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Trade What You See - Almost Naked Trading

  • #8,621
  • Jan 5, 2011 1:12pm Jan 5, 2011 1:12pm
Hi Everyone,

Do you think this is the ZC setup that Scrutch was referring to?
Love to hear your opinions please!
Thank you!
Attached Image (click to enlarge)
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  • #8,622
  • Jan 5, 2011 1:12pm Jan 5, 2011 1:12pm
Prime example of PA keeping you out of a bad trade by watching the M15 chart.
I was watching the three red candles form...when along came Mr. Green.
Trade was not taken (yet) as PA started to show a bit of strength, instead of continued weakness.
Maybe later...?
Maybe not...?
Please remember...not taking a trade is taking a position!

Note: More of the Z lines than needed but should give you an idea of what I'm watching. I think the main idea here is that we had a decent H1-4C-BO (after a fake out) and price returned to the lower boundary of the BO zone...then made an attempt to break to the downside again.

Attached Image (click to enlarge)
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Quoting geula4
Hi Scrutch,
Can you please post a chart?
IMHO it will help me, and maybe others, learn the ZC setup.
Thank you!
Listen to the whispers.... You may learn something
  • #8,623
  • Edited 1:27pm Jan 5, 2011 1:15pm | Edited 1:27pm
Quoting Scrutch
Prime example of PA keeping you out of a bad trade by watching the M15 chart.
I was watching the three red candles form...when along came Mr. Green.
Trade was not taken (yet) as PA started to show a bit of strength, instead of continued weakness.
Maybe later...?
Maybe not...?
Please remember...not taking a trade is taking a position!

Attachment
Thank you!

If I may ask another question please:
Assuming that PA is good, you want to enter at the middle white line with SL at the bottom of the grey area and TP at the bottom white line? Is that correct? Thank you!
  • #8,624
  • Jan 5, 2011 1:23pm Jan 5, 2011 1:23pm
IMHO, price is around round number 1.0000, so PA can be ranging and tricky for some time; like last time it was at that level.

Anyway, good luck with this trade if you take it!
  • #8,625
  • Jan 5, 2011 1:34pm Jan 5, 2011 1:34pm
Anybody in this?
  • #8,626
  • Jan 5, 2011 1:35pm Jan 5, 2011 1:35pm
I would like to make a comment on the RSI indicator repainting question.
It is NOT repainting.
The definition of a repainting indicator is that it will repaint after the close of a bar or several bars ago to adjust to the optimum level. These are great indicators for showing what happened in the past but nearly impossible to trade the hard right edge of the chart with.

The RSI changes while the current bar is still open...but the RSI indicator changes as well. Once the RSI value is printed for a closed bar, it then shows the current bars RSI value. The only repainting of the RSI indicator is just keeping track of which direction the RSI is pointing at the moment...as LawGirl stated in her post. The difference between the RSI indicator is that the indicator is always showing the value for the open bar, while the RSI keeps track of the historical values, plus the current value.

Quoting lawgirl21
I do not believe there is repainting going on with the indicators, merely a reflection of what is happening with price and momentum at this time.
Listen to the whispers.... You may learn something
  • #8,627
  • Jan 5, 2011 1:41pm Jan 5, 2011 1:41pm
IMHO, perhaps we can try to channel trade this pair.
It seems to keep inside the range marked with the red lines. :nerd:
What do you people think? Thank you!
Attached Image (click to enlarge)
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  • #8,628
  • Jan 5, 2011 2:03pm Jan 5, 2011 2:03pm
I don't pay that much attention to the mid point of the last swing...but an easy way to do this is to click on the trend line to show the grip points (the small boxes at the beginning, mid point and end of the trendline). You can watch the level around the middle grip to get an idea of a 50% retracement to see how price reacts there.

My attention is on the S/R lines that I have drawn...nothing fancy or complicated there. I see an approximate 30p's between support lines and that's enough for me to consider taking a trade. You have to keep in mind that the white line shows me there was a 100% retracement of the previous down move, so this may just be a minor correction before it heads back up again. That's why watching the PA is so important in putting on a trade like this. Please don't mention this to LG, but I've been known to watch the M5 (sometimes even the M1, sheee...even a tic chart now and then) charts. I want to see price making LH's and LL's to justify an order placement and how price is reacting to my support level area.

I still have not entered an order for this pair...so far the 9990'ish area keeps rejecting price.

Quoting geula4
If I may ask another question please:
Assuming that PA is good, you want to enter at the middle white line with SL at the bottom of the grey area and TP at the bottom white line? Is that correct?
Thank you!
Listen to the whispers.... You may learn something
  • #8,629
  • Jan 5, 2011 2:06pm Jan 5, 2011 2:06pm
Quoting Scrutch
I don't pay that much attention to the mid point of the last swing...but an easy way to do this is to click on the trend line to show the grip points (the small boxes at the beginning, mid point and end of the trendline). You can watch the level around the middle grip to get an idea of a 50% retracement to see how price reacts there.

My attention is on the S/R lines that I have drawn...nothing fancy or complicated there. I see an approximate 30p's between support lines and that's enough for me to consider taking a trade. You have to keep in mind...
Thank you for the detailed answer!
  • #8,630
  • Jan 5, 2011 2:15pm Jan 5, 2011 2:15pm
Lawgirl,

I began the learning process of the forex market almost two years ago. I have had some successes and some failures. I have been profitable in spurts, however, have lost money in the long run. The purpose of this post is to comment on your system. I am impressed with its simplicity and its profitability. You have given me a new way to look at the forex market. I have found that through your system rules, I am not only profiting by them,
I am able to see other profitable opportunities that jump out at me through the way you have taught me to look at the markets.

Through past experience, I cannot say I will continue to be profitable. I only know I am making profits presently. My mind has a way of deviating away from what I am being taught. I have found the markets have a way of doing that to me.

Thank you for introducing this system through forex factory. This is fun.

BigA North Carolina
  • #8,631
  • Jan 5, 2011 2:50pm Jan 5, 2011 2:50pm
IMHO, PA clearly broke upwards.
Therefore, I abandon the range trading idea.
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  • #8,632
  • Jan 5, 2011 3:02pm Jan 5, 2011 3:02pm
Quoting duffypratt
LG:

I think its worth drawing a distinction between the RSI indicator, and the arrow indicator that's used here. One of the things that first drew me to this thread was the idea that it was a "chart lover's" method. The basic function of the arrow indicator is to relieve people of the chore of looking at the charts on the higher time frame.

Then, what seems to have happened, is that people place some incredible faith in what the arrows are doing. It's very easy to see what the arrows do. All you need to do is look at the higher time frames....

I agree with you DP, I use the arrows to screen, then generally still rely on the actual RSIs.
  • #8,633
  • Jan 5, 2011 5:57pm Jan 5, 2011 5:57pm
Hey there LG & everyone...

How r u all doing?
  • #8,634
  • Jan 5, 2011 6:17pm Jan 5, 2011 6:17pm
Quoting biganc
Lawgirl,

I began the learning process of the forex market almost two years ago. I have had some successes and some failures. I have been profitable in spurts, however, have lost money in the long run. The purpose of this post is to comment on your system. I am impressed with its simplicity and its profitability. You have given me a new way to look at the forex market. I have found that through your system rules, I am not only profiting by them,
I am able to see other profitable opportunities that jump out at me through the way you have taught...
I am so happy to have you here and hope that you continue to have more and more profitable trades. I think it's fun too.
  • #8,635
  • Jan 5, 2011 6:30pm Jan 5, 2011 6:30pm
I am considering taking this trade as a consolidation BO, if PA continues up, instead of a H1 4C BO. But inpatience usually is a downfall for me, so will see...
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  • #8,636
  • Jan 5, 2011 6:33pm Jan 5, 2011 6:33pm
This pair is setting up the same way.
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  • #8,637
  • Jan 5, 2011 6:38pm Jan 5, 2011 6:38pm
I have been reading this thread for a few days now but this is my first post i wanted to make sure i gather as much knowledge before i introduce myself.....I also want to get the opinion of anyone on this thread about the 3-touch on these pair ......want to make sure i get it right or at least close.
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  • #8,638
  • Jan 5, 2011 6:42pm Jan 5, 2011 6:42pm
Quoting row
I have been reading this thread for a few days now but this is my first post i wanted to make sure i gather as much knowledge before i introduce myself.....I also want to get the opinion of anyone on this thread about the 3-touch on these pair ......want to make sure i get it right or at least close.
That is exactly right for a 3 Tap and trigger. However, PA has been so strange the last few weeks, I have taken to watching PA for a few candles on the M15 chart to confirm direction.
  • #8,639
  • Jan 5, 2011 6:46pm Jan 5, 2011 6:46pm
Quoting lawgirl21
That is exactly right for a 3 Tap and trigger. However, PA has been so strange the last few weeks, I have taken to watching PA for a few candles on the M15 chart to confirm direction.
This pair is not showing a 3 Tap on my chart.
Attached Image
  • #8,640
  • Jan 5, 2011 6:54pm Jan 5, 2011 6:54pm
Quoting lawgirl21
This pair is not showing a 3 Tap on my chart.
My platform is diferent from yours but i think i can find the same one you have
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