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Trade What You See - Almost Naked Trading

  • #5,121
  • Nov 21, 2010 10:39pm Nov 21, 2010 10:39pm
Quoting pippete
Hey LG and all of you out there. Would you take a gap trade that goes against most RSIs? Like tonight there are a few gaps still open but RSIs are all pointing the other way... (obviously I'm talking about pending orders, I know RSIs can flip on a dime).
Thanks,
Pete
I think what bothered me about the gaps today was that there appeared to be confirmation on 3 or 4 of the TFs in the direction of the gap..i.e. a gap up on several pairs, can't remember which ones, was showing long on multiple TFs. I am beginning to believe that gaps may be filled more often when RSI directions are mixed. I will have to test that theory further..and welcome anyone doing the same and letting us all know their findings.
  • #5,122
  • Nov 21, 2010 10:46pm Nov 21, 2010 10:46pm
This is very interesting..PA just did not have in mind to go long.
Attached Image
  • #5,123
  • Edited 10:53pm Nov 21, 2010 10:51pm | Edited 10:53pm
Quoting lawgirl21
This is very interesting..PA just did not have in mind to go long.
Link

http://www.bloomberg.com/news/2010-1...-negative.html

EDIT:

adding another link on same story

http://www.bloomberg.com/news/2010-1...iwi-rally.html
  • #5,124
  • Nov 21, 2010 10:55pm Nov 21, 2010 10:55pm
Quoting vbro
Link

http://www.bloomberg.com/news/2010-1...-negative.html

EDIT:

adding another link on same story

http://www.bloomberg.com/news/2010-1...iwi-rally.html
And the reason AUDNZD spiked up 125 pips.....always something..
  • #5,125
  • Nov 21, 2010 10:59pm Nov 21, 2010 10:59pm
Night all...here's to good trading this week.
  • #5,126
  • Nov 21, 2010 11:03pm Nov 21, 2010 11:03pm
Quoting lawgirl21
Night all...here's to good trading this week.
.
  • #5,127
  • Nov 21, 2010 11:37pm Nov 21, 2010 11:37pm
Quoting lawgirl21
All of those charts had the highest hign of the first 4 hours, body only, not wicks, and the lowest low of the same candles, just like always. The only difference is, because I mentioned that I could not draw a straight line, a very nice and talented member here programed a little indy that drew the lines for me. The lines from the program extended across the entire period. Was that what looked different? I was trying it out, but if it throws anyone off, I will not use it.

And you are correct, the only RSIs that would be set this early in the...
I didn't have any problem with the look of the charts, and I could see that you drew the lines from the low close and the high close of the four candles. What struck me as new was seeing the horizontal lines bordering what look like four obvious trends. I went back and looked through some other charts, and couldn't find any other clear examples that look like these, much less four of them at once.
  • #5,128
  • Nov 22, 2010 12:32am Nov 22, 2010 12:32am
Quoting pippete
Hey LG and all of you out there. Would you take a gap trade that goes against most RSIs? Like tonight there are a few gaps still open but RSIs are all pointing the other way... (obviously I'm talking about pending orders, I know RSIs can flip on a dime).
Thanks,
Pete
dont trade gaps....u'll lose a lot of cash, gaps are just a information deficit of your broker, there are no real gaps !
Hero calls followed by margin calls...
  • #5,129
  • Nov 22, 2010 12:43am Nov 22, 2010 12:43am
Corect... gaps are simply reflecting currency movement on the weekend when brokers are laying on the beach.

They aren't gaps in movement (as in jumps or drops), they are gaps in available data... in my opinion they should not be traded.

Theere are gaps every morning in stock markets, but I've never heard of anyone trading them.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,130
  • Nov 22, 2010 12:53am Nov 22, 2010 12:53am
Quoting PhAnTi'
dont trade gaps....u'll lose a lot of cash, gaps are just a information deficit of your broker, there are no real gaps !
What basis do you have of saying that?

Alot of people are making a lot of money trading gaps, that is a fact. If its a broker deficit or not, does that really matter? What makes a support or resistance line work? The simple fact that alot of people are looking at the same area for placing their orders. No difference between gap trading, it attracts alot of traders, thereby it usually closes.

I dont see a point in going around dishing out these absolutes in trading advice, especially without giving it real reasoning.
  • #5,131
  • Nov 22, 2010 1:10am Nov 22, 2010 1:10am
Quoting Storeball
What basis do you have of saying that?

Alot of people are making a lot of money trading gaps, that is a fact. If its a broker deficit or not, does that really matter? What makes a support or resistance line work? The simple fact that alot of people are looking at the same area for placing their orders. No difference between gap trading, it attracts alot of traders, thereby it usually closes.

I dont see a point in going around dishing out these absolutes in trading advice, especially without giving it real reasoning.
I feel you are wrong... the trading into gaps by the market is no different to any other random movement you see all day every day.

As I said earlier, gaps simply reflect a lack of displayed data due to the weekend when brokers charts are switched off. I have never heard of anybody trading the gaps in microsoft, Exon, or even Tidlywinks Corp on a wednsday morning to fill the gap.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,132
  • Nov 22, 2010 1:40am Nov 22, 2010 1:40am
Quoting pt49
I feel you are wrong... the trading into gaps by the market is no different to any other random movement you see all day every day.

As I said earlier, gaps simply reflect a lack of displayed data due to the weekend when brokers charts are switched off. I have never heard of anybody trading the gaps in microsoft, Exon, or even Tidlywinks Corp on a wednsday morning to fill the gap.
There is tons of people presenting their views on gap trading around the net, also on stocks. And as a support and resistance line will fail to hold price at times, so will there be failed gap trades as well. There are no absolutes in trading.

But lets agree to disagree In this thread gap is used as another edge to beat the market and my point in the other post was to simply point to the fact that its not really contributing anything but confusion by sweeping it away saying that it just "dont work". Slightly disrespectful as well seeing as its brought here by the thread starter. Let people decide for themselves through price analysis, thats how we grow as traders.

Good luck in your trading!
  • #5,133
  • Nov 22, 2010 2:02am Nov 22, 2010 2:02am
3 of my pairs hit my SL, one survived and has now reached my TP. I'm glad at least one did. After an anaylisis so far, I saw that now the pairs (all in the last half hour) start to go towards my TP.

My SL was around 2% of my entire capital, so my conclusion will be so far that this percentage should be higher (or non existing?) for GAPS...

I'll update my conclusion later on the day if I see what the trend is doing now, looks for now I would have made profit if my SL was higher.

See you soon.
  • #5,134
  • Nov 22, 2010 2:24am Nov 22, 2010 2:24am
Quoting KillerAntz
3 of my pairs hit my SL, one survived and has now reached my TP. I'm glad at least one did. After an anaylisis so far, I saw that now the pairs (all in the last half hour) start to go towards my TP.

My SL was around 2% of my entire capital, so my conclusion will be so far that this percentage should be higher (or non existing?) for GAPS...

I'll update my conclusion later on the day if I see what the trend is doing now, looks for now I would have made profit if my SL was higher.

See you soon.
If it is possible your SL should be bigger in pips not in % of capital, of course then gain from gap will be smaller in % but it is reasonable way.
  • #5,135
  • Nov 22, 2010 2:25am Nov 22, 2010 2:25am
Quoting Storeball
There is tons of people presenting their views on gap trading around the net, also on stocks. And as a support and resistance line will fail to hold price at times, so will there be failed gap trades as well. There are no absolutes in trading.

But lets agree to disagree In this thread gap is used as another edge to beat the market and my point in the other post was to simply point to the fact that its not really contributing anything but confusion by sweeping it away saying that it just "dont work". Slightly disrespectful as well seeing as...
I didn't say gap trading doesn't work, I said I can't see the point. There's no logical reason to trade gaps is what I'm saying.

When someone can present me with a few months (at least) of trades (demo or live) covering an ample number of pairs, or at least 12 months covering a single pair, I'll become a believer.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,136
  • Nov 22, 2010 2:38am Nov 22, 2010 2:38am
H1-4C-BO on AU trying to take place now.


Attached Image (click to enlarge)
Click to Enlarge Name: AU-11-22-10-M15.gif Size: 10 KB
Listen to the whispers.... You may learn something
  • #5,137
  • Nov 22, 2010 2:39am Nov 22, 2010 2:39am
Basing on last week experiences this week i am very causion at Monday morning and will not try to trade before three H4 candles will be closed. This is my limit for BO, fort three tap i will wait another 4h for next candle. Then i will have some RSI i could trust (H1,H4 and daily). It should be enough to trade 3taps at H1.
  • #5,138
  • Nov 22, 2010 2:39am Nov 22, 2010 2:39am
I'm upset I missed this trade
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd 4hr.jpg Size: 89 KB
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,139
  • Nov 22, 2010 2:47am Nov 22, 2010 2:47am
H1-4C-BO on UC trying to take place now.

Attached Image (click to enlarge)
Click to Enlarge Name: UC-11-22-10-M15.gif Size: 10 KB
Listen to the whispers.... You may learn something
  • #5,140
  • Nov 22, 2010 2:51am Nov 22, 2010 2:51am
Quoting Scrutch
H1-4C-BO on AU trying to take place now.


Attachment
It already took place on my chart, four candles ago on yours ?
Anyway Im in this one long @0.9950, not looking promising at the moment. I was hoping for a better week, last week was a nightmare, glad I'm on demo still.
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