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Trade What You See - Almost Naked Trading

  • #10,921
  • Feb 9, 2011 12:11am Feb 9, 2011 12:11am
Quoting Fitness09
Okay LG, I'll try to clarify. I mainly trade the EU (for now), and trade short term (mainly your BO system). Do I need to know where the price of the EU was a year ago if I don't plan to hold it for a long time? Hope that helps.
Yes, you need to know where it's been for at least the past year to get an idea of where it might be going. If you are only trading the EU, you should pretty much know everything about it...it's highs, lows and all major support/resistence areas. I would even run a Fib on it on the weekly chart. You should really be studying it.
  • #10,922
  • Feb 9, 2011 12:14am Feb 9, 2011 12:14am
Quoting Hawaiifive9
Have you noticed any pairs in particular you seem to gravitate to? For me personally, I "look back" with a year of data on a daily chart, 4-6 months on a 4H, and 1 month for 1H w/ the 15m "reserved" for entry. It's really not so much to glean all that data, as it is to put the immediate PA in a perspective that somewhat confirms the direction vs a flash in the pan concept. Jeez - did that come out crappy or what?
I know when I first started, I jumped on a lot of different pairs that i didn't know much about. I lost a lot of money, so I decided to just concentrate on a few, and then decided to really study the EU. I knew where is was yesterday, last week, and last month, but I find myself "skimming" a few times a day. I try to capture 40 pips a day, or 200 per week. Sometimes I focus on where the pair is going in the next few hours, so do i really need to know where is was on the same day last year? I do set S/R lines, but I only go back a few months for those.
  • #10,923
  • Feb 9, 2011 12:18am Feb 9, 2011 12:18am
Quoting lawgirl21
Yes, you need to know where it's been for at least the past year to get an idea of where it might be going. If you are only trading the EU, you should pretty much know everything about it...it's highs, lows and all major support/resistance areas. I would even run a Fib on it on the weekly chart. You should really be studying it.
When I started learning to trade, I used Fib a lot, and liked it. I guess I was amazed how accurate it was, but then I found this thread, and a lot of people didn't like it. So, I guess I got away from it. I figured maybe I was tricking myself in to thinking it was working, and more experienced traders was saying it could be manipulated.
  • #10,924
  • Feb 9, 2011 12:37am Feb 9, 2011 12:37am
Breakout now
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There`s no life before COFFEE!
  • #10,925
  • Feb 9, 2011 12:46am Feb 9, 2011 12:46am
Quoting jalkok
Breakout now
I think it is to early to say that there is breakout, it is just at the high of new consolidation channel. You must be ready it will return to the main channel before real breakout.
But it is just my opinion.
  • #10,926
  • Feb 9, 2011 12:51am Feb 9, 2011 12:51am
Quoting jalkok
Breakout now
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check for demand zones. dont buy eu right here, wait for a break of 3675/80
Hero calls followed by margin calls...
  • #10,927
  • Feb 9, 2011 12:54am Feb 9, 2011 12:54am
Quoting LFB
I think it is to early to say that there is breakout, it is just at the high of new consolidation channel. You must be ready it will return to the main channel before real breakout.
But it is just my opinion.
Thanks, Your opinion is right.. Pullback now happening...
Well wait and see... All RSI are okay...but PA is doing its own job.
There`s no life before COFFEE!
  • #10,928
  • Feb 9, 2011 1:15am Feb 9, 2011 1:15am
Quoting jalkok
Thanks, Your opinion is right.. Pullback now happening...
Well wait and see... All RSI are okay...but PA is doing its own job.
Good data for German trade balance, it can break out now...
... or it can turn back
  • #10,929
  • Feb 9, 2011 1:20am Feb 9, 2011 1:20am
Quoting LFB
Good data for German trade balance, it can break out now...
... or it can turn back
who cares german trade balance.
i see eu more down this week.

lets c

Hero calls followed by margin calls...
  • #10,930
  • Feb 9, 2011 1:32am Feb 9, 2011 1:32am
Quoting PhAnTi'
who cares german trade balance.
i see eu more down this week.

lets c

three traders, six opinions... as usual
There`s no life before COFFEE!
  • #10,931
  • Feb 9, 2011 1:33am Feb 9, 2011 1:33am
Quoting jalkok
three traders, six opinions... as usual
yep
Hero calls followed by margin calls...
  • #10,932
  • Feb 9, 2011 1:46am Feb 9, 2011 1:46am
Attached Image (click to enlarge)
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Hero calls followed by margin calls...
  • #10,933
  • Feb 9, 2011 2:21am Feb 9, 2011 2:21am
Quoting jalkok
three traders, six opinions... as usual
PA was in consolidation channel again (as i expected) Zorro had come and now we are going long, sooooooooooooo long
  • #10,934
  • Feb 9, 2011 6:43am Feb 9, 2011 6:43am
Breakout possbility here. waiting for confirmation.
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  • #10,935
  • Feb 9, 2011 6:48am Feb 9, 2011 6:48am
Missed this one.
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  • #10,936
  • Feb 9, 2011 7:24am Feb 9, 2011 7:24am
... going long, sooooooooooooo long [/quote]

Like the optimism friend, but be careful!

fwiw, Some decent resistance areas to be overcome first - like the right shoulder on the hourly tf...
  • #10,937
  • Feb 9, 2011 7:55am Feb 9, 2011 7:55am
Finally a BO...hopefully.
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  • #10,938
  • Feb 9, 2011 7:57am Feb 9, 2011 7:57am
Chart
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  • #10,939
  • Feb 9, 2011 7:59am Feb 9, 2011 7:59am
Appears to be moving down.
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  • #10,940
  • Feb 9, 2011 8:00am Feb 9, 2011 8:00am
Sooner or later, this pair will have to do something.
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