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Trade What You See - Almost Naked Trading

  • #7,241
  • Dec 17, 2010 3:10am Dec 17, 2010 3:10am
Quoting The Sage
Here is something to help you guys avoid putting all your eggs in one basket, without even knowing it:

http://www.mataf.net/en/tools/01-01-correlation


(There are many sites that present this data, so make sure you compare the data on the site above regarding a certain pair with the data on other sites - just to be on the safe side).
great link
  • #7,242
  • Dec 17, 2010 3:17am Dec 17, 2010 3:17am
Quoting Precap2
Went out very early and came back to see you guys have mopped up every pip in the market. This is Friday, I might just watch from the sideline.

Good luck to all

PC2
I might trade after all, it looks to me that GBP/USD H1 is breaking downward. I need confirmation before I leap.

Peace
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #7,243
  • Dec 17, 2010 3:18am Dec 17, 2010 3:18am
Quoting Triple Kiss
Sorry What is IMHO? Thanks..
IMHO = "In My Humble Opinion"
  • #7,244
  • Dec 17, 2010 3:20am Dec 17, 2010 3:20am
Quoting gh0stjpy
great link
Enjoy

It can also help you make sure that you don't open two opposing positions.
  • #7,245
  • Dec 17, 2010 3:39am Dec 17, 2010 3:39am
Quoting The Sage
Thanks LFB for sharing that info.
You can follow the strong trend by minding the RSI direction as explained in the first page of this thread. This is part of LG's system, and you should download the rsi direction indicator that is posted on page 1.
This is not exactly as it works. Please have a look at GBP/USD in period i have posted before. In this times RSIs were playing against you. The farer from middle you were (stronger RSIs) the lower your success rate was. In my opinion this part of LG system just doesn't work for strong side trends.
  • #7,246
  • Dec 17, 2010 4:44am Dec 17, 2010 4:44am
Quoting Location
IMHO = "In My Humble Opinion"
LOL
Thanks Location..
  • #7,247
  • Dec 17, 2010 5:39am Dec 17, 2010 5:39am
Quoting Precap2
I might trade after all, it looks to me that GBP/USD H1 is breaking downward. I need confirmation before I leap.

Peace
good call!
  • #7,248
  • Dec 17, 2010 6:24am Dec 17, 2010 6:24am
Quoting The Sage
Here is something to help you guys avoid putting all your eggs in one basket, without even knowing it:

http://www.mataf.net/en/tools/01-01-correlation

.


(There are many sites that present this data, so make sure you compare the data on the site above regarding a certain pair with the data on other sites - just to be on the safe side).

I knew about basic correlations, but this site is very cool. Thanks for directing us to it, TS. It will be fun to study over the weekend.
  • #7,249
  • Dec 17, 2010 6:26am Dec 17, 2010 6:26am
GOLG H4 3Tap.. set up , not trigger Yet Because D1 RSI not pointing down... I hope Will..
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  • #7,250
  • Dec 17, 2010 6:32am Dec 17, 2010 6:32am
Quoting The Sage
I'm in long as well
Long for about 40-50 pips. Hope you got out before it turned around.
  • #7,251
  • Dec 17, 2010 6:40am Dec 17, 2010 6:40am
Quoting lawgirl21
Alot is going on right now. EURUSD, EURJPY, USDCAD, EURGBP, AUDJPY. First time the RSIs have been lined up this way in at least a week.
Woke up with my TP hit on EURUSD +40
USDCAD - shot out long instead of short
EURGBP - 3 Tap H4 trade made about 80 pips
AUDJPY - BO short for about 40 pips. Had to be watching that trade for the BO.
  • #7,252
  • Dec 17, 2010 6:48am Dec 17, 2010 6:48am
Quoting lawgirl21
I knew about basic correlations, but this site is very cool. Thanks for directing us to it, TS. It will be fun to study over the weekend.
My pleasure. It is very important because it effects the traders money managment - while you you think you have spread your risk over several pairs, you might actually be invested in the same pair in the same direction. Not to mention if you open two coliding positions.
  • #7,253
  • Dec 17, 2010 6:56am Dec 17, 2010 6:56am
Quoting lawgirl21
Woke up with my TP hit on EURUSD +40
USDCAD - shot out long instead of short
EURGBP - 3 Tap H4 trade made about 80 pips
AUDJPY - BO short for about 40 pips. Had to be watching that trade for the BO.
OOO what a Trade, Master LG.
I Must Pay Attention when You said "First time the RSIs have been lined up this way in at least a week".
  • #7,254
  • Dec 17, 2010 7:00am Dec 17, 2010 7:00am
Textbook example of Breakout-->Pullback-->Contination (Zorro) trade.
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  • #7,255
  • Dec 17, 2010 7:00am Dec 17, 2010 7:00am
Quoting lawgirl21
Long for about 40-50 pips. Hope you got out before it turned around.
Unfortunatly no, I got a bit greedy, took off my intial TP and thought the strong trend of the euro will take it over 112.00 - well, I was wrong.
  • #7,256
  • Dec 17, 2010 7:05am Dec 17, 2010 7:05am
Quoting The Sage
Unfortunatly no, I got a bit greedy, took off my intial TP and thought the strong trend of the euro will take it over 112.00 - well, I was wrong.
OK...I'm sending you back to review Step 2 of Successful Trading for your weekend homework.
  • #7,257
  • Dec 17, 2010 7:10am Dec 17, 2010 7:10am
BO H1 C4 .. down Baby Down...
every pairs against USD is down enough why Gold is Down a little...
I see Correlation is not good.. (under 60)
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  • #7,258
  • Dec 17, 2010 7:16am Dec 17, 2010 7:16am
Quoting lawgirl21
OK...I'm sending you back to review Step 2 of Successful Trading for your weekend homework.
Definetly
  • #7,259
  • Dec 17, 2010 7:22am Dec 17, 2010 7:22am
There might be some pips with a short trade down to/through that support line. Spread is 9 pips on FXDD
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  • #7,260
  • Dec 17, 2010 7:25am Dec 17, 2010 7:25am
Chart
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