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Trade What You See - Almost Naked Trading

  • #6,321
  • Dec 3, 2010 8:43am Dec 3, 2010 8:43am
Quoting bimmerbob
Is the 2nd chart a futures chart?
Yes, both is Futures GBPUSD Chart.
  • #6,322
  • Dec 3, 2010 8:49am Dec 3, 2010 8:49am
instead of moving down, it broke my trendline.

Quoting leelar
3 tab
coming off a pullback
RSI pointing down
Daily and Weekly down, Monthly is not down, will you make this exception?

Attachment
  • #6,323
  • Dec 3, 2010 8:52am Dec 3, 2010 8:52am
Quoting Merlyn
Different brokers will have different liquidity providers so will have price feeds showing different prices at any given time; look at your two charts and you will see that the high/low prices on several bars are different because of this.

Your two brokers may have different start times to the trading day so the H4 bars may well overlap.

The "3" period setting on the RSI is relatively fast so any differences as explained above will be exaggerated when shown in the RSI indicator.
Understood. THanks Merlyn, For Sharring.
  • #6,324
  • Dec 3, 2010 8:53am Dec 3, 2010 8:53am
Quoting lawgirl21
Now is a great opportunity to catch pips as they retrace or "recover" from the huge spikes, as we know that most pairs will not continue up or down after spiking. It's a little like gap trading, in that we look for filling. BUT, if you decide to do this type of trade, watch PA carefully and don't looked for unreasonable pips.
Retrace trade
Attached Image
  • #6,325
  • Dec 3, 2010 8:55am Dec 3, 2010 8:55am
Another Re-trace trade
Attached Image
  • #6,326
  • Dec 3, 2010 8:57am Dec 3, 2010 8:57am
Quoting toadkelly200
I am guessing that the primary difference is due to the 4hr candles of each broker starting on different hours. Compare each broker's 4hr chart and look at when they open and close. That item will greatly change all things based on the 4hr. Is that a demo fxopen account? I am thinking about one to use with MT4 while trading Dukas since they are supposedly based on same data.
yes That is FXOPEN Real Account and Futures Galleria Demo Account.
Thanks Toadkelly..
  • #6,327
  • Dec 3, 2010 9:08am Dec 3, 2010 9:08am
Quoting lawgirl21
Now is a great opportunity to catch pips as they retrace or "recover" from the huge spikes, as we know that most pairs will not continue up or down after spiking. It's a little like gap trading, in that we look for filling. BUT, if you decide to do this type of trade, watch PA carefully and don't looked for unreasonable pips.
And I so said my week was over, you started it again... although with a lot of + pips...
  • #6,328
  • Dec 3, 2010 9:11am Dec 3, 2010 9:11am
Quoting lawgirl21
I may have posted this trade already on the monthly chart. The two candles at the bottom are what pt calls "railroad tracks"....a very positive indication of trend change.
Hi,LG,
are you also still in this MN USDJPY trade? Could have a trend change now...?
There`s no life before COFFEE!
  • #6,329
  • Dec 3, 2010 9:14am Dec 3, 2010 9:14am
Quoting lawgirl21
Another Re-trace trade

Hello I just saw your entry in usdjpy and usdchf in both the cases the RSI is not confirming is that ok. can u explain the entry done on what basis.

Thank you in advance
  • #6,330
  • Dec 3, 2010 9:14am Dec 3, 2010 9:14am
Quoting Location
Leelar: Have you read Martin Pring's book, "Pring on Price"? It will help you understand many of the recurring patterns that you see on the charts. I also thought the chapter on Support and Resistance was pretty good.
Quoting decades
this is what i always thought of as price action

http://www.trading-naked.com/Buffy_Price_Action.htm

Thanks, really appreciated it.
  • #6,331
  • Dec 3, 2010 9:23am Dec 3, 2010 9:23am
Quoting lawgirl21
Retrace trade
Exited this trade with +20 pips, then immediately set a pending order about 10 pips higher than my exit to get in again and hopefully take about 20 pips more.
Attached Image
  • #6,332
  • Dec 3, 2010 9:27am Dec 3, 2010 9:27am
Quoting jalkok
Hi,LG,
are you also still in this MN USDJPY trade? Could have a trend change now...?
I am still in it, but the news really sent it down. I don't have a stop on it so I am going to ride it out a week or so more, as I do not believe the monthly trend is set yet.
  • #6,333
  • Dec 3, 2010 10:42am Dec 3, 2010 10:42am
Is there an arrow RSI indicator out there that works with FXCM's trading station? I asked them about creating one, but they want to charge me
  • #6,334
  • Dec 3, 2010 11:06am Dec 3, 2010 11:06am
My pips for the week using LG's methods were 231. It was better earlier this week but gave over 125 away on failed over night breakout trades and Dumb Jay trading (I'm sure we have all had a bout of that from time to time) I also closed a Monthly 3Tap E/U trade for 921. Dont know if that goes in the pile or not. I keep refining myself to this method week after week and I am doing better each week. The secret for me is turning out to be waiting on conformation and patience. As soon as I jump the gun or not wait for that 3rd rsi to turn I get punished, so I have learned to sit on my hands until I have the whole picture. Anyway thats my .02 cents. Have a good weekend everyone.

Take Care
Always Learning
  • #6,335
  • Dec 3, 2010 1:09pm Dec 3, 2010 1:09pm
Quoting decades
short eur /jpy 110.51 4h 3tap

stop 110.99
stopped out -48
MFE +47
  • #6,336
  • Dec 3, 2010 1:12pm Dec 3, 2010 1:12pm
Quoting decades
gbp/usd long 1.5630

stop 1.5595
exited +114 pips

5 trades so far this week -41 pips
  • #6,337
  • Dec 3, 2010 1:34pm Dec 3, 2010 1:34pm
Well, LG and all of you Naked Trading Family out there, it's been a rough week.. I made +380 pips demo on sun/mon, then switched to live, and it's been downhill from there. I'm -170 pips on my live acct. (couple of dumb trades too) I wish it were the other way around. but I'm not giving up. I'll follow the rules and it'll happen. Better week next week! Have a nice weekend everyone!
  • #6,338
  • Dec 3, 2010 1:38pm Dec 3, 2010 1:38pm
long AUD/NZD 4H 3tap @ 1.2952
stop 1.2925
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Click to Enlarge Name: aud nzd dec 3 long.jpg Size: 113 KB
  • #6,339
  • Dec 3, 2010 2:17pm Dec 3, 2010 2:17pm
Quoting decades
long AUD/NZD 4H 3tap @ 1.2952
stop 1.2925
exit +17 pips
  • #6,340
  • Dec 3, 2010 3:04pm Dec 3, 2010 3:04pm
Quoting pt49
Its been there b4. Stayed a while, went back. Went to 9250 a few years ago.
Yeah, it plummeted from Aug 2002, until sometime in 2007, almost 7000 pips, where it hit the earlier low. It since retraced about 3600 pips, within 90 pips of the 50% Fib level, before going on this dive.

Where next? If you believe Fibs and Eliot Wave Theory apply to all time frames, then you could see this retracement as the second leg of a 5 leg trend. That would mean that in about 10 more years, the dollar will be worth 35-40 cents on the Canadian dollar. Cheers.
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