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Trade What You See - Almost Naked Trading

  • #2,861
  • Nov 2, 2010 9:44am Nov 2, 2010 9:44am
Quoting JayTrader
Good Morning LG and all. Got out of the us/jpy this morning with +25 its coming off of a 15 year +/- low but doesn't act like its in a big hurry to do any thing. played the e/u 3 tap daily on a demo also got past -100 and I called uncle. Good trading all
Good job. It almost hit my TP. I'll get out of it if/when it gets in profit again.
  • #2,862
  • Nov 2, 2010 9:47am Nov 2, 2010 9:47am
Quoting JayTrader
Good Morning LG and all. Got out of the us/jpy this morning with +25 its coming off of a 15 year +/- low but doesn't act like its in a big hurry to do any thing. played the e/u 3 tap daily on a demo also got past -100 and I called uncle. Good trading all

Glad you had EURUSD on demo. I'm still watching to see what it will do. Have you voted yet?
  • #2,863
  • Nov 2, 2010 9:51am Nov 2, 2010 9:51am
Yes I always absentee vote. So I voted a good two or three weeks ago
Quoting lawgirl21
Glad you had EURUSD on demo. I'm still watching to see what it will do. Have you voted yet?
Always Learning
  • #2,864
  • Nov 2, 2010 9:51am Nov 2, 2010 9:51am
Quoting PurePrice
I am very gracious and appreciative of all you have done here LG. My comments may have come across the wrong way. My apologies if u understood otherwise, they were certainly not meant to be that way.

enough said .. let's move on to the next trade and make some pips.
You did come across as a little arrogant...apologies accepted. But you did a great job with that trade. Are you out of live trading for the remainder of the week?
  • #2,865
  • Nov 2, 2010 9:54am Nov 2, 2010 9:54am
Quoting JayTrader
Yes I always absentee vote. So I voted a good two or three weeks ago
Hi guys,

Just wondering how this vote will impact USD?? going down some more???
  • #2,866
  • Nov 2, 2010 9:57am Nov 2, 2010 9:57am
Quoting JGforex7780
Hi guys,

Just wondering how this vote will impact USD?? going down some more???

If it is the resounding defeat of the current administration's policies that it is expected to be, it should drive the dollar up, not down as confidence will increase.
  • #2,867
  • Nov 2, 2010 9:59am Nov 2, 2010 9:59am
Quoting lawgirl21
If it is the resounding defeat of the current administration's policies that it is expected to be, it should drive the dollar up, not down as confidence will increase.
Hmm, when will we know the results. Now watching Bloomberg for the news. Seems like its going to a long day. But hopefully a rewarding one.
  • #2,868
  • Nov 2, 2010 10:00am Nov 2, 2010 10:00am
Channel bounce trade. Just entered short.
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  • #2,869
  • Nov 2, 2010 10:03am Nov 2, 2010 10:03am
Quoting JGforex7780
Hmm, when will we know the results. Now watching Bloomberg for the news. Seems like its going to a long day. But hopefully a rewarding one.
Polls close out here in California at 8:00 pm, so it will be a very long day.
  • #2,870
  • Nov 2, 2010 10:45am Nov 2, 2010 10:45am
Anyone short AUD USD at parity?? seems to be a very strong resistance level (psychologically)
  • #2,871
  • Nov 2, 2010 10:45am Nov 2, 2010 10:45am
Quoting lawgirl21
Channel bounce trade. Just entered short.

Good day LG,

Sorry if this has already been asked but do you pay much attention to RSI during non 3 TAP trades ie 2 TAP 1Hr BOs, 4 Candle 1 Hr BO's or Channel Trades?

Or do you mainly refer to it just for the 3 TAP?

Thanks
D
  • #2,872
  • Edited 11:00am Nov 2, 2010 10:47am | Edited 11:00am
LG, I really like your idea about having a trade prove itself on demo before going live. It's going to be an essential part of my trade management.

It gives me a way to implement one of your other gems: "Instead, slow and steady is the path recommended here. Not trying to squeeze every last pip out of a trade, just going for that middle 1/3 of a move....but doing it over and over again, week in and week out. It's boring, but it's profitable."
  • #2,873
  • Nov 2, 2010 11:04am Nov 2, 2010 11:04am
Quoting Dl17
Good day LG,

Sorry if this has already been asked but do you pay much attention to RSI during non 3 TAP trades ie 2 TAP 1Hr BOs, 4 Candle 1 Hr BO's or Channel Trades?

Or do you mainly refer to it just for the 3 TAP?

Thanks
D
Channel Bounces are purely PA, but if direction is in your favor it is a stronger trade.

However, H1 4 candle BOs are purely RSI confirmation direction in the initialy scan of pairs to watch. Verify before entering because directions change, as happened on one or two yesterday. But generally by the BO, RSI is confirming on the 3 TFs.

3 Tap trades are trend trades.
  • #2,874
  • Nov 2, 2010 11:06am Nov 2, 2010 11:06am
Forex Trading is a Probabilities Game. Trend Momentum + 3 Trendline Taps + Price Action Confirmation= High Probability.

Location, I really like this formula..very powerful.
  • #2,875
  • Nov 2, 2010 11:19am Nov 2, 2010 11:19am
EURUSD
Expect 3tap to touch properly. waiting with a limit short.
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  • #2,876
  • Nov 2, 2010 11:25am Nov 2, 2010 11:25am
Be careful with short on bulls market. I think this is not good setup.
  • #2,877
  • Nov 2, 2010 11:29am Nov 2, 2010 11:29am
Quoting Location
LG, I really like your idea about having a trade prove itself on demo before going live. It's going to be an essential part of my trade management.

It gives me a way to implement one of your other gems: "Instead, slow and steady is the path recommended here. Not trying to squeeze every last pip out of a trade, just going for that middle 1/3 of a move....but doing it over and over again, week in and week out. It's boring, but it's profitable."
Just a word about putting a trade on demo before trading it live. Give yourself a big demo account..around $50,000. Don't worry about "building" this account..view it instead as a testing ground. I don't worry about what happens to it and I rarely look at the balance. I view my demo account as my trading laboratory.

I spent a long time doubling my demo account, before I realized that, to me, it was stupid. I know it goes against conventional forex wisdom and advice. But it frees you up to trying different patterns, trades, etc. And yes, you may lose a few pips in the "transfer" to live, but you will stay out of many, many losing trades which more than makes it worthwhile.
  • #2,878
  • Nov 2, 2010 11:33am Nov 2, 2010 11:33am
Going to vote. Will check back in later.
  • #2,879
  • Nov 2, 2010 11:34am Nov 2, 2010 11:34am
Quoting lawgirl21
Channel Bounces are purely PA, but if direction is in your favor it is a stronger trade.

However, H1 4 candle BOs are purely RSI confirmation direction in the initialy scan of pairs to watch. Verify before entering because directions change, as happened on one or two yesterday. But generally by the BO, RSI is confirming on the 3 TFs.

3 Tap trades are trend trades.
Got it. Thanks again
  • #2,880
  • Nov 2, 2010 11:42am Nov 2, 2010 11:42am
Quoting lawgirl21
You did come across as a little arrogant...apologies accepted. But you did a great job with that trade. Are you out of live trading for the remainder of the week?

sorry I missed this one ... I am not out of trading for the week yet. It is just starting to get interesting. I like the parity figure on AUDUSD as a strong resistance for now. In this one short.
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