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Trade What You See - Almost Naked Trading

  • #7,361
  • Dec 20, 2010 8:18am Dec 20, 2010 8:18am
Quoting lawgirl21
Hi, LFB..it is totally arbitrary. I usually go about 10 pips away from the R/S line that I am looking at. I generally assume that would be enough pips to clear the line. The further away from the line, the more conservative the trade, the more likely to avoid false BOs, but lower pip expectations also.
Yes i know it is arbitrary but i am used to the fact that your arbitrary decisions usually works damn well
Just to clarify you put it 10 pips above(below) the line, not above the highest(lowest) candle wick?
  • #7,362
  • Dec 20, 2010 8:22am Dec 20, 2010 8:22am
Quoting geula4
Hi All,

EUR seems to be in a range 1.3125-85
IMHO (=In My Humble Opinion) we should wait for a BO.

I think that a down BO of 25 sup. area is more likely because of fund.
What do you guys think?

Thank you
You are so right about EURUSD trading in a range...for hours now.
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  • #7,363
  • Dec 20, 2010 8:25am Dec 20, 2010 8:25am
Quoting templario
yes,In now.. 109.6 take profit level...
nice trade !
This market is getting on my nerves - very slow, I'm becoming impatient. Looks like I'll close all trades and go practice salsa.
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #7,364
  • Dec 20, 2010 8:35am Dec 20, 2010 8:35am
Quoting Precap2
This market is getting on my nerves - very slow, I'm becoming impatient. Looks like I'll close all trades and go practice salsa.
Like watching paint dry...salsa sounds good....with chips
  • #7,365
  • Dec 20, 2010 8:37am Dec 20, 2010 8:37am
Quoting lawgirl21
Nope, didn't work...went off in different directions.
Correlation works when all is well with the market, but in cold war no one should expect any agreement. The holiday war just begun
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #7,366
  • Dec 20, 2010 8:38am Dec 20, 2010 8:38am
Quoting lawgirl21
Scrutch picked this one. Notice how following the M15 entry (waiting for a candle close totally outside the resistence line) would have prevent entering on the false BOs. Good for about 50 pips.
Hi LG,

Thank you for this wonderful thread and your kind help.

A simple question: as far as I understand, we put the stop-loss in a recent support/resistance area. Would it be reasonable in the AUD/USD trade to put the SL below the last channel/ditch after the BO - around 0.9860?

I mean, the bottom of the channel acts as support after the BO upwards, IMHO.

Thank you!
  • #7,367
  • Dec 20, 2010 8:56am Dec 20, 2010 8:56am
Quoting geula4
Hi LG,

Thank you for this wonderful thread and your kind help.

A simple question: as far as I understand, we put the stop-loss in a recent support/resistance area. Would it be reasonable in the AUD/USD trade to put the SL below the last channel/ditch after the BO - around 0.9860?

I mean, the bottom of the channel acts as support after the BO upwards, IMHO.

Thank you!
Yes, that is exactly right..before the trade is in profit. If you were in this trade now, you would want to move your SL to BE+, but you appear to have a clear understanding of this and you knew that. Never let a winning trade turn into a loser.
  • #7,368
  • Dec 20, 2010 9:02am Dec 20, 2010 9:02am
Quoting lawgirl21
Yes, that is exactly right..before the trade is in profit. If you were in this trade now, you would want to move your SL to BE+, but you appear to have a clear understanding of this and you knew that. Never let a winning trade turn into a loser.
  • #7,369
  • Dec 20, 2010 9:08am Dec 20, 2010 9:08am
Quoting Precap2
If only this RSI indy can be coded to show RSI reading rather than up or down, it would be a little more useful. The reason behind this is that there might be no way of knowing when it is overbought, just up or down, and I think overbought/oversold situations are important to an oscillator user.

PC2

Attached is a Stochastic indicator that someone might be able to use as a model for an RSI indicator.
It will change colour when it goes OB OS at predefined level.

Cheers!
Attached File(s)
File Type: mq4 Big Stochastic LA 8 3 3 .mq4   2 KB | 425 downloads
Our IMAGINATION is the true holy grail!
  • #7,370
  • Dec 20, 2010 9:20am Dec 20, 2010 9:20am
BO for the above pair
Bay The earth is the Lord's and the fullness thereoff.
  • #7,371
  • Dec 20, 2010 9:24am Dec 20, 2010 9:24am
Quoting bayana2020
BO for the above pair
Let's hope it goes down down down ;-)

IMHO TP at around 1.3000 - Recent support in 4H chart.
What do you guys here think?
  • #7,372
  • Dec 20, 2010 9:24am Dec 20, 2010 9:24am
HERE IS THE CHART
Attached Image (click to enlarge)
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Bay The earth is the Lord's and the fullness thereoff.
  • #7,373
  • Dec 20, 2010 9:30am Dec 20, 2010 9:30am
I would watch it on the M15 chart before entering.
  • #7,374
  • Dec 20, 2010 9:39am Dec 20, 2010 9:39am
Quoting lawgirl21
I would watch it on the M15 chart before entering.
I see two 15M bearish candles.
Hope the current candle will also be bearish and close around 1.31 area - I think this is a clear entry signal IMHO.

LG, what say you?
  • #7,375
  • Dec 20, 2010 9:40am Dec 20, 2010 9:40am
Long BO.
  • #7,376
  • Dec 20, 2010 9:44am Dec 20, 2010 9:44am
Quoting lawgirl21
Long BO.
Is it not too late LG?
Bay The earth is the Lord's and the fullness thereoff.
  • #7,377
  • Dec 20, 2010 9:45am Dec 20, 2010 9:45am
Quoting lawgirl21
Long BO.
Congrads
  • #7,378
  • Dec 20, 2010 9:51am Dec 20, 2010 9:51am
Quoting bayana2020
Is it not too late LG?
Maybe..about 2 hours old. I would stay out as there are several other pairs that are looding good.
  • #7,379
  • Dec 20, 2010 9:53am Dec 20, 2010 9:53am
Quoting lawgirl21
Maybe..about 2 hours old. I would stay out as there are several other pairs that are looding good.

wats e pairs on your shortlist?
  • #7,380
  • Dec 20, 2010 9:53am Dec 20, 2010 9:53am
Quoting geula4
I see two 15M bearish candles.
Hope the current candle will also be bearish and close around 1.31 area - I think this is a clear entry signal IMHO.

LG, what say you?
I'm in it now. A more conservative entry now would be to wait for that next M15 candle to close and next to open short.
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