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Trade What You See - Almost Naked Trading

  • #6,001
  • Nov 30, 2010 9:51am Nov 30, 2010 9:51am
Take a look at the EURGBP chart. At the BO all RSIs were down. PA had a nice trip down. Now the direction is showing ambivalence. I need to decide whether or not to exit that trade. That is a call I, as a trader, will need to make depending on whether or not I believe that after this little rest on the part of PA (consolidation), it will continue down.


This pair is continuing down, after a few hours of "resting".
Attached Image
  • #6,002
  • Nov 30, 2010 9:55am Nov 30, 2010 9:55am
Originally Posted by Ph22
Just personal preference LG. I never enter any BO trades without watching PA on M15 first and seeing what the RSI's are doing. Anyway I sleep better with no positions pending/open

If you aren't able to sleep with pending orders / positions open, then your over leveraging your account.
  • #6,003
  • Nov 30, 2010 9:57am Nov 30, 2010 9:57am
Quoting lawgirl21
Take a look at the EURGBP chart. At the BO all RSIs were down. PA had a nice trip down. Now the direction is showing ambivalence. I need to decide whether or not to exit that trade. That is a call I, as a trader, will need to make depending on whether or not I believe that after this little rest on the part of PA (consolidation), it will continue down.


This pair is continuing down, after a few hours of "resting".
I also had an entry on this pair LG and now +60 and will move the stop should the opportunity present itself.
Attached Image
  • #6,004
  • Nov 30, 2010 10:04am Nov 30, 2010 10:04am
Not totally confident with this one so small lot size.
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  • #6,005
  • Nov 30, 2010 10:07am Nov 30, 2010 10:07am
Quoting simmo24
Not totally confident with this one so small lot size.
It's trying to break out too, so you will probably be ok on this trade.
Attached Image (click to enlarge)
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  • #6,006
  • Nov 30, 2010 10:12am Nov 30, 2010 10:12am
Quoting lawgirl21
It's trying to break out too, so you will probably be ok on this trade.
Im at BE so it'll either bust or run
  • #6,007
  • Nov 30, 2010 10:14am Nov 30, 2010 10:14am
Quoting simmo24
Im at BE so it'll either bust or run
Well it ran ! A quick 40 pips
  • #6,008
  • Nov 30, 2010 10:17am Nov 30, 2010 10:17am
LG your system is the holy grail of forex. Traded it - especially BOs with 95% success. This i the best that has happened t my trading
We trade to live not live to trade................
  • #6,009
  • Nov 30, 2010 10:17am Nov 30, 2010 10:17am
Quoting ovyeh
LG your system is the holy grail of forex. Traded it - especially BOs with 95% success. This i the best that has happened t my trading
Me Too!
  • #6,010
  • Nov 30, 2010 10:18am Nov 30, 2010 10:18am
Quoting simmo24
Well it ran ! A quick 40 pips
Terrific! Now move to the H1 chart and watch it for a continued BO and reentry.
  • #6,011
  • Nov 30, 2010 10:19am Nov 30, 2010 10:19am
Quoting ovyeh
LG your system is the holy grail of forex. Traded it - especially BOs with 95% success. This i the best that has happened t my trading
I'm so glad you are having success...don't get overly confident though as there will also be losers! (From time to time.)
  • #6,012
  • Nov 30, 2010 10:24am Nov 30, 2010 10:24am
potential BO on GBPUSD
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 25 KB
We trade to live not live to trade................
  • #6,013
  • Nov 30, 2010 10:25am Nov 30, 2010 10:25am
Quoting erod84
Originally Posted by Ph22
Just personal preference LG. I never enter any BO trades without watching PA on M15 first and seeing what the RSI's are doing. Anyway I sleep better with no positions pending/open

If you aren't able to sleep with pending orders / positions open, then your over leveraging your account.
erod 84, pls don't assume!
As I have previously said on this thread I am already trading as small as I can at approx $1 per pip. Nothing to do with risk either as my stops are never more than max 50pips. Also, I didn't say I can't sleep...I simply made a comment that I sleep better.
  • #6,014
  • Nov 30, 2010 10:30am Nov 30, 2010 10:30am
Quoting lawgirl21
Take a look at the EURGBP chart. At the BO all RSIs were down. PA had a nice trip down. Now the direction is showing ambivalence. I need to decide whether or not to exit that trade. That is a call I, as a trader, will need to make depending on whether or not I believe that after this little rest on the part of PA (consolidation), it will continue down.


This pair is continuing down, after a few hours of "resting".
Out with +80 pips.
  • #6,015
  • Nov 30, 2010 10:32am Nov 30, 2010 10:32am
Quoting simmo24
Not totally confident with this one so small lot size.
I've been in this short since last night what's your profit target?/stop
  • #6,016
  • Nov 30, 2010 10:33am Nov 30, 2010 10:33am
Fantastic thread, my trading is making more sense and improving since reading and following this thread. Just a quick question can you trade a 1hr BO much later in the day using the original BO levels. The gbpusd is breaking out long from 1hr BO levels from this morning.

Many Thanks

Andrew.
  • #6,017
  • Nov 30, 2010 10:34am Nov 30, 2010 10:34am
Quoting simmo24
Well it ran ! A quick 40 pips
Wat is the pincode of ur mt4stats Simmo?
  • #6,018
  • Nov 30, 2010 10:42am Nov 30, 2010 10:42am
Quoting andrewwebb1
Fantastic thread, my trading is making more sense and improving since reading and following this thread. Just a quick question can you trade a 1hr BO much later in the day using the original BO levels. The gbpusd is breaking out long from 1hr BO levels from this morning.

Many Thanks

Andrew.
Absolutely, Andrew. That is exactly what you are doing, assuming the direction is confirming.
  • #6,019
  • Nov 30, 2010 10:45am Nov 30, 2010 10:45am
Quoting lawgirl21
Absolutely, Andrew. That is exactly what you are doing, assuming the direction is confirming.
Directions and PA are mixed here..so watch it for awhile before entering.
  • #6,020
  • Nov 30, 2010 10:48am Nov 30, 2010 10:48am
Thankyou LG, The Weekly direction is not in agreement though.

Andrew.
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