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Trade What You See - Almost Naked Trading

  • #6,541
  • Dec 7, 2010 2:14pm Dec 7, 2010 2:14pm
Quoting pippete
No, you draw the lines as seen on my chart, and when you see the BO happening, you enter. In this case you could have entered at 1.5460-ish, or if more conservative, after clearing those 2 wicks at 1.5482-ish. (As I did, still made nice 35 pips)
ah well I was wondering because it wasn't conducive with placing s/r on the first 4 bars on the 1hr on a new 1hr period so I was wondering how you determined you lines and not get a false break
  • #6,542
  • Dec 7, 2010 2:16pm Dec 7, 2010 2:16pm
Quoting Triple Kiss
I Loss -34 pips in this GBPCHF trade
entry in 1 position (1.5450) at David Chart, Hit my SL 1.5415. TP 1.5480
Good Question From David ( your Q is realy my Q too).
I need evaluation From LG, maybe my SL is to tight (I don't know) my Friend SL 1.5405 (almost Hit) and he Make close +73 pips.
Thanks LG. you the Best!
Also, you were looking at the 4 candle 1H BO (blue lines) in which case your entry would have been a false BO and you got stopped out. The longer ditch (yellow lines) is what was the basis for the real BO, and it's more of a consolidation BO based on a lot more candles than just the 4. In that case, the entry should have been a lot higher, (around 1.5465ish)
Correct me if I'm wrong...
Attached Image
  • #6,543
  • Dec 7, 2010 2:26pm Dec 7, 2010 2:26pm
Quoting lawgirl21
A weekly 3 Tap set up and trigger and a potential H1 BO.
Hi LG

I accidently across your thread and must congratulate you on putting together a simple trading method.

A couple of things I would like ask.

1. Having read the first 50 pages of this amazing thread. I was wondering if by chance you have a list of the most important post numbers as it will take me weeks to get through this post.

2. Can someone tell where to find the Indicator on the bottom right of you RSI chart.

Keep up the good work.

Halo
  • #6,544
  • Dec 7, 2010 2:46pm Dec 7, 2010 2:46pm
LG21, I'm a fairly new to trading, I've been putting into practice your 3 tap strategy....(usefully as well making several 100+ pip trades....cheers for that!).

I have just seen ppl talk about your BO strategy, I know that you will not want to explain this strategy all over but could you point me in the direction of where i can find it (link or page)

Keep up the good work!
  • #6,545
  • Dec 7, 2010 2:49pm Dec 7, 2010 2:49pm
Quoting ofer e
At last ,nice BO (+44)
I'm still in this trade after taking 90% .and going to watching what is going on.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf.gif Size: 30 KB
  • #6,546
  • Edited 3:14pm Dec 7, 2010 3:02pm | Edited 3:14pm
Quoting halo955
Hi LG

I accidently across your thread and must congratulate you on putting together a simple trading method.

A couple of things I would like ask.

1. Having read the first 50 pages of this amazing thread. I was wondering if by chance you have a list of the most important post numbers as it will take me weeks to get through this post.

2. Can someone tell where to find the Indicator on the bottom right of you RSI chart.

Keep up the good work.

Halo
you can find on page 1 the link to the post with the indicator.
and the attached file is with the important post.
Attached File(s)
File Type: doc Trade What You See.doc   94 KB | 1,689 downloads
  • #6,547
  • Dec 7, 2010 3:07pm Dec 7, 2010 3:07pm
Quoting pippete
Also, you were looking at the 4 candle 1H BO (blue lines) in which case your entry would have been a false BO and you got stopped out. The longer ditch (yellow lines) is what was the basis for the real BO, and it's more of a consolidation BO based on a lot more candles than just the 4. In that case, the entry should have been a lot higher, (around 1.5465ish)
Correct me if I'm wrong...
still wondering why you're using a body for one line and wick for another, although the wick one is sorta the body of the other 2
  • #6,548
  • Dec 7, 2010 3:33pm Dec 7, 2010 3:33pm
Quoting Maverick731
still wondering why you're using a body for one line and wick for another, although the wick one is sorta the body of the other 2
Just keep in mind what the channels are for. The most important thing is that the channels define the stop. So, the channel opposite the breakout direction shows the point at which the reasoning behind the trade failed. With that in mind, you could use either wicks or bodies to draw the line. You are looking basically for the point at which there seems to be the greatest resistance. Your stop will be very close to that point.

Asking for more precision than that, in my opinion, is a pipedream. Consolidation breakout trades should move pretty well. So the entry point isn't quite as crucial as the stop. I think that's why LG waits for a full 15 min bar for confirmation. The trade should move well for a few bars, so it's OK to give up 15 minutes or so for better assurance of a successful trade.
  • #6,549
  • Dec 7, 2010 3:55pm Dec 7, 2010 3:55pm
Maverick,
The lines PipPete drew are designed to define a consolidation channel. The more hits you can get on a line the stronger (supposedly) that line is. Placing the upper line on the high body of a candle tags a lot more highs, including wicks, than a line using any of the high wicks would have done. Placing the lower line by using a wick low, tagged a lot more of the lower wicks than using a low candle body would have done.

Overall, this gives a trader more confidence in being able to pull the trigger when either line is broken by current price action.

Quoting Maverick731
still wondering why you're using a body for one line and wick for another, although the wick one is sorta the body of the other 2
Edit: Sorry Duffy, didn't see your post.
Listen to the whispers.... You may learn something
  • #6,550
  • Dec 7, 2010 4:39pm Dec 7, 2010 4:39pm
Quoting ofer e
you can find on page 1 the link to the post with the indicator.
and the attached file is with the important post.
Thanks Ofer

Hope to join you guys on the thread
  • #6,551
  • Dec 7, 2010 6:08pm Dec 7, 2010 6:08pm
Quoting david4u
Trade closed +71 pips my entry and exit as shown in the chart.
LG , I would like to ask for the "by the book" trade in this case.
I can see possible entries at #1 ,#2 that depending on your trade management could have finish with a loss (if SL is placed at the other side of the 4 hours lower border).
How would you filter entries at #1 & #2 ?
Do you wait for a H1 bar to close outside of the 4 hours box ?
Do you switch for this purpose for a lower TF like M15 ?
Would you have waited in this case for price to cross Today's High at C ?
I set TP...
Hi David, I do not typically wait for the close of the BO candle to close above/below the S/R level. That is when I will move to the M15 chart and wait for a complete close outside of that level. However, the last few trading days have made me a little more conservative, in that I want to see more confirmation that the BO is not a false one. So I am waiting for more than one M15 candle to close and continue in my direction before entry.

I only look at reasonable S/R levels fr TPs and SLs, which will often be the prior day's high/low, but I don't ever intentionally look at the prior day's highs/lows for a level. Nothing wrong with it if that's what you want to do.

I don't use H1 RSI for exit purposes, although I find greater comfort in the trade if H1 stays with me.
  • #6,552
  • Dec 7, 2010 6:28pm Dec 7, 2010 6:28pm
Another new guy here. Love the thread - just what I have been looking for. How does this one look?
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  • #6,553
  • Dec 7, 2010 6:56pm Dec 7, 2010 6:56pm
Quoting PIPViking
Another new guy here. Love the thread - just what I have been looking for. How does this one look?
Looks good. All TFs are in confirmation. 3 Tap could have also been drawn this way:
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  • #6,554
  • Dec 7, 2010 6:58pm Dec 7, 2010 6:58pm
Quoting decades
gbp chf long 1.5441
4h 3tap
stop 1.5441
stopped out -29
MFE +17
  • #6,555
  • Dec 7, 2010 7:00pm Dec 7, 2010 7:00pm
Quoting decades
gbp chf long 1.5441
4h 3tap
stop 1.5441
stopped out -24

MFE +11
  • #6,556
  • Dec 7, 2010 7:01pm Dec 7, 2010 7:01pm
Quoting lawgirl21
A weekly 3 Tap set up and trigger and a potential H1 BO.
A nice 40-50 pip BO.
Attached Image
  • #6,557
  • Dec 7, 2010 7:11pm Dec 7, 2010 7:11pm
Quoting decades
stopped out -24

MFE +11
That trade ran for over 100 pips, decades. That would have been a great trade. Not only that, it was a BO trade too. You need to look at your stops..if they are less then 50 pips, then your stops are too tight for an H4 chart, in my opinion.
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  • #6,558
  • Dec 7, 2010 7:31pm Dec 7, 2010 7:31pm
Quoting lawgirl21
Looks good. All TFs are in confirmation. 3 Tap could have also been drawn this way:
Truly beutiful setup, but needs some umph to break that major resistance at 82.75. Then it should soar to 83.70.. Keeping my eye on it... Look at the daily chart for the resistance line going back 1 month.
Attached Image
  • #6,559
  • Dec 7, 2010 7:37pm Dec 7, 2010 7:37pm
How about this dude? Will it break out of the DAILY ditch or not?..
If it bounces, time for some cool ditch trading... But rather, I'll say, throw off your chains and get out of your prison!! And soar up to the pip-clouds.. Sounds like I need some rest...
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  • #6,560
  • Dec 7, 2010 7:47pm Dec 7, 2010 7:47pm
Quoting pippete
How about this dude? Will it break out of the DAILY ditch or not?..
If it bounces, time for some cool ditch trading... But rather, I'll say, throw off your chains and get out of your prison!! And soar up to the pip-clouds.. Sounds like I need some rest...
Too many gallbladders today?
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