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Trade What You See - Almost Naked Trading

  • #5,701
  • Nov 27, 2010 7:26am Nov 27, 2010 7:26am
Quoting lawgirl21
This is the pair that keeps on giving. I have taken over 400 pips out of this pair over the past 3 weeks. Your chart shows a little pullback, then I believe it will continue down.
Hi, your system seems cool and i understand the part where u state to look at weekly, daily & 4hr charts, then draw line and look for the '3 taps', i have attached a screenshot, can you advise if i am on the right path? the bit about the RSI am not too sure about, can you elaborate?

Also on EUR/USD what stop loss would you recommend?

I usually trade EUR/USD on daily basis so i have picked a random pair AUD/CAD and also attached a screenshot, but as you can see on the first 3 tap which is a sell it shoots straight back up? so what error have i made on that signal?? Thanks in advance.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR.USD 3TAP.JPG Size: 85 KB
Click to Enlarge Name: AUD.CAD 3TAP.JPG Size: 91 KB
  • #5,702
  • Nov 27, 2010 8:55am Nov 27, 2010 8:55am
Quoting gh0stjpy
Hi, your system seems cool and i understand the part where u state to look at weekly, daily & 4hr charts, then draw line and look for the '3 taps', i have attached a screenshot, can you advise if i am on the right path? the bit about the RSI am not too sure about, can you elaborate?

Also on EUR/USD what stop loss would you recommend?

I usually trade EUR/USD on daily basis so i have picked a random pair AUD/CAD and also attached a screenshot, but as you can see on the first 3 tap which is a sell it shoots straight back up? so what error have...
Please go back and read at least the first few pages of this thread. Your charts don't look anything like how we are trading here.
  • #5,703
  • Nov 27, 2010 9:59am Nov 27, 2010 9:59am
End of the month is a good time to go back and take a look at your favorite pairs and assess where the pair has been during that time and more importantly, where it might be going the next month.

I like to print out the monthly chart for a few pairs so that I can refer back to them from time to time, mark them up, make notes on the them and watch the PA changes throughout the month.

For example: USDJPY
This pair reached 7 year lows in October 2010. Notice how PA has been making perfect lower lows and lower highs since 2007 (beautiful waves).

But this past month, PA turned around and started up. If past PA is any indication of projected PA, it should continue up to the 86.60 area, maybe higher.

It will be very instructive to watch. Again, I highly recommend for everyone, especially newer traders, to pull up the charts, place R/S lines on them, mark them for 3 Taps, and print a few out to watch throughout the month.
Attached Image (click to enlarge)
Click to Enlarge Name: 4xxx.gif Size: 11 KB
  • #5,704
  • Edited 10:32am Nov 27, 2010 10:14am | Edited 10:32am
Another monthly chart that should be printed out.

PA almost returned to October 2008 lows, but stopped and reversed just north of that huge support area. There is now a perfect 3 Tap monthly setup and trigger. If PA continues down for the new month, and for those of us with the trading temperment to withstand big DDs, PA may try to retest that 1.4500 area.
Attached Image (click to enlarge)
Click to Enlarge Name: 4xxx.gif Size: 13 KB
  • #5,705
  • Nov 27, 2010 2:19pm Nov 27, 2010 2:19pm
Zooming in on LG's monthly to a hourly chart.
H4-3T is valid but on a very steep angle.
With the exception of the H4, the RSI's are showing strong down.
A bit of room left below current price for profit.
This could be an interesting setup, on my watch list for sure.

Attached Image (click to enlarge)
Click to Enlarge Name: gu-11-27-10-h1.gif Size: 10 KB


Quoting lawgirl21
Another monthly chart that should be printed out.

PA almost returned to October 2008 lows, but stopped and reversed just north of that huge support area. There is now a perfect 3 Tap monthly setup and trigger. If PA continues down for the new month, and for those of us with the trading temperment to withstand big DDs, PA may try to retest that 1.4500 area.
Listen to the whispers.... You may learn something
  • #5,706
  • Nov 27, 2010 2:40pm Nov 27, 2010 2:40pm
Lawgirl

I've read a lot of pages from this thread and by reading them decided to join this forum. Your system shows some really good characteristics and I think it further shows far reaching progression in your trading prowess. Thanks for giving us so much of your time and sharing your thoughts.

Regards,

Craig
  • #5,707
  • Nov 27, 2010 3:26pm Nov 27, 2010 3:26pm
i have started trading Lg Method Tl on D1 , and maybe its a lucky brake but whole week i didn't had any loosing trades! has anybody tried trading only D1 ! in 4 trading days i made 400 pips! on lower Tf i maximum was 150 pips in 4 days!
Help to be helped.
  • #5,708
  • Nov 27, 2010 3:51pm Nov 27, 2010 3:51pm
Quoting Lazar83
i have started trading Lg Method Tl on D1 , and maybe its a lucky brake but whole week i didn't had any loosing trades! has anybody tried trading only D1 ! in 4 trading days i made 400 pips! on lower Tf i maximum was 150 pips in 4 days!
Higher timeframes are always more profitable once you learn and understand it.

There's less and less "noise" in the higher tf's as you go up.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,709
  • Nov 27, 2010 4:17pm Nov 27, 2010 4:17pm
Quoting pt49
Higher timeframes are always more profitable once you learn and understand it.

There's less and less "noise" in the higher tf's as you go up.
But don't you need a larger SL? Which would require trading a smaller size, which would cancel out the benefits of all those extra pips. They won't be worth as much.
"Be the change that you wish to see in the world." --Gandhi
  • #5,710
  • Nov 27, 2010 4:35pm Nov 27, 2010 4:35pm
hm...higher tf less chance to screw thing up...
Help to be helped.
  • #5,711
  • Nov 27, 2010 5:26pm Nov 27, 2010 5:26pm
Quoting Lazar83
hm...higher tf less chance to screw thing up...
Yup. Whatever works. If you can be consistently profitable, that's all that matters.
"Be the change that you wish to see in the world." --Gandhi
  • #5,712
  • Nov 27, 2010 5:35pm Nov 27, 2010 5:35pm
Was bored over the weekend and analyzed some of the previous price action on this Forex pair... heres what I saw...
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-11-26_1528_Euro_Perfect_Analysis.jpg Size: 148 KB
  • #5,713
  • Nov 27, 2010 5:49pm Nov 27, 2010 5:49pm
Quoting Lazar83
hm...higher tf less chance to screw thing up...
Well thats one way to look at it, the other way is that higher time frames slow your education and market experience. Your learning curve and screen time increases darmatically.

I used to only trade long term, but changed my view of the market a while ago after realizing that in the big picture larger timeframes can be traded in the same manner as lower timeframes as long as you know what your doing.
  • #5,714
  • Nov 27, 2010 7:52pm Nov 27, 2010 7:52pm
UC has an interesting setup if it can push through the resistance.
Weekly chart has a very nice 3T.
The D1, W1 and MN RSI's are showing strong up.
Just need the shorter term RSI to wake up and look at the sky.
Attached Image (click to enlarge)
Click to Enlarge Name: uc-11-27-10-w1.gif Size: 11 KB



H4 chart has a very nice 3T as well.
Attached Image (click to enlarge)
Click to Enlarge Name: uc-11-27-10-h4.gif Size: 11 KB

This one is on my watch list.
Listen to the whispers.... You may learn something
  • #5,715
  • Nov 27, 2010 8:47pm Nov 27, 2010 8:47pm
Quoting Wally1953
But don't you need a larger SL? Which would require trading a smaller size, which would cancel out the benefits of all those extra pips. They won't be worth as much.
You be the judge then... here's my record of last weeks effort (my 1st week trading this method.

Quote
I demo traded 2 accounts, one at home and one at work.

Home account... 11 trades for 8 wins, 3 losses for a Net +441 pips.

Work account... 13 trades for 11 wins and 2 losses for a Net +610 pips.

Total trades 24 for 19 wins... 79% winning trades... ave +44 pips per trade opened.

If I average the 2 accounts (because both accounts opened some trades that were the same) I can safely say I made 525 pips profit for the week... not bad for 4½ days.

I'm using a 50 pip stop on $10,000 account (5% risk). 525 pips = 52% profit for the week... without trading Friday (was another 120 pips at least to be had Friday).

Demo accounts.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,716
  • Nov 27, 2010 8:55pm Nov 27, 2010 8:55pm
Quoting split_unit
Well thats one way to look at it, the other way is that higher time frames slow your education and market experience. Your learning curve and screen time increases darmatically.

I used to only trade long term, but changed my view of the market a while ago after realizing that in the big picture larger timeframes can be traded in the same manner as lower timeframes as long as you know what your doing.
I been at it for 7 years and (trust me) 4H, daily and weekly TF's are far more profitable to trade. If you trade short TF's you are easy meat for crappy brokers to feed on for starters. Brokers won't hunt your stops on longer TF's for a start.

Maybe you trade 5 min's without a stop... I been there done that too. Don't work.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,717
  • Nov 27, 2010 8:58pm Nov 27, 2010 8:58pm
If you're trading to learn (rather than learning to trade)... well, you just gotta pay the price.

It probably takes losing 4 or 5 small accounts (under $5K) and at least one large account b4 you can say you know how not to trade.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,718
  • Nov 27, 2010 9:03pm Nov 27, 2010 9:03pm
Quoting Scrutch
UC has an interesting setup if it can push through the resistance.
Weekly chart has a very nice 3T.
The D1, W1 and MN RSI's are showing strong up.
Just need the shorter term RSI to wake up and look at the sky.
Attachment


H4 chart has a very nice 3T as well.
Attachment
This one is on my watch list.
I entered a buy USD/CHF trade last week, but chopped it after 2 days of it lingering around that restance.

When it does take off it will fly tho.
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,719
  • Nov 28, 2010 5:35am Nov 28, 2010 5:35am
Quoting pt49
I been at it for 7 years and (trust me) 4H, daily and weekly TF's are far more profitable to trade. If you trade short TF's you are easy meat for crappy brokers to feed on for starters. Brokers won't hunt your stops on longer TF's for a start.

Maybe you trade 5 min's without a stop... I been there done that too. Don't work.
Well your entitled to your opinion. I trade the 4h-1h-15min timeframes.
  • #5,720
  • Edited 6:00am Nov 28, 2010 5:42am | Edited 6:00am
Quoting pt49
You be the judge then... here's my record of last weeks effort (my 1st week trading this method.



I'm using a 50 pip stop on $10,000 account (5% risk). 525 pips = 52% profit for the week... without trading Friday (was another 120 pips at least to be had Friday).

Demo accounts.
Those are remarkable results, pt49. A 50 pip SL is relatively small for such large timeframes, so at 5% risk your pips have quite a bit of value, $10/pip. Next week with your new balance you can trade at $15/pip. Let the compounding begin!!

I absolutely agree that higher timeframes are more dependable, easier to trade. I'm glad I landed on this thread cause I was bogged down in the 5M scalping circus for years and was going nowhere.

Congratulations on your success!
"Be the change that you wish to see in the world." --Gandhi
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