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Trade What You See - Almost Naked Trading

  • #8,401
  • Jan 4, 2011 3:54am Jan 4, 2011 3:54am
Quoting natnimrey
Guys, I feel I haven't grasped the H1 BO very well, and I hope you guys can clarify any misunderstandings I have. What I understand now is that, once the H1 and H4 RSIs are in agreement, a pending order can be placed at 15-20 pips away from from the 4hr box. The BO is supposed to be fairly quick, so when price moves against you quickly it is best to exit with minimal loss. Does that roughly sum it up?

I'm practicing on a simulator now and while I'm doing ok on some pairs, I'm getting absolutely murdered on USD/CHF
IMHO, when we talk about 1H BO, we are trading the 1 Hour time frame.
So, the pending order is 15-20 pips away from support/resistance ("the box") in 1 Hour, not 4 Hour.

I'm not sure about the rule "when price moves against you quickly it is best to exit with minimal loss." - IMHO we need to observe PA carefully, in 1H and also 15M candles, to see a BO and gauge where PA is going.

Perhaps you can posts some pictures of your USD/CHF trades, so we can discuss them more specifically?

Hope this helps. LG and everyone, please feel free to agree/disagree/correct me if My Humble Opinion is wrong. Thank you!
  • #8,402
  • Jan 4, 2011 3:57am Jan 4, 2011 3:57am
Quoting LFB
IMHO TP can be 1.5648
Maybe even 1.5665
  • #8,403
  • Jan 4, 2011 4:14am Jan 4, 2011 4:14am
Quoting geula4
Maybe even 1.5665
I have noticed that when i was trading demo i wasn't satisfied if i haven't got 90% of the move, at live i am really happy every time i close my trade at any+. But i am live trading newbie.
  • #8,404
  • Jan 4, 2011 4:27am Jan 4, 2011 4:27am
Quoting orangeRANGE
Entry @ 0.9939 with only 15pips TP target
Taking out ths trade with no profit/loss. Am not happy with the PA.
  • #8,405
  • Jan 4, 2011 4:41am Jan 4, 2011 4:41am
They are on my watch now, especially yuan...
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  • #8,406
  • Jan 4, 2011 4:45am Jan 4, 2011 4:45am
Thanks for the replies LFB and geula. I try to go for a 1:1 R/R too but close early most of the time as too often the TP is too far for the PA before it reverses.

Geula, I didn't want to waste the space on this thread with my own problems, but upon your encouragement I guess it's ok to post my charts

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Dotted lines are the start of the day. I went short upon seeing the big red candle on 15min. Should I have exited with a small loss upon seeing the bullish candle right after the trigger(circled in red)? Thanks and sorry to trouble you guys
  • #8,407
  • Jan 4, 2011 4:56am Jan 4, 2011 4:56am
Quoting natnimrey
Thanks for the replies LFB and geula. I try to go for a 1:1 R/R too but close early most of the time as too often the TP is too far for the PA before it reverses.

Geula, I didn't want to waste the space on this thread with my own problems, but upon your encouragement I guess it's ok to post my charts

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Dotted lines are the start of the day. I went short upon seeing the big red candle on 15min. Should I have exited with a small loss upon seeing the bullish candle right after the trigger(circled in...
There is no easy answer for me. I am not sure i would exit.
  • #8,408
  • Jan 4, 2011 4:58am Jan 4, 2011 4:58am
I have hope for at least small correction here now so i am getting ready for BO short (against Daily, high risk trade).
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  • #8,409
  • Jan 4, 2011 5:10am Jan 4, 2011 5:10am
Quoting natnimrey
Thanks for the replies LFB and geula. I try to go for a 1:1 R/R too but close early most of the time as too often the TP is too far for the PA before it reverses.

Geula, I didn't want to waste the space on this thread with my own problems, but upon your encouragement I guess it's ok to post my charts

Attachment
Attachment

Dotted lines are the start of the day. I went short upon seeing the big red candle on 15min. Should I have exited with a small loss upon seeing the bullish candle right after the trigger(circled in...
Hey, we are all learning here.
I think that LG wouldn't mind if we post trade charts and study them.

IMHO, you tried a H1 4C BO trade.

Did you check the weekly, daily and H4 RSIs were pointing down?

Another point, IMHO, is that it is better to use support and resistance as SL and TP, instead of 1:1 risk:reward. If you think the trade doesn't offer good risk:reward don't take it.

I think your entry was OK.
But, IMHO, perhaps you could have moved your SL to BE or BE+ when price went down to 0.9930 like 20 candles afterwards.
I don't think you should immediately exit with a loss; perhaps just move your TP to BE and continue monitoring the PA.

Hope this helps.
LG and everyone, what do you think? Thank you!
  • #8,410
  • Jan 4, 2011 5:38am Jan 4, 2011 5:38am
Thanks geula...yes the RSIs are all pointing down, but I believe that LFB mentioned that LG has stated only the H1 and H4 need be in agreement?

I'll try to implement your advice, but I find myself hating to wait hours just to exit a trade at BE
  • #8,411
  • Edited 6:24am Jan 4, 2011 6:09am | Edited 6:24am
Quoting LFB
I have hope for at least small correction here now so i am getting ready for BO short (against Daily, high risk trade).
My risky short triggered and now loosing money. Some more to lose and hopefully reverse. Anyway i will stay away from corrections trading for a while.
Edit SL Hit :-(
However i still believe that after going almost 150 pips up it will now go down.
If i am right my stop loss should be above highest high.
  • #8,412
  • Jan 4, 2011 6:24am Jan 4, 2011 6:24am
Quoting natnimrey
Thanks geula...yes the RSIs are all pointing down, but I believe that LFB mentioned that LG has stated only the H1 and H4 need be in agreement?

I'll try to implement your advice, but I find myself hating to wait hours just to exit a trade at BE
IMHO, we usually look for RSIs of all TFs for trend confirmation.

LFB and LG talked about trading yesterday at the beginning of the month, so the daily is important
but the weekly and monthly are not relevant.

Please see these posts:
http://www.forexfactory.com/showpost...postcount=8252

http://www.forexfactory.com/showpost...postcount=8253

LG, LFB and everyone, please correct me if wrong. Thank you!
  • #8,413
  • Jan 4, 2011 6:24am Jan 4, 2011 6:24am
Quoting LFB
My risky short triggered and now loosing money. Some more to lose and hopefully reverse. Anyway i will stay away from corrections trading for a while.
Edit SL Hit :-(

Read that BIS is buying the pound...maybe rally could go on for a bit longer...
  • #8,414
  • Jan 4, 2011 7:31am Jan 4, 2011 7:31am
Quoting geula4
IMHO, we usually look for RSIs of all TFs for trend confirmation.

LFB and LG talked about trading yesterday at the beginning of the month, so the daily is important
but the weekly and monthly are not relevant.

Please see these posts:
http://www.forexfactory.com/showpost...postcount=8252

http://www.forexfactory.com/showpost...postcount=8253

LG, LFB and everyone, please correct me if wrong. Thank you!
Ahh I see..that makes sense...thanks again geula
  • #8,415
  • Jan 4, 2011 7:46am Jan 4, 2011 7:46am
Quoting natnimrey
Ahh I see..that makes sense...thanks again geula
  • #8,416
  • Jan 4, 2011 7:48am Jan 4, 2011 7:48am
does anyone see any 1H 4taps or 4H 3tap on this pair and which direction PA will be heading? Thanks in advance.
  • #8,417
  • Jan 4, 2011 7:51am Jan 4, 2011 7:51am
3tap happened. out with +20 pips...
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  • #8,418
  • Jan 4, 2011 7:53am Jan 4, 2011 7:53am
Consolidation BO.. Missed this one, but good for 30 pips.
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  • #8,419
  • Jan 4, 2011 7:59am Jan 4, 2011 7:59am
Another consolidation "stop and go" BO, good for 40 pips.
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  • #8,420
  • Jan 4, 2011 8:03am Jan 4, 2011 8:03am
Hit my TP last night. +40 pips.
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