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Trade What You See - Almost Naked Trading

  • #4,361
  • Nov 15, 2010 11:05pm Nov 15, 2010 11:05pm
LG, this is what I saw your last chart as. Two candles waiting for a possible third for a short run. Am I on the right track?
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  • #4,362
  • Nov 15, 2010 11:33pm Nov 15, 2010 11:33pm
Hello Dadio, I'm still junior member Too Here.. lets learn Together.
I'm From Bali Indonesia. GMT+8..
LG method is Executable.. i Like it very Much..
Quoting Dadio
I love the way LG and everyone else has explained this type of trading. It is easy to understand with no emotion attached to when and how to get out of the trade. I so very much appreciate it because I still get nervous just playing on the demo account, wanting to do good before going live. Thank You Everyone. :o) I will be watching and joining in on the fun!
  • #4,363
  • Nov 15, 2010 11:42pm Nov 15, 2010 11:42pm
Quoting lawgirl21
I have tried to recreate that 3 Tap trade. A TL can be drawn connecting the 3 candles on the H4 chart....a set-up. The trigger came on the next candle when PA headed in the desired direction.

But look what happens if you move the 1st tap away from that hammer candle and place it on the next candle...a 3 Tap trade. Some traders may have see that setup that way and not the way I saw it. No matter...look at the trigger candle for either interpretation..that was a 100+ pip move.

I hope this helps.
========================

Thank you LawGirl, much appreciated. I just needed confirmation of "moving" that TL.
Best wishes.
Hercs
  • #4,364
  • Nov 16, 2010 12:59am Nov 16, 2010 12:59am
hello LG, I have a challenge with trend lines. can yu explain how to use it efficiently or is there a site or thread you can refer me to? thanks
  • #4,365
  • Nov 16, 2010 2:26am Nov 16, 2010 2:26am
Quoting trickshady
Hello everyone! I have been following this thread for a few weeks now and trying out this method. I start to get the hang of it and I like it. I have a question though.

Since trading is a game of probabilities, how do you make profit trading this way?

Would this method be profitable because you would make more successful trades than losing ones or because your RRR (risk to reward ratio) would be higher than 1:1 so even if you lose more than you win, you can still come out profitable?

My problem I am trying to fix trading this method is...
Hi,
this is just a suggestion forgot everything about RR.
In my opinion you need RR only if your strategies is a crap.
TP and SL have to be set on support and resistance level. Before you enter in trade you have to know or guess how the price will move and not set TP and SL with random number like 20-30 pips that mean nothing.

If you want you can take a look at this link it's interesting
http://www.forexfactory.com/showthread.php?t=5938

Cheers
gspe
  • #4,366
  • Nov 16, 2010 3:17am Nov 16, 2010 3:17am
helo law girl,

First I would like to thank you.I have a question regarding trade management. I enter my trades based on 4 hr.After entering a trade how do you manage it? The reason why i ask this is when I enter a trade the trade goes in my direction. It goes for 50+ pips. The trade may have a potential for 150 pips but there may be a 1 hr support which is quite strong so I wil move my stop loss to BE(break even). The price will come to SL and hit it and then go in my direction. I know this is a usual story for traders. But i want to know how you manage it. the risk reward ratio, sl and when do you move stop loss to break even. To make myself clear I wil say an example. Lets say i entered a trade from a point 100 with Stop loss around 50 and target around 250 which is a 1:3 R:R ratio. my trade will go till 160 (which is 60 pips). then i will move my stop loss to Break even(BE) or +1 because it may be a 1 hr resistance there(We wont know when price reverse). It willcome down and hit that SL and go to 250 pips.Can you provide my some suggestion on this. Please say if I am doing it in a correct way. thanks a lot for your advice.
  • #4,367
  • Nov 16, 2010 3:18am Nov 16, 2010 3:18am
Quoting gspe
Hi,
this is just a suggestion forgot everything about RR.
In my opinion you need RR only if your strategies is a crap.
TP and SL have to be set on support and resistance level. Before you enter in trade you have to know or guess how the price will move and not set TP and SL with random number like 20-30 pips that mean nothing.

If you want you can take a look at this link it's interesting
http://www.forexfactory.com/showthread.php?t=5938

Cheers
gspe
GSPE

Good read, but thats purely based on one persons judgement. TBH u may as well not bother trading if you adhere to all in that list.
The Kamakazi
  • #4,368
  • Nov 16, 2010 3:52am Nov 16, 2010 3:52am
AudUsd BO
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  • #4,369
  • Nov 16, 2010 4:15am Nov 16, 2010 4:15am
USDCAD H1 BO now
The Kamakazi
  • #4,370
  • Nov 16, 2010 4:23am Nov 16, 2010 4:23am
Quoting gebuzor
hello LG, I have a challenge with trend lines. can yu explain how to use it efficiently or is there a site or thread you can refer me to? thanks

http://www.babypips.com/school/trend-lines.html
We trade to live not live to trade................
  • #4,371
  • Nov 16, 2010 4:24am Nov 16, 2010 4:24am
Quoting Bl888
USDCAD H1 BO now
yet to BO
We trade to live not live to trade................
  • #4,372
  • Nov 16, 2010 4:27am Nov 16, 2010 4:27am
EurJpy BO
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  • #4,373
  • Nov 16, 2010 4:36am Nov 16, 2010 4:36am
Quoting Pip26
EurJpy BO

I think break outs are best confirmed after the candle has closed or better still wait for pull backs to the former resistance/support and then take the trade
We trade to live not live to trade................
  • #4,374
  • Nov 16, 2010 4:43am Nov 16, 2010 4:43am
Quoting ovyeh
I think break outs are best confirmed after the candle has closed or better still wait for pull backs to the former resistance/support and then take the trade
I agree with you
  • #4,375
  • Nov 16, 2010 4:48am Nov 16, 2010 4:48am
GbpUsd BO
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  • #4,376
  • Nov 16, 2010 5:04am Nov 16, 2010 5:04am
Quoting Pip26
EurJpy BO
The BO candle didn't close before you pull trigger
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #4,377
  • Nov 16, 2010 5:11am Nov 16, 2010 5:11am
Quoting Pip26
GbpUsd BO
Great trade. The failure of good UK data to push it up turn it the other way. 1.5950 is my target.
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #4,378
  • Nov 16, 2010 5:21am Nov 16, 2010 5:21am
Quoting ovyeh
http://www.babypips.com/school/trend-lines.html
thanks Ovie wekobiro!
  • #4,379
  • Nov 16, 2010 5:22am Nov 16, 2010 5:22am
Did anyone enjoy USDCAD BO?
The Kamakazi
  • #4,380
  • Nov 16, 2010 5:29am Nov 16, 2010 5:29am
Quoting Pip26
GbpUsd BO
I've had this as a 3 tap trade from 12 Nov, am I wrong ?
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