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Trade What You See - Almost Naked Trading

  • #12,141
  • Mar 11, 2011 10:43am Mar 11, 2011 10:43am
Quoting lawgirl21
Super! In my opinion, this week was the first week of the new year where pairs were predictable. Makes trading much easier.

Have a great weekend!
Yes afterwards I see that too... Thank you LG21 for your posting work here. It really gives me a lot of confidence and support.
There`s no life before COFFEE!
  • #12,142
  • Mar 11, 2011 12:00pm Mar 11, 2011 12:00pm
In my continual refinement as a trader, I am really trying to stick to SL and TP as much as possible. I know different people have different opinions on the ratio, but is a SL of -25 pips to tight? I would then have a TP of +50. I'm not skilled enough (yet) to leave an open Tp like LG . Thanks for the input.
  • #12,143
  • Mar 11, 2011 2:44pm Mar 11, 2011 2:44pm
Quoting jalkok
About +45 pips this week but little profit gain because of my bad money management by some trades... (I tradet losses too often)
It has been a busy week at work, so my trading time was minimal. I succeeded at collecting +41 over the week, although it should have been more. Today I hit about +56 pips, but lost almost all of them due to not following the trades or bad management. So I'll invest all my trades from this week this weekend and keep the conclusion in mind for the future!
  • #12,144
  • Mar 12, 2011 9:34am Mar 12, 2011 9:34am
Quoting KillerAntz
It has been a busy week at work, so my trading time was minimal. I succeeded at collecting +41 over the week, although it should have been more. Today I hit about +56 pips, but lost almost all of them due to not following the trades or bad management. So I'll invest all my trades from this week this weekend and keep the conclusion in mind for the future!
Any week with positive pips is a great week. It's good to study the week's trading over the weekend if possible, but don't beat yourself up. There will always, always be good trades coming up.
  • #12,145
  • Mar 12, 2011 9:39am Mar 12, 2011 9:39am
Quoting Fitness09
In my continual refinement as a trader, I am really trying to stick to SL and TP as much as possible. I know different people have different opinions on the ratio, but is a SL of -25 pips to tight? I would then have a TP of +50. I'm not skilled enough (yet) to leave an open Tp like LG . Thanks for the input.
I think a SL of 25 pips is much too tight. In my opinion 50 pips is a minimum SL with the way the market has been acting this year. Just adjust your order to accomodate 50 pips. That way you have the same potential loss, but the odds of a successful trade have been significantly increased. Some pairs may need 100 pip SL...GBPJPY comes to mind.
  • #12,146
  • Mar 12, 2011 10:02am Mar 12, 2011 10:02am
Hi Lawgirl,

What made you sell the gbp/jpy in post 12127 - to me it looks like

you are selling at a newly created support area ?

Regards,
Hans
"The future is already written in the past"
  • #12,147
  • Mar 12, 2011 1:19pm Mar 12, 2011 1:19pm
Quoting hansma
Hi Lawgirl,

What made you sell the gbp/jpy in post 12127 - to me it looks like

you are selling at a newly created support area ?

Regards,
Hans
I closed this trade in 2 parts..1/2 at 131.157and the final 1/2 at 131.059 for a total of 220 pips. Didn't want this trade open over the weekend.
  • #12,148
  • Mar 12, 2011 4:28pm Mar 12, 2011 4:28pm
Quoting lawgirl21
I think a SL of 25 pips is much too tight. In my opinion 50 pips is a minimum SL with the way the market has been acting this year. Just adjust your order to accomodate 50 pips. That way you have the same potential loss, but the odds of a successful trade have been significantly increased. Some pairs may need 100 pip SL...GBPJPY comes to mind.
Thanks. So with a -50 SL, I would set a +100 TP. How does that sound?
  • #12,149
  • Mar 12, 2011 6:00pm Mar 12, 2011 6:00pm
Quoting Fitness09
Thanks. So with a -50 SL, I would set a +100 TP. How does that sound?
You will not make a 100 pips profit on many trades. I believe you are getting too hung up on R:R ratios. You must be more flexible. You may have a 50 pip SL and only make 20-30 pips...that's great. Go to the next trade, set your 50 pips SL take 10 pips...whatever. Go to the next trade...on and on.
  • #12,150
  • Mar 12, 2011 6:25pm Mar 12, 2011 6:25pm
Quoting lawgirl21
You will not make a 100 pips profit on many trades. I believe you are getting too hung up on R:R ratios. You must be more flexible. You may have a 50 pip SL and only make 20-30 pips...that's great. Go to the next trade, set your 50 pips SL take 10 pips...whatever. Go to the next trade...on and on.
I got you. This changes things a bit on my outlook and SL:TP. When I first started to trade, I read several articles that were calling these type of R:R ratios. The explanation behind it was that you could virtually have 50% losing trades, and still come out ahead.
  • #12,151
  • Mar 13, 2011 9:53am Mar 13, 2011 9:53am
Quoting Fitness09
I got you. This changes things a bit on my outlook and SL:TP. When I first started to trade, I read several articles that were calling these type of R:R ratios. The explanation behind it was that you could virtually have 50% losing trades, and still come out ahead.

Volumes have been written about proper R:R ratios. That's why I haven't wanted to talk much about it here. It comes down to what one is comfortable with. I don't look to lose 50% of my trades either.
  • #12,152
  • Mar 13, 2011 10:24am Mar 13, 2011 10:24am
Hi Lawgirl, Any thoughts of potential 3tap on daily chart to the long?
eur/usd
  • #12,153
  • Mar 13, 2011 10:50am Mar 13, 2011 10:50am
Quoting pydpipper
Hi Lawgirl, Any thoughts of potential 3tap on daily chart to the long?
eur/usd
I am not seeing it yet. Although everything indicates a long position is coming up.

SORRY....you said daily...let me look again.
Attached Image
  • #12,154
  • Mar 13, 2011 10:54am Mar 13, 2011 10:54am
Quoting pydpipper
Hi Lawgirl, Any thoughts of potential 3tap on daily chart to the long?
eur/usd
A classic 3 Tap setup...wait and watch PA before entering...move to H4 or H1 chart for entry if price continues up.
  • #12,155
  • Mar 13, 2011 10:55am Mar 13, 2011 10:55am
Daily chart
Attached Image
  • #12,156
  • Mar 13, 2011 11:13am Mar 13, 2011 11:13am
Lawgirl, I thought that you could only use the bottoms/tops from the period seperator onwards?

Or is that only for H1 breakouts...

If so that'd explain why my 3 taps haven't been hitting/ spotted an already trended currency pair!

Also;
On the image above, is there any reason you didn't 'stretch' back to the previous lower tap candle (2 candles before the 1st candle)
I thought it maybe because uptrend the taps need to = green but then noticed the the 2nd tap is red.

Thanks
  • #12,157
  • Mar 13, 2011 11:36am Mar 13, 2011 11:36am
Quoting ConstantFX
Lawgirl, I thought that you could only use the bottoms/tops from the period separator onwards?

Or is that only for H1 breakouts...

If so that'd explain why my 3 taps haven't been hitting/ spotted an already trended currency pair!

Also;
On the image above, is there any reason you didn't 'stretch' back to the previous lower tap candle (2 candles before the 1st candle)
I thought it maybe because uptrend the taps need to = green but then noticed the the 2nd tap is red.

Thanks
Actually there were 2 previous 3 Tap Daily setups and successful trades in the past couple of weeks. The first two were good for about 200 pips each. We are now on the third one....

Remember that daily chart trades need bigger SLs.

For 3 Tap setups on daily and weekly charts we are not concerned about period seperators as we out of necessity most always go outside them.
Attached Image
  • #12,158
  • Mar 13, 2011 12:20pm Mar 13, 2011 12:20pm
Not sure what to think about gaps later, but wondering if it might be safer to stay away from anything yen related for now.
  • #12,159
  • Mar 13, 2011 12:26pm Mar 13, 2011 12:26pm
Reminder that tho the US has now moved its clocks forward, London, Frankfurt etc won't follow suit until 27th March so for next 2 weeks there will be a 4 hour time difference not 5.
  • #12,160
  • Mar 13, 2011 1:18pm Mar 13, 2011 1:18pm
Quoting Ph22
Reminder that tho the US has now moved its clocks forward, London, Frankfurt etc won't follow suit until 27th March so for next 2 weeks there will be a 4 hour time difference not 5.
I was thinking the same about the yen..,as far as time goes 2pm PST was when asian session opened for the last few months, am i looking at 3pm PST now?
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