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Trade What You See - Almost Naked Trading

  • #6,641
  • Dec 8, 2010 2:48pm Dec 8, 2010 2:48pm
Quoting Lazar83
Ej is struggling to bo above 111.41 ....and i am stuck with buy at 111.40 .
Late last month, it bounced narrowly at this level from the 23rd to the 29th. And the same level was S/R several times before that. I don't see enough action here to support a BO trade, at least not yet. If anything it's still consolidating. BO may happen later though, and it looks like a pretty nice flag on the H1. Good luck with the trade.
  • #6,642
  • Dec 8, 2010 3:21pm Dec 8, 2010 3:21pm
i have a tight sl on EJ ! volume of trade is very small so i ill wait till BO or Sl !
Help to be helped.
  • #6,643
  • Edited 3:55pm Dec 8, 2010 3:22pm | Edited 3:55pm
3 Tap H4 set up. Waiting for that daily RSI.
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  • #6,644
  • Dec 8, 2010 3:43pm Dec 8, 2010 3:43pm
Quoting lawgirl21
2 Tap H4 set up. Waiting for that daily RSI.
LG Are you waiting to go Long on this??
  • #6,645
  • Dec 8, 2010 3:46pm Dec 8, 2010 3:46pm
Quoting Lazar83
Ej is struggling to bo above 111.41 ....and i am stuck with buy at 111.40 .
I have a buy order on this trade, but not in yet. It is still honoring the trendline, but I've seen this happen before and doesn't necessarily work out. But I'll keep my pending order on for now. Good luck.

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"Be the change that you wish to see in the world." --Gandhi
  • #6,646
  • Dec 8, 2010 3:53pm Dec 8, 2010 3:53pm
AUDJPY trade that I posted earlier. Still in this trade from 10 hours ago. Seems like it's honoring trendline and wants to go up, so I didn't pull the plug for a loss. LG, anyone, you think that's a good criteria to hang on?

Attached Image
"Be the change that you wish to see in the world." --Gandhi
  • #6,647
  • Dec 8, 2010 3:56pm Dec 8, 2010 3:56pm
Quoting behman8850
LG Are you waiting to go Long on this??
Sorry behman, I had a typo....should have been a 3 Tap trade......not 2 Tap
Yes I am waiting to go long.
  • #6,648
  • Dec 8, 2010 4:22pm Dec 8, 2010 4:22pm
Quoting Wally1953
I have a buy order on this trade, but not in yet. It is still honoring the trendline, but I've seen this happen before and doesn't necessarily work out. But I'll keep my pending order on for now. Good luck.

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wally i am out on +1 pip ...my patience is almost zero ! time to hit bed...goodnight people!
Help to be helped.
  • #6,649
  • Dec 8, 2010 4:42pm Dec 8, 2010 4:42pm
Quoting LFB
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.
Yes, LFB..the approach is a little different at the beginning of the trading week than at the end of the trading week.

Reliance on the weekly RSI, which I believe to be the strongest trend indicator available anywhere, is not "firmed up" until about the middle of the trading week. So we look for other confirmation for a trade. That is why BOs are so good for the beginning of the trading week.

The same is true of the monthly RSI, we are now in the 5th trading day of the new month. Can we totally rely on the direction of the monthly RSI at this point? I don't think so, although I have never seen hard data on timing. But as the month proceeds, the momentum of the market is such that it simply cannot be turned around easily. Somewhat like a huge ship that has to make a sudden stop...can't be done.

When we have the direction of the weekly RSI and the monthly RSI confirming each other as we have now on several pairs, we are beginning to see trend "power".

The 3 Tap trade, coupled with an H1 4C BO with conforming RSIs is the most powerful setup and trigger, I believe available anywhere. I do not know of and have never seen a better "edge" for a winning trade.
  • #6,650
  • Edited 6:39pm Dec 8, 2010 5:10pm | Edited 6:39pm
Already a 3 Tap H4 setup and trigger, but a little late to the party. So, I am going to wait for a H1 4C BO to confirm that PA is going to continue moving up. In less than an hour, the H4 candle changes for me, that should tell me if there is a PA continuation,.
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  • #6,651
  • Dec 8, 2010 8:39pm Dec 8, 2010 8:39pm
http://i56.tinypic.com/dchmr.gif

Waiting to see what happens.
  • #6,652
  • Dec 8, 2010 9:58pm Dec 8, 2010 9:58pm
Tonight is one of the few times I can remember that I see no really good set ups for either BOs or 3 Taps. Am I missing something?
  • #6,653
  • Dec 8, 2010 10:01pm Dec 8, 2010 10:01pm
Quoting tjfxtrader
http://i56.tinypic.com/dchmr.gif

Waiting to see what happens.

It's just not doing anything. I'm glad you are waiting..
  • #6,654
  • Dec 8, 2010 10:58pm Dec 8, 2010 10:58pm
Quoting lawgirl21
Tonight is one of the few times I can remember that I see no really good set ups for either BOs or 3 Taps. Am I missing something?
GBPUSD has been consolidating for the last 5 hours. The RSIs don't look that good right now, but the trend has been up all week.
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  • #6,655
  • Dec 8, 2010 11:06pm Dec 8, 2010 11:06pm
potential 4c 1hour BO

gbp/usd
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  • #6,656
  • Dec 8, 2010 11:29pm Dec 8, 2010 11:29pm
hi everyone, am I doing this right? I'm waiting for a BO of GBP/JPY, but I see resistance not far away...
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  • #6,657
  • Dec 9, 2010 12:06am Dec 9, 2010 12:06am
which way r u exepecting it to go north or south the indicators are mixed up. I generally hate this pair. one good thing about it is when it moves it moves mightly

Quoting natnimrey
hi everyone, am I doing this right? I'm waiting for a BO of GBP/JPY, but I see resistance not far away...
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Bay The earth is the Lord's and the fullness thereoff.
  • #6,658
  • Dec 9, 2010 12:27am Dec 9, 2010 12:27am
I have made maybe 1 out of 6 trades a positive trade. How many pips are you all looking to take with the 3 tap on the 4hr? Ive been setting a s/l of 150 pips and have hit it a couple of times. Im wondering if anyone is having consistent results and can maybe offer some pointers. How many candles do you guys consider PA to be in a certain direction? How many candles back are you drawing trendlines for your setup? Any pointers would be appreciated.
  • #6,659
  • Dec 9, 2010 12:33am Dec 9, 2010 12:33am
Quoting bayana2020
which way r u exepecting it to go north or south the indicators are mixed up. I generally hate this pair. one good thing about it is when it moves it moves mightly
A while ago they were all up...but yea...now its kinda jumbled up...
  • #6,660
  • Dec 9, 2010 1:09am Dec 9, 2010 1:09am
Back from an unscheduled leave. Family matter called. Hope you guys never cleared all the pips in the market.

Lemme go back to my chart.

PC2
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
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