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Trade What You See - Almost Naked Trading

  • #3,381
  • Nov 8, 2010 9:40am Nov 8, 2010 9:40am
Quoting artieboy
Hi, out of curiousity how should the RSI look if he/she was about to pull the trigger and take the trade?
If it's BO trade then u want the BO to be in the direction of the rsi's.

If PA has to move either up/down in order to make the H4 3rd tap then of course the H1 and poss even the H4 rsi will be against u in which case I watch M15 PA for the price to go convincingly in my direction.

EDIT: Watch the varying charts that are posted - espec by LG - and u should soon get a feel for what is req'd for each strategy
  • #3,382
  • Nov 8, 2010 9:47am Nov 8, 2010 9:47am
The confirmation was ok for my trade strat, week and daily down, and below the 50 line, went to larger tf and could not see any major s/r, am out now with 7 pips profit, may not be alot but it is late afternoon here in UK and London starting to slow, all major moves should, i do say should have been made in morn, no news today as such, so I can see markets just consolidating now, so just taking a few bites here and there, which tend to add up nicely, may be wrong, but I am not gung ho any more and respect these little suckers completely, I am not in for long haul's I do literally like to get in make a few and get out and then look for another set up and do the same again. Looking how the price is going on this pair, yes I could have got more but I am out and in profit, and the next.
respect to all

Tom(UK)
  • #3,383
  • Nov 8, 2010 9:51am Nov 8, 2010 9:51am
Hey guys. The only reason I had not automated this strategy previously was the difficulty drawing the trendline. Vinesh has found the Shi_Channel indi which looks to me as though it does a great job of this.

Lawgirl's Tame Beastie has been born. Details at http://www.forexfactory.com/showthre...58#post4152158. Please keep discussion about it to that thread to avoid cluttering up this one.

  • #3,384
  • Nov 8, 2010 10:12am Nov 8, 2010 10:12am
This looks a great set up, 3 tap line to confirm, rsi down on h1, h4, daily and weekly, in a 4 hr BO channel, which should and I say should break down, cannot see anyway but down, but been trading forex too long now and know that there is no absolute certainties but I think I may just go for this one, any comments welcome

Respect

Tom(UK)
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  • #3,385
  • Nov 8, 2010 10:37am Nov 8, 2010 10:37am
Quoting booktimes
This looks a great set up, 3 tap line to confirm, rsi down on h1, h4, daily and weekly, in a 4 hr BO channel, which should and I say should break down, cannot see anyway but down, but been trading forex too long now and know that there is no absolute certainties but I think I may just go for this one, any comments welcome

Respect

Tom(UK)
nothing to add. im short
Hero calls followed by margin calls...
  • #3,386
  • Nov 8, 2010 10:58am Nov 8, 2010 10:58am
I wanted to know would it have been to late to enter this trade on the second candle after the 3 taps to trend line. The second candle broke through the trend line, would that not be a good trade because its late?
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  • #3,387
  • Nov 8, 2010 11:05am Nov 8, 2010 11:05am
Quoting booktimes
This looks a great set up, 3 tap line to confirm, rsi down on h1, h4, daily and weekly, in a 4 hr BO channel, which should and I say should break down, cannot see anyway but down, but been trading forex too long now and know that there is no absolute certainties but I think I may just go for this one, any comments welcome

Respect

Tom(UK)
Hi Tom,

I'm watching this one too. This is how I see it. I'll wait for direction to confirm on 5M chart. Good luck!

Wally

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"Be the change that you wish to see in the world." --Gandhi
  • #3,388
  • Nov 8, 2010 11:08am Nov 8, 2010 11:08am
Quoting Wally1953
Hi Tom,

I'm watching this one too. This is how I see it. I'll wait for direction to confirm on 5M chart. Good luck!

Wally

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wrong Trendline buddy.... better treat this one as a BO trade then, don't take M5 PA for confirmation, always use higher timeframes for confirmation than those u trade

best regards
Phanti
Hero calls followed by margin calls...
  • #3,389
  • Nov 8, 2010 11:17am Nov 8, 2010 11:17am
Quoting PhAnTi'
wrong Trendline buddy.... better treat this one as a BO trade then, don't take M5 PA for confirmation, always use higher timeframes for confirmation than those u trade

best regards
Phanti
I always look at larger timeframes for general direction, I just use the 5M to time my entry and make sure that price is moving away from the trendline in desired direction.

My trendline is almost straight, is that why you say it's wrong? It is actually more like a resistance line at the top of a range, so if I take it I'll just target the bottom of this range.

I still have so much to learn, and thanks for your comments Phanti.
"Be the change that you wish to see in the world." --Gandhi
  • #3,390
  • Nov 8, 2010 11:20am Nov 8, 2010 11:20am
Quoting Wally1953
I always look at larger timeframes for general direction, I just use the 5M to time my entry and make sure that price is moving away from the trendline in desired direction.

My trendline is almost straight, is that why you say it's wrong? It is actually more like a resistance line at the top of a range, so if I take it I'll just target the bottom of this range.

I still have so much to learn, and thanks for your comments Phanti.
it's my first year at forex as well buddy
ur trendline seems to be undefined, it shouldnt cross any bars/candles,
start use ''levels'' to trade : )
Hero calls followed by margin calls...
  • #3,391
  • Nov 8, 2010 11:48am Nov 8, 2010 11:48am
Just targeting the bottom of this range.
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"Be the change that you wish to see in the world." --Gandhi
  • #3,392
  • Nov 8, 2010 11:53am Nov 8, 2010 11:53am
Quoting Wally1953
Just targeting the bottom of this range.
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when prices crossed 1.6113 go short, before...i don't know, nobody does know : D
Hero calls followed by margin calls...
  • #3,393
  • Nov 8, 2010 12:31pm Nov 8, 2010 12:31pm
Quoting Ph22
Hi LG, your ditch channel is similar to your BO channel. Interested in how u differentiate them when deciding whether to play the channel bounces or await the BO?
I am just looking for PA to go down to the lower line (support) not necessarily to pierce through it and continue down.
  • #3,394
  • Nov 8, 2010 12:34pm Nov 8, 2010 12:34pm
Quoting florins
LG , what broker do u use ?i use admiral with mt4 GMT time and on aud i have something little different ...
I use FXDD. Adjust to what your charts show, not to what mine show. I may see a set up earlier or later than other traders show on their charts.
  • #3,395
  • Nov 8, 2010 1:05pm Nov 8, 2010 1:05pm
aud/jpy
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  • #3,396
  • Nov 8, 2010 1:07pm Nov 8, 2010 1:07pm
cad/jpy
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  • #3,397
  • Nov 8, 2010 1:09pm Nov 8, 2010 1:09pm
Hey LG, since the market is as dead as can be, I'll bug you with some questions: here is my C/J chart from earlier on. The pink 3 tap didn't work out.. (still wonder why not...) anyways, how often or do you ever go back and redraw a TL and go for it again (like I did here) for a second trade to see if you can save the first one? maybe with a double lot?
thanks,
Pete
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  • #3,398
  • Nov 8, 2010 1:14pm Nov 8, 2010 1:14pm
Quoting lawgirl21
I am just looking for PA to go down to the lower line (support) not necessarily to pierce through it and continue down.
Hi LG, sorry, I didn't word my question very well. Let me see if I can do any better.
I understand the difference in ditch channel trades and BO trades in terms of the outcome u are aiming for.
My question was more to do with both setups being the result of consolidation, and how u decide whether u will trade the channel range - or wait and look for a break out? Hope that's clearer.
  • #3,399
  • Nov 8, 2010 1:27pm Nov 8, 2010 1:27pm
Quoting pippete
Hey LG, since the market is as dead as can be, I'll bug you with some questions: here is my C/J chart from earlier on. The pink 3 tap didn't work out.. (still wonder why not...) anyways, how often or do you ever go back and redraw a TL and go for it again (like I did here) for a second trade to see if you can save the first one? maybe with a double lot?
thanks,
Pete
I do it often..in fact I did it yesterday with a gap trade....can't remember which one, but I posted it. Actually, I closed a losing trade and took the reverse direction with a double lot size. Pretty much the same thing. It is a very risky trade and I still put it on demo first to make sure it is going in the desired direction before I take it live. If you understand the risk, and I am sure you do, I consider it just good, unemotional trading.
  • #3,400
  • Nov 8, 2010 1:33pm Nov 8, 2010 1:33pm
Quoting lawgirl21
I do it often..in fact I did it yesterday with a gap trade....can't remember which one, but I posted it. Actually, I closed a losing trade and took the reverse direction with a double lot size. Pretty much the same thing. It is a very risky trade and I still put it on demo first to make sure it is going in the desired direction before I take it live. If you understand the risk, and I am sure you do, I consider it just good, unemotional trading.
One more question re: demoing all trades
I like the concept a lot, but wouldn't demoing be the same as putting a stop order a few pips away from your demo entry and if it's hit, you're confirmed? Seems to be simpler that way, isn't it? But then again, it might be clearer to see 2 different screens.
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