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Trade What You See - Almost Naked Trading

  • #6,121
  • Dec 1, 2010 8:06am Dec 1, 2010 8:06am
LG ,
When you set pending orders for the H1 BO trades are you setting them on both sides of the channel or are you waiting until rsi reveals to a degree which way it should break out.(Assuming you will set things and retire for the night) The reason I ask is I tried it last night before turning off the computer, and only set to one side that I thought it would break, and failed miserably (demo so no harm) but would like to figure this out because there are a lot of pips to be made trading BO's but happens at a time of the evening when I'm more interested in sleep.

Thanks
Always Learning
  • #6,122
  • Dec 1, 2010 8:07am Dec 1, 2010 8:07am
Quoting lawgirl21
BOs are pure price action trades. Of course the RSIs will eventually follow the PA, but we look at PA breaking above/below the R/S lines for these trades.
Thanks for the prompt reply Lawgirl - as efficient as always. Page One states 'Find the directional bias on weekly, daily, H4. All must match at the time of set-up'. I guess the method has evolved over the 400+ pages!!
Thanks.
  • #6,123
  • Dec 1, 2010 8:15am Dec 1, 2010 8:15am
Quoting JayTrader
LG ,
When you set pending orders for the H1 BO trades are you setting them on both sides of the channel or are you waiting until rsi reveals to a degree which way it should break out.(Assuming you will set things and retire for the night) The reason I ask is I tried it last night before turning off the computer, and only set to one side that I thought it would break, and failed miserably (demo so no harm) but would like to figure this out because there are a lot of pips to be made trading BO's but happens at a time of the evening when I'm more interested...
Seeing that I know very little, I'm always afraid to offer help. But I must attempt something before LG comes in.
If you want to use a pending order for BO trade, make sure the BO will go very far, i.e. the next support or resistance is far away, then shift your Stop Order at least 20pips away from the break point. Many times a break will happen and the market ends in a pinbar. You get what I mean?
But the only exception for me is when the expected BO direction is with my prevailing trend.

PC2
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #6,124
  • Dec 1, 2010 8:15am Dec 1, 2010 8:15am
Quoting JayTrader
LG ,
When you set pending orders for the H1 BO trades are you setting them on both sides of the channel or are you waiting until rsi reveals to a degree which way it should break out.(Assuming you will set things and retire for the night) The reason I ask is I tried it last night before turning off the computer, and only set to one side that I thought it would break, and failed miserably (demo so no harm) but would like to figure this out because there are a lot of pips to be made trading BO's but happens at a time of the evening when I'm more interested...
I think last night was an exception to most nights. I set them only in one direction and generally they trigger and are in profit, or they just don't trigger which is fine too. Last night there seemed to be strong indications of one direction, then PA took off in the other. I'm chalking it up to the start of the new month.

Don't give up on them because as you say there are a lot of pips to be made with overnight BOs. I think as the month goes on and directions settle in, we won't have many times like last night. I think they are a major pip source for those of us in the US who cannot trade the London session.
  • #6,125
  • Dec 1, 2010 8:16am Dec 1, 2010 8:16am
Quoting Precap2
The market needs to have a readme file attached to it.
If your RSI refuse to agree, then you should know your risk is great. Don't trade it.
Hi Precap2 - this is why I was querying this specific trade in the first place. The RSI's were all facing the opposite direction when the breakout down occurred. The RSI's only started to align 'correctly' when the move was almost over. What may appear to be a perfect trade 'overnight' certainly wasn't when I was watching the trade live in the UK. Lawgirl has since replied indicating that we just 'look at PA breaking above/below the R/S lines for these trades'. That clears things up for me.

Thanks for your reply.
  • #6,126
  • Dec 1, 2010 8:22am Dec 1, 2010 8:22am
Glad I asked . Sounds like I was doing everything correct just picked a really bad night to start.
Thanks
And thanks for your input PC2
Quoting lawgirl21
I think last night was an exception to most nights. I set them only in one direction and generally they trigger and are in profit, or they just don't trigger which is fine too. Last night there seemed to be strong indications of one direction, then PA took off in the other. I'm chalking it up to the start of the new month.

Don't give up on them because as you say there are a lot of pips to be made with overnight BOs. I think as the month goes on and directions settle in, we won't have many times like last night. I think they are a major pip source...
Always Learning
  • #6,127
  • Dec 1, 2010 8:23am Dec 1, 2010 8:23am
Quoting LFB
LawGirl
Here is EA that i have wrote. It marks automatically 3 taps with set tolerance. It doesn't open any trades. Maybe you will find it useful.
Here is short description.

That looks like a great tool LFB, good work
TTFN Merlyn
  • #6,128
  • Dec 1, 2010 8:28am Dec 1, 2010 8:28am
Quoting mikok730
for your opinion, up or down?
Better to have no opinion and TRADE WHAT YOU SEE!
  • #6,129
  • Dec 1, 2010 8:34am Dec 1, 2010 8:34am
Quoting lawgirl21
Breaking out.
Hasn't made it yet...
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  • #6,130
  • Dec 1, 2010 8:44am Dec 1, 2010 8:44am
Quoting JayTrader
Glad I asked . Sounds like I was doing everything correct just picked a really bad night to start.
Thanks
And thanks for your input PC2
Your night was my day, and i can say this London session was crappiest one in my short trader career. I have lost all my current week profit and my morale is as low as hell is
  • #6,131
  • Dec 1, 2010 8:52am Dec 1, 2010 8:52am
Quoting lawgirl21
Hope some of you caught this BO going down. Now looks like there will be a BO going up.
hi LG, Mostly pairs are moving against weekly trend(RSI), whether W1(red) ignored when BO up and so the opposite?
what do you think?, thank u
"Trade Until I Come Back" Luke
  • #6,132
  • Dec 1, 2010 8:52am Dec 1, 2010 8:52am
Quoting LFB
LawGirl
Here is EA that i have wrote. It marks automatically 3 taps with set tolerance. It doesn't open any trades. Maybe you will find it useful.
Here is short description.
It searches for two earlier candles for current candle that will create three tap with current one. Search is done in defined number of candles 30 at default and is done from current backward.
Same time both search for uptrend and downtrend is performed. If three tap is found and both Daily and weekly RSIs are in agreement with trend line, except marking alarm notification...
That sounds awesome! Never used MT4, but constantly hear references to it! is it easy to set up? Is it user friendly?

thanks.
  • #6,133
  • Dec 1, 2010 8:53am Dec 1, 2010 8:53am
1st negative day so far... got 3 trades 2 losses 1 profit so atleast i recover some loss with GbpChf trade.

but today is not the last day in forex.. keep moving on.. leave it for another day.
  • #6,134
  • Dec 1, 2010 8:59am Dec 1, 2010 8:59am
Quoting bimmerbob
That sounds awesome! Never used MT4, but constantly hear references to it! is it easy to set up? Is it user friendly?

thanks.
You just enable it for charts you want and that is all.
  • #6,135
  • Dec 1, 2010 9:02am Dec 1, 2010 9:02am
Spot on...well said.

Quoting Pip26
1st negative day so far... got 3 trades 2 losses 1 profit so atleast i recover some loss with GbpChf trade.
but today is not the last day in forex.. keep moving on.. leave it for another day.
P26...Looks like Braveheart kicked your helmet right out of the picture.
Listen to the whispers.... You may learn something
  • #6,136
  • Dec 1, 2010 9:03am Dec 1, 2010 9:03am
Quoting Pip26
1st negative day so far... got 3 trades 2 losses 1 profit so atleast i recover some loss with GbpChf trade.

but today is not the last day in forex.. keep moving on.. leave it for another day.
Absolutely right, Pip. This is the kind of day that really tells us what we are made of as traders. Remember that most of us had already made pips before yesterday. I had more than reached my goal by Monday/Tuesday and had stopped trading live.

There is a lesson to be learned here. If you had reached a goal earlier this week and kept trading live......check that greed level, it will get 'cha every time.
  • #6,137
  • Dec 1, 2010 9:05am Dec 1, 2010 9:05am
Dont beat yourself up. One day or week of bad trading does not your trading career make. Get use to the down days, they come with the trading career you are choosing. Rather than beat yourself up use it for an opportunity to find what you did or didn't do. Readjust and move forward. I have personally had 1 or 2 of those crappiest days, but they will make you a better trader if you let them and learn from them.

Good Luck
Quoting LFB
Your night was my day, and i can say this London session was crappiest one in my short trader career. I have lost all my current week profit and my morale is as low as hell is
Always Learning
  • #6,138
  • Dec 1, 2010 9:05am Dec 1, 2010 9:05am
Quoting tjfxtrader
Better to have no opinion and TRADE WHAT YOU SEE!
Reasonable ad-VICE
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #6,139
  • Dec 1, 2010 9:06am Dec 1, 2010 9:06am
Quoting LFB
Your night was my day, and i can say this London session was crappiest one in my short trader career. I have lost all my current week profit and my morale is as low as hell is
Had you earned 100 or more pips already this week that you lost in the London session? If you did, then I am going to fuss at you....
  • #6,140
  • Dec 1, 2010 9:10am Dec 1, 2010 9:10am
Quoting lawgirl21
Absolutely right, Pip. This is the kind of day that really tells us what we are made of as traders. Remember that most of us had already made pips before yesterday. I had more than reached my goal by Monday/Tuesday and had stopped trading live.

There is a lesson to be learned here. If you had reached a goal earlier this week and kept trading live......check that greed level, it will get 'cha every time.
Yes LG we shld not let the market to take our earned pips back, be secure and conservative after reaching your goal.

Negative days learn many things, so i can say today was my best lecture.

Price action can reverse and kill any profit easily. And more then all nobody is 100 % in forex. So have party if succeeded even to 70-80 %.

But i m still more
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