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Trade What You See - Almost Naked Trading

  • #4,281
  • Nov 15, 2010 9:05am Nov 15, 2010 9:05am
This appears to have been a false BO for now. But there is consolidation on the H4 chart and something has to happen sooner or later. If PA continues up, you may want to consider ditch/channel trading..riskier than our other trades, but fun for variety.
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  • #4,282
  • Nov 15, 2010 9:09am Nov 15, 2010 9:09am
This is the weekly chart, from last week. It continues to be a good chart. I am in this trade short. If you trade a weekly chart, be sure to give it plenty of room. Beautiful chart!
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  • #4,283
  • Nov 15, 2010 9:10am Nov 15, 2010 9:10am
Getting ready for work..Continue the good trading. I will check back in when I can.
  • #4,284
  • Nov 15, 2010 9:13am Nov 15, 2010 9:13am
Thanks for teaching us your system lawgirl, first live trade for 28 pips. Been demo trading for 2 weeks, this system is unbelievable.
  • #4,285
  • Edited 9:40am Nov 15, 2010 9:15am | Edited 9:40am
Quoting lawgirl21
This appears to have been a false BO for now. But there is consolidation on the H4 chart and something has to happen sooner or later. If PA continues up, you may want to consider ditch/channel trading..riskier than our other trades, but fun for variety.
if Ucad rises turning the weekly rsi3 back up it could become a 3 tap...2 different trendlines shown.
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  • #4,286
  • Nov 15, 2010 9:17am Nov 15, 2010 9:17am
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"Be the change that you wish to see in the world." --Gandhi
  • #4,287
  • Nov 15, 2010 9:24am Nov 15, 2010 9:24am
3 tap ,already pulled 30 out 1 st time up .Maybe has more

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Always Learning
  • #4,288
  • Nov 15, 2010 9:24am Nov 15, 2010 9:24am
Quoting Hercs
Would you please be kind enough and explain the "3-tap" here?

As I interpret the "3-tap" on your picture, ....... there are 3 Green Candles from the bottom of your TL going UP which qualifies for a "3-tap" by itself, right?

Then you draw the BO-lines on the 5th candle with the last (current) candle's wick, touching the top line of the BO-set-up. Is this what you consider to be the "3rd tap" as your reference above?

Unfortunately you do not use a clock so one cannot see how far away from present candle close...
===========================

LawGirl,

Would you be kind enough and reply to my Post #4071 on P.272 which was in response to your Post #4047 on P.270, please?

All I want is to see how you interpreted that chart as a "3-tap" please.

Thanking you most sincerely.
Hercs
  • #4,289
  • Nov 15, 2010 9:57am Nov 15, 2010 9:57am
Quoting lawgirl21
Morning All. I set this BO trade before I went to sleep. +45 pips.
amazing trade - this has run over 100 pips since entry
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  • #4,290
  • Nov 15, 2010 10:58am Nov 15, 2010 10:58am
3tap triggered, all RSIs beautiful...
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  • #4,291
  • Nov 15, 2010 11:09am Nov 15, 2010 11:09am
Well I wish you luck with that trade because to me it looks like you bought straight into resistance. Hope it works out for you.
  • #4,292
  • Nov 15, 2010 11:21am Nov 15, 2010 11:21am
Quoting TheDirtySerb
Well I wish you luck with that trade because to me it looks like you bought straight into resistance. Hope it works out for you.
yep, taff resistance there : P
Hero calls followed by margin calls...
  • #4,293
  • Nov 15, 2010 11:52am Nov 15, 2010 11:52am
Potential for set-up, on my watch list.
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  • #4,294
  • Nov 15, 2010 12:00pm Nov 15, 2010 12:00pm
Potential for set-up, on my watch list.
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  • #4,295
  • Nov 15, 2010 12:05pm Nov 15, 2010 12:05pm
sorry for my cluelessness but I'm stuck on entries. when price is tapping the trendline it is going counter trend so your shorter timeframe RSI setup will be heading in the wrong direction. do I wait for for the conclusion of the 4h candle to enter o just enter after the trend resumes and my three RSI setup is in agreement again.

Great thread thanks
  • #4,296
  • Nov 15, 2010 12:08pm Nov 15, 2010 12:08pm
Quoting dfstone32
sorry for my cluelessness but I'm stuck on entries. when price is tapping the trendline it is going counter trend so your shorter timeframe RSI setup will be heading in the wrong direction. do I wait for for the conclusion of the 4h candle to enter o just enter after the trend resumes and my three RSI setup is in agreement again.

Great thread thanks
Hi dfstone, LG from page 1:
Recently Asked Questions 10/27/2010

Q: Does one wait for the close of the 3rd tap candle before entering or enter immediately?.

A: When desired trade is long and 3rd tap candle is long (green on my charts), enter immediately. When desired trade is short and 3rd tap candle is short (red on my charts), enter immediately, because both a set-up and a trigger has occurred in each of these scenarios.

Q: I notice that usually when the 3rd tap occurs, the RSI is not supporting the direction of the desired trade. Is it important that the H4 RSI support the direction of the weekly and daily RSI at this point?

A: It is important that the H4 RSI the daily and weekly RSIs show the same direction before entering the trade. Remember there is a difference between a trade set-up and a trade trigger. The set-up is the 3 taps, the trigger is PA in the right direction. This is consistent with the question above.

Q: Do you use M30 or M15 charts on the 3 tap trades?

A: Although I don't use shorter time frames (TFs) for 3 tap trades, some traders have indicated to me that they use these TFs to observe price action (PA) before entry. I do use the TFs for breakout trades (BO), discussed below.
  • #4,297
  • Nov 15, 2010 12:09pm Nov 15, 2010 12:09pm
Potential for set-up, on my watch list.
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  • #4,298
  • Nov 15, 2010 12:17pm Nov 15, 2010 12:17pm
As mentioned by LG above, on watch list.
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  • #4,299
  • Nov 15, 2010 12:23pm Nov 15, 2010 12:23pm
Potentially happening now.
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  • #4,300
  • Nov 15, 2010 12:46pm Nov 15, 2010 12:46pm
Evening guys, hope everyone is well and had a great weekend

Noticed the 3 tap on this pair, but rsi very mixed, decided to wait and see

Tom (UK)
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