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Trade What You See - Almost Naked Trading

  • #5,501
  • Nov 24, 2010 9:40am Nov 24, 2010 9:40am
Quoting Pip26
Good one
closed +25
  • #5,502
  • Nov 24, 2010 9:44am Nov 24, 2010 9:44am
Quoting JayTrader
LFB I only trade the NY session, and can conservatively ( sitting on my hands and waiting on the very best trade setups) pull out 50 pips a day using LG's methods, thats 2 25 Pip trades or 4 15 pip trades more or less. Hope this is helpful
Hi Jay, Are You Full Time Trader? I mean Just Trading Forex For Living?
Its My Dream to be full Time trader..
  • #5,503
  • Nov 24, 2010 9:56am Nov 24, 2010 9:56am
Yes , pretty much, I do trade some on the futures markets but spend most of my time trading the Forex. Its a good dream to work towards, just be kind and patient with yourself , you'll get there
Quoting Triple Kiss
Hi Jay, Are You Full Time Trader? I mean Just Trading Forex For Living?
Its My Dream to be full Time trader..
Always Learning
  • #5,504
  • Nov 24, 2010 9:57am Nov 24, 2010 9:57am
Very impressed with your trading....you seem to be extremely disciplined in your trade management.
Q: Is the currency strength meter (bot rh corner of your chart) freely available? I have one but it is RAM intensive and takes up too much space.
I tried trade-team.it but my Italian is sorely lacking. Any help appreciated.

I love the system but having trouble adapting to long term. Need the action!!

Thanks
  • #5,505
  • Nov 24, 2010 10:08am Nov 24, 2010 10:08am
Quoting mavrix
Very impressed with your trading....you seem to be extremely disciplined in your trade management.
Q: Is the currency strength meter (bot rh corner of your chart) freely available? I have one but it is RAM intensive and takes up too much space.
I tried trade-team.it but my Italian is sorely lacking. Any help appreciated.

I love the system but having trouble adapting to long term. Need the action!!

Thanks
Thnx mavrix. I think practice is the best book to learn any method.

Here is the indicator
Attached File(s)
File Type: ex4 1000pips Mini.ex4   8 KB | 560 downloads
  • #5,506
  • Nov 24, 2010 10:11am Nov 24, 2010 10:11am
Quoting LFB
I think i am overtrading (if it means i have too many trades a day).
I got the same BOs as Pip26 did but stayed in the train when it reversed. So those BOs where fake outs for me, and the rest of the day i was trying to get it back. Finally i did. Last week i have lost 5%, this week (as it is last trading day for me) i will end at tiny profit. I have big hope, that next week i will manage to have some gains.
sometimes i also struggle with BO's like today i got JPY against me. I love to play good and strong BO's only to reduce the risk of loosing. and it depends on the strength of currency.

Good Luck
  • #5,507
  • Nov 24, 2010 10:15am Nov 24, 2010 10:15am
Most generous of you sir.
I am trying to adapt to long term trades but am newly un-employed after closing my retail business and feel that I need to constantly be busy making a buck......really tough to sit on my hands and watch.

Many thanks also of course to LG and the rest of the community.

and again...thank you!
  • #5,508
  • Nov 24, 2010 10:28am Nov 24, 2010 10:28am
Hello all,

Sorry I know this isn't the place for this but I can't send PM since I'm junior member. Pip26 I've dl'd the 1000 pip indicator but can't seem to get it showing. Are there settings that need to be adjusted? Thanks.
  • #5,509
  • Nov 24, 2010 10:34am Nov 24, 2010 10:34am
Anyone out there adventurous for a 3 tap WEEKLY? This pair just broke down the 11 yr support, should drop for a while... I'll demo it just for the fun of it... Anyone with me?
Attached Image
  • #5,510
  • Nov 24, 2010 10:43am Nov 24, 2010 10:43am
Two trades that are turning out very well.
Both were H4-3T and H1-4C-BO trades.
Sitting on your hands until you find an A++ trade is worth the effort.
Nice enough moves here to make your full day sucessful.
Low risk entries with High rewards.

Attached Image (click to enlarge)
Click to Enlarge Name: cj-11-24-10-h1.gif Size: 13 KB

Attached Image (click to enlarge)
Click to Enlarge Name: uc-11-24-10-h1.gif Size: 14 KB


If you think you are overtrading you may want to consider just taking A++ trades.
There has been several in the past several hours.
Listen to the whispers.... You may learn something
  • #5,511
  • Nov 24, 2010 10:43am Nov 24, 2010 10:43am
Quoting pippete
Anyone out there adventurous for a 3 tap WEEKLY? This pair just broke down the 11 yr support, should drop for a while... I'll demo it just for the fun of it... Anyone with me?

I'm in if it breaks 1.36
  • #5,512
  • Nov 24, 2010 10:49am Nov 24, 2010 10:49am
Quoting Scrutch
Two trades that are turning out very well.
Both were H4-3T and H1-4C-BO trades.
Sitting on your hands until you find an A++ trade is worth the effort.
Nice enough moves here to make your full day sucessful.
Low risk entries with High rewards.

Attachment
Attachment

If you think you are overtrading you may want to consider just taking A++ trades.
There has been several in the past several hours.
Hi Scrutch-- Are you considering pairs with both set ups as A++ trades? I think we would all benefit from an elaboration on how you pick those trades.
  • #5,513
  • Nov 24, 2010 10:51am Nov 24, 2010 10:51am
http://i51.tinypic.com/e9amw3.gif

What is the reason for RSI(3)? I have heard of studies on RSI(2) but not RSI(3).
  • #5,514
  • Nov 24, 2010 11:26am Nov 24, 2010 11:26am
Yes, both setups need to be in agreement for an A++ trade.
If you only have one of the two setups and the RSI's are in agreement, I consider that to be an A+ trade. When they happen together, the odds of a great trade increase dramaticaly. I don't take these just any time that both conditions are true.

I, want to see the H4-3T happen first, most likely the RSI's wont be in total agreement at that time.
Then, I want to see the breakout happen within a few hours, two or three at the most, with four hours maximum. After four hours I feel that the real advantage has expired. Not that it will not or could not still be a very nice trade, just that it no longer has the force of the dual confirmation behind it.

The CADJPY breakout occured about two and a half hours after the H4-3T.
The USDCAD breakout occured about three hours after the H4-3T.

For either of these trades I'm looking at the M15 chart for the breakout confirmation, and yes price action needs to reflect the momentum as well.

IF, the H4-3T setup occurs and the H1-4C-BO setup occurs in thirty minutes or less, then..., I think that would be an A+++ trade. When this happens I'm usually looking at a M5 chart for entry because I want to get in as early as I can...depending again on price action.

Quoting lawgirl21
Hi Scrutch-- Are you considering pairs with both set ups as A++ trades? I think we would all benefit from an elaboration on how you pick those trades.
Listen to the whispers.... You may learn something
  • #5,515
  • Nov 24, 2010 11:37am Nov 24, 2010 11:37am
Quoting Scrutch
Yes, both setups need to be in agreement for an A++ trade.
If you only have one of the two setups and the RSI's are in agreement, I consider that to be an A+ trade. When they happen together, the odds of a great trade increase dramaticaly. I don't take these just any time that both conditions are true.

I, want to see the H4-3T happen first, most likely the RSI's wont be in total agreement at that time.
Then, I want to see the breakout happen within a few hours, two or three at the most, with four hours...

That's very powerful! I am going to try this. This is especially useful after goals are met early in the trading week and we still want to trade, but don't want to give back pips.
  • #5,516
  • Nov 24, 2010 11:39am Nov 24, 2010 11:39am
Quoting lawgirl21
That's very powerful! I am going to try this. This is especially useful after goals are met early in the trading week and we still want to trade, but don't want to give back pips.
Are you limiting the number of pairs you watch, Scrutch?

Would you mind if I put your earlier response on Page 1 here?
  • #5,517
  • Nov 24, 2010 11:41am Nov 24, 2010 11:41am
hi,

would this be a valid 1Hr 3 tap set up happening now?

thx
Attached Image (click to enlarge)
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  • #5,518
  • Nov 24, 2010 11:51am Nov 24, 2010 11:51am
[IMG]file:///C:/DOCUME%7E1/ADMINI%7E1/LOCALS%7E1/Temp/moz-screenshot-4.png[/IMG]
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #5,519
  • Nov 24, 2010 12:15pm Nov 24, 2010 12:15pm
Quoting Scrutch
Yes, both setups need to be in agreement for an A++ trade.
If you only have one of the two setups and the RSI's are in agreement, I consider that to be an A+ trade. When they happen together, the odds of a great trade increase dramaticaly. I don't take these just any time that both conditions are true.

I, want to see the H4-3T happen first, most likely the RSI's wont be in total agreement at that time.
Then, I want to see the breakout happen within a few hours, two or three at the most, with four hours...
I think what you said above is helpful. I don't enter the market on one signal anyway so I know that your idea is on point, it also seems to me that I have seen this idea in a book written by James Chen (Chief strategist at FXSOL). Maybe I should search out the book and upload it for all to read.

Happy pipping all.

Holla!
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #5,520
  • Nov 24, 2010 12:16pm Nov 24, 2010 12:16pm
I don't mind if you want to reference my response. It's your method that brings all this together, I'm just trying to isolate the excellent trades from the good trades.

I watch the majors mostly but also keep an eye on the others as well. To keep a close watch on them all is a bit daunting but it's doable becaue of the time frame involved. I do pay close attention to the spread, which influences whether I want to take the trade or not. If the spread is large, then I'll just pass on the trade.

I draw all potential H4-3T's that I see and adjust them as the market moves, regardless of the RSI's. At times I'll have two H4-3T's drawn, a bullish and a bearish. Then I adjust them as the market dictates direction.

I draw all the H1-4C-BO's at the close of the fourth hourly bar from period separator to period separator. At times I will start drawing these sooner...depends on what the RSI's are showing me.

Quoting lawgirl21
Are you limiting the number of pairs you watch, Scrutch?
Would you mind if I put your earlier response on Page 1 here?
Listen to the whispers.... You may learn something
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