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Trade What You See - Almost Naked Trading

  • #5,421
  • Nov 23, 2010 9:05pm Nov 23, 2010 9:05pm
Setting up
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  • #5,422
  • Nov 23, 2010 9:38pm Nov 23, 2010 9:38pm
Quoting lawgirl21
Expecting 100 pips per trade is pretty ambitious, but if you choose your trades carefully, it certainly can be done.

Practice finding support/resistence areas and marking them. FF is full of threads that can help you with that if you need it. A 200 pip SL is pretty much like not having one at all..I like your guts!
I arrived at 200 pips after experimenting with 20, 50 and 100. I am looking at these as momentum trades (if I understand the term correctly) and figure a 2:1 risk-reward ratio makes sense. I am absolutely open to (non-jeering :-) ) feedback on this.

Your comment about support and resistance strikes home as well. I would say that is perhaps the trickiest part of this to do well. I have tried Fibonacci numbers, calculating pivot points and just doing it by eye. No consistent results yet. I will start browsing for threads on it.
  • #5,423
  • Nov 23, 2010 10:05pm Nov 23, 2010 10:05pm
Quoting lawgirl21
Time to look for H1 4C BO setups...this is the gift that keeps on giving.
Just a quick warning: EURAUD is sitting near an 11 yr low! That's a major resistance... Careful there for shorts...
  • #5,424
  • Nov 23, 2010 10:21pm Nov 23, 2010 10:21pm
Quoting oradba
I arrived at 200 pips after experimenting with 20, 50 and 100. I am looking at these as momentum trades (if I understand the term correctly) and figure a 2:1 risk-reward ratio makes sense. I am absolutely open to (non-jeering :-) ) feedback on this.

Your comment about support and resistance strikes home as well. I would say that is perhaps the trickiest part of this to do well. I have tried Fibonacci numbers, calculating pivot points and just doing it by eye. No consistent results yet. I will start browsing for threads on it.
Check out this Sam Seiden link. There are archived video lessons about support and resistance, stops, etc. It should give you an example of how a seasoned trader looks at the market. Pretty good stuff. Once again, hope this helps.

http://www.fxstreet.com/search/contr...1-e9bf77216d2f
  • #5,425
  • Nov 23, 2010 10:31pm Nov 23, 2010 10:31pm
Quoting pippete
Just a quick warning: EURAUD is sitting near an 11 yr low! That's a major resistance... Careful there for shorts...
That's why I got a TP at 3655 for +52 pips then a re-entry pending, at 3635

I figure that we have more damage in Europe (aka Ireland) still, and strong Aussie. If it does break below 3635, it will go a long way down in my opinion.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,426
  • Nov 23, 2010 11:09pm Nov 23, 2010 11:09pm
Hi, how would you play this one?

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  • #5,427
  • Nov 23, 2010 11:28pm Nov 23, 2010 11:28pm
Quoting leelar
Hi, how would you play this one?

Attachment
Its H1 chart, a bit of a descending triangle, probably gonna break below, but support is close at about 8440 so there's not a lot going for it.

Was a 3tap on the D1 chart but its at support now. If we get a break below 8440, theres a good 50+ pips to be had.

If you look at the daily chart, price is currently also in the middle of a descending channel... could go up or down given that its at support.
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Click to Enlarge Name: EUR-GBP daily.jpg Size: 105 KB
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,428
  • Nov 23, 2010 11:42pm Nov 23, 2010 11:42pm
I also look at the Support @8440 and 8400. totally agreed. But if I see something that is confirming, I don't mind getting those 20 pips winner.

Thanks

Quoting pt49
Its H1 chart, a bit of a descending triangle, probably gonna break below, but support is close at about 8440 so there's not a lot going for it.

Was a 3tap on the D1 chart but its at support now. If we get a break below 8440, theres a good 50+ pips to be had.

If you look at the daily chart, price is currently also in the middle of a descending channel... could go up or down given that its at support.
  • #5,429
  • Nov 24, 2010 1:27am Nov 24, 2010 1:27am
UsdJpy BO
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  • #5,430
  • Nov 24, 2010 1:46am Nov 24, 2010 1:46am
Quoting Pip26
UsdJpy BO
In it from 83.13
  • #5,431
  • Nov 24, 2010 2:15am Nov 24, 2010 2:15am
There was a 3 tap setup & trigger > 2 hours ago. Correct?
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  • #5,432
  • Nov 24, 2010 2:19am Nov 24, 2010 2:19am
GbpJpy BO
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  • #5,433
  • Nov 24, 2010 2:24am Nov 24, 2010 2:24am
Quoting Pip26
GbpJpy BO
Look also at AUDNZD
  • #5,434
  • Nov 24, 2010 2:26am Nov 24, 2010 2:26am
Quoting Pip26
UsdJpy BO
Your BO is good but I think another issue to be addressed is SL. When you're trading BO, your SL should not be more than the other end of the line + spread. Putting SL almost 20pips outside the other end means you just wish to give some money to the market unnecessarily. A BO failure always pushes market far on the other side and putting SL far away is giving back too much.

My two cents this morning. Forgive my bad manners, goodmorning Gentlemen and Babes

PC2
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #5,435
  • Nov 24, 2010 2:31am Nov 24, 2010 2:31am
Quoting Precap2
Your BO is good but I think another issue to be addressed is SL. When you're trading BO, your SL should not be more than the other end of the line + spread. Putting SL almost 20pips outside the other end means you just wish to give some money to the market unnecessarily. A BO failure always pushes market far on the other side and putting SL far away is giving back too much.

My two cents this morning. Forgive my bad manners, goodmorning Gentlemen and Babes

PC2
Thanx for this tip... I am working on it how to trade BO's with tight SL and how to avoid draw down... your 2 cents are good for me
  • #5,436
  • Nov 24, 2010 2:41am Nov 24, 2010 2:41am
Quoting LFB
Look also at AUDNZD
yes i m watching it... but today i would like to trade only confirmed breakouts with retest..
  • #5,437
  • Nov 24, 2010 2:41am Nov 24, 2010 2:41am
It probably depends. Example: GBPCHF bo just now. Whoever shorted with a tight SL wld be stopped out before price moved in his favor .

Sorry for being nosey

Bless!

Quoting Precap2
Your BO is good but I think another issue to be addressed is SL. When you're trading BO, your SL should not be more than the other end of the line + spread. Putting SL almost 20pips outside the other end means you just wish to give some money to the market unnecessarily. A BO failure always pushes market far on the other side and putting SL far away is giving back too much.

My two cents this morning. Forgive my bad manners, goodmorning Gentlemen and Babes

PC2
  • #5,438
  • Nov 24, 2010 2:46am Nov 24, 2010 2:46am
This was a good 3 Tap... i missed it unfortunately. It moved 30-50 pips already. nonetheless, a good example fopr noobs.

3 taps above, then the red arrows indicating the entry.

Price is currently near support, if it breaks below 5680 could be a very good re-entry
Attached Image (click to enlarge)
Click to Enlarge Name: GBP-CHF 4hr.jpg Size: 67 KB
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,439
  • Nov 24, 2010 2:47am Nov 24, 2010 2:47am
Quoting CollectPIPS
It probably depends. Example: GBPCHF bo just now. Whoever shorted with a tight SL wld be stopped out before price moved in his favor .

Sorry for being nosey

Bless!
If someone is aware of price action then i think SL can be change according to the movement behaviour. Like GbpUsd breakout can be taken blindly SL just at the high as it is a strong resistence..
  • #5,440
  • Nov 24, 2010 2:51am Nov 24, 2010 2:51am
Can you elaborate further taking GBPCHF case just now as example? Thx.

Quoting Pip26
If someone is aware of price action then i think SL can be change according to the movement behaviour. Like GbpUsd breakout can be taken blindly SL just at the high as it is a strong resistence..
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