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Trade What You See - Almost Naked Trading

  • #7,101
  • Dec 15, 2010 6:57pm Dec 15, 2010 6:57pm
Quoting lawgirl21
Thanks for the great explanation, DP. No, it does not matter. But it is very important that each trader literally trade what they see from their own charts not mine or anyone else's. Otherwise, this would be a signal service, which it is not.
I agree with you in the sense of trading what you see. However, in this case my candles and your candles are the same but our RSIs are different. So when RSI (either arrows or the physical RSIs) are giving you a trigger (all in agreement), they are telling me "Not yet" (mine are in disagreement) and the possibility is that when I enter a trade it is either too late or too soon or completely wrong. Lets take the GBPUSD for example. If it is going down, it goes down for everybody and the indicators should read the same for everybody regardless of location or time zone.
  • #7,102
  • Dec 15, 2010 6:57pm Dec 15, 2010 6:57pm
These Zorro BO Pullback Continuations are really interesting me. Are they basically ABCD? They seem to have longer third legs
  • #7,103
  • Dec 15, 2010 7:07pm Dec 15, 2010 7:07pm
Quoting lawgirl21
Thanks for the great explanation, DP. No, it does not matter. But it is very important that each trader literally trade what they see from their own charts not mine or anyone else's. Otherwise, this would be a signal service, which it is not.
As far as the market is concerned, there are only a few regular time intervals that have any true meaning. Week opening and closing. End of Month. End of Year are the big ones. (Summer doldrums would be another, I guess on a large time frame). Then, on a daily basis, there is the open and close of the major markets -- London, New York, Tokyo, Frankfurt and Sydney.

Everyone knows, for example, that fairly big moves tend to happen just after London opens. Also, people talk about the Frankfurt fake-out. Let's suppose that during the Frankfurt session, price starts moving toward a third tap, and makes it to the tap. Then, at London open, there is a reversal and it looks like we are on the way to a good three tap trade.

Take two traders. One has a broker that sets its new day at midnight, New York time. The other sets the new day at New York close of market. Because the first trader has a new day closer to London open, his daily and H4 RSIs will always be more sensitive to the moves from Frankfurt open and London open.

As I said before, I don't know exactly how this difference will pan out over the long run. And I don't think anyone else really knows the answer to this either. It would take a considerable amount of testing to figure it out. However, I think it's likely that there is a significant and systematic difference here, and a difference that derives solely from an arbitrary vertical line on the chart.

Edit: The only thing I'm really suggesting here is that you might find your results differed somewhat if you switched to a broker in a different time zone. That doesn't mean that the method wouldn't work anymore. A robust system should be able to perform well despite such minor differences. But it's also possible that, because of the fairly predictable movements when markets open, some broker's time zones will do better than others.
  • #7,104
  • Dec 15, 2010 7:18pm Dec 15, 2010 7:18pm
Quoting bcarbon
I agree with you in the sense of trading what you see. However, in this case my candles and your candles are the same but our RSIs are different. So when RSI (either arrows or the physical RSIs) are giving you a trigger (all in agreement), they are telling me "Not yet" (mine are in disagreement) and the possibility is that when I enter a trade it is either too late or too soon or completely wrong. Lets take the GBPUSD for example. If it is going down, it goes down for everybody and the indicators should read the same for everybody regardless of...
http://www.forexfactory.com/showpost...postcount=6262
TTFN Merlyn
  • #7,105
  • Dec 15, 2010 7:19pm Dec 15, 2010 7:19pm
Quoting tempaul2004
These Zorro BO Pullback Continuations are really interesting me. Are they basically ABCD? They seem to have longer third legs
I find them very interesting too. They are less complicated than the 5 part EW theory. They basically are the 3 Taps with lines ( I've said many times that the 3 Taps are just waves connected by a trendline.)

I started looking at how we could get back into a trade on a good run after a candle change and noticed that pippete in particular, was taking successful BO trades after prior successful BO in the same direction. Connected by lines (not trendlines, just directional lines that can be at any angle), they looked like the mark of Zorro...hence.

This is not original with me..traders have always traded in waves and, like I've said, we've been doing it all along with 3 Taps.
  • #7,106
  • Dec 15, 2010 7:21pm Dec 15, 2010 7:21pm
Quoting duffypratt
As far as the market is concerned, there are only a few regular time intervals that have any true meaning. Week opening and closing....
Thank you for your wonderful explanation.
I agree with you day starting time is arbitrary and shouldn't influence the reading of the different indicators. They should work independently from the brokers day starting time.
  • #7,107
  • Dec 15, 2010 8:59pm Dec 15, 2010 8:59pm
Quoting lawgirl21
Another monthly chart that should be printed out.

PA almost returned to October 2008 lows, but stopped and reversed just north of that huge support area. There is now a perfect 3 Tap monthly setup and trigger. If PA continues down for the new month, and for those of us with the trading temperment to withstand big DDs, PA may try to retest that 1.4500 area.
There was such as nice move on this pair today/yesterday that I decided to look back at this monthly chart and compare it to the monthly chart today. It's interesting to me that as nice as that move today was, it was but a blip on the monthly.
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  • #7,108
  • Dec 15, 2010 9:49pm Dec 15, 2010 9:49pm
Three Taps on Silver on the H4? sorry no chart.
  • #7,109
  • Dec 15, 2010 10:05pm Dec 15, 2010 10:05pm
Quoting steroidman
Three Taps on Silver on the H4? sorry no chart.
Really mixed directions on my chart.
  • #7,110
  • Dec 16, 2010 1:18am Dec 16, 2010 1:18am
Quoting bcarbon
Thank you for your wonderful explanation.
I agree with you day starting time is arbitrary and shouldn't influence the reading of the different indicators. They should work independently from the brokers day starting time.
I'm sorry for you but it's impossible.
Only for Time Frames from 1M to 1H the indicators maybe work the same and show you same value with all brokers.
  • #7,111
  • Dec 16, 2010 1:47am Dec 16, 2010 1:47am
Quoting gspe
I'm sorry for you but it's impossible.
Only for Time Frames from 1M to 1H the indicators maybe work the same and show you same value with all brokers.
Even if you use the lower time frames, the brokers rely on different banks and different feeds, so even the ECNs and STPs will have variations. The market makers will have even larger variation, since they are quoting their price, which is yet another level removed.

But with that said, it should be possible for a coder to come up with a normalized RSI indicator that allowed the user to select the daily start time, instead of using the broker's time. I'm not suggesting that anyone do this. In fact, I think it's probably a bit pointless. But it should at least theoretically be possible.
  • #7,112
  • Dec 16, 2010 2:13am Dec 16, 2010 2:13am
Quoting duffypratt
Even if you use the lower time frames, the brokers rely on different banks and different feeds, so even the ECNs and STPs will have variations....
Yes even in lower time frame there are difference between brokers price but at least the price pattern are almost the same, in time frame higher that H1 you can see very different Candle Pattern.

Maybe instead of using Higher Time Frame is possible to use multiple value of H1 Price, for example RSI 3 on H4 is (should be) the same of RSI 12 on H1
so instead of using H1, H4, D1, W1 you could use
RSI 3, RSI 12, RSI 72, RSI 360 or 504.
It's just an idea but i'm not sure that this helps with this system
  • #7,113
  • Dec 16, 2010 2:57am Dec 16, 2010 2:57am
Goodmorning Gentlemen and Babes. A new day and plenty pips/money waiting.
Let's get as much as we can manage

PC2
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #7,114
  • Dec 16, 2010 3:17am Dec 16, 2010 3:17am
This pair will ordinarily want to test 1.5650 area, but it needs to first clear 1.5600 area. Failure at that area will trigger downside pressure testing 1.5550 and then 1.5526 (yesterday's low), break below will give us a good bear run again today.
Lets' watch it for now

PC2
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Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #7,115
  • Dec 16, 2010 3:41am Dec 16, 2010 3:41am
For gold diggers only! If your generation to the tenth was never in the mines, please don't trade this
Gold broke our trenline support and is retesting it now. Wait for complete retest before you pull trigger. For me I'm very impatient (because my Holy Grail says so) and I'm short already targeting 1370.00 for 1500 points, or 1350.00 for zillion points.
Watch and pray hard!
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Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #7,116
  • Dec 16, 2010 3:51am Dec 16, 2010 3:51am
The USD/JPY has been doing a range of 84.40 and 82.30.
Failure to break above 84.40 yesterday and Asian today got me playing short on the range. You can see my argument chart below.

Trade well
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Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #7,117
  • Dec 16, 2010 4:03am Dec 16, 2010 4:03am
Good Morning and have a good pipping
esz
Blessed are they who maintain justice, who constantly do what is right.
  • #7,118
  • Dec 16, 2010 4:05am Dec 16, 2010 4:05am
Quoting Precap2
For gold diggers only! If your generation to the tenth was never in the mines, please don't trade this
Gold broke our trenline support and is retesting it now. Wait for complete retest before you pull trigger. For me I'm very impatient (because my Holy Grail says so) and I'm short already targeting 1370.00 for 1500 points, or 1350.00 for zillion points.
Watch and pray hard!
hahahaha.. Like Your Opinion. Precap2.. How About EURUSD ?
  • #7,119
  • Dec 16, 2010 4:11am Dec 16, 2010 4:11am
The EUR/JPY broke our lower TL, formed some H4 consolidation and is now breaking out. Over to you

PC2
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Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #7,120
  • Dec 16, 2010 4:28am Dec 16, 2010 4:28am
At timeframes from H1 & down, there shd not be any difference in the indicators. But for H4 & D1, there will SURELY be differences if the brokers uses different time for start of the day. Depending on the broker, an H4 bar may be from 10:00 to 14:00 GMT for one broker whereas it is from 08:00 to 12:00 GMT for another broker. These 2 H4 bars MUST be different. They CANNOT be the same. Similarly for D1 bars, as price at 05:00 EST is unlikely to be same at 06:00 or 07:00 EST. But the difference is usually small becos market is normally very quiet in early morning.

I think best choice is for day to start at 22:00 GMT now (& 21:00 GMT during DST period). In both cases, it is 05:00 EST, which is the start of a forex trading day. That is why I prefer brokers who start the day at 05:00 EST.

Quoting bcarbon
Thank you for your wonderful explanation.
I agree with you day starting time is arbitrary and shouldn't influence the reading of the different indicators. They should work independently from the brokers day starting time.
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