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Trade What You See - Almost Naked Trading

  • #5,521
  • Nov 24, 2010 12:49pm Nov 24, 2010 12:49pm
PC...I'm sure that you could find the same basic information in a multitude of places. Dual confirmation is not something new, been around for years and I certainly did not invent it. The basic problem is knowing when and how to limit the confirmation, so you don't overdo it to the point where you become obssed waiting for all the confirmations to align.

Quoting Precap2
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!
Listen to the whispers.... You may learn something
  • #5,522
  • Nov 24, 2010 1:29pm Nov 24, 2010 1:29pm
GU combo setting up. Could this be a potential "Scrutch Special?"
Attached Image (click to enlarge)
Click to Enlarge Name: GU_H4_3tap_and_H4_BO.png Size: 64 KB
  • #5,523
  • Nov 24, 2010 2:18pm Nov 24, 2010 2:18pm
It must have been God´s will that I have opened this thread on the first day it appeared on FF. I study it daily and have over 100 pages of notes and copies of charts. Couple of months ago I burnt my Acc. so I switched over to demo. Thanks to Lawgirl and her endless enthusiasm I made over 300 pips yesterday. And thanks to other participants of this thread as well as not only the method itself but also the philosophy of trading has a crucial importance for success. The cooperation on this thread is fascinating. If the outer world could follow that way…..








__________

If my bees could collect pips…
It is easier to convert them into honey than vice versa.
  • #5,524
  • Nov 24, 2010 2:28pm Nov 24, 2010 2:28pm
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 am already +80 pips on it.

No idea where next support is as my chart only goes back to Jan 1999.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,525
  • Nov 24, 2010 2:33pm Nov 24, 2010 2:33pm
"Scrutch Special?" ...no, that's not right ...perhaps this?

NO...price action is extremly lame, it should not be showing you all the green and red candles. The breakout move should be quick and decisive, not wandering around like a lame duck. And the RSI's should have been in alignment about or at the same time as the breakout to add value to the trade.

The "fake out" stopped right at short term support.
Another thing (JMHO), it's late in the session, New York is the only major player at the moment and most of these players have gone home on holiday and the few of them that do come back, won't show up until this weekend. The only ones left, use this as a time for squaring up their books.

Quoting Ph22
GU combo setting up. Could this be a potential "Scrutch Special?"
Listen to the whispers.... You may learn something
  • #5,526
  • Nov 24, 2010 2:46pm Nov 24, 2010 2:46pm
..is approaching the major support area of 1.3300 I have been looking for the last couple of weeks. If it heads on through it in the next few weeks, it may seek the next big level of 1.2700.
Attached Image (click to enlarge)
Click to Enlarge Name: 4xxx.gif Size: 16 KB
  • #5,527
  • Nov 24, 2010 3:04pm Nov 24, 2010 3:04pm
Quoting Scrutch
"Scrutch Special?" ...no, that's not right ...perhaps this?

NO...price action is extremly lame, it should not be showing you all the green and red candles. The breakout move should be quick and decisive, not wandering around like a lame duck. And the RSI's should have been in alignment about or at the same time as the breakout to add value to the trade.

The "fake out" stopped right at short term support.
Another thing (JMHO), it's late in the session, New York is the only major player at the moment and most of these players have...
Thanks Scrutch, I did say potential tho -on my watchlist if I am around to watch PA when BO happens.
  • #5,528
  • Nov 24, 2010 3:21pm Nov 24, 2010 3:21pm
Quoting Bee pips
It must have been God´s will that I have opened this thread on the first day it appeared on FF. I study it daily and have over 100 pages of notes and copies of charts. Couple of months ago I burnt my Acc. so I switched over to demo. Thanks to Lawgirl and her endless enthusiasm I made over 300 pips yesterday. And thanks to other participants of this thread as well as not only the method itself but also the philosophy of trading has a crucial importance for success. The cooperation on this thread is fascinating. If the outer world could follow that...
Welcome Bee! You have made my day. Don't get discouraged about burning through an account, I think most of us have done the same. I truly believe it makes us better traders.
  • #5,529
  • Nov 24, 2010 3:26pm Nov 24, 2010 3:26pm
Well, the long story condensed down to the short of it is...I was so fixated (that a word?) with the name that I missed the potential part.

If you look at the trade now though, you can see how it reacted. Looking at past chart action in your spare time can be very helpfull in the learning curve.

Quoting Ph22
Thanks Scrutch, I did say potential tho -on my watchlist if I am around to watch PA when BO happens.
Listen to the whispers.... You may learn something
  • #5,530
  • Nov 24, 2010 3:27pm Nov 24, 2010 3:27pm
Don't remember why I put in a pending order to sell the eur/cad, but it triggered overnight and I'm +123 pips.

Also +71 on my eur/aud 3tap weekly trade.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,531
  • Nov 24, 2010 3:30pm Nov 24, 2010 3:30pm
Quoting pt49
Don't remember why I put in a pending order to sell the eur/cad, but it triggered overnight and I'm +123 pips.

Also +71 on my eur/aud 3tap weekly trade.
Your pip total for the week must be over 300 by now. That is fantastic..and it's just Wednesday! EURCAD was one of our good BO trades.
  • #5,532
  • Nov 24, 2010 3:37pm Nov 24, 2010 3:37pm
Welcome Bee! You have made my day. Don't get discouraged about burning through an account, I think most of us have done the same. I truly believe it makes us better traders.


Thank you, Lawgirl, for you kind encouragement. I will try hard to be your trade student.

______________
If my bees could collect pips…
It is easier to convert them into honey than vice versa.
  • #5,533
  • Nov 24, 2010 3:37pm Nov 24, 2010 3:37pm
Quoting pt49
Don't remember why I put in a pending order to sell the eur/cad, but it triggered overnight and I'm +123 pips.

Also +71 on my eur/aud 3tap weekly trade.
That are two very nice trades. I'm still strugling and learning to make bigger pips, I close mine to early. I do not look to support/resistance enough and I shouldn't always sell immediate if PA changes.

I do have noticed that to catch a BO you have to spend some time online. To find all possible BO's, that's ok, but to wait for them to happen you have to follow it on a "regular" basis.

What time do most of us here spend online on a "normal" trading day?
  • #5,534
  • Nov 24, 2010 3:39pm Nov 24, 2010 3:39pm
Dang...and they say memory loss is a bad thing. Way to go pt!

Quoting pt49
Don't remember why I put in a pending order to sell the eur/cad, but it triggered overnight and I'm +123 pips.

Also +71 on my eur/aud 3tap weekly trade.
Listen to the whispers.... You may learn something
  • #5,535
  • Nov 24, 2010 3:39pm Nov 24, 2010 3:39pm
I had 2 bad trades overnite .. shorts on gbp/chf and eur/gbp for total loss of 100 pips, but still well over 300 pips up this week.

Got 2 trades on my computer at work in a different account also... i'll be there in 15 mins to check them out.

Most my profit is from eur/cad trades.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,536
  • Nov 24, 2010 3:47pm Nov 24, 2010 3:47pm
Quoting KillerAntz
That are two very nice trades. I'm still strugling and learning to make bigger pips, I close mine to early. I do not look to support/resistance enough and I shouldn't always sell immediate if PA changes.

I do have noticed that to catch a BO you have to spend some time online. To find all possible BO's, that's ok, but to wait for them to happen you have to follow it on a "regular" basis.

What time do most of us here spend online on a "normal" trading day?
I prefer the daily and weekly charts, and use 50 to 70 pip stops to let the trades breathe a bit. I have 3-400 pip TP's on my weekly trades, but usually close them early.

My Monday trade on the Eur/cad was sell at 1.3909 with TP at 1.3502, however I closed out at 1.3798 ... I should have stayed in obviously. Woulda been +430 by now. LOL
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,537
  • Nov 24, 2010 4:03pm Nov 24, 2010 4:03pm
Quoting pt49
I prefer the daily and weekly charts, and use 50 to 70 pip stops to let the trades breathe a bit. I have 3-400 pip TP's on my weekly trades, but usually close them early.

My Monday trade on the Eur/cad was sell at 1.3909 with TP at 1.3502, however I closed out at 1.3798 ... I should have stayed in obviously. Woulda been +430 by now. LOL
Another thing I should improve is duration of the trade. I hardly have trades that expand on more than 2 days, I want to trade when I have time, but I have to trade when the trade is there, big difference, this will reduce the number of chases

In my case, wait for 1 good trade a day would increase my daily profit, maybe I should try this for a while, let's go back to the A+, A++ and maybe the A+++ trades http://cdn.forexfactory.com/images/icons/icon7.gif
  • #5,538
  • Nov 24, 2010 4:11pm Nov 24, 2010 4:11pm
http://i55.tinypic.com/2116kv5.gif

I read the word doc to catch up with the goings on here. Attached is an indicator (QuickChange_RSI) that shows if the rsi(3) is pointing up or down on H4, D1 and W1. A bit faster than looking at three charts. Having the history may help with your trading decisions.
Attached File(s)
File Type: ex4 QuickChange_RSI.ex4   6 KB | 557 downloads
  • #5,539
  • Nov 24, 2010 4:26pm Nov 24, 2010 4:26pm
This is ripe for a breakout. It is sitting on the edge of a cliff on the weekly
Attached Image
  • #5,540
  • Edited 5:45pm Nov 24, 2010 4:35pm | Edited 5:45pm
Quoting lawgirl21
Your pip total for the week must be over 300 by now. That is fantastic..and it's just Wednesday! EURCAD was one of our good BO trades.
I should start by saying that I'm Demo trading at present

I'm up over 400 pips on my work account and 250 pips on my home account (both demo's) trading exclusively Lawgirls method.

I only started testing this method seriously on Monday... I've had 10 winners and 3 losing trades in 3 days for a total of over 650 pips profit.

Currently got 3 open trades at +220
In the days of old when sailors were bold, and seldom if ever contented.
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