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Looking on a naked chart, can you pick the best strategy? 32 replies

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Attachments: Trade What You See - Almost Naked Trading
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Trade What You See - Almost Naked Trading

Quoting Location
Hi LG:

I think self-evaluation has been a key factor for me in terms of moving from Stage 2 to Stage 3.

One of the things that has helped me is that I created a Breakout worksheet. I fill out all the information I consider before, during, and after taking a trade.

It does several things for me: 1) It slows me down; 2) It forces me to justify my decision to take the trade; 3) It provides me with a space to write my comments about the trade while I am in it, and after the trade is finished. 4) It give me a written record of all my trades, which...
OMG, this is actually what I'm doing to. I'm losing to much lately '( so I do have plenty of negative comments. One of my comments from the last days:

"thought this was a retrace and I could grab some extra pips => never think you know this already, you are a new trader and should stick to the rules, the rest will come later, you should know this, this isn't the first time!!!"
Quoting Fitness09
Can anyone tell me what I am doing wrong? I say probaby 5 or 6 trades out of ten, I will execute a trade, and the market will stall either on my order line, just above it, or below it. I think this is happening too many times to be a coincedence. Can anyone shed light on this for me? I am not close to a major R/S area, but the market will just stall. Am I missing something? Thanks!

Just my 2p's worth:

1) Have you been falling in the trap of trying to identify market turns? try and be happy if you can capture anywhere around 50% of the pips between turns.
2) Do you find yourself wanting to be in a trade most of the time? It may be an idea to alert yourself to watch PA around pre-defined levels - mainly immediate S/R levels, unless it is an obvious trade ofcourse. I am assuming you trade LG's system only.
3) Believe me, often there is a sense of satisfaction merely not being in a trade.
4) I would recommend disciplining yourself by just sticking to BO trades for example, until you gain more confidence.
5) Do you ever try to "revenge" trade?
6) Are you always applying consistent risk/reward principles?


Unless all of the above is acknowledge and practiced, money management remains just a fancy term.

Losses are part of the game anyway, the point is to keep them to a minimum.

And yes, in case you are wondering, I have been there too.......
Quoting bimmerbob
Just my 2p's worth:

1) Have you been falling in the trap of trying to identify market turns? try and be happy if you can capture anywhere around 50% of the pips between turns.
2) Do you find yourself wanting to be in a trade most of the time? It may be an idea to alert yourself to watch PA around pre-defined levels - mainly immediate S/R levels, unless it is an obvious trade ofcourse. I am assuming you trade LG's system only.
3) Believe me, often there is a sense of satisfaction merely not being in a trade.
4) I would recommend disciplining yourself...
Thanks so much BB,
1. Yes
2. Yes, I am almost always in a trade. I only trade LG's system. I used to try to follow a bunch of pairs, but not I try to stick to just one or two.
3...
4. I have come to that conclusion (even just gap trades on Sundays) about a week ago.
5. Yes, I feel I can make up a loss.
6. Not really, or as I should be with a proper T/P and S/L.
Quoting Fitness09
Thanks so much BB,
1. Yes
2. Yes, I am almost always in a trade. I only trade LG's system. I used to try to follow a bunch of pairs, but not I try to stick to just one or two.
3...
4. I have come to that conclusion (even just gap trades on Sundays) about a week ago.
5. Yes, I feel I can make up a loss.
6. Not really, or as I should be with a proper T/P and S/L.

No problem mate. Sometimes it takes a third person to bring to the surface what you know already anyway, but exercising a state of denial.

One of the things I make a point of always remembering is that stop-hunting is a dealer's delight. This job is made easy for the dealer because one, for example, tries to identify turns, like millions of other retail traders, and dealers are fully aware of this. So either you have to have massive stops, or get into the habit of entering a position after a retrace, by which time hopefully the spiking of stops has been executed and you're onto a home run. In effect, LG's BO sys works much like that (waiting for confirmation).

Also, only deal with a consistent unit(s) of currency; quantify your stop loss in terms of money you will lose as opposed to number of pips (compare how much easier it is to place chips on a roulette table rather than actual cash). Also, try and train yourself to guage the strength of the trend you are trading in. Say, in an uptrend, is the price heading up in the direction of 1 o'clock or 2 o'clock? In time you will learn to place smaller/bigger SLs dependent on trend strength.....but, practice is essential.....good luck!
Hey LG

Do you trade as much on friday and monday as you do tue-thursday?

Just asking cause i get alot of different answers from different traders?

Actually i would be interested in everyones opinion on this (if you have one)
Looks like the 3rd tap has hit yes?
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Quoting Strick
Looks like the 3rd tap has hit yes?
HA ! HA ! HA! I just wanted to say that 'cuz I'm really bored atm. Watching charts makes a person a little loonie... well, that's your opinion.

got'ta go... there's too much money to be made. Sorry I had to lie about never posting here. but it's in honor of Lehman Brothers.
H1CBO ??
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Not ever done a pending order!
Set a long at 1.3690; 20pip SL, 50 TP.

Also set alert at +40, maybe I'll trail thereafter....if it reaches obviously!

Time for some zzzzzzzzzzzzz's
Quoting Strick
Hey LG

Do you trade as much on friday and monday as you do tue-thursday?

Just asking cause i get alot of different answers from different traders?

Actually i would be interested in everyones opinion on this (if you have one)
FWIW, I learned a lot about trading the FX markets from Ellie Taft, a trader I have a lot of respect for, and the author of "Dad's Legacy, Blazing the Forex Trail to Your American Dream". She cites an 8-year performance study which showed that 36.3% of all profits came from trades entered on a Friday, as opposed to Monday, 11%. Tuesday, 20%, Wednesday, 12.5%, and Thursday, 20.2%. These stats were based on regular 24 hr. trading days 5pm EST to 5pm EST. I live in Japan. The time here is GMT+9, and my trading week ends on Saturday morning at 7. When I get up every morning, I'm looking at the start of the Asian session. During the week, and while perusing this forum, my mid-afternoon is when most Americans are contemplating hitting the sack. But by the start of the New York session, I'm ready to turn in. In real-time we can talk about active trades because then, we're on the same page. And while I don't keep those kinds of stats for my own trading, Ellie's stats seem to me to be fairly accurate. That being said, your post seemed to ask about the number of times positions are taken on a daily basis as per day. For myself, I have a basket of 9 pairs that I look at daily. Same 9 everyday. I never trade outside these 9 pairs. LG looks at far more markets than I do. Some look at less. A lot of people here like the Swiss Franc crosses. Some only trade the EURUSD. My point is that the way one trades will affect the amount of "looks" one has to see a trading opportunity. And as for the day and the amount of trades...well, I usually don't expect much out of Mondays and have been known to (cough, cough) blow Mondays off. But I never miss a Friday. Apologies for the length of this post.
Quoting bobby2
FWIW, I learned a lot about trading the FX markets from Ellie Taft, a trader I have a lot of respect for, and the author of "Dad's Legacy, Blazing the Forex Trail to Your American Dream". She cites an 8-year performance study which showed that 36.3% of all profits came from trades entered on a Friday, as opposed to Monday, 11%. Tuesday, 20%, Wednesday, 12.5%, and Thursday, 20.2%. These stats were based on regular 24 hr. trading days 5pm EST to 5pm EST. I live in Japan. The time here is GMT+9, and my trading week ends on Saturday morning at 7....
Bobby2, Thanks for your info. I'm in Australia so GMT +10 and my attention is from Frankfurt Opening to the Asian Close. I also focus on a small number of pairs for my trading "day" and look daily for opportunities.
BO right now
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There`s no life before COFFEE!
Quoting Strick
I do believe the GBP/USD is breaking on the downsidae with a short entry of that H4 3tap!

Anyone agree?
If you have done your analysis and YOU BELIEVE in the downside but then fail to act on this belief you will set a mental precedent that will cause problems in the future as you start to question and look for outside influence to support your beliefs.
If you have seen a 3 tap, 7 tap or 10 tap and this is what you believe in then why would you need the opinion of another?

I am not criticising you or anyone here as that is a futile and an easy past time on most forums, (this forum is rather refreshing in that respect) rather I am prompting you to have a think about the importance that BELIEF plays in your trading decisions and outcomes.
Quoting Martin Cole
If you have done your analysis and YOU BELIEVE in the downside but then fail to act on this belief you will set a mental precedent that will cause problems in the future as you start to question and look for outside influence to support your beliefs.
If you have seen a 3 tap, 7 tap or 10 tap and this is what you believe in then why would you need the opinion of another?

I am not criticising you or anyone here as that is a futile and an easy past time on most forums, (this forum is rather refreshing in that respect) rather I am prompting...
Believes can be very expensive. IMHO: Trade what you see, don`t try to predict the market, go with the flow... Keep your losses small.
There`s no life before COFFEE!
Just shorted the GBPUSD and GBPJPY a few minutes ago. Made a few pips on these earlier today, and now I'm going back in.

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Quoting Fitness09
Can anyone tell me what I am doing wrong? I say probaby 5 or 6 trades out of ten, I will execute a trade, and the market will stall either on my order line, just above it, or below it. I think this is happening too many times to be a coincedence. Can anyone shed light on this for me? I am not close to a major R/S area, but the market will just stall. Am I missing something? Thanks!
IMHO, the forex market has been quite difficult to trade lately.
There have been some days that the market would not move much, maybe because of news releases, holidays etc.

I don't think that you are doing something wrong.
But perhaps you can post a chart, whenever such a case happens?
IMHO, H1 C4 BO and ZC.
Please note the high spread of this pair (10 pips in my broker).

Let's give it a try with a small lot...
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Quoting geula4
IMHO, H1 C4 BO and ZC.
Please note the high spread of this pair (10 pips in my broker).

Let's give it a try with a small lot...
1H chart.
IMHO possible TPs marked with red lines.
Let's monitor PA closely... :nerd:
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IMHO, a possible similar setup here: H1 4C BO and ZC:
IF price can break above red line, resistance at 0.9975.
IMHO TP would then be around the green line above, a little below 1.0000.
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Also monitoring GBPUSD.
Same idea, but here to the downside.
IMHO, IF price can break support around 1.5880 (red line)
we'll have a H1 C4 BO followed by ZC...

Let's wait and see
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