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Trade What You See - Almost Naked Trading

  • #2,941
  • Nov 2, 2010 9:26pm Nov 2, 2010 9:26pm
Quoting LearningPIPs
followed LG's lead and waited for a 15m confirmation of breakout.

Looking for a logical place to close this trade...any ideas?
Take 1/2 off table after 30 or so pips. Let other half ride. Move SL to BE + 5.
  • #2,942
  • Nov 2, 2010 9:27pm Nov 2, 2010 9:27pm
Quoting LearningPIPs
followed LG's lead and waited for a 15m confirmation of breakout.

Looking for a logical place to close this trade...any ideas?

Take profit for me on that trade would be...0.99663
  • #2,943
  • Nov 2, 2010 9:30pm Nov 2, 2010 9:30pm
Quoting pippete
How about weekly? all of those are against the weekly trend.. I know it's only tues but shouldn't you wait for all 3 RSIs confirmed?
The way I see it, only EC and UJ are the closest RSI-wise.

However, watch for GBPUSD, it's in a nice 1H and also long 4H ditch, RSIs mostly down, should pop to the bottom. Chart:
Can't rely on weekly and certainly not monthly RSI directions at this time, as it is so early in week/month. Watch PA and if you enter monitor closely.
  • #2,944
  • Nov 2, 2010 9:40pm Nov 2, 2010 9:40pm
Quoting lawgirl21
Can't rely on weekly and certainly not monthly RSI directions at this time, as it is so early in week/month. Watch PA and if you enter monitor closely.
Thanks LG, that's what I thought. Weekly doesn't set in till wed or so...
  • #2,945
  • Nov 2, 2010 9:46pm Nov 2, 2010 9:46pm
Hey LG, do you ever place a straddle order (sell stop and buy stop orders for below and above the breakout lines - for those of you that don't know what straddle is) for a 1H breakout before you go to bed? I used to do that for box breakout techniques, which can go either way. I know that here we follow the trend, but sometimes all 3 RSI's change in an instant. just wondering.
  • #2,946
  • Nov 2, 2010 10:07pm Nov 2, 2010 10:07pm
Quoting pippete
Hey LG, do you ever place a straddle order (sell stop and buy stop orders for below and above the breakout lines - for those of you that don't know what straddle is) for a 1H breakout before you go to bed? I used to do that for box breakout techniques, which can go either way. I know that here we follow the trend, but sometimes all 3 RSI's change in an instant. just wondering.
Yes I do, frequently. It's just another BO technique that we can implement. Please go ahead and explain it to everyone. I like this technique very much. Only thing I am cautious about is looking for modest gains...i.e. 30 pips or so in either direction.
  • #2,947
  • Nov 2, 2010 10:15pm Nov 2, 2010 10:15pm
Quoting Batavier
Does anyone know how to create an alert for when the price on a chart crosses a certain level eg for when we await BO to occur?
in Terminal window, go to Alerts tab, right click and Create and set up a condition (like if Bid/Ask higher/lower some particular value)
  • #2,948
  • Nov 2, 2010 10:39pm Nov 2, 2010 10:39pm
Quoting sashasan
in Terminal window, go to Alerts tab, right click and Create and set up a condition (like if Bid/Ask higher/lower some particular value)
Thanks Sashasan
Just trade the pullback you idiot!
  • #2,949
  • Nov 2, 2010 10:53pm Nov 2, 2010 10:53pm
Quoting lawgirl21
Yes I do, frequently. It's just another BO technique that we can implement. Please go ahead and explain it to everyone. I like this technique very much. Only thing I am cautious about is looking for modest gains...i.e. 30 pips or so in either direction.
The straddle technique is another BO method for LG's 4C technique, especially if you can't monitor your trades closely, or at night. Straddle for the 1H breakout involves drawing our lines for the 4 candles as usual. Then 2 pending orders are placed, a buy stop a certain number of pips above the upper line and a sell stop a certain number of pips below the lower line (plus spread).
In LG's method, when the trend is up, the buy stop will be triggered, when it's down, the sell stop will be. SL should be at the lower or upper lines respectively. The "certain number of pips" is the buffer, for a 1HR method it's around 10-15 pips - this corresponds to the M15 confirmation of the breakout.
TP should be modest, as LG stated, ca. 30 pips or so. Preferrably, when one trade is triggered, and is going well, the other should be deleted.
In some cases the BO is false and turns on you, and the other order gets triggered, and usually relinquishes the pips lost on the false BO, as in this chart below: if you got triggered short on the lower line, the trade turns against you, but the buy order would have been triggered, and made up for the false-ish short breakout.
Chart:
Attached Image (click to enlarge)
Click to Enlarge Name: eustrad.gif Size: 18 KB
  • #2,950
  • Nov 2, 2010 11:10pm Nov 2, 2010 11:10pm
I know we don't do EA's here, but it seems to me that a breakout EA for a straddle order might be very useful.

Since it wasn't fully explained before, a straddle order is basically two conditional orders placed at once. If the price rises a certain amount, then buy. If it falls a certain amount, then sell. That's pretty close to the Four Bar H1 Breakout strategy here.

An EA could do the following:
1) From the H1 chart, find the high open or close, and the low open or close, for the last four hours. These two numbers create the high and low channel.

2) On the 15 minute chart, wait until a candle closes with a low that is higher than the high channel, or a high that is lower than the low channel. At that point enter either a buy in the first case or a sell in the second.

3) At the same time, the EA could place stop and TP. Lots of options for that.

I don't code MQ4 yet. But if he were interested, this is the sort of thing that Steve Hopwood could probably code faster than it took me to write this post.
  • #2,951
  • Nov 2, 2010 11:11pm Nov 2, 2010 11:11pm
Going to watch election results. Good night all. I set two pending orders: NZDUSD long and USDCAD short..will see what happens.
  • #2,952
  • Nov 3, 2010 3:16am Nov 3, 2010 3:16am
Quoting pippete
The straddle technique is another BO method for LG's 4C technique, especially if you can't monitor your trades closely, or at night. Straddle for the 1H breakout involves drawing our lines for the 4 candles as usual. Then 2 pending orders are placed, a buy stop a certain number of pips above the upper line and a sell stop a certain number of pips below the lower line (plus spread)....
do u use sl for this orders? thnx.
  • #2,953
  • Nov 3, 2010 4:01am Nov 3, 2010 4:01am
Hi All

Are you guys trading more BO or 3 taps?

Thanks
The Kamakazi
  • #2,954
  • Nov 3, 2010 4:41am Nov 3, 2010 4:41am
can you help me?

when you do the box for BO,and count 4 candles,what TF do you use,thanks again
  • #2,955
  • Nov 3, 2010 5:19am Nov 3, 2010 5:19am
Quoting Bl888
Hi All

Are you guys trading more BO or 3 taps?

Thanks
Both.
Trading Makes Money!
  • #2,956
  • Nov 3, 2010 5:25am Nov 3, 2010 5:25am
Quoting vukovi21
can you help me?

when you do the box for BO,and count 4 candles,what TF do you use,thanks again
1H
  • #2,957
  • Nov 3, 2010 5:25am Nov 3, 2010 5:25am
when you draw the BO box do you do it from the tail or from the body of the candle...because on the charts that you attach the approach differs from chart to chart?
  • #2,958
  • Edited 5:32am Nov 3, 2010 5:26am | Edited 5:32am
Quoting PurePrice
Here is the chart, as previously indicated, there maybe a good long entry here at the bottom of an upchannel. Note the hammer candle formation there as well.
Good call

Quoting lawgirl21
Pair please...so we don't have to look back..

Apologies. We were referring to Eur/Chf..
  • #2,959
  • Nov 3, 2010 5:27am Nov 3, 2010 5:27am
Quoting vukovi21
when you draw the BO box do you do it from the tail or from the body of the candle...because on the charts that you attach the approach differs from chart to chart?
Hi vukovi, I don't mean to be harsh but LG's answers to your questions are all on page 1 of this thread. If nothing else, pls do the thread creator the courtesy of at least reading page 1 a couple of times. tnx.
  • #2,960
  • Nov 3, 2010 5:52am Nov 3, 2010 5:52am
ok....thnaks for your reply...i did read it more than few times,and i will do that again..i just wanted to clear that out,because i saw some pictures where the tails are in the box and some where the tails are not...

once again,im sorry if im taking you time,im not here to do that,just following a great thread,and as i said time and times before thanks for making forex easy and understandable for us with less knowledge
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