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Trade What You See - Almost Naked Trading

  • #5,721
  • Nov 28, 2010 6:14am Nov 28, 2010 6:14am
Quoting Wally1953
A 50 pip SL is relatively small for such large timeframes
You think so? huh. I don't think so myself.

I think a stop depends on how much risk the trader perceives he has given his entry point compared to price action.

50 pips is adequate here.

... and welcome to the thread!
In the days of old when sailors were bold, and seldom if ever contented.
  • #5,722
  • Nov 28, 2010 6:58am Nov 28, 2010 6:58am
50 pip does seem tight for longer tf's but if it works for you then, then it works for you.
  • #5,723
  • Nov 28, 2010 9:17am Nov 28, 2010 9:17am
Agreed, resistance is holding at the moment...and as you say, if it breaks, it should be a nice move.

Quoting pt49
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.
It is what it is. This seems to be working for you pt, if it isn't broke there's no need to try and fix it. Congrats on last week.

Quoting pt49
I think a stop depends on how much risk the trader perceives he has given his entry point compared to price action. 50 pips is adequate here.
Listen to the whispers.... You may learn something
  • #5,724
  • Edited 10:49am Nov 28, 2010 9:34am | Edited 10:49am
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!
As pt and others have said, there is more profit in the higher TFs, less noise. One reason people don't like them, however, is that it is like watching paint dry to watch a trade on the higher TFs. Alot of traders are "action junkies" and want the rush of the shorter trade.

I have to admit, I will jump into a quicker trade sometimes, just for the action, but real money and profits are made from the longer TFs.
  • #5,725
  • Nov 28, 2010 9:37am Nov 28, 2010 9:37am
Quoting Scrutch
Agreed, resistance is holding at the moment...and as you say, if it breaks, it should be a nice move.



It is what it is. This seems to be working for you pt, if it isn't broke there's no need to try and fix it. Congrats on last week.

Ditto here! That was an incredible week!
  • #5,726
  • Nov 28, 2010 10:35am Nov 28, 2010 10:35am
Quoting lawgirl21
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.
Agreed

http://i54.tinypic.com/244cps3.gif
  • #5,727
  • Nov 28, 2010 10:38am Nov 28, 2010 10:38am
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.
Do you have a twitter so we can track you live?
  • #5,728
  • Nov 28, 2010 10:51am Nov 28, 2010 10:51am
Quoting tjfxtrader
Agreed

http://i54.tinypic.com/244cps3.gif
Tell us what you are seeing on this chart...analysis please.
  • #5,729
  • Edited 11:11am Nov 28, 2010 10:54am | Edited 11:11am
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.
Hi LG! Could you give me the link for direction indicator like on picture.

Sorry, already find it
  • #5,730
  • Nov 28, 2010 11:29am Nov 28, 2010 11:29am
Yet another interesting monthly chart. PA broke through 2008 resistence level in October 2010, and appears to be heading back down and if that pin bar is honored by PA, it will continue down.

BUT, take a look at the weekly chart..PA is having a great deal of trouble getting down through that old resistence level, which of course, is now the support level.

If and when it breaks that support level, it looks like a nice ride down.
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  • #5,731
  • Nov 28, 2010 12:01pm Nov 28, 2010 12:01pm
Hi LawGirl, I have been reading this thread over the weekend and from what I see it seems to be fairly sucessfull without the constant hovering over the computer all day. I have been trading not very sucessfully for the past three years and have tried all kinds of "systems" my biggest losses though came from "totally automatic EA's and scalping. I have had some suceess with swing trading which would get ofset by losses in scalping. I have blown three accounts and my current one is in critical condition. So I am here to give your method a try. I do Gap trade and that has been a winner for me.

I look forward to learning this system. I see you have a very nice following of helpful traders. Hopefully I can become one of your suceess stories too. I may be full of questions and am sure you have answered all of them at one time or another. I will contiinue to read through the thread and pick up on some of the answers there.

One question I do have right off is.... what is the name of the indicator you have that I see on the chart in the RSI indicator window. the trend arrows? I could only find the larger file for all the pairs.

Thanks again and I look forward to working with all of you here.

Airbeat (Harry)
  • #5,732
  • Nov 28, 2010 12:14pm Nov 28, 2010 12:14pm
Quoting lawgirl21
Tell us what you are seeing on this chart...analysis please.
USDCHF made a new low and is retracing. Trade the 1.0000 price line cross in direction of cross. Eventually, you will catch a big wave.

My original QuickChange indicator showing indecision for November. The RSI(3) version showing H4, D1 and W1 RSI(3) rising.
  • #5,733
  • Nov 28, 2010 12:16pm Nov 28, 2010 12:16pm
Quoting lawgirl21
Yet another interesting monthly chart. PA broke through 2008 resistence level in October 2010, and appears to be heading back down and if that pin bar is honored by PA, it will continue down.

BUT, take a look at the weekly chart..PA is having a great deal of trouble getting down through that old resistence level, which of course, is now the support level.

If and when it breaks that support level, it looks like a nice ride down.
Weekly RSI(3) showing negative divergence. The elevator is going down.
  • #5,734
  • Nov 28, 2010 12:51pm Nov 28, 2010 12:51pm
Quoting airbeat
Hi LawGirl, I have been reading this thread over the weekend and from what I see it seems to be fairly sucessfull without the constant hovering over the computer all day. I have been trading not very sucessfully for the past three years and have tried all kinds of "systems" my biggest losses though came from "totally automatic EA's and scalping. I have had some suceess with swing trading which would get ofset by losses in scalping. I have blown three accounts and my current one is in critical condition. So I am here to give your method a try....
Welcome Harry. Your story is my story too and probably most of us here. I think you will enjoy this system based on R/S and PA.

The larger file is the same as the indiviual pair. Under "Inputs" --> change "ShowCurrentPairOnly" to "true". All there is to it.
  • #5,735
  • Nov 28, 2010 1:20pm Nov 28, 2010 1:20pm
Looks like a bearish bias for sure.

The Daily appears to me to be a head and shoulders top, and PA has already broken the neck line as well as the 55 ema (light green) and a pretty strong area of support indicated by the solid DarkGoldenrod line...looks like it might test the 200 ema (yellow).

The cornflowerblue line is the 20 ema.
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  • #5,736
  • Nov 28, 2010 2:17pm Nov 28, 2010 2:17pm
Quoting tenthman
Looks like a bearish bias for sure.

The Daily appears to me to be a head and shoulders top, and PA has already broken the neck line as well as the 55 ema (light green) and a pretty strong area of support indicated by the solid DarkGoldenrod line...looks like it might test the 200 ema (yellow).

The cornflowerblue line is the 20 ema.
gold showing H&S too. neckline not broken yet
  • #5,737
  • Nov 28, 2010 2:20pm Nov 28, 2010 2:20pm
http://i52.tinypic.com/2pt6rue.gif

Look for the H1 BO today.
  • #5,738
  • Nov 28, 2010 2:57pm Nov 28, 2010 2:57pm
been playing with the quick indi
look at the blocks stay in the trade untill you get at least 2 blocks going against you

default settings
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  • #5,739
  • Nov 28, 2010 3:03pm Nov 28, 2010 3:03pm
Quoting dryclean
been playing with the quick indi
look at the blocks stay in the trade untill you get at least 2 blocks going against you

default settings
Unless you changed the settings, you are really saying wait until the daily (middle row) goes against you.
  • #5,740
  • Nov 28, 2010 3:12pm Nov 28, 2010 3:12pm
Time to anticipate gaps on opening of market for the week.

Quick Summary: If market gaps up, we sell; if market gaps down we buy. Most gaps fill..some take longer then others; some fill and continue in the direction of the fill. Some traders will only consider gaps of over 15 pips, some want to see more pips than that.

I think trading them is fun. Others think the r:r ratio is not worth it.

Anyone expecting a gap on any particular pair?
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