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Trade What You See - Almost Naked Trading

  • #7,461
  • Dec 21, 2010 11:33am Dec 21, 2010 11:33am
out -28, boy did I get this one wrong!!
"Be the change that you wish to see in the world." --Gandhi
  • #7,462
  • Dec 21, 2010 11:36am Dec 21, 2010 11:36am
Quoting Precap2
Finally it's time to say goodbyes
Let's meet again in 2011.
I wish all of you the best in life.

B*Y*E

PC2
  • #7,463
  • Dec 21, 2010 11:44am Dec 21, 2010 11:44am
Quoting Precap2
Finally it's time to say goodbyes
Let's meet again in 2011.
I wish all of you the best in life.

B*Y*E

PC2
See you in 2011, PC2. Have a great holiday...
  • #7,464
  • Dec 21, 2010 11:49am Dec 21, 2010 11:49am
Quoting Wally1953
out -28, boy did I get this one wrong!!
Looked like you did everything right, Wally...maybe should have watched PA a little longer before entry.
  • #7,465
  • Dec 21, 2010 12:28pm Dec 21, 2010 12:28pm
Just closed the following trades:
EUR.AUD (SELL)+62
EUR.CHF (SELL)+101
GBP.AUD (SELL)+105

i could adjust the SL but am still learning and need to build my account!

On my demo i have the following still running, lets see how they get on:

EUR.AUD SELL 1.32
EUR.CHF SELL 1.267
EUR.JPY SELL 109.95
GBP.AUD SELL 1.5607
GBP.CHF SELL 1.4971

AUD.JPY BUY 83.54
AUD.NZD BUY 1.3417

Great thread
  • #7,466
  • Dec 21, 2010 12:34pm Dec 21, 2010 12:34pm
LG..eurusd nice breakout to the south.... i think weŽll have a large move to the south..letŽs see.... for me this is the breakout, then weŽll have the pull and the continuation...
nice trading...
  • #7,467
  • Dec 21, 2010 12:39pm Dec 21, 2010 12:39pm
Attached Image
"Be the change that you wish to see in the world." --Gandhi
  • #7,468
  • Dec 21, 2010 1:16pm Dec 21, 2010 1:16pm
Hey guys and gals. A quick question regarding the bo setups here. As the method seems to state that you draw lines at the tops and bottoms of the bodies of your first 4 1 hr candles, does this differ depending on your brokers server clock?
I.e. my broker is gmt, but from what i can see lawgirls seems to be 2 hours ahead. So do I need to be drawing lines across the same candles or should I use the first 4 candles from where the day starts on my chart?

  • #7,469
  • Dec 21, 2010 1:27pm Dec 21, 2010 1:27pm
Quoting Wally1953
Attachment

Hi Wally, pretty hard to determine the channel on that one. I am looking at it as a break of friday's low, will wait for retest, then jump on the short wagon, fingers x'd!
  • #7,470
  • Dec 21, 2010 1:49pm Dec 21, 2010 1:49pm
Quoting NaughtyPip
Hey guys and gals. A quick question regarding the bo setups here. As the method seems to state that you draw lines at the tops and bottoms of the bodies of your first 4 1 hr candles, does this differ depending on your brokers server clock?
I.e. my broker is gmt, but from what i can see lawgirls seems to be 2 hours ahead. So do I need to be drawing lines across the same candles or should I use the first 4 candles from where the day starts on my chart?

The method is created this way that you can for some part ignore this fact. It has it's influence but has not been proven better or worse, not even an idea if it should be better/worse. As the system says, trade what you see, and trade your own charts. I'm GMT+1 and only look at my own charts for enter, although I look at this forum for information, learning and on H1 comparison.
  • #7,471
  • Dec 21, 2010 2:42pm Dec 21, 2010 2:42pm
I have a silly question that may be a matter of personal preference, or may be a lack of understanding on my part. I am using much of Lawgirl21's method, but find consistently better results (for me) using MACD (12,26,9) instead of RSI(3). Today I decided to try the indicators against each other in a demo account for the morning (EST) and did much better using MACD (+82 pips vs. -124 for the RSI). Is this just that it works for me, or is there a principle I fail to grasp that the pros and accomplished amateurs here take for granted? The way she arrives at S and R makes sense, as well as using the indicator for the setup and the three taps (or four for H1) as the trigger. (I am finding a straight-up Carter approach better for me for the box setups.)

Thanks for any illumination offered!

Kind regards,
OraDBA
  • #7,472
  • Dec 21, 2010 2:51pm Dec 21, 2010 2:51pm
Quoting oradba
I have a silly question that may be a matter of personal preference, or may be a lack of understanding on my part....
My 2p's worth: Whereas macds can be used to actually enter trades, crossovers, divergengies, etc, I think the use of rsi(3) is limited to confirmation of persistent trends. Think trends, trends, trends. Hope this goes a little to explaining.
  • #7,473
  • Dec 21, 2010 3:01pm Dec 21, 2010 3:01pm
I have been trading Forex for about 6 months. I started out with all kinds of charts, indicators, blah blah blah. Then, I ran across this thread. I tested a few theroies, but then thought if I added more indicators, I would trreade better, and just kept failing. For the last 3 months, I have gone with a clean chart, and the RSI that LG talks about, and have been in the positive all three months. Just what I have done, hope it helps someone. I think the less noise, the better you can see what's actually going on.
  • #7,474
  • Dec 21, 2010 3:24pm Dec 21, 2010 3:24pm
Quoting Fitness09
I have been trading Forex for about 6 months. I started out with all kinds of charts, indicators, blah blah blah. Then, I ran across this thread. I tested a few theroies, but then thought if I added more indicators, I would trreade better, and just kept failing. For the last 3 months, I have gone with a clean chart, and the RSI that LG talks about, and have been in the positive all three months. Just what I have done, hope it helps someone. I think the less noise, the better you can see what's actually going on.
No argument from me; it's just that I am not getting all that much value from using the RSI indicator. Since I am not all that experienced, I figured there might be something I am missing.
  • #7,475
  • Dec 21, 2010 3:26pm Dec 21, 2010 3:26pm
Quoting bimmerbob
My 2p's worth: Whereas macds can be used to actually enter trades, crossovers, divergengies, etc, I think the use of rsi(3) is limited to confirmation of persistent trends. Think trends, trends, trends. Hope this goes a little to explaining.
OK; so maybe I am not quite trusting the 3-tap trigger by itself and want the extra handholding MACD provides. I understand the point about trend confirmation at various TF's. Maybe I need to watch the RSI better. Don't think I want to give up MACD yet, though.
  • #7,476
  • Dec 21, 2010 3:42pm Dec 21, 2010 3:42pm
Quoting oradba
OK; so maybe I am not quite trusting the 3-tap trigger by itself and want the extra handholding MACD provides. I understand the point about trend confirmation at various TF's. Maybe I need to watch the RSI better. Don't think I want to give up MACD yet, though.
Good discussion oradba, fitness and bimmerbob...it is one of the most difficult things about trading..to give up the indicators. The 3 Tap setup and trigger are two seperate steps, don't forget. 1: Theres' the 3 taps (the set-up) and 2: there's the trigger (PA in desired direction). Actually the order is this:
1. Confirmation of direction on 3 RSIs
2. 3 Taps in confirmed direction
3. Trigger by watching PA often on lower TF
  • #7,477
  • Dec 21, 2010 3:48pm Dec 21, 2010 3:48pm
Quoting gh0stjpy
Just closed the following trades:
EUR.AUD (SELL)+62
EUR.CHF (SELL)+101
GBP.AUD (SELL)+105

i could adjust the SL but am still learning and need to build my account!

On my demo i have the following still running, lets see how they get on:

EUR.AUD SELL 1.32
EUR.CHF SELL 1.267
EUR.JPY SELL 109.95
GBP.AUD SELL 1.5607
GBP.CHF SELL 1.4971

AUD.JPY BUY 83.54
AUD.NZD BUY 1.3417

Great thread
This is truly impressive trading. Keep up the good work!
  • #7,478
  • Dec 21, 2010 3:51pm Dec 21, 2010 3:51pm
Quoting lawgirl21
Good discussion oradba, fitness and bimmerbob...it is one of the most difficult things about trading..to give up the indicators. The 3 Tap setup and trigger are two seperate steps, don't forget. 1: Theres' the 3 taps (the set-up) and 2: there's the trigger (PA in desired direction). Actually the order is this:
1. Confirmation of direction on 3 RSIs
2. 3 Taps in confirmed direction
3. Trigger by watching PA often on lower TF
To add to Step 3 above:
Go back to pages 497 and 498 and re-read posts 7453 and 7456 about the importance of watching PA on a lower TF.
  • #7,479
  • Dec 21, 2010 3:58pm Dec 21, 2010 3:58pm
Quoting lawgirl21
This BO was good for about 120 pips.
Did anyone take this trade? I've been looking at the various charts, and I don't see any way to get into it.

First off, it's not at all clear to me that the RSIs would line up for this trade until most of it was done. It's very hard to tell that in hindsight (and that's one of the things that makes this system dreadfully hard to backtest -- it's almost impossible, at least with the backtesting tools at my disposal, to get a quick read on the H4, D and W RSIs). So I can't look at this chart and know that there was a trade brewing just before the breakout. Instead, I looked back at the forum and noticed no discussion at all of this pair at the relevant time. That's why I'm asking if anyone saw the trade or took it.


I read the bottom channel as somewhere just above 1.4950. If you waited for the first bearish 15 minute candle to close completely outside of the channel, you would lose out on 50 pips of the trade. Once the breakout has already gone 50 pips, how many people would be willing to jump into the trade? If you did, you would sit on a drawdown for a couple of hours before the trade finally started moving back in your direction. Either that, or you would have moved early to break-even on the trade and then got stopped out. (The candle after the 15 minute candle that cleared the channel was a 22 pip hammer. That was followed by a retrace that finally moved back into profit about an hour and a half later.)

In theory, there might have been 120 pips on the table here. But I can't figure out how anyone would actually get it. I'd be really happy if someone could explain to me how I am wrong about this.
  • #7,480
  • Dec 21, 2010 4:41pm Dec 21, 2010 4:41pm
Quoting bimmerbob
Hi Wally, pretty hard to determine the channel on that one. I am looking at it as a break of friday's low, will wait for retest, then jump on the short wagon, fingers x'd!
Bimmerbob, I guess it's not really a channel BO. It's more of a retrace BO. I thought I've seen LG and others do this as well. Maybe LG could have some input on this.

I think you were right in waiting for retest. Right now it's in another retrace and painfully hovering in no-man's land, as is often the case this time of day.

My SL is 50 pips, which is large for me. I'm just thinking my lack of consistency has been close stops, so we'll see.

Wally
"Be the change that you wish to see in the world." --Gandhi
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