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Trade What You See - Almost Naked Trading

  • #6,141
  • Dec 1, 2010 9:14am Dec 1, 2010 9:14am
Quoting JayTrader
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
Thank You for these words.
LG-> I trade demo only and this is why i don't stop because i learn every day. The problem is i treat it very seriously and what to have some gains at last
This week has two more days so maybe tomorrow will be better day.
  • #6,142
  • Dec 1, 2010 9:15am Dec 1, 2010 9:15am
Take a look at the consolidation on the daily chart. Also has a 3 Tap setup on the monthly chart. Will be interesting to watch.
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  • #6,143
  • Dec 1, 2010 9:22am Dec 1, 2010 9:22am
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.
Is there any drug for the ailment? If anyone can't stop, maybe they should consider my advice. I normally trade 1.00 lot size, when I meet my target for the week or day I do one of two things: Trade 0.10 or shift to my Alpari micro and practice my newest strategy at 0.01 lot (this is the easiest way to stop smoking). Or I bring out my C++ book and start learning something that I have always found very intriguing = writing programs.

PLEASE TRY THIS AT HOME OR SCHOOL

PC2
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #6,144
  • Dec 1, 2010 9:23am Dec 1, 2010 9:23am
Quoting LFB
Thank You for these words.
LG-> I trade demo only and this is why i don't stop because i learn every day. The problem is i treat it very seriously and what to have some gains at last
This week has two more days so maybe tomorrow will be better day.
Still, one will trade live the way one trades demo, so I believe it is essential to condition one's self to stop trading demo after goal reaching. It is very difficult to do.

You might want to set up 2 demo accounts...one that is the "real" demo account, the other the experimental/learning demo account. And always set up the "real" demo account with the same amount of money you intend to start your live account with. That way, the lot size and MM is the same..no adjustments to be made. The learning demo account can be higher, because losses aren't a big concern.
  • #6,145
  • Dec 1, 2010 9:26am Dec 1, 2010 9:26am
Quoting LFB
Thank You for these words.
LG->
This week has two more days so maybe tomorrow will be better day.
Don't forget US and CDN employment figures out on Friday, could be a very volatile day
TTFN Merlyn
  • #6,146
  • Dec 1, 2010 9:33am Dec 1, 2010 9:33am
Quoting Precap2
Is there any drug for the ailment? If anyone can't stop, maybe they should consider my advice. I normally trade 1.00 lot size, when I meet my target for the week or day I do one of two things: Trade 0.10 or shift to my Alpari micro and practice my newest strategy at 0.01 lot (this is the easiest way to stop smoking). Or I bring out my C++ book and start learning something that I have always found very intriguing = writing programs.

PLEASE TRY THIS AT HOME OR SCHOOL

PC2
I like it PC2..
  • #6,147
  • Dec 1, 2010 9:49am Dec 1, 2010 9:49am
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.
Sorry LG if my question is sound so silly. How do you identify the R/S lines...Is it similar to the consolidated top/bottom channel lines?
  • #6,148
  • Dec 1, 2010 9:49am Dec 1, 2010 9:49am
I wated to sleep but couldn't. Why?
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Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #6,149
  • Dec 1, 2010 10:00am Dec 1, 2010 10:00am
Quoting Scrutch
Spot on...well said.



P26...Looks like Braveheart kicked your helmet right out of the picture.
Yeah Scrutch i dont want to camouflage myself, need passion, strength, bravery, energy, so bring braveheart on.
  • #6,150
  • Dec 1, 2010 10:01am Dec 1, 2010 10:01am
Quoting Precap2
Is there any drug for the ailment? If anyone can't stop, maybe they should consider my advice. I normally trade 1.00 lot size, when I meet my target for the week or day I do one of two things: Trade 0.10 or shift to my Alpari micro and practice my newest strategy at 0.01 lot (this is the easiest way to stop smoking). Or I bring out my C++ book and start learning something that I have always found very intriguing = writing programs.

PLEASE TRY THIS AT HOME OR SCHOOL

PC2
I m following it PC2
  • #6,151
  • Dec 1, 2010 10:05am Dec 1, 2010 10:05am
Quoting fxmelayu
Sorry LG if my question is sound so silly. How do you identify the R/S lines...Is it similar to the consolidated top/bottom channel lines?
Hello fxmelayu,

You may find this site helpful

http://www.babypips.com/school/suppo...esistance.html
TTFN Merlyn
  • #6,152
  • Dec 1, 2010 11:38am Dec 1, 2010 11:38am
UC breaking support again, while the US$ is testing support.

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Edit: Euro flexing it's muscles, could be interesting.
Listen to the whispers.... You may learn something
  • #6,153
  • Dec 1, 2010 11:44am Dec 1, 2010 11:44am
Quoting Scrutch
UC breaking support again, while the US$ is testing support.

Attachment

Edit: Euro flexing it's muscles, could be interesting.
better to sleep men
  • #6,154
  • Dec 1, 2010 12:04pm Dec 1, 2010 12:04pm
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...
Thanks a lot LFB . You did a great job!
Can you explain this "and both Daily and weekly RSIs are in agreement with trend line".
Are the EA use the rsi ARROWS or just checking the rsi indi direction?
Cuse I did get alarm when daily rsi arrow shown straight up (1:00 - 2:00 o'clock) and the weekly shown not exactly up ( about 2:00 -3:00 o'clock).
Thanks again.
  • #6,155
  • Dec 1, 2010 2:29pm Dec 1, 2010 2:29pm
Quoting LFB
LawGirl
Here is EA that i have wrote. It marks automatically 3 taps with set tolerance.
LFB, Thanks for the EA. What is meant by "set tolerance"? I noticed that it's set to 4, but how does that setting impact the EA?
  • #6,156
  • Dec 1, 2010 2:46pm Dec 1, 2010 2:46pm
3 Tap set up and trigger on weekly chart. I was waiting for monthly RSI to confirm.
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  • #6,157
  • Dec 1, 2010 3:00pm Dec 1, 2010 3:00pm
Quoting Location
LFB, Thanks for the EA. What is meant by "set tolerance"? I noticed that it's set to 4, but how does that setting impact the EA?
LFB was considerate enough to contact me privately about the EA that he developed and I told him what I have told many others now, and that is this:

I will not use them on this thread and would appreciate it if they are not used or discussed here, as I believe the use of an EA compromises the integrity of this whole system. I even had trouble accepting the RSI indy, but came to realise that it merely consolidates what we would see for ourselves onto one chart.

I have nothing against EAs on other threads and still on occasion use one myself, as I mentioned on page 1. But EAs come and go and dependence on them can be terminal to a trading account. I learned this the hard way. We simply don't need them to be very successful traders.

Thanks for your consideration in this.
  • #6,158
  • Dec 1, 2010 3:11pm Dec 1, 2010 3:11pm
I woke up this morning to see that the markets done what it must do, make a mess of my account... my home account was in a sell gbp/chf that was negative with no stop, now its very negative. Lesson learned... I hope.

Work account is still in a small profit this week, had an aud/usd overnighter stop out on me. 150 pip reversal is big.
In the days of old when sailors were bold, and seldom if ever contented.
  • #6,159
  • Dec 1, 2010 4:36pm Dec 1, 2010 4:36pm
Quoting Shearer9
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.
I rechecked the first page, and it doesn't discuss straight consolidation trades. The whole point of a consolidation trade is that the market has been going nowhere for a while -- the longer, the better. Now, if the market isn't trending, and there is extreme indecision reflected in a long line of spinning top candles, then it doesn't make any sense to try to look to the RSIs for direction. The really nice thing about long consolidations is that they are incredibly easy to see, much easier than a three tap set-up.

This isn't an evolution of the method. It's simply a different kind of trade from the two that LG discusses on the first page. Another different kind of trade is the Gap trade, which has only been a feature of this thread for about the last month. Instead of looking at them as evolutions on the method, I think its probably better to think of them as different tools in your kit.
  • #6,160
  • Dec 1, 2010 6:06pm Dec 1, 2010 6:06pm
EG:
H4-3T setup
Daily RSI is neutral with a slight downward bias.
A small move down here would roll the D1 RSI to a weak down.

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Edit: Just before post...D1 RSI rolled to a weak down.
Listen to the whispers.... You may learn something
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