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Trade What You See - Almost Naked Trading

  • #5,281
  • Nov 22, 2010 7:38pm Nov 22, 2010 7:38pm
Looks like a 3 tap is forming on the E/U. Just waiting for the 3rd candle to come in.
  • #5,282
  • Nov 22, 2010 7:39pm Nov 22, 2010 7:39pm
Quoting pippete
But then again, LG is the boss.. My chart looks slightly different, looks like 3 taps on mine too.. anyways, good setup either way. wait for trigger.
No, no..not the boss, just doesn't look like 3 Taps on mine, but I'll check again.

Yes, you are both right...I'm wrong..actually could have been drawn not one, but two different ways!
  • #5,283
  • Nov 22, 2010 7:39pm Nov 22, 2010 7:39pm
I see a weekly three tap, is it valid? then I went down to daily and saw a outside bar, confirming it is still going down.

I know three tap supposed to be entered immediately on the third tab?

what do you think?

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  • #5,284
  • Nov 22, 2010 7:44pm Nov 22, 2010 7:44pm
Been following the thread the past few days, great discussion.

A situation like now, where there looks to be a good bearish setup on the EU. You see the RSI on 4H chart has little room to move downward, even though there is room on the D1 and H1 charts. How do you interpret this? Thanks.
  • #5,285
  • Nov 22, 2010 7:48pm Nov 22, 2010 7:48pm
I see a better 3 Tap daily setup
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  • #5,286
  • Nov 22, 2010 8:00pm Nov 22, 2010 8:00pm
how did the bar that sticks out a little affect the setup? can you explain?

Quoting lawgirl21
I see a better 3 Tap daily setup
  • #5,287
  • Nov 22, 2010 8:03pm Nov 22, 2010 8:03pm
Quoting pippete
But then again, LG is the boss.. My chart looks slightly different, looks like 3 taps on mine too.. anyways, good setup either way. wait for trigger.
Thanks guys. For now it's going north not south.
  • #5,288
  • Nov 22, 2010 8:05pm Nov 22, 2010 8:05pm
Quoting Edmundo
Been following the thread the past few days, great discussion.

A situation like now, where there looks to be a good bearish setup on the EU. You see the RSI on 4H chart has little room to move downward, even though there is room on the D1 and H1 charts. How do you interpret this? Thanks.
Typically RSI indicators are used for overbought/oversold purposes, but we don't utilize them in that way here...only to determine PA movement. So don't worry about little room to move downward..besides the RSI can drag the bottom or the top for a very long time.

I am still in a short trade on this pair based on a weekly chart BO and 3 Tap combination.
  • #5,289
  • Nov 22, 2010 8:07pm Nov 22, 2010 8:07pm
Quoting leelar
how did the bar that sticks out a little affect the setup? can you explain?

Does not affect the setup at all.
  • #5,290
  • Nov 22, 2010 8:13pm Nov 22, 2010 8:13pm
You once said, you enter immediately after the third tap, didn't that bar tap the trend line sometimes? I am learning, thanks for the reply.

Quoting lawgirl21
Does not affect the setup at all.
  • #5,291
  • Nov 22, 2010 8:34pm Nov 22, 2010 8:34pm
patience little grasshopper.
  • #5,292
  • Nov 22, 2010 8:34pm Nov 22, 2010 8:34pm
Quoting leelar
You once said, you enter immediately after the third tap, didn't that bar tap the trend line sometimes? I am learning, thanks for the reply.
The entry would have been the third tap.. the big question with this set up is whether or not there are more pips left in the current daily candle (the one after the third tap). That candle is approximately now 6 hours into the new trading day..will it go down further in the next 18 hours? The weekly and monthly RSIs indicate a probability that it will. But, that is a call each trader has to make for themselves.
  • #5,293
  • Nov 22, 2010 8:56pm Nov 22, 2010 8:56pm
I'm calling it quits for the night. Good trading through the London session.
  • #5,294
  • Nov 22, 2010 10:40pm Nov 22, 2010 10:40pm
AudUsd BO

AudChf BO
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  • #5,295
  • Nov 22, 2010 10:50pm Nov 22, 2010 10:50pm
Very pleased with the eur-cad trade I entered yesterday... 100 pips on my 1st entry and counting
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In the days of old when sailors were bold, and seldom if ever contented.
  • #5,296
  • Nov 22, 2010 10:51pm Nov 22, 2010 10:51pm
Just closed up 51 pips on the E/U 4H 3T trade from earlier. Just tired and going to sleep.
  • #5,297
  • Nov 23, 2010 12:15am Nov 23, 2010 12:15am
AudJpy BO
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  • #5,298
  • Nov 23, 2010 12:40am Nov 23, 2010 12:40am
Quoting lawgirl21
I'm not seeing it as a tap trade, but often they are both.
hi lawgirl,can you give some example the differences between a 3 tap trade and non 3 tap trade,i am still a bit confuse about it.thanks
  • #5,299
  • Edited 1:04am Nov 23, 2010 12:53am | Edited 1:04am
Like most fx traders I was totally overwhelmed when I 1st entered the market. There were uncountable number of “gurus” out there touting innumerable strategies of diff shapes & colors; myriads of EAs costing from $29 to thousands, that were supposedly to make you filthy rich within a very short span of time; all those indicators flying around; & not to forget those trdg signals for sale ……

Having been in the wilderness, losing more than winning along the way I thanked God for leading me to this site, this thread, these people here…… It is so reassuring to see how fx trdg need not be that complex. More reassuring to see all the people here ever willing to share & help.

Thank you Lawgirl for starting this thread. Of course, thanks to FF, too, for providing the platform. By cosmic law, all of you here will surely be handsomely rewarded, one way or another.

I managed to go through the first 10 pages of this thread from the beginning. Am not sure I need to go through all?

I hv a question at this point for Lawgirl. Sorry if it was asked before. Re the H1 4 candle breakout setup, do you hv a rule on the distance between the 2 horizontal lines, probably as a percentage of the daily ATR, before you consider taking the trade?

Thank you all!
  • #5,300
  • Nov 23, 2010 12:58am Nov 23, 2010 12:58am
Quoting CollectPIPS
Like most fx traders I was totally overwhelmed when I 1st entered the market. There were uncountable number of “gurus” out there touting innumerable strategies of diff shapes & colors; myriads of EAs costing from $29 to thousands, that were supposedly to make you filthy rich within a very short span of time; all those indicators flying around; & not to forget those trdg signals for sale ……

Having been in the wilderness, losing more than winning along the way I thanked God for leading me to this site, this thread, these people...
Hi,
I have goal to read all this thread, there is so many hints and details that makes following this system easier that it is worth to read it all. Because in weekday there is so many current posts i try to catch up during weekend and this is what i recommend you
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