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Trade What You See - Almost Naked Trading

  • #11,061
  • Feb 11, 2011 1:35pm Feb 11, 2011 1:35pm
3T from last night action...........quid pro quo.....I tell you things, you tell me things......
  • #11,062
  • Feb 11, 2011 1:36pm Feb 11, 2011 1:36pm
pic attached here
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  • #11,063
  • Feb 11, 2011 1:37pm Feb 11, 2011 1:37pm
Quoting lawgirl21
Great observation and double confirmation of direction. Good to have you here.
thanks, but Cred goes to you sis. just 2 more eyes in the mix. And always great to be had.
P
  • #11,064
  • Feb 11, 2011 2:30pm Feb 11, 2011 2:30pm
This is so beautiful...I didn't catch it though...so many good trades, too many to catch all. Have a great weekend...see you back on market open.
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  • #11,065
  • Feb 11, 2011 3:21pm Feb 11, 2011 3:21pm
Quoting lawgirl21
This is so beautiful...I didn't catch it though...so many good trades, too many to catch all. Have a great weekend...see you back on market open.
Haha.. But wouldn't you have been in it long initially?
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  • #11,066
  • Feb 11, 2011 3:39pm Feb 11, 2011 3:39pm
Quoting CrucialCraig
Haha.. But wouldn't you have been in it long initially?
Maybe, maybe not..had I been watching it and been in it long..I would have seen it retrace back down for a much strong move down. I don't understand the "ha'ha"....
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  • #11,067
  • Feb 11, 2011 4:42pm Feb 11, 2011 4:42pm
Quoting lawgirl21
Maybe, maybe not..had I been watching it and been in it long..I would have seen it retrace back down for a much strong move down. I don't understand the "ha'ha"....
I just was thinking if I had been trying to trade that BO, I probably would have hopped in long, stayed in it long enough to lose a fair amount of pips, and then hopped in on the Short BO maybe making enough pips to get back my losses.

It would be awesome if you could break down when you would have hopped in long/when you would have gotten out with a loss and when you would have hopped in short/gotten out with a profit.
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  • #11,068
  • Feb 12, 2011 3:59am Feb 12, 2011 3:59am
excuse me and my bad english...is very little i read this thread and admire the spirit of the group..
I have a probleme...what means THREE TAPS and could you give some graphic example??
thank to all

cortez53
  • #11,069
  • Edited 2:38pm Feb 12, 2011 7:03am | Edited 2:38pm
Quoting CrucialCraig
I just was thinking if I had been trying to trade that BO, I probably would have hopped in long, stayed in it long enough to lose a fair amount of pips, and then hopped in on the Short BO maybe making enough pips to get back my losses.

It would be awesome if you could break down when you would have hopped in long/when you would have gotten out with a loss and when you would have hopped in short/gotten out with a profit.

If that pair had been under my radar...which it wasn't, here's what I think I would have done. I don't think I would have entered long because of the quality of the H1 candles. The next to last green candle marked by the arrow is the first one to close totally outside the resistence line.
But let's assume that there was an entry on that candle. I enter, I don't bother to have a stop or a TP, because the trade it right in front of me.

PA goes up on that candle and on the next candle. I am watching it at every hour change now and am up about 15 pips.

The third candle opens and it is red....I'm not liking that. Then I notice that PA is a an H1 resistence level and now I really see a red flag. PA will do one of three things at resistence levels...even minor ones like this. 1. go right through it; 2. try to go through it and "bump" it several times before it either succeeds or gives up trying or 3. be repelled by it...which is what happened here in no uncertain terms.

I take my profit at the open of the red candle and sit back and watch PA and the RSI direction. By the second red candle marked by the red vertical line, the RSI has gone below the 50 mark and it looks like it is going to continue down. I may have entered short there. Entry around there would have been about a 100 pip move.

If I have waited for PA to clear the support line, I would have waited for the next H1 candle and entered from the M15 chart like a regular H1 4C BO entry. This entry was good for about 60 pips. Either entry would have been a winner.

That is the beauty of following only a few pairs and not the whole market. I have said several times on this thread, a living can be made following one or two pairs and trading what you see on them.
  • #11,070
  • Feb 12, 2011 7:04am Feb 12, 2011 7:04am
chart
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  • #11,071
  • Feb 12, 2011 8:21am Feb 12, 2011 8:21am
Quoting lawgirl21
If that pair had been under my radar...which it wasn't, here's what I think I would have done. I don't think I would have entered long because of the quality of the H1 candles. The next to last green candle marked by the arrow is the first one to close totally outside the resistence line.
But let's assume that there was an entry on that candle. I enter, I don't bother to have a stop or a TP, because the trade it right in front of me.

PA goes up on that candle and on the next candle. I am watching it at every hour change now and am up about 15...
Thanks LG, I`m learning here a lot more than anywhere else!
Your explanations are very usefull to me and probably to others here too.
Have a nice weekend!
There`s no life before COFFEE!
  • #11,072
  • Feb 12, 2011 2:33pm Feb 12, 2011 2:33pm
Hi LG - thanks for the breakdown. Very much appreciated. I have several times heard you mention how you watch the opening of the new candle and how that directs you in your next move.

Could you please elaborate on what you are looking at on that new candle? Are you looking at a certain timeframe on the new candle or various ones? Are you quick to get out of a trade if the new candle isn't moving in your favor or do you give it a little time? If it 'opens' red and quickly goes green or vie versa does that affect your move? I know this question is somewhat vague but I think understanding your actions based on a new candle could be very beneficial.

I struggle to take profits and as a result of that my winners often turn and go against me because I am afraid of missing the move. Your explanation of the usdcad was great in making me think in terms I am not usually thinking. If you could take it a step further in the new candle analysis I would really appreciate it.

Thanks for all you do.
  • #11,073
  • Feb 13, 2011 7:23am Feb 13, 2011 7:23am
Quoting NeMan
Hi LG - thanks for the breakdown. Very much appreciated. I have several times heard you mention how you watch the opening of the new candle and how that directs you in your next move.

Could you please elaborate on what you are looking at on that new candle? Are you looking at a certain timeframe on the new candle or various ones? Are you quick to get out of a trade if the new candle isn't moving in your favor or do you give it a little time? If it 'opens' red and quickly goes green or vie versa does that affect your move? I know this question...
I look for the quality of the candle...is it mostly wicks, is the body solid, can I see it moving? Along with that, I watch the RSI..not the arrow, but the RSI itself. Take the USDCAD chart above again. Looking at the RSI line, it made a dramatic turn downward..remember that the line is following PA. The line is telling us what PA has done and is doing..not what it is going to do, but what it is doing. This is what I call "reading the trade".

Try to never let a winning trade turn into a loser. It will happen sometimes, but generally when I analyse why it happened to me, I realize that I had set an arbitrary "goal" for the trade by setting a hard TP. PA doesn't care about my goals. Of course, we often have to set hard TPs and SLs because we cannot monitor 24/7 and that's when we try to use reasonable R/S areas.

Ideally though, like the USDCAD trade could have been, we trade in the moment, reading the trade and following the "instructions" it gives us and going where it tells us to go.
  • #11,074
  • Feb 13, 2011 8:38am Feb 13, 2011 8:38am
What brokers do you all use for gap trading?
  • #11,075
  • Feb 13, 2011 9:25am Feb 13, 2011 9:25am
hi everyone I am new in forex and have been following your system I think is amazing and I am suprise that is free! just to say thanks to all of you especially lawgirl.
anyway can anyone teach me how to trade gaps? bless u
  • #11,076
  • Feb 13, 2011 1:10pm Feb 13, 2011 1:10pm
gap time
Hero calls followed by margin calls...
  • #11,077
  • Feb 13, 2011 1:36pm Feb 13, 2011 1:36pm
Quoting PhAnTi'
gap time
Almost time...
  • #11,078
  • Feb 13, 2011 1:36pm Feb 13, 2011 1:36pm
Quoting trickshady
What brokers do you all use for gap trading?
I use FXDD.
  • #11,079
  • Feb 13, 2011 1:37pm Feb 13, 2011 1:37pm
Quoting lawgirl21
Almost time...
eu long
cable long

eu easy and safety one

phanti
Hero calls followed by margin calls...
  • #11,080
  • Feb 13, 2011 1:42pm Feb 13, 2011 1:42pm
Down 41 pips right now... Get ready!
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