting as well, because it looks like a decent short according to another strategy I've been looking at.) Hope it works out for you.
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