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Trade What You See - Almost Naked Trading

  • #11,841
  • Mar 2, 2011 1:50pm Mar 2, 2011 1:50pm
Quoting lawgirl21
In this trade.
Out with +20 pips.
  • #11,842
  • Mar 2, 2011 1:54pm Mar 2, 2011 1:54pm
Quoting lawgirl21
ZC was good for about 30 pips. Now Retracing again.
Should have gotten in on the 2nd retrace..oh well.
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  • #11,843
  • Mar 2, 2011 1:57pm Mar 2, 2011 1:57pm
Quoting lawgirl21
Breaking down
Break down good for about 30 pips, now moving up very nicely.
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  • #11,844
  • Mar 2, 2011 2:00pm Mar 2, 2011 2:00pm
Quoting Dl17
Keep up the great work LG and all.

Just thought I'd add - the "ounce" size of one full contract varies amongst brokers. For example, I believe with Alpari, one gold contract is 100
troy oz whereas one silver contract is 5000 troy oz.

Hope this helps
Thanks, that makes sense..it is the troy oz. size and price at the moment that sets the value of the contract. That would explain why the profit/loss fluctuates from trade to trade.
  • #11,845
  • Mar 2, 2011 6:04pm Mar 2, 2011 6:04pm
Remember that 3 Tap trades need confirmation of direction on the weekly, daily and H4 RSIs. This confirmation has been hard to come by as of late, hence, in my opinion, there have been fewer good 3 Tap set-ups.

Additionally, it is generally taking until mid trading week or later to find this confirmation. As I scan charts right now, I see only four pairs that have the weekly, daily, and H4 confirmation and two of them have weak daily confirmation (but I would still count them).

This is the first criteria for even beginning the search for a 3 Tap set-up...confirmation on the 3 TFs. Then to step 2.
  • #11,846
  • Mar 2, 2011 6:29pm Mar 2, 2011 6:29pm
Quoting vijidas
hello lawgirl,

I have a couple of questions to ask if I may. I have been quietly following and looking at your chart (especially 1h 4C breakout). Looking at all the charts I'm trying to figure out how and why you take some of these breakouts and pass others.

for example:
1. I thought you take breakout as per RSI direction (weekly/daily trend). But you have taken breakouts against rsi
2. I thought you ignored breakout based on how close they are to nearest S&R. But you have taken breakouts even though they are close to up coming S&R.
3. I thought...
I will try to answer some of your questions.

1. Weekly confirmation is not needed for BO trades as they are generally only 1-3 candle trades.

2. I tend to sometimes ignore S/R lines, but I don't recommend that others do that. I am trying not to ignore them and I generally do not for higher TF trades.

3. No. I don't take them immediately. I always move to the M15 chart to wait for an entry. Sometimes I wait for 1-2 hours for a close below/above a R/S area and more recently, a close below/above a scout or probe wick. Following the M15 candle PA keeps me out or gets me in a particular BO trade.

Regarding bias...I have no emotional or ego driven bias regarding any pair. I may have a trend bias depending on PA and trend direction, but even that, I am willing to abandon immediately if the market "says" to do so.

I prepare for trading by repeatedly scanning charts, looking for general trend direction and making note of the pairs I want to go back to review. Then I "break down" the pairs that I will be looking to for trade set ups--meaning I look at them on different TFs and make note of what might happen.

Hope this helps.
  • #11,847
  • Mar 2, 2011 6:35pm Mar 2, 2011 6:35pm
Hi Lawgirl how are you, I know I don't contribute to your wonderful thread how ever please know that I appreciate very much all your work and commitment to this tread and of course others as well who makes it happen.

I trade your system when ever I have chance with sensible results not too often because of shortage of time on my hand.


With your generosity and your knowledge GOD willing your land in Mississippi will flourish soon.

evasz
Blessed are they who maintain justice, who constantly do what is right.
  • #11,848
  • Mar 2, 2011 8:53pm Mar 2, 2011 8:53pm
close to a 4hr 3tap possible.
  • #11,849
  • Mar 2, 2011 9:12pm Mar 2, 2011 9:12pm
going on right now.

EURCHF
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  • #11,850
  • Mar 2, 2011 9:16pm Mar 2, 2011 9:16pm
Consolidation
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  • #11,851
  • Mar 2, 2011 9:20pm Mar 2, 2011 9:20pm
More of the same
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  • #11,852
  • Mar 2, 2011 9:23pm Mar 2, 2011 9:23pm
Guys,

There is EUR rate announcement tomorrow and NFP on Fri. It is only going to be slower until the end of the week.
Take what the market makes available, dont be greedy.

PP
  • #11,853
  • Mar 2, 2011 9:25pm Mar 2, 2011 9:25pm
I especially like this pair as the R/S lines go back for days and there is lots of room to go in either direction.
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  • #11,854
  • Mar 2, 2011 11:55pm Mar 2, 2011 11:55pm
USDJPY ?
  • #11,855
  • Mar 3, 2011 1:18am Mar 3, 2011 1:18am
Cable seems to prepare himself for breakout-downwards, still testing penetration area, but worth of watching on M15.

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Time matters most
  • #11,856
  • Mar 3, 2011 1:30am Mar 3, 2011 1:30am
Quoting blackqn
Cable seems to prepare himself for breakout-downwards, still testing penetration area, but worth of watching on M15.
Breakout
Time matters most
  • #11,857
  • Mar 3, 2011 1:52am Mar 3, 2011 1:52am
Quoting blackqn
Breakout

reversed. hope u escaped in time.
  • #11,858
  • Mar 3, 2011 2:32am Mar 3, 2011 2:32am
Quoting kedridder
reversed. hope u escaped in time.
Looks like it was another trial of BO and market is still waiting for a reason do do the move. Maybe PMI at 10:30 CET will make it happen. Reversal was so quick, so I did not escaped in time. Now I'm observing the market and looking for keep/leave hints from it.
Time matters most
  • #11,859
  • Mar 3, 2011 3:18am Mar 3, 2011 3:18am
Breaking down.
Time matters most
  • #11,860
  • Mar 3, 2011 3:19am Mar 3, 2011 3:19am
Probably continuing up after retrace, something to keep an eye on.
Time matters most
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