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Trade What You See - Almost Naked Trading

  • #3,781
  • Nov 10, 2010 6:51pm Nov 10, 2010 6:51pm
Potential for a 3tap set up -on the watch list.
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  • #3,782
  • Nov 10, 2010 6:56pm Nov 10, 2010 6:56pm
Hello and Good Evening to All Traders in here. I have a lot to catch up I see a lot of new post since yesterday.
Hope to grab some pips with LG excellent system, good luck to you all.

esz
Blessed are they who maintain justice, who constantly do what is right.
  • #3,783
  • Nov 10, 2010 7:00pm Nov 10, 2010 7:00pm
Quoting Wally1953
Your entry and TP are exactly where mine are, so that makes me feel all warm inside.

I see you have no SL. As in my previous post, I put my stoploss above recent resistance on 15M chart. If you were to have a stoploss in this trade, would you use that criteria?

As you can see, for the time being I've given up on the tight stoploss idea. You are the mentor here, and we should all try to emulate your success, and not try to reinvent the tire.

Good luck on this trade LG!
I am very uncomfortable with that! I do use stop losses, just not immediately generally...and not too tightly. It is just that I have noticed after making thousands of trades, that there is generally no urgency for either a SL or a TP. Unless there is an upforseen spike in PA the market on H4 and longer TFs moves rather slowly..at least generally with enough time to act.
  • #3,784
  • Nov 10, 2010 7:14pm Nov 10, 2010 7:14pm
Quoting Scrutch
It isn't discussed on this thread but you could have gone to the M15 and waited for the pullback before your entry. My charts are a bit different than yours but it looks like things are heading in your direction and you should be in profit if this move is real. All RSI's (except MN) are now in your favor and the bias appears to be down. I'm showing short term resistance just above price at the moment.

Just had some Aud news and some more upcoming shortly. Employment numbers for Aud.
Thanks for your reply Scrutch.

Yes, I agree with you about the pullback, to get a better price and smaller SL. And then I would wait for it to resume in desired direction to confirm before jumping in.

I'm not sure how I want to handle entries with this method, but I will try to emulate Lawgirl's criteria and not put my own spin on things, which usually gets me into trouble.

Again, I want to thank you for bringing us this great RSI arrow indicator. Aside from Lawgirl's great mentoring in teaching us this method, your contribution has been the most useful tool in implementing the trades with incredible efficiency.

Regards,
Wally
"Be the change that you wish to see in the world." --Gandhi
  • #3,785
  • Nov 10, 2010 7:16pm Nov 10, 2010 7:16pm
Quoting Wally1953
Thanks for your reply Scrutch.

Yes, I agree with you about the pullback, to get a better price and smaller SL. And then I would wait for it to resume in desired direction to confirm before jumping in.

I'm not sure how I want to handle entries with this method, but I will try to emulate Lawgirl's criteria and not put my own spin on things, which usually gets me into trouble.

Again, I want to thank you for bringing us this great RSI arrow indicator. Aside from Lawgirl's great mentoring in teaching us this method, your contribution has been the...
Could not agree with you more about Scrutch...
  • #3,786
  • Nov 10, 2010 7:20pm Nov 10, 2010 7:20pm
Quoting Wally1953
Thanks for your reply Scrutch.

Yes, I agree with you about the pullback, to get a better price and smaller SL. And then I would wait for it to resume in desired direction to confirm before jumping in.

I'm not sure how I want to handle entries with this method, but I will try to emulate Lawgirl's criteria and not put my own spin on things, which usually gets me into trouble.

Again, I want to thank you for bringing us this great RSI arrow indicator. Aside from Lawgirl's great mentoring in teaching us this method, your contribution has been the...

Please feel free to discuss entries and exits all you like. We use lower TFs all the time for entries on BOs and there is no reason not to use them for entries on tap trades also, like Scrutch suggested.
  • #3,787
  • Nov 10, 2010 7:25pm Nov 10, 2010 7:25pm
Quoting Wally1953
Thanks for your reply Scrutch.

Yes, I agree with you about the pullback, to get a better price and smaller SL. And then I would wait for it to resume in desired direction to confirm before jumping in.

I'm not sure how I want to handle entries with this method, but I will try to emulate Lawgirl's criteria and not put my own spin on things, which usually gets me into trouble.

Again, I want to thank you for bringing us this great RSI arrow indicator. Aside from Lawgirl's great mentoring in teaching us this method, your contribution has been the...
It's probably time to place a SL on that trade if you haven't already, Wally. I would place it at the next resistence level above PA, if you are comfortable with that.
  • #3,788
  • Nov 10, 2010 7:29pm Nov 10, 2010 7:29pm
Another on the watch list
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  • #3,789
  • Nov 10, 2010 7:29pm Nov 10, 2010 7:29pm
Wally...I certainly wouldn't want you to not emulate LG's criteria, only that you arrived late and the trade was already underway. In that case, either pass on the trade (there's going to be a lot more of them) or try to find an advantage for your entry...in this case the pullback. If you're late to the party and you don't get a pullback, just pass on the trade and wait for the next one. If you start chasing the market you set up habits that are very hard to break.

Quoting Wally1953
Thanks for your reply Scrutch.

Yes, I agree with you about the pullback, to get a better price and smaller SL. And then I would wait for it to resume in desired direction to confirm before jumping in.

I'm not sure how I want to handle entries with this method, but I will try to emulate Lawgirl's criteria and not put my own spin on things, which usually gets me into trouble.

Again, I want to thank you for bringing us this great RSI arrow indicator. Aside from Lawgirl's great mentoring in teaching us this method, your contribution has...
Listen to the whispers.... You may learn something
  • #3,790
  • Nov 10, 2010 7:31pm Nov 10, 2010 7:31pm
Quoting lawgirl21
It's probably time to place a SL on that trade if you haven't already, Wally. I would place it at the next resistence level above PA, if you are comfortable with that.
Oh, I always had a SL on this trade. See my post #3782. Is that why you said you were uncomfortable? I would never trade without a stoploss. I'm just widening them to a reasonable level for this type of trading.

I just notice when you initially post your trades, quite often there is no stoploss. I didn't realize you sometimes placed them later on.

Yes, this trade is now very questionable, so we'll keep our fingers crossed. Good luck!
"Be the change that you wish to see in the world." --Gandhi
  • #3,791
  • Nov 10, 2010 7:33pm Nov 10, 2010 7:33pm
Trade in progress
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  • #3,792
  • Nov 10, 2010 7:35pm Nov 10, 2010 7:35pm
Quoting Wally1953
Oh, I always had a SL on this trade. See my post #3782. Is that why you said you were uncomfortable? I would never trade without a stoploss. I'm just widening them to a reasonable level for this type of trading.

I just notice when you initially post your trades, quite often there is no stoploss. I didn't realize you sometimes placed them later on.

Yes, this trade is now very questionable, so we'll keep our fingers crossed. Good luck!
OK good..yes, I thought you might not be placing stops because I didn't place them immediately..should have known you had better sense than that...
  • #3,793
  • Nov 10, 2010 7:39pm Nov 10, 2010 7:39pm
Quoting Ph22
Another on the watch list
The weekly RSI is the other way around...
  • #3,794
  • Nov 10, 2010 7:39pm Nov 10, 2010 7:39pm
Quoting FXMajors
Trade in progress
I'm still short this trade. Seeing if I can survive the DD.
  • #3,795
  • Nov 10, 2010 7:41pm Nov 10, 2010 7:41pm
Quoting Ph22
Potential for a 3tap set up -on the watch list.
What about the RSIs? Aren't you waiting for them to align?
  • #3,796
  • Nov 10, 2010 7:43pm Nov 10, 2010 7:43pm
Quoting lawgirl21
I'm still short this trade. Seeing if I can survive the DD.
I already put a buy stop order on 1.3846... but I'm crossing my fingures for you, as long as you're in the trade
  • #3,797
  • Nov 10, 2010 7:48pm Nov 10, 2010 7:48pm
Quoting The Sage
What about the RSIs? Aren't you waiting for them to align?
Yes, which is why they are only potential set-ups.
  • #3,798
  • Nov 10, 2010 7:49pm Nov 10, 2010 7:49pm
Quoting The Sage
I already put a buy stop order on 1.3846... but I'm crossing my fingures for you, as long as you're in the trade
Thanks, I actually did not follow my own rule and put this trade on live initially and am now losing a bundle...
  • #3,799
  • Nov 10, 2010 7:56pm Nov 10, 2010 7:56pm
Quoting lawgirl21
I'm still short this trade. Seeing if I can survive the DD.
Might go back to test the weeks main TL
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  • #3,800
  • Nov 10, 2010 7:58pm Nov 10, 2010 7:58pm
Quoting Ph22
Yes, which is why they are only potential set-ups.

I'm sure you guys have already been asked this question, but I'd like to know how many of you place limit orders near the third tap. For example, PH22's potential short setup on 4 hr GBP/USD looks promising. If we wait for confirmation candle, we potentially miss some if not all of the move. If a limit order is placed near the third tap and a tight stop is placed above the nearest major support, we can maximize profits by setting a 2:1 risk reward ratio. Now I know there will be more losers that way, but the winners will be greater. The loses will seem less significant. To do this the 4 hour RSI must be pointing in the opposite direction to that of the weekly or even daily since it is a lagging indicator. Does anyone trade this way and if so I would love to hear the result. Thanks.
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