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Trade What You See - Almost Naked Trading

  • #7,921
  • Dec 30, 2010 3:13am Dec 30, 2010 3:13am
Quoting geula4
Hi Kedridder,

You are right! USDJPY did break down nicely to 81.4 area.
However, it's not easy to trade in real-time as it is in hindsight...

Now seriously, I don't think we made a mistake in that trade:

We identified a good overall trend and a good setup, observed PA and entered at a good price. Our SL and TP were logical.

The price went down in our direction very nicely.

Once the price started to bounce up-down up-down, LG and I, each on his/her own discretion, felt that the PA is not clear anymore.

I personally...


oh, please don't get me wrong. i dont mean it's a mistake. last nite you, LG and me, e 3 of us conclude it's a good place to place our TP. little did i know PA will move smoothly down past this 81.4 mark. that is what i meant.

but now that i know e reason behind, i felt i benefited something.
  • #7,922
  • Dec 30, 2010 3:19am Dec 30, 2010 3:19am
I'm +10 pips in that trade but PA is having problems at the previous resistance of 0.8545...should I bail out?
  • #7,923
  • Dec 30, 2010 3:21am Dec 30, 2010 3:21am
Quoting kedridder
oh, please don't get me wrong. i dont mean it's a mistake. last nite you, LG and me, e 3 of us conclude it's a good place to place our TP. little did i know PA will move smoothly down past this 81.4 mark. that is what i meant.

but now that i know e reason behind, i felt i benefited something.
Kedridder, it's ok! I know you were a little sarcastic in that post ()
I'm just using this opportunity to discuss how we manage our trades after we enter, how to observe PA and decide where to place our TP etc.

These are important issues and it is good to discuss them!
We are all learning here!! Which is GREAT!
  • #7,924
  • Dec 30, 2010 3:25am Dec 30, 2010 3:25am
Quoting natnimrey
I'm +10 pips in that trade but PA is having problems at the previous resistance of 0.8545...should I bail out?
Your in the Eur/gbp trade?
Well, what is your entry price, sl and tp?
What is the current price?
  • #7,925
  • Dec 30, 2010 3:33am Dec 30, 2010 3:33am
Quoting geula4
Your in the Eur/gbp trade?
Well, what is your entry price, sl and tp?
What is the current price?
Entry at 0.8539, SL at 0.8500, I have 2 lots...TP 1 at 15 pips...TP 2 I plan to let it run, but just in case I put it at 25 pips.

The 15 pips one is hitting soon
  • #7,926
  • Dec 30, 2010 3:33am Dec 30, 2010 3:33am
natnimrey,

IMHO the EURGBP is gooing good right now.
I hope we'll see a break above 0.8550 soon!

Please let us know how your doing.
Anyone else here in this trade?

People, what do you think about this trade?
Please share your thoughts with us! Thank you!
  • #7,927
  • Dec 30, 2010 3:36am Dec 30, 2010 3:36am
Quoting geula4
Kedridder, it's ok! I know you were a little sarcastic in that post ()
I'm just using this opportunity to discuss how we manage our trades after we enter, how to observe PA and decide where to place our TP etc.

These are important issues and it is good to discuss them!
We are all learning here!! Which is GREAT!
yup, i think it's a very valuable lesson here. it's like a real-live trading, observing the PA together. last night, my local (Singapore) time, the important RSI was not pointing in the intended direction and it was night. bedtime's catching me up. so i had e opportunity to close my trade at BE and went to bed.

right after that, it headed to our intended direction. i should have went back to bed sooner, so u all can realise more PIPs! haha

are e PIPs avoiding me? just joking, i hope to catch them today.

at e point of writing, EUR/USD is tickling the H1 4C's resistance. i thought it'll penetrate that for good. but it fell. duh......
  • #7,928
  • Dec 30, 2010 3:38am Dec 30, 2010 3:38am
Quoting natnimrey
Entry at 0.8539, SL at 0.8500, I have 2 lots...TP 1 at 15 pips...TP 2 I plan to let it run, but just in case I put it at 25 pips.

The 15 pips one is hitting soon
IMHO, very good!
Just two comments if I may:

1) I would place the Sl a little higher at 0.8515, just below the recent resistance. Although, I think I understand your logic of choosing a nice round number.

2) After your first TP hits, perhaps move SL upper or even to BE?

What do you think?
Good pips to all!!
  • #7,929
  • Dec 30, 2010 3:39am Dec 30, 2010 3:39am
Cheers geula...I've closed one order at +15 and moved the other to BE...but I am clueless about the second TP Also, that means my current stop is now just 15 pips away from PA...is it too tight?
  • #7,930
  • Dec 30, 2010 3:40am Dec 30, 2010 3:40am
Quoting geula4
natnimrey,

IMHO the EURGBP is gooing good right now.
I hope we'll see a break above 0.8550 soon!

Please let us know how your doing.
Anyone else here in this trade?

People, what do you think about this trade?
Please share your thoughts with us! Thank you!

yup, i got in too. TP 0.8592. hope it's a reasonable mark.

reason: it's previous 2 day's high. any comments on my reasoning or any challenges so i can improve on my TP decision?
  • #7,931
  • Dec 30, 2010 3:50am Dec 30, 2010 3:50am
kedridder and natnimrey,

I think right now we are resistance around 0.8550 - 55.
IMHO just protect yourselves from an unexpected down movement with a SL.
My SL is just a suggestion you may on not accept. Please use your own judement.

IMHO, after we get clear of the current unclear PA, we can decide on a proper TP.

Everyone, please feel free to agree/disagree and share your thoughts!
  • #7,932
  • Dec 30, 2010 3:52am Dec 30, 2010 3:52am
I don't like the last two 15M candles.
Price is playing yo-yo going up and then down sharply.

I personally would take whatever pips I can and exit.
As always, we are discussing and learning here. Everyone here needs to use his/her own judgment and trade carefully! Thank you!
  • #7,933
  • Dec 30, 2010 3:54am Dec 30, 2010 3:54am
kedridder, how's it going?
  • #7,934
  • Dec 30, 2010 3:56am Dec 30, 2010 3:56am
Quoting geula4
I don't like the last two 15M candles.
Price is playing yo-yo going up and then down sharply.

I personally would take whatever pips I can and exit.
As always, we are discussing and learning here. Everyone here needs to use his/her own judgment and trade carefully! Thank you!
going with you geula, closed second order at +1...a little dissapointing...I thought it was gonna be a big move Price seems really stuck in range...
  • #7,935
  • Dec 30, 2010 3:58am Dec 30, 2010 3:58am
totally missed this one. Is it too late to enter guys?

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  • #7,936
  • Dec 30, 2010 3:59am Dec 30, 2010 3:59am
Quoting geula4
kedridder and natnimrey,

I think right now we are resistance around 0.8550 - 55.
IMHO just protect yourselves from an unexpected down movement with a SL.
My SL is just a suggestion you may on not accept. Please use your own judement.

IMHO, after we get clear of the current unclear PA, we can decide on a proper TP.

Everyone, please feel free to agree/disagree and share your thoughts!

yup, i always set a SL 20PIPs away from my entry point. i cant say it's a good SL point because it does not take into acct, the support/resistance level.

and my TP will always remain the one i chose initially, ie 0.8592. i'm sick not always not sitting tight and PIPs just fly away. so frustrating due to my non-disciplined trades!
  • #7,937
  • Dec 30, 2010 3:59am Dec 30, 2010 3:59am
Quoting natnimrey
going with you geula, closed second order at +1...a little dissapointing...I thought it was gonna be a big move Price seems really stuck in range...
IMHO, well done! So you're out with 16 pips (15+1)?
  • #7,938
  • Dec 30, 2010 4:05am Dec 30, 2010 4:05am
Quoting kedridder
yup, i always set a SL 20PIPs away from my entry point. i cant say it's a good SL point because it does not take into acct, the support/resistance level.

and my TP will always remain the one i chose initially, ie 0.8592. i'm sick not always not sitting tight and PIPs just fly away. so frustrating due to my non-disciplined trades!
I understand what you're saying.

IMHO, support/resistance are better places for SL and TP. I think that LG also uses them, as she said.

If you can't/don't want to observe PA, you can just set a pending order 15-20 pips above support/resistance BO area and a pre-define SL and TP. Nothing wrong in trading like this...
  • #7,939
  • Dec 30, 2010 4:07am Dec 30, 2010 4:07am
Quoting geula4
IMHO, well done! So you're out with 16 pips (15+1)?
Yup, thanks for the advice!It seems quite a few pairs have made BOs since the london open, but dang its hard to keep track
  • #7,940
  • Dec 30, 2010 4:12am Dec 30, 2010 4:12am
Quoting natnimrey
Yup, thanks for the advice!It seems quite a few pairs have made BOs since the london open, but dang its hard to keep track
There are many trading setups with LG's system.
IMHO we shouldn't enter too many that we can't observe/manage!

There will always be more good opportunities!
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