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Trade What You See - Almost Naked Trading

  • #10,461
  • Jan 31, 2011 8:47am Jan 31, 2011 8:47am
An entire week's worth of pips could have quite easily been made with BOs during London and NY sessions. I reached my 100 pip goal. Now the hard part ....staying out live for the rest of the week. It is a nice problem to have. I hope others of you really banked the pips between gaps and BOs.
  • #10,462
  • Jan 31, 2011 8:52am Jan 31, 2011 8:52am
Quoting CrucialCraig
Hi Lawgirl,

Thanks a ton for this thread. I'm somewhat new here to FF though I've been a lurker for quite some time.

Anyhow, how does this trade look? I went short around 5:40 PST at .8565.

Thanks in advance.
It's much too early in the trading week to look for 3 Tap trades. Look only for BOs for the first day, maybe two of the trading week. 3 Tap are trend trades.
  • #10,463
  • Jan 31, 2011 8:53am Jan 31, 2011 8:53am
Are these valid TTs off the 4H EURUSD, or am just seeing what I want to see here?

Thanks in advance
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  • #10,464
  • Jan 31, 2011 9:03am Jan 31, 2011 9:03am
Quoting Juan Grande
Are these valid TTs off the 4H EURUSD, or am just seeing what I want to see here?

Thanks in advance
Having period separators on your chart really helps to focus the trading area. Please read my comment above about being too early in the trading week to look for 3 taps. Had you been set up for a breakout (BO) trade, you would have caught a run up of over 100 pips. Look in this order for trades from the beginning of the trading week:

1. Gaps (if you like the action, it's not for everyone) These trades are usually good for 20-30 or more pips.

2. H1 4C BOs after the first four hours/candles of the opening and there after all week long after the first four hours of each new trading day.

3. Consolidation BOs at any time throughout the trading week.

4. H4 3 Tap Trades after a trend has been established.
  • #10,465
  • Jan 31, 2011 9:09am Jan 31, 2011 9:09am
Look forward to having this "problem" LOL. My trading has imporved greatly after applying your tactics...working on dicipline now

Quoting lawgirl21
An entire week's worth of pips could have quite easily been made with BOs during London and NY sessions. I reached my 100 pip goal. Now the hard part ....staying out live for the rest of the week. It is a nice problem to have. I hope others of you really banked the pips between gaps and BOs.
  • #10,466
  • Jan 31, 2011 9:12am Jan 31, 2011 9:12am
Quoting LearningPIPs
Look forward to having this "problem" LOL. My trading has imporved greatly after applying your tactics...working on dicipline now
I am so glad to hear that. Discipline is still my weak area too.
  • #10,467
  • Jan 31, 2011 9:14am Jan 31, 2011 9:14am
Thanks for your time LG
  • #10,468
  • Jan 31, 2011 9:19am Jan 31, 2011 9:19am
Quoting lawgirl21
It's much too early in the trading week to look for 3 Tap trades. Look only for BOs for the first day, maybe two of the trading week. 3 Tap are trend trades.
Great, thanks. I will keep this in mind moving forward.
Enter Signature
  • #10,469
  • Jan 31, 2011 9:53am Jan 31, 2011 9:53am
Hi LG, appreciate if u can help me in this trade setup. Once BO, PA can be quite subjective in each individual's eye. Can i drop a few lines here, as a general guideline, and u can help me see if it's correct?

Scenario: After the 4x H1 candles form and the shaded box is complete.
Action: After BO occurs, i'll wait for 3 consecutive red candles to form complete if it's breakdown OR i'll wait for 3 consecutive green candles to form complete if it's breakup.

Will these 3 consecutive same color candles mean a good PA to execute a buy/sell trade?
  • #10,470
  • Jan 31, 2011 10:15am Jan 31, 2011 10:15am
Thanks Precap2, always wondered, but never looked into it!

Don't worry, I don't take many/any advice on any particular trade.

I have a few strategies that I have devised myself but the majorityof the time I use v.basic analysis, generally combining Japanese charting techniques with basic western analytics.
  • #10,471
  • Jan 31, 2011 10:23am Jan 31, 2011 10:23am
Quoting kedridder
Hi LG, appreciate if u can help me in this trade setup. Once BO, PA can be quite subjective in each individual's eye. Can i drop a few lines here, as a general guideline, and u can help me see if it's correct?

Scenario: After the 4x H1 candles form and the shaded box is complete.
Action: After BO occurs, i'll wait for 3 consecutive red candles to form complete if it's breakdown OR i'll wait for 3 consecutive green candles to form complete if it's breakup.

Will these 3 consecutive same color candles mean a good PA to execute a buy/sell trade?...
Two to three consecutive candles on a lower timeframe, M15 or M5. But it is not a hard and fast rule. The quality of the consecutive candles is important too.
  • #10,472
  • Jan 31, 2011 10:25am Jan 31, 2011 10:25am
Quoting lawgirl21
Two to three consecutive candles on a lower timeframe, M15 or M5. But it is not a hard and fast rule. The quality of the consecutive candles is important too.

yes, you're right. i forgot e details. i meant 3x M15 candles in fact. by e quality of candles, you mean full body, not long wick/shadow right?

and also, RSI gotta be pointing in e correct direction, is order to execute e trade.

is my understanding above correct?
  • #10,473
  • Jan 31, 2011 10:27am Jan 31, 2011 10:27am
On a retrace. May turn into a ZC trade.
Attached Image
  • #10,474
  • Jan 31, 2011 10:33am Jan 31, 2011 10:33am
Quoting kedridder
yes, you're right. i forgot e details. i meant 3x M15 candles in fact. by e quality of candles, you mean full body, not long wick/shadow right?

and also, RSI gotta be pointing in e correct direction, is order to execute e trade.

is my understanding above correct?
Yes, you got it..we don't worry so much about longer TF RSI directions because these BO trades are over fairly quickly...usually from 1-4 hours, so it is great to have the H1 and H4 RSI favoring the direction of the BO. That said,this is a pure price action trade and PA trumps the RSI direction.

I hope that is not confusing..by that I mean that it is very possible to have a one candle BO trade worth 20-50 pips or more where the trade is happening so fast that the RSI cannot change in time. Again, PA trumps RSI direction for these types of BO trades.
  • #10,475
  • Jan 31, 2011 10:42am Jan 31, 2011 10:42am
Quoting lawgirl21
Yes, you got it..we don't worry so much about longer TF RSI directions because these BO trades are over fairly quickly...usually from 1-4 hours, so it is great to have the H1 and H4 RSI favoring the direction of the BO. That said,this is a pure price action trade and PA trumps the RSI direction.

I hope that is not confusing..by that I mean that it is very possible to have a one candle BO trade worth 20-50 pips or more where the trade is happening so fast that the RSI cannot change in time. Again, PA trumps RSI direction for these types of BO...

yes, its indeed a bit of confusing cos i remember once u said something like, to wait for the BO and RSI to agree on the direction. or unless i misunderstood previously.
  • #10,476
  • Jan 31, 2011 10:54am Jan 31, 2011 10:54am
While on the subject of BO trades - where will you put your stop? the other side of the box? if yes and we get a retrace into the box going against us will you keep your stop in the same place and wait for it to either hit it or go back in the desired direction?

Thanks

Quoting lawgirl21
Yes, you got it..we don't worry so much about longer TF RSI directions because these BO trades are over fairly quickly...usually from 1-4 hours, so it is great to have the H1 and H4 RSI favoring the direction of the BO....
  • #10,477
  • Jan 31, 2011 10:59am Jan 31, 2011 10:59am
Quoting redart007
While on the subject of BO trades - where will you put your stop? the other side of the box? if yes and we get a retrace into the box going against us will you keep your stop in the same place and wait for it to either hit it or go back in the desired direction?

Thanks

Yes, I generally place stops at the other side of the box/line when I use stops. Lately, however we have had some very tight four hour R/S ranges. In tight range setups, I would use a 40-50 pip stop.
  • #10,478
  • Jan 31, 2011 11:09am Jan 31, 2011 11:09am
I hope someone catched this BO trad, I missed it :'(

Although it had a difficult start it went op by +100 pips...
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  • #10,479
  • Jan 31, 2011 11:14am Jan 31, 2011 11:14am
Quoting lawgirl21
On a retrace. May turn into a ZC trade.
I think I may have missed something here. What's a ZC Trade ?

Thanks
Simmo
  • #10,480
  • Jan 31, 2011 11:15am Jan 31, 2011 11:15am
Quoting KillerAntz
I hope someone catched this BO trad, I missed it :'(

Although it had a difficult start it went op by +100 pips...
I caught it, but jumped off too early.
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