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Trade What You See - Almost Naked Trading

  • #2,601
  • Oct 29, 2010 10:17am Oct 29, 2010 10:17am
Quoting pippete
It only fair to talk about failures too, LG, this one went south on me even though everything was up when I pulled the trigger. Is it just one of days the market messes with us or was it a bad setup?
Hi,
the line you draw is also a TomDemark Line that is a good line for Breack Out if next candle open below this line
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  • #2,602
  • Oct 29, 2010 10:20am Oct 29, 2010 10:20am
Quoting pippete
It only fair to talk about failures too, LG, this one went south on me even though everything was up when I pulled the trigger. Is it just one of days the market messes with us or was it a bad setup?

You had the set-up, but you never had a trigger, so you should not have entered that trade, as PA never moved in your direction. Had you waited for the next H4 candle, you would have seen that it was not going to trigger. Look back at the chart above with the two 3 tap trades (can't remember the pair now post #2597). In both of those trades there was a wait for the next H4 candle.
  • #2,603
  • Oct 29, 2010 10:39am Oct 29, 2010 10:39am
It's really time to wind-up trades for the week/month. I have had a very good week and hope everyone else has also. Next week should be even better.

Be prepared to open the week with 1 or 2 gap trades, should gaps occur at the open of market. If anyone does not know about gap trades, they are pretty simple. Basically, the market opens with PA disconnected (gapping)from the previous bar either up or down. PA looks suspended or hanging out there all alone.

Gaps are almost/always filled. So if the gap is up above the last PA, we would sell (we want PA to come down to meet the last PA). IF the gap is down, we buy ( we want PA to go up to meet the last PA). Remember the prior PA cannot move, so it is the gap PA that has to adjust.

Gaps are fun, almost sure money and as Scrutch said earlier in the thread, there are traders who only trade them for a living. So why shouldn't we trade them also.

I shall be looking for them and hope you will join me at market open to do the same. Have a wonderful weekend everyone.
  • #2,604
  • Oct 29, 2010 10:41am Oct 29, 2010 10:41am
Quoting Ph22
Yep, u are right LG but still, it was a bona-fide 3tap with all TF's supporting a short. Since I dislike steep TL's I shouldn't have taken it really. Onwards and upwards
The trade worked out hit the 30pip target and looks like it may continue down some more. I think my stop placement was wrong as I was stopped out by 2pips before it reversed.
  • #2,605
  • Oct 29, 2010 10:44am Oct 29, 2010 10:44am
Quoting lawgirl21
Yes, I think you "chased the trade" as it is called.
Took mercy on me, and went up to 1.6000 where I wanted it for +25pips. I guess more patience pays off.
  • #2,606
  • Oct 29, 2010 10:49am Oct 29, 2010 10:49am
Quoting lawgirl21
You had the set-up, but you never had a trigger, so you should not have entered that trade, as PA never moved in your direction. Had you waited for the next H4 candle, you would have seen that it was not going to trigger. Look back at the chart above with the two 3 tap trades (can't remember the pair now post #2597). In both of those trades there was a wait for the next H4 candle.
Look again at pipette's chart. The third tap was on the penultimate candle, which had a short tail. On the last candle, you can see the entry after the price has gone up. When the entry happened, the PA was in the right direction, and all RSI's had turned since Pipette said they were all in the right direction at the time of the entry.

From everything you've said before, it looks to me like this was a fine entry according to the guidelines.
  • #2,607
  • Oct 29, 2010 10:56am Oct 29, 2010 10:56am
Quoting duffypratt
Look again at pipette's chart. The third tap was on the penultimate candle, which had a short tail. On the last candle, you can see the entry after the price has gone up. When the entry happened, the PA was in the right direction, and all RSI's had turned since Pipette said they were all in the right direction at the time of the entry.

From everything you've said before, it looks to me like this was a fine entry according to the guidelines.
Thanks, I agree Duffy, PA was up at the moment, all RSIs up, 3rd tap, but sometimes market throws a curveball... SL usually at the other side of the TL, right?
  • #2,608
  • Oct 29, 2010 11:06am Oct 29, 2010 11:06am
Quoting lawgirl21
It's really time to wind-up trades for the week/month. I have had a very good week and hope everyone else has also. Next week should be even better.

Be prepared to open the week with 1 or 2 gap trades, should gaps occur at the open of market. If anyone does not know about gap trades, they are pretty simple. Basically, the market opens with PA disconnected (gapping)from the previous bar either up or down. PA looks suspended or hanging out there all alone.

Gaps are almost/always filled. So if the gap is up above the last PA, we would sell...

What makes you think we will have gaps ??? I generally trade gaps but I don't anticipate them.
  • #2,609
  • Oct 29, 2010 11:17am Oct 29, 2010 11:17am
Quoting PurePrice
What makes you think we will have gaps ??? I generally trade gaps but I don't anticipate them.

I always look for them and want others to look for them also.
  • #2,610
  • Oct 29, 2010 11:22am Oct 29, 2010 11:22am
Lawgirl,help me with 2 questions,please. as I understand we should wait for third tap-candle to close and if the the color of 3d candle is the same as our enter direction, then we enter emmidiately, not waiting any other price confirmation? If the 3d candle closed opposite color to our enter direction,then we wait for complete close of 4th candle before entering? Am I correct?
  • #2,611
  • Oct 29, 2010 11:27am Oct 29, 2010 11:27am
LG what would you say is the minimum gap size? i read that if its less than 15pips its not worth it,any thoughts???? and isnt it the only time that gaps occur in forex sunday/monday opening????thanks again for everything
  • #2,612
  • Oct 29, 2010 11:27am Oct 29, 2010 11:27am
Quoting lawgirl21
I always look for them and want others to look for them also.

I understand ... thanks .. do you have certain pairs you watch for gaps, and you look at all pairs? Will you update the group on Market open on sunday if you see any??
  • #2,613
  • Oct 29, 2010 11:30am Oct 29, 2010 11:30am
Quoting PurePrice
I understand ... thanks .. do you have certain pairs you watch for gaps, and you look at all pairs? Will you update the group on Market open on sunday if you see any??

I will, but I need your help also. Too many to find all of them, even though, as you know, they generally do not close that quickly, so we have time. I have a big church event Sunday that will go into the afternoon, but I will get to the computer as soon as I can.
  • #2,614
  • Oct 29, 2010 11:37am Oct 29, 2010 11:37am
Quoting lawgirl21
I will, but I need your help also. Too many to find all of them, even though, as you know, they generally do not close that quickly, so we have time. I have a big church event Sunday that will go into the afternoon, but I will get to the computer as soon as I can.

I will also try my best to update, but I can't promise naythign as I have a 2-yr old and 4-yr old at home on my day off from work. They (with the help of my wife) don't let me spend time on the computer ... lol
  • #2,615
  • Oct 29, 2010 11:42am Oct 29, 2010 11:42am
Quoting PurePrice
I will also try my best to update, but I can't promise naythign as I have a 2-yr old and 4-yr old at home on my day off from work. They don't (with the help of my wife) let me spend time on the computer ... lol

Your children are certainly priorities over this! Others will be looking too, but if we miss them, that's ok because we know there will be others.
  • #2,616
  • Oct 29, 2010 11:54am Oct 29, 2010 11:54am
Quoting pippete
Nice 3tap trade, hope someone got it, I saw it too late...
Yep, I got it... +60
  • #2,617
  • Oct 29, 2010 12:04pm Oct 29, 2010 12:04pm
Traded the concept here in NZD and it paid. I think I'll return on Monday.

GL to all and enjoy your weekends

Peace!
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #2,618
  • Oct 29, 2010 12:16pm Oct 29, 2010 12:16pm
i'll post this one more time in case someone missed it:sorry im not trying to be anoying..

LG what would you say is the minimum gap size? i read that if its less than 15pips its not worth it,any thoughts???? and isnt it the only time that gaps occur in forex sunday/monday opening????thanks again for everything

i havent seen to many gaps latley..i hope im not wright
  • #2,619
  • Oct 29, 2010 12:37pm Oct 29, 2010 12:37pm
Quoting lawgirl21
I will, but I need your help also. Too many to find all of them, even though, as you know, they generally do not close that quickly, so we have time. I have a big church event Sunday that will go into the afternoon, but I will get to the computer as soon as I can.
I'll join the search as well.

Have a great weekend, y'all!
  • #2,620
  • Oct 29, 2010 5:03pm Oct 29, 2010 5:03pm
Quoting pierre23
End of business hours for me here. Just a quick trade update on my part..

Long USDCAD after a max drawdown of 16pips during the past 5hrs we're now in the money +6 pips... I'll be leaving this one with a very tight stop (-10pips) and a TP of 40pips to the next area of resistance.

Short EURUSD in the money +50pips with nearly no drawdown as I got in early with this one (see previous posts). Will leave with a +5pip SL and TP +200.

USD news coming up later so it would be nice if it pushes the trades my way.

Have a good weekend....
Saturday morning here, logged on and realised my TP's were just too big..

EURUSD got to +130, then with the help of the negative high impact USD news it went back up to hit my stop +5.

USDCAD saw a max of +25 before going back and hitting -10 SL.

I'm not bothered with the USDCAD but I really shouldnt have let such a good profit from the EU turn into a small one. Couldnt do much while sleeping though.. perhaps trailing stops will come into play or just smaller TP's.

Looking forward to next week!
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