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Trade What You See - Almost Naked Trading

  • #10,681
  • Feb 3, 2011 9:30am Feb 3, 2011 9:30am
Fwiw, the $index has closed a gap from feb 1st a couple of hours back, so would'nt be surprised to see the index head down again.
  • #10,682
  • Feb 3, 2011 11:36am Feb 3, 2011 11:36am
What a day of fabulous trades all over the place. I was not able to get entries on the big moves, but still had a net positive day overall. Congrats to those who did.

LG - I read earlier that you say you love channel trades as well. Me too. Sometimes the b/o of an established channel can really move. Here is the EJ 1H. Just eyeballing it, it looks like the 4C BO would likely have been stopped out by that one spike b4 the short confirmed -- which makes it appear at least that some big trader was clearing out the stops before hand. Either way, what a terrific move once it got going.

The yen crosses have been producing some fantastic channel b/o's like this since September. The only catch is that you have to wait and wait on them to develop (as well as put up with the occasional fake-out). Do you look at these the same way?
Attached Image
  • #10,683
  • Feb 3, 2011 11:47am Feb 3, 2011 11:47am
Quoting lawgirl21
Beautiful. I am in this trade short on a daily chart...so taking a beating.
I'm happy and disapointed the same moment over this pair. I entered long this morning, looking at the charts that looks great...

What happened... I entered and price went up, great. When price was high enough I had the chance to place SL at BE+1, so I did, because I had some painfull loses, so I was happy that this couldn't go wrong anymore...

Price went down and went 1, ONE, UNO pip beyond my SL. Then it reversed and headed of to go climb almost 100 pips.

Conclusion: You have to have enough room, even if this means price will go beyond your opening price after a serious climb. In the end i'm glad that I at least got the BO direction right.
  • #10,684
  • Feb 3, 2011 11:50am Feb 3, 2011 11:50am
This one has me tempted for a long. Big spread for me though and late London session. Hmmm! what to do!!
Attached Image
Honest Bill
  • #10,685
  • Feb 3, 2011 12:00pm Feb 3, 2011 12:00pm
Quoting Honest Bill
This one has me tempted for a long. Big spread for me though and late London session. Hmmm! what to do!!
IMHO, could be risky.
Please note that H4 RSI in your chart is pointing down.
Also, resistance in 82.80-90 area.
  • #10,686
  • Feb 3, 2011 1:35pm Feb 3, 2011 1:35pm
Quoting Honest Bill
This one has me tempted for a long. Big spread for me though and late London session. Hmmm! what to do!!
If you don't know, stay out.
TTFN Merlyn
  • #10,687
  • Feb 3, 2011 1:57pm Feb 3, 2011 1:57pm
Quoting Honest Bill
This one has me tempted for a long. Big spread for me though and late London session. Hmmm! what to do!!
Too risky..there is a set up here, but no trigger. I would stay out.
  • #10,688
  • Feb 3, 2011 1:57pm Feb 3, 2011 1:57pm
Lawgirl any info as to how to take these charts? Same TimeFrame, same settings but completley different candles.

http://img24.imageshack.us/img24/8/brokers.png

This would affect BO and tap right?

Could you post an image of yours and see which it comes closest to?

Thanks
  • #10,689
  • Feb 3, 2011 1:58pm Feb 3, 2011 1:58pm
Quoting Merlyn
If you don't know, stay out.
That's right....when in doubt, stay out.
  • #10,690
  • Feb 3, 2011 3:07pm Feb 3, 2011 3:07pm
Quoting ConstantFX
Lawgirl any info as to how to take these charts? Same TimeFrame, same settings but completley different candles.

http://img24.imageshack.us/img24/8/brokers.png

This would affect BO and tap right?

Could you post an image of yours and see which it comes closest to?

Thanks
The charts are far too small to see any written detail.
Can you confirm they are exactly the same contract?
  • #10,691
  • Feb 3, 2011 3:52pm Feb 3, 2011 3:52pm
Quoting bimmerbob
The charts are far too small to see any written detail.
Can you confirm they are exactly the same contract?
New pic, sorry image host was resizing it too much!

http://oi55.tinypic.com/afeuev.jpg
  • #10,692
  • Edited 4:26pm Feb 3, 2011 4:18pm | Edited 4:26pm
Quoting ConstantFX
New pic, sorry image host was resizing it too much!

http://oi55.tinypic.com/afeuev.jpg
I compared the same chart on Broco. The candles there do not exactly correspond to either of your examples, but differences not material enough to get in a sweat. Wonder if the 4 hour intervals actually correspond between brokers. Counting from the top to the big red candle, in one case appears to be 8 candles and 7 candles in the other. Also, I'd put any price differentials down to "broker indiscretions".

One point to bear in mind is LG always reminds all to trade their own charts, i guess because of these minor anomalies.
  • #10,693
  • Feb 3, 2011 6:05pm Feb 3, 2011 6:05pm
Quoting bimmerbob
I compared the same chart on Broco. The candles there do not exactly correspond to either of your examples, but differences not material enough to get in a sweat. Wonder if the 4 hour intervals actually correspond between brokers. Counting from the top to the big red candle, in one case appears to be 8 candles and 7 candles in the other. Also, I'd put any price differentials down to "broker indiscretions".

One point to bear in mind is LG always reminds all to trade their own charts, i guess because of these minor anomalies.
The difference is because FXCM has a no-dealing desk price rates while FXDD is a market maker. It means FXDD is re-quoting the price. FXCM just streams the actual price to the platform which is provided to them.
  • #10,694
  • Feb 3, 2011 8:10pm Feb 3, 2011 8:10pm
Quoting KillerAntz
I'm happy and disapointed the same moment over this pair. I entered long this morning, looking at the charts that looks great...

What happened... I entered and price went up, great. When price was high enough I had the chance to place SL at BE+1, so I did, because I had some painfull loses, so I was happy that this couldn't go wrong anymore...

Price went down and went 1, ONE, UNO pip beyond my SL. Then it reversed and headed of to go climb almost 100 pips.

Conclusion: You have to have enough room, even if this means price will go beyond your...
Conclusion : Lucky is The "X" Factor
  • #10,695
  • Feb 3, 2011 8:27pm Feb 3, 2011 8:27pm
Hoping for a breakout to the down side. Any body else watching this pair?
http://img59.imageshack.us/i/chart9.gif/http://img59.imageshack.us/i/chart9.gif/

http://img820.imageshack.us/img82
  • #10,696
  • Feb 3, 2011 10:31pm Feb 3, 2011 10:31pm
Quoting MikeNYC
The difference is because FXCM has a no-dealing desk price rates while FXDD is a market maker. It means FXDD is re-quoting the price. FXCM just streams the actual price to the platform which is provided to them.
Actually the real reason for the difference is because Different Brokers operate off of Different GMT offsets. This causes the daily and 4hr candles to be off from broker to broker. FXCM is GMT -5 and FXDD is GMT +2 so this means FXCM's daily bars close at 5pm EST and FXDD's daily bar closes at 9pm EST thus causing the 4hr candles to be off by 1.
  • #10,697
  • Feb 3, 2011 11:00pm Feb 3, 2011 11:00pm
Setting up for a long BO
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  • #10,698
  • Feb 3, 2011 11:02pm Feb 3, 2011 11:02pm
Same here. Long BO set up
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  • #10,699
  • Feb 3, 2011 11:04pm Feb 3, 2011 11:04pm
Chart
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  • #10,700
  • Feb 3, 2011 11:05pm Feb 3, 2011 11:05pm
Long BO set up
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Click to Enlarge Name: sun.gif Size: 14 KB
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