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Trade What You See - Almost Naked Trading

  • #11,381
  • Feb 22, 2011 9:05am Feb 22, 2011 9:05am
Quoting Juan Grande
4H EURJPY chart
My chart indicates long, not short.
  • #11,382
  • Feb 22, 2011 9:07am Feb 22, 2011 9:07am
Quoting lawgirl21
My chart indicates long, not short.
Yes, TL does not appear to be holding.
  • #11,383
  • Feb 22, 2011 9:08am Feb 22, 2011 9:08am
Quoting georgecv87
hello ther mate..can you please explain what those straight lines on the charts are i mean the blue lines.was it drawn manually or by some ea.what does those lines signify...please clairfy...im a newbie
It's a custom indicator, "Daily LinesBoxes OC", marks the first 4 candles of the day with lines. Look under the paperclip on top of page, and block images. Good luck
  • #11,384
  • Feb 22, 2011 9:18am Feb 22, 2011 9:18am
LG on this EURUSD trade, I saw your original post when you entered. After you entered price went against you and the directions of the RSI changed, I wanted to ask would you exit a trade when RSI directions changes or do you wait for price to break through a resistance level before closing a trade?




Quoting lawgirl21
I am reposting my chart from the 3 Tap move downward yesterday.

Notice price hitting the aqua resistence line and the totally neutral RSIs. Either price will turn around and head down, or go on through the resistence line to continue up....very interesting pair right now.
  • #11,385
  • Feb 22, 2011 9:26am Feb 22, 2011 9:26am
Quoting Pirabuji
LG on this EURUSD trade, I saw your original post when you entered. After you entered price went against you and the directions of the RSI changed, I wanted to ask would you exit a trade when RSI directions changes or do you wait for price to break through a resistance level before closing a trade?
You are correct, price did go against me, I believe for about the next 4 hours, if I remember correctly..at least the next H4 candle was green. You will notice that I re-drew my 3 Tap line with that green candle and was able to do so. That is why I stayed in the short trade and exited finally with over 100 pips.

Had that green H4 candle not been within my 3 Tap, even redrawing it, I would have exited and taken a loss because price would have turned on me.

Let me know if that doesn't make sense.

Edit: I got my candle colors mixed up, but at the time of that re-draw the third tap was a green candle.
  • #11,386
  • Feb 22, 2011 9:35am Feb 22, 2011 9:35am
OK so you're saying when price turned against you, you drew a new 3 Tap line, using the same first point and the second point now as the green candle that went against you? You were then watching to see how price acted with this line i.e. if price made a 15min candle completely outside of this line you would have exited?

What's your exit plan for 1H 4C BO trades? do you place it on the opposite end of the box or observe 15min?


Quoting lawgirl21
You are correct, price did go against me, I believe for about the next 4 hours, if I remember correctly..at least the next H4 candle was green. You will notice that I re-drew my 3 Tap line with that green candle and was able to do so. That is why I stayed in the short trade and exited finally with over 100 pips.

Had that green H4 candle not been within my 3 Tap, even redrawing it, I would have exited and taken a loss because price would have turned on me.

Let me know if that doesn't make sense.

Edit:...
  • #11,387
  • Feb 22, 2011 9:55am Feb 22, 2011 9:55am
Quoting Juan Grande
Yes, TL does not appear to be holding.
Or, maybe it will ;-)
Attached Image
  • #11,388
  • Feb 22, 2011 10:12am Feb 22, 2011 10:12am
Quoting Pirabuji
OK so you're saying when price turned against you, you drew a new 3 Tap line, using the same first point and the second point now as the green candle that went against you? You were then watching to see how price acted with this line i.e. if price made a 15min candle completely outside of this line you would have exited?

What's your exit plan for 1H 4C BO trades? do you place it on the opposite end of the box or observe 15min?

Almost exactly right, except on a H4 chart, we don't watch the M15 chart.,....don't care what it is doing as the TFs are too far apart. Only when we are looking for setups on the H1 chart do we care what the M15 chart is doing and that is only for entry.

At that point after entering I was only watching the H4 chart because RULE OF THUMB: The higher the TF, the more flexibility allowed price action.
  • #11,389
  • Feb 22, 2011 10:17am Feb 22, 2011 10:17am
Quoting Pirabuji
OK so you're saying when price turned against you, you drew a new 3 Tap line, using the same first point and the second point now as the green candle that went against you? You were then watching to see how price acted with this line i.e. if price made a 15min candle completely outside of this line you would have exited?

What's your exit plan for 1H 4C BO trades? do you place it on the opposite end of the box or observe 15min?
Exit Plans for H1 4C BOs are different if the trade is being watched then if the trade is NOT being watched.

If watched: Then follow PA and the RSIs using reasonable S/R lines as goals.

If not being watched: Set reasonable TP and SL at S/R lines. If in the money when you check on the trade, take half off the table and let the other half ride with SL at BE+. Can do that with a watched trade also, of course.
  • #11,390
  • Feb 22, 2011 10:22am Feb 22, 2011 10:22am
Quoting Juan Grande
Or, maybe it will ;-)
Maybe, but don't try to chase the trade. There is alot going on now. Take a look at AUDJPY.
  • #11,391
  • Feb 22, 2011 10:25am Feb 22, 2011 10:25am
Quoting lawgirl21
Maybe, but don't try to chase the trade. There is alot going on now. Take a look at AUDJPY.
Chart
Attached Image
  • #11,392
  • Feb 22, 2011 10:29am Feb 22, 2011 10:29am
Quoting lawgirl21
I am reposting my chart from the 3 Tap move downward yesterday.

Notice price hitting the aqua resistence line and the totally neutral RSIs. Either price will turn around and head down, or go on through the resistence line to continue up....very interesting pair right now.

That Resistence line appears to be holding.
Attached Image (click to enlarge)
Click to Enlarge Name: sun.gif Size: 14 KB
  • #11,393
  • Feb 22, 2011 11:14am Feb 22, 2011 11:14am
OK understood, what exactly do you watch for on the 4H to tell you price is going against you? Do you wait for a close of the 4H candle? If so couldn't that potentially be disastrous if price really turns around on you or a spike?

Thank you for taking time out to answer these questions


Quoting lawgirl21
Almost exactly right, except on a H4 chart, we don't watch the M15 chart.,....don't care what it is doing as the TFs are too far apart. Only when we are looking for setups on the H1 chart do we care what the M15 chart is doing and that is only for entry.

At that point after entering I was only watching the H4 chart because RULE OF THUMB: The higher the TF, the more flexibility allowed price action.
  • #11,394
  • Feb 22, 2011 11:49am Feb 22, 2011 11:49am
Quoting Pirabuji
OK understood, what exactly do you watch for on the 4H to tell you price is going against you? Do you wait for a close of the 4H candle? If so couldn't that potentially be disastrous if price really turns around on you or a spike?

Thank you for taking time out to answer these questions
Study your charts, go back through a few pairs and note how many H4 spikes you can find..not many. That is why the trade needs more room, time and to be monitored from an H4 chart.

An H4 trade "deserves" at least a candle change to find it's way. The higher the TF, the longer the trade. For example: I entered the AUDJPY trade at the end of the 2nd hour of the H4 candle. The next H4 candle changes in about 10 min. This is a positive trade, but assuming it was not, I would stay in the trade at least until the candle change to see what PA and RSI does.
  • #11,395
  • Feb 22, 2011 11:52am Feb 22, 2011 11:52am
cortez...Sorry, this kind of got overlooked and I assume that you wanted me to repost the chart again...?

I've tried to re-create the chart as I've deleted all those lines since then.
Text is on the support lines I was watching and also on the H4-3T.

If you are not familar with the support / resistance lines...
I suggest that you visit the baby pips dot com site.
This is one of the better sites around to learn the basics.

Most NuB's approach trading 4x as an easy and simple way to get rich.
With that attitude a trader will most likely become another statistic.
Treat it like it is...it's not a game but a business.
Most of us go through at least twelve years of school before we go to work.
Some go sixteen years and some, up to twenty fours years before they are ready to join the workforce.
To be a sucessful trader one must have a certain amount of "schooling" to be sucessful.
This varies depending on the student but we must all learn the basics so we can understand the different approaches.
They don't teach advanced math in the second grade...they wait until we have learned the basics before they lay that on us.

Attached Image (click to enlarge)
Click to Enlarge Name: ea-02-22-11-h4.gif Size: 13 KB


Quoting cortez53
thanks lot ....the better way i learn is meet people like you....add a little.force...could iu sign on chart with an arrow what iu are explaining?...also for next time.???? thanks heartly
Listen to the whispers.... You may learn something
  • #11,396
  • Feb 22, 2011 11:53am Feb 22, 2011 11:53am
This is how my H4 chart looks 10 minutes before the candle change. I am up over 50 pips on this trade. But I will "re-evaluate" the trade at the candle change. I may decide to take half off the table and let the other half ride, or I may decide to close the trade. It all depends on what happens next.
Attached Image
  • #11,397
  • Feb 22, 2011 11:58am Feb 22, 2011 11:58am
Hi guys, just trying to learn more from this great thread, have a question,

was this a good setup?? I'm concerned I just imagine TL or manipulate them to fit my convenience... would any of you enter this trade or would have when trigger presented?

shoot I don't know how to add and attachment but my supposed 3T occured just recentrly on audusd, I'll try to post image
Flp. 4:13
  • #11,398
  • Feb 22, 2011 12:07pm Feb 22, 2011 12:07pm
I took half off table. Also waited to see either/both H1 and/or H4 move. It looks like there may be some retrace during this candle...so I took some profit. (And have to get to my office, so can't watch it any longer).
Attached Image
  • #11,399
  • Feb 22, 2011 12:36pm Feb 22, 2011 12:36pm
Quoting Strick
Dont worry mate, any successful trader would be telling a lie if they said they have not felt like that many times before.

But you should DEFINATELY not use real money untill you have been trading with consistant profits for at least 2-3 months. It's the only way.

I made the same mistake and many others have to. Creat a stimulate/fake account and stay with that till you have the consistant 2-3 months under your belt, even if that takes 2-3 years (or even more!)

Just keep at it and try to learn from mistakes instead of getting mad at them....
Thanks for the help. I started live trading last Oct after testing LG's system for a few months with pretty good results. It has been an up and down battle. My real acct has looked like the market. Up and down spikes, but with a down trend.
  • #11,400
  • Feb 22, 2011 12:41pm Feb 22, 2011 12:41pm
A very nice trade.
H4-3T
H1-4C-BO
and then, the...ZC

Attached Image (click to enlarge)
Click to Enlarge Name: euch-02-22-11-h1.gif Size: 13 KB
Listen to the whispers.... You may learn something
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