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Trade What You See - Almost Naked Trading

  • #6,161
  • Dec 1, 2010 6:12pm Dec 1, 2010 6:12pm
Quoting Scrutch
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.

Attachment

Edit: Just before post...D1 RSI rolled to a weak down.
Thats a H1 chart Scrutch
In the days of old when sailors were bold, and seldom if ever contented.
  • #6,162
  • Dec 1, 2010 6:14pm Dec 1, 2010 6:14pm
GC:
H4-3T setup
RSI's are aligned
Spread may be a bit wide for some.

Attached Image (click to enlarge)
Click to Enlarge Name: gc-12-02-10-h1.gif Size: 12 KB


Edit: Conservative traders could wait for H1-4C-BO trade confirmation.
Listen to the whispers.... You may learn something
  • #6,163
  • Dec 1, 2010 6:19pm Dec 1, 2010 6:19pm
...yes.
If the question of the time frame is in relation to the H4-3T, the H4-3T was done on a H4 chart, then changed the time frame to a H1 chart.
Reproduce the trendline that's shown on my H1 and then switch to a H4 chart.

Quoting pt49
Thats a H1 chart Scrutch
Edit: I don't often watch the H4 chart while trading.
Listen to the whispers.... You may learn something
  • #6,164
  • Dec 1, 2010 6:32pm Dec 1, 2010 6:32pm
CJ:
H4-3T setup
Weekly RSI is weak down.

Attached Image (click to enlarge)
Click to Enlarge Name: cj-12-02-10-h1.gif Size: 14 KB
Listen to the whispers.... You may learn something
  • #6,165
  • Dec 1, 2010 6:35pm Dec 1, 2010 6:35pm
Quoting Scrutch
GC:
H4-3T setup
RSI's are aligned
Spread may be a bit wide for some.

Attachment

Edit: Conservative traders could wait for H1-4C-BO trade confirmation.
Also a 3 Tap on weekly chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 4xxx.gif Size: 15 KB
  • #6,166
  • Dec 1, 2010 6:39pm Dec 1, 2010 6:39pm
Quoting Scrutch
CJ:
H4-3T setup
Weekly RSI is weak down.

Attachment
This pair has been trading a tight range for DAYS...it will be nice when it finally blows!
Attached Image (click to enlarge)
Click to Enlarge Name: 4xxx.gif Size: 12 KB
  • #6,167
  • Dec 1, 2010 6:48pm Dec 1, 2010 6:48pm
Monthly 3 Tap AUD/JPY... not for the faint hearted. I set a 210 pip stop on this one.

The rejection pin bar in Nov makes me fairly confident here (currently drawndown 115 pips).
Attached Image (click to enlarge)
Click to Enlarge Name: aud-jpy mthy.gif Size: 23 KB
In the days of old when sailors were bold, and seldom if ever contented.
  • #6,168
  • Dec 1, 2010 6:50pm Dec 1, 2010 6:50pm
You're spot-on about that...sooner or later it will resolve.
At the moment...it looks like there should be about 40p's before it gets back down to the bottom.

Quoting lawgirl21
This pair has been trading a tight range for DAYS...it will be nice when it finally blows!
Listen to the whispers.... You may learn something
  • #6,169
  • Dec 1, 2010 7:29pm Dec 1, 2010 7:29pm
Hi...

I found a good spread indicator, it could come in very handy. So I'm posting it if anybody can use it.

Wally

Attached File(s)
File Type: mq4 Candle Time & Spread.mq4   3 KB | 584 downloads
"Be the change that you wish to see in the world." --Gandhi
  • #6,170
  • Dec 1, 2010 7:41pm Dec 1, 2010 7:41pm
I have a pending order in on this one. PA kept honoring the trendline on numerous bounces, RSIs all lined up, so we'll see.

Attached Image
"Be the change that you wish to see in the world." --Gandhi
  • #6,171
  • Dec 1, 2010 7:48pm Dec 1, 2010 7:48pm
Quoting Wally1953
I have a pending order in on this one. PA kept honoring the trendline on numerous bounces, RSIs all lined up, so we'll see.

Attachment
Yes, we have been watching this pair. See posts # 6163 and #6166.
  • #6,172
  • Dec 1, 2010 8:20pm Dec 1, 2010 8:20pm
Very nice how the trendline contained the price.

Attached Image (click to enlarge)
Click to Enlarge Name: chart-1.gif Size: 30 KB
"Be the change that you wish to see in the world." --Gandhi
  • #6,173
  • Dec 1, 2010 8:25pm Dec 1, 2010 8:25pm
Come to papa...
Attached Image (click to enlarge)
Click to Enlarge Name: aud-usd.gif Size: 21 KB
  • #6,174
  • Dec 1, 2010 8:33pm Dec 1, 2010 8:33pm
Hi LG, I have seen many occasions of you saying "Just watch PA".

I have a hard time understand what that means. Price acts differently every single tick, it is up on tick, it can be down next tick. Whatever you see actually was already happened otherwise you wouldn't be able to see it on the chart right?

What does that mean trade what you see, trade what the price action is telling you, etc....

Thanks in advanced.
  • #6,175
  • Dec 1, 2010 8:44pm Dec 1, 2010 8:44pm
Quoting leelar
Hi LG, I have seen many occasions of you saying "Just watch PA".

trade what the price action is telling you, etc....
i've been wondering that myself....does it mean seeing price making higher highs and higher lows on lower time frames when looking to go long and vice versa for shorts ?
  • #6,176
  • Dec 1, 2010 8:48pm Dec 1, 2010 8:48pm
anyone in eur/jpy 3tap 4H

I shorted at 110.41
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.jpg Size: 119 KB
  • #6,177
  • Dec 1, 2010 8:58pm Dec 1, 2010 8:58pm
yes I am at 110.25 lets hope we are both right
  • #6,178
  • Dec 1, 2010 9:00pm Dec 1, 2010 9:00pm
EURGBP - EURUSD - EURJPY potentialy Break Out
"Trade Until I Come Back" Luke
  • #6,179
  • Dec 1, 2010 9:32pm Dec 1, 2010 9:32pm
So glad you feel this way. I agree 100%.

Quoting lawgirl21
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,...
  • #6,180
  • Dec 1, 2010 9:33pm Dec 1, 2010 9:33pm
Quoting leelar
Hi LG, I have seen many occasions of you saying "Just watch PA".

I have a hard time understand what that means. Price acts differently every single tick, it is up on tick, it can be down next tick. Whatever you see actually was already happened otherwise you wouldn't be able to see it on the chart right?

What does that mean trade what you see, trade what the price action is telling you, etc....

Thanks in advanced.
I will attempt to answer this question, "What is price action?" but it will be inadequate as there has been much written about PA and most of it is beyond the scope of this thread.

Basically, PA is the path or footprint of the money as it is being traded. Following PA is the original, "follow the money", because that is literally what we are doing when we watch the movement of the PA, represented on our charts by candles, go up and down.

Trading PA is the only way to trade naked, in that PA is happening in real time. Hence, indicators as the RSI are considered lagging indicators...i.e. they lag or form after the movement of the naked price.

However, each candle representing PA has a relationship with the candle before it, as well as with the candle after it. The relationship of the candles and placing money (an order) on that relationship is called "trading". Our success as traders depends on how well we are able to interpret that relationship.
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