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Trade What You See - Almost Naked Trading

  • #8,541
  • Jan 5, 2011 2:30am Jan 5, 2011 2:30am
Very nice down movement!
Congrats for everyone who is making good pips on this trade!

IMHO, let's observe PA now at support area 0.8480-90 and see if it can move lower...
  • #8,542
  • Jan 5, 2011 2:33am Jan 5, 2011 2:33am
Quoting natnimrey
I'm thinking she might not have entered. What I'm hoping for is if LG or anyone out there can shed some light on trading the retrace for the big move at EUR/GBP, if it's possible
IMHO, maybe if it retraces back to 0.8510 we will see a ZC setup?
But in such a case, IMHO we need to observe PA carefully...

What do you think?
  • #8,543
  • Jan 5, 2011 2:40am Jan 5, 2011 2:40am
IMHO, we should move SL to BE+ to lock some profits.
A pip in the hand is better than two on the chart
  • #8,544
  • Jan 5, 2011 2:44am Jan 5, 2011 2:44am
I'd be careful about relying on a big retracement. Look what happened yesterday....twice....There was no tretracement. It will probably happen eventually, but only God knows if and when. I just trade according to our rules. It's stalling now around .8488-89. Will it go lower? Will it retrace? Maybe, maybe not. Right now, the PA says lower. One other thing to keep in mind is, the 1st hour of the London session is infamous for Stop Hunters.

Attached Image (click to enlarge)
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  • #8,545
  • Jan 5, 2011 2:45am Jan 5, 2011 2:45am
Quoting bobby2
I'd be careful about relying on a big retracement. Look what happened yesterday....twice....There was no tretracement. It will probably happen eventually, but only God knows if and when. I just trade according to our rules. It's stalling now around .8488-89. Will it go lower? Will it retrace? Maybe, maybe not. Right now, the PA says lower.

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Thank you, Bobby!
  • #8,546
  • Jan 5, 2011 2:47am Jan 5, 2011 2:47am
Quoting bobby2
Whew! Finally!
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I don't want to scare you but it doesn't look good, i think we can be in side trend for a while now.
  • #8,547
  • Jan 5, 2011 2:52am Jan 5, 2011 2:52am
IMHO exit here around 0.8490 with some nice pips as profit.

I don't like PA in 15M candles and I don't see a clear break down of 0.8480-90 support area.

Just My Humble Opinion, please use your own judgment and trade safe!
  • #8,548
  • Jan 5, 2011 2:56am Jan 5, 2011 2:56am
Quoting bobby2
I'd be careful about relying on a big retracement. Look what happened yesterday....twice....There was no tretracement. It will probably happen eventually, but only God knows if and when. I just trade according to our rules. It's stalling now around .8488-89. Will it go lower? Will it retrace? Maybe, maybe not. Right now, the PA says lower.

Attachment
You were right about EUR/GBP, but no offence bobby, I was referring to GU which has retraced big time I didn't enter cuz I'm far too inexperienced for it and never made much profit from it.If no one here entered, there's no way I'm going in alone
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  • #8,549
  • Jan 5, 2011 2:59am Jan 5, 2011 2:59am
Quoting geula4
IMHO, we should move SL to BE+ to lock some profits.
A pip in the hand is better than two on the chart
Well said.
  • #8,550
  • Jan 5, 2011 3:01am Jan 5, 2011 3:01am
First chart - I'm seeing UJ heading north, 3 taps and once its break the upper resistance..and/or would be interested how other would handle entry?
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  • #8,551
  • Jan 5, 2011 3:03am Jan 5, 2011 3:03am
Guys, any thoughts on these pairs?RSIs are nosediving...looking good to me

AUD/CAD
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AUD/USD
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I'm thinking of shorting AUD/CAD once it clears past the support on 4 Jan...what do you guys think?
  • #8,552
  • Jan 5, 2011 3:08am Jan 5, 2011 3:08am
Quoting redart007
First chart - I'm seeing UJ heading north, 3 taps and once its break the upper resistance..and/or would be interested how other would handle entry?
That looks like a good setup and according to this method it should breakout to the upside once it clears the resistance area, but thats just my opinion. If others can shed some light...
  • #8,553
  • Edited 3:21am Jan 5, 2011 3:09am | Edited 3:21am
Quoting natnimrey
You were right about EUR/GBP, but no offence bobby, I was referring to GU which has retraced big time I didn't enter cuz I'm far too inexperienced for it and never made much profit from it.If no one here entered, there's no way I'm going in alone
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You don't have to go it alone. I'm with you.
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  • #8,554
  • Jan 5, 2011 3:10am Jan 5, 2011 3:10am
Quoting redart007
First chart - I'm seeing UJ heading north, 3 taps and once its break the upper resistance..and/or would be interested how other would handle entry?
IMHO, the setup looks good!
I would still look for a clear PA movement in 1H and 15M candles.

Your trade idea is to go long above 82.30, right?
Good Luck!
  • #8,555
  • Jan 5, 2011 3:11am Jan 5, 2011 3:11am
Quoting natnimrey
That looks like a good setup and according to this method it should breakout to the upside once it clears the resistance area, but thats just my opinion. If others can shed some light...
If it breaks RSI on D1 most likely will turn positive so we would get a valid entry.
Nice setup and clean chart
  • #8,556
  • Jan 5, 2011 3:18am Jan 5, 2011 3:18am
Quoting natnimrey
Guys, any thoughts on these pairs?RSIs are nosediving...looking good to me

AUD/CAD
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AUD/USD
Attachment

I'm thinking of shorting AUD/CAD once it clears past the support on 4 Jan...what do you guys think?
I like your trade idea!

IMHO we need a convincing down movement below 1.000 support area.
Please note that this a strong support level and round number.

Let's see how PA handles that level...:nerd:
  • #8,557
  • Jan 5, 2011 3:18am Jan 5, 2011 3:18am
Quoting geula4
IMHO, the setup looks good!
I would still look for a clear PA movement in 1H and 15M candles.

Your trade idea is to go long above 82.30, right?
Good Luck!

geula4... sometime looking at few candle on 15M candle that break S/L but it still move again us. how to be double confirm sure that it will be continue the direction that we looking for. thank you
  • #8,558
  • Jan 5, 2011 3:21am Jan 5, 2011 3:21am
Hi and thanks.

82.30 would be the breakout price yes, but I like to get in early so was thinking the break /close above of the down trendline i've drawn could be valid or how do you feel about entries on near the third tap with a tight stop?

Cheers

Quoting geula4
IMHO, the setup looks good!
I would still look for a clear PA movement in 1H and 15M candles.

Your trade idea is to go long above 82.30, right?
Good Luck!
  • #8,559
  • Jan 5, 2011 3:25am Jan 5, 2011 3:25am
USDCAD good for BO ????
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  • #8,560
  • Jan 5, 2011 3:28am Jan 5, 2011 3:28am
Quoting cwl0375
geula4... sometime looking at few candle on 15M candle that break S/L but it still move again us. how to be double confirm sure that it will be continue the direction that we looking for. thank you
Hi cwl0375,

IMHO, there is no magic formula for finding a good BO confirmation through 15M candles.
But, there is common sense. Some examples:

If 15M candles' bodies fully breaking the resistance/support - that's a good sign.
If the 15M Candle is relatively bigger than the previous ones and goes in the right direction (bull or bear) - that's a good sign.
If one candle goes up, the second one down etc. and price seems to be ranging in 15M - not a good sign.

IMHO, it's a judgment call what PA is doing and where price is trying to go.

Just My Humble Opinion, love to hear what people here think about this subject! Thank you!!
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