Trade What You See - Almost Naked Trading

In this trade short.

Steve Hopwoods "Lawgirls Box breakout EA"

Page 1

Seriously, I use the Box Breakout EA coz' I was missing lots of BO's on account of having to do my day job. So I look whenever I can confident that if price has broken out the EA will have me in a trade. I just have to cut short any that have reversed on me.

I didn't realize anyone was using it..you don't need it.

Taking half profits off the table is the way to do it. Looks like you are having a better week.

closed for +20 pips on short AC trade
Still in AJ and it ain't looking so good.

I should have paid more attention to support levels..PA is struggling to get through them now.

hope you don't mind Taters $.02. You obviously see whats happening but just for fun I thought I'd annotate my thoughts...
Cheers,
T

Thanks Taters, I always enjoy input. Yours is very informative. Stick around with us.

Law Girl:

I am interested in finding out if I am on the right path? I was happy to see someone that really cared about others in the forums, most people are trying to make extra money. I am currently going to school to be an attorney, which I am almost there.

I was intrigued by your style because it allows me to know if the trade is there or not. A lot of trade systems leave you with a guess of if I should or not get in the trade. This one leaves me knowing when to get in, just I am not sure when to get out.

When I enter a trade, when do I know when to get out? I see you are saying to go to S/R, however, what is considered real S/R. I went by the daily support and resistance, however, I don't know if I am doing it right.

I have attached a picture, could you tell me if I am along the same line. Of course I know that the 4hr is off, but the daily and weekly are in up trend, which tells me that when it does turn to the uptrend on the 4hr, it should be tradeable.

On thing that still bothers me is re-entries. I have closed positions on initinal setup-trigger formations, but I have very few on re-entries after another trigger has occured.

Like the picture in the example, would you consider this another BO entry when the weekly turns right or would you see this as a chase because the red candle before was the BO and is (completely) over now?

I don't trade exactly like LG but here are my thoughts on this:
I consider any BO of the zone valid but some are much better than others, as I'm sure you are aware of.

I use trend lines to get me in the trade after the inital BO. On the M15 chart the inital upward BO stalled, then pushed higher and made a retracement right back to the top of the zone. The first trend line showed a break of the trendline that stalled, reversed and then pushed a bit higher. There really wasn't a lot of confirmation on this trend line so it would have been a stand aside for me, while the second trendline showed very good confirmation during the retracement. Once price pushed above this trendline the stop could have been placed either below the current pivot low or the preceding pivot low, both for a small risk trade of at least a 1:1 RR.

The largest disadvantage to this trade would have been the weak W1 RSI. I did not personaly take this trade so this is all hindsight, which is a lot easier than doing it on the hard right edge.
Price is currently @ resistance and there's reasonably strong resistance just above current price but so far has been good for 20 or 30p's.
As I'm posting this, I see that the M15 is doing a retracement, but one should have easily been able to take 20p's or so here.

BO after long time of ditching

Out with 40 pips.

Out with 23 pips. Pulled the plug early.

Me too...

Hi LG
I have next question. Does your take trade approach differentiate for fist and second half of the week. In the first part we have no really set Weekly RSI so do you use any extra triggers? I ask also because i live in GMT+1 zone, and daily RSI is not set (if i understand correctly) for the first part of the day. So i am curries if before NY opens i should use any additional criteria to enter three tap trade.

Another attempt of PA to poke above that resistence level.

Ej is struggling to bo above 111.41 ....and i am stuck with buy at 111.40 .

Dear Brother,
I like your time indicator on the top right corner of your chart. Where can i download the same? Thanks

EJ is on my short watch list.
Decent H4-3T established.
Need the H4 and D1 RSI to cooperate a bit.
Several layers of resistance scattered above current price.