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Trade What You See - Almost Naked Trading

  • #12,441
  • Mar 18, 2011 6:26am Mar 18, 2011 6:26am
Quoting chiripacha
Can I use Heikin Ashi candles instead of "normal" candlestick charting without corrupting the system?
I do
TTFN Merlyn
  • #12,442
  • Mar 18, 2011 7:53am Mar 18, 2011 7:53am
Slow day, no news, let's channel... See if this turns around
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  • #12,443
  • Mar 18, 2011 7:55am Mar 18, 2011 7:55am
This one already bounced back off the bottom of the channel. nice
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  • #12,444
  • Mar 18, 2011 9:28am Mar 18, 2011 9:28am
Quoting Hammo
A great post. LG is possible for you to put on Page1 as an addendum to your opening thread to assist newcomers. Just a suggestion
An excellent suggestion. I will do that. Thanks Hammo.
  • #12,445
  • Mar 18, 2011 9:30am Mar 18, 2011 9:30am
Quoting chiripacha
Can I use Heikin Ashi candles instead of "normal" candlestick charting without corrupting the system?
I'm not sure. I have used them before, but not for this. The only way to find out is to try them..then please report back as to how they worked.
  • #12,446
  • Mar 18, 2011 9:32am Mar 18, 2011 9:32am
Quoting royalbowhunt
I got here late on this one. But you know LG. some need to vent and some need to just find another thread. I'd say the later. And I think thats the kindest I can be on that.
I have no idea what all of this was about, rbh. It really took me by surprise.
  • #12,447
  • Mar 18, 2011 9:36am Mar 18, 2011 9:36am
I entered this pair when it broke out of that little consolidation. Up 59 pips.
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  • #12,448
  • Mar 18, 2011 9:37am Mar 18, 2011 9:37am
Also in the money
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  • #12,449
  • Mar 18, 2011 9:40am Mar 18, 2011 9:40am
Turned into a ZC trade overnight on me, but still in the money and now in the continuration phase of the ZC
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  • #12,450
  • Mar 18, 2011 9:41am Mar 18, 2011 9:41am
Down 15 pips here.
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  • #12,451
  • Mar 18, 2011 10:18am Mar 18, 2011 10:18am
Quoting Hammo
A great post. LG is possible for you to put on Page1 as an addendum to your opening thread to assist newcomers. Just a suggestion
Done. The summary is now on page 1.
  • #12,452
  • Mar 18, 2011 11:27am Mar 18, 2011 11:27am
Quoting Merlyn
I do
I only recently switched to HA and I was used to daily, 4H, 1H TF.
I would very much appreciate if you would share some of your experience with me. At first I have to get accustomed to the weekly, daily an 4H TF's
  • #12,453
  • Mar 18, 2011 11:37am Mar 18, 2011 11:37am
Taking off.
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  • #12,454
  • Mar 18, 2011 11:40am Mar 18, 2011 11:40am
Got 30 pips from that pair.
With God all things are possible.
  • #12,455
  • Mar 18, 2011 11:58am Mar 18, 2011 11:58am
Quoting Dehyah
Got 30 pips from that pair.
A great way to end the week...

I'll calling it quits for the week. Happy weekend to all!
  • #12,456
  • Mar 18, 2011 12:24pm Mar 18, 2011 12:24pm
Quoting lawgirl21
A great way to end the week...

I'll calling it quits for the week. Happy weekend to all!
Happy weekend to you as well! and good for your trading week... see you on Monday
Flp. 4:13
  • #12,457
  • Mar 18, 2011 2:41pm Mar 18, 2011 2:41pm
Hey guys,

I'm trying to come up with good values for Breakout levels. I know that it's best to watch candle strength, wait for closes on smaller TF, etc. However, sometimes I am not able to stay around my machine and would just like to play around with some set and forget levels, similarly to how LG mentions she sometimes does this before she goes to bed in post 1.

For instance, we could use upper BO level + 1 ATR(500) as a Buy Stop level and lower BO level - 1 ATR(500) as a Sell Stop level. We could then use the lower BO level as a stop for the buy stop and the upper BO level as a stop for the sell stop.

What do you guys think are good values for a validated BO, if you had to make it mechanical? 1ATR(500), 2ATR(500) or just a standard pip value? Or maybe something else? The reason I think we would want to avoid the latter is because some pairs are much more volatile than others. IE, comparing EURGBP to GBPJPY. Different pairs should probably have different validated BO levels.

Looking forward to everyone's input, especially yours LG. Thanks in advance
Enter Signature
  • #12,458
  • Mar 18, 2011 3:26pm Mar 18, 2011 3:26pm
CrucialCraig:

I will be interested in coming up with a mechanical break out levels. I have a similar problem of not staying in front of computer during the London or New York session because of my time zone and work schedule. I have been playing with H1 4C BO for some time with a mechanical buy/sale stop order with not much success. I live in west coast so I set my stop order around 10/11 PM our time and close in the morning. With this type of set up (set and forget), I found that RSI 3 direction is not really very helpful. Even if I found RSI level for 1 hr, 3 hr and daily is up when I went to bed but still the price finally moved to down in the night. This week, I have started little differently and that matches with your concept. I am not paying any attention to RSI direction. I am just putting a buy stop order slightly above the last swing high on the top of 4 hr upper break out level. Stop loss would be few pips below the lower level of 4 hr break out. Similarly, a sale stop order also. Just one week is too early to determine the success of this strategy. The only problem with those days when just a spike gets the orders filled and reverses.

-FX_California
Quoting CrucialCraig
Hey guys,

I'm trying to come up with good values for Breakout levels. I know that it's best to watch candle strength, wait for closes on smaller TF, etc. However, sometimes I am not able to stay around my machine and would just like to play around with some set and forget levels, similarly to how LG mentions she sometimes does this before she goes to bed in post 1.

For instance, we could use upper BO level + 1 ATR(500) as a Buy Stop level and lower BO level - 1 ATR(500) as a Sell Stop level. We could then use the lower BO level as a stop for...
  • #12,459
  • Mar 18, 2011 5:24pm Mar 18, 2011 5:24pm
Quoting FX_California
CrucialCraig:

I will be interested in coming up with a mechanical break out levels. I have a similar problem of not staying in front of computer during the London or New York session because of my time zone and work schedule. I have been playing with H1 4C BO [color=black][font=Verdana]for some time with a mechanical buy/sale stop order with not much success. I live in west coast so I set my stop order...
Hi FX_California,

Good to hear someone else is interested in looking at whether this type of approach can be profitable.

I'd like to clarify a few things that might help:

 

  1. As far as I know, you should not be using RSI for 4 1H BO trades. Since they are usually pretty short and we are just trying to grab a few pips, RSI signals are often too late to give us a good BO trade.
  2. 10-11pm PST is a little too late to set your trades, don't you think? You must miss quite a few BOs. I would recommend setting them shortly after the 4th 1H bar closes (around 6pm PST).
  3. I'm also pretty sure we need to look at less than a Reward:Risk ratio of less than 1. LG, please let me know I'm incorrect here but I think we need to give these trades a little room to breath. I'm contemplating starting with a 2:1 Risk to Reward ratio.

Lets see what we can come up with once some of the higher level traders can give us some input.

How much room have you been leaving between the BO lines and your buy/sell stops? I think we need a minimum of around 15-30 pips. Anything less than that would surely get triggered on false breakouts. The smart idea might be even 30+. This is where I'm hoping LG can help us out since she has so much experience with these BO trades.

-CC

Enter Signature
  • #12,460
  • Mar 19, 2011 6:25am Mar 19, 2011 6:25am
I am already subscribed, so just posting to say hello and thanks to all members of this amazing thread, notably lawgirl21

I will be studying the methods and charts as much as I am able over the weekend and observe for any opportunities next week, and trading as time and work permit.

I must say, with the thread being 6 months old, 12,000+ posts and the thread starter still posting, the methods must surely be valid.

This chart is just for fun, it is monthly and the first TAP was 4 years ago - but I do love the clean look of the charts!

Regards, John
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