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Trade What You See - Almost Naked Trading

  • #12,461
  • Mar 19, 2011 9:16am Mar 19, 2011 9:16am
Quoting TheSnowman
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.

[b][size=3][color=blue]I must say, with the thread being 6 months old, 12,000+ posts and the thread starter still posting, the...
Welcome John. That is a beautiful chart you posted and would have made someone rich if one could have taken the trade and hung in there, like the the Big Boys do.
  • #12,462
  • Edited 10:34am Mar 19, 2011 10:12am | Edited 10:34am
Anyone studying this chart this weekend will notice that EU is at very significant levels. PA is reaching November 2010 levels and approaching what is known as a double top around the 4200-4260 area (depending on whether you consider wicks or not)

I am hoping that PA continues up to that level as I have an open long trade and believe that it will as price in motion tends to continue in motion and also because price seems to seek certain levels.

It is what happens following this level that will be interesting to watch this week, as price will either go through it or be repelled by it. There are some who believe price will continue to the 4500 area, then a major turn down. I have no idea. Though looking at the monthly chart, you will notice several 3 Tap short set ups.
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  • #12,463
  • Mar 19, 2011 12:03pm Mar 19, 2011 12:03pm
Quoting lawgirl21
Done. The summary is now on page 1.
Just wanted to say that you do a great job of maintaining your thread.
  • #12,464
  • Mar 19, 2011 1:31pm Mar 19, 2011 1:31pm
Quoting lawgirl21
Anyone studying this chart this weekend will notice that EU is at very significant levels. PA is reaching November 2010 levels and approaching what is known as a double top around the 4200-4260 area (depending on whether you consider wicks or not)

I am hoping that PA continues up to that level as I have an open long trade and believe that it will as price in motion tends to continue in motion and also because price seems to seek certain levels.

It is what happens following this level that will be interesting...
LOL you beat to the punch as I was going to point this out when I got back on Sunday. I also am long on the EU.

Since we are now bombing Libya, I wonder how that will have an affect on the pair.
  • #12,465
  • Mar 19, 2011 11:01pm Mar 19, 2011 11:01pm
Quoting CrucialCraig
Hey guys,

I'm trying to come up with good values for Breakout levels.

Looking forward to everyone's input, especially yours LG. Thanks in advance
This thread, which has just started, may contain some information that may be helpful with your quest -http://www.forexfactory.com/showpost...0&postcount=15
Canadian by birth Australian by choice
  • #12,466
  • Mar 20, 2011 8:03am Mar 20, 2011 8:03am
Quoting CrucialCraig
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:
[list][*]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.[*]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...
The way the market has been this year, I would not use any SL less than 50 pips on an H1 chart and 100 on anything higher. A wise old trader told me when I asked about SL levels years ago, "Put the SL at a place where price won't be going." Nothing upsets me more than hitting a SL, then turning in my favor...I almost take it personally.
  • #12,467
  • Mar 20, 2011 11:46am Mar 20, 2011 11:46am
Hello LG , looks like this pair is setting up for a short 3T H4 trade. Larger TF's are not only in agreement with H4 but it looks like a strong down trend is forming. There are 3T on W1 and MN , while D1 is channeling. Entry with confirmation on M15 and 50 pips SL. 1st TP should be around H4 S level @ .8669 . I would keep a close watch if it breaks through that level, it could turn into a 2-300 pip trade if we take in consideration 3T's on the LTF's
Support levels are as seen on charts below:
D1 @ .8457
W1 @ .8364
MN @ .8306


Any comments would be appreciated since this is my first time posting here. Thank you for doing such a great job managing this thread.


Regards, Cristian


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  • #12,468
  • Mar 20, 2011 12:20pm Mar 20, 2011 12:20pm
Hey LG, hope you had a great weekend. I was wondering if you can take a look at this gap strategy I was looking at, and tell me what you think? I think it's basically saying, if there is a gap at open, take it and don't close the position until 5 minutes before the market closes on Friday. Thanks!

http://www.earnforex.com/forex-strat...x-gap-strategy
  • #12,469
  • Mar 20, 2011 1:26pm Mar 20, 2011 1:26pm
Hi LG,

When you have a minute would you mind giving some input on what levels would seem like reasonable BO levels if you wanted to make the 4C 1H BO system?

Would also love to hear what you would use for TPs/SLs.

Thanks!

From my previous post so you don't have to scroll back:

"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"
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  • #12,470
  • Mar 20, 2011 2:06pm Mar 20, 2011 2:06pm
Hallo all, i wish everyone a good start to a trading week yet again.

Anyone eyeing which pair for gap trades?
  • #12,471
  • Mar 20, 2011 2:08pm Mar 20, 2011 2:08pm
im short EURUSD, but i dunno if it will get interesting until 3pm PST, it's 210pm now, and I see its a JPN bank holiday,.. so we'll see if we can even pull it off.. the JPY's had some good gaps too.. but i dunno anymore
  • #12,472
  • Mar 20, 2011 2:10pm Mar 20, 2011 2:10pm
Quoting truent
im short EURUSD, but i dunno if it will get interesting until 3pm PST, it's 210pm now, and I see its a JPN bank holiday,.. so we'll see if we can even pull it off.. the JPY's had some good gaps too.. but i dunno anymore

ya, quite some PIPs in EURJPY pair, i saw. i using oanda, the spread is 5 PIPs. how abt your broker, truent?
  • #12,473
  • Mar 20, 2011 2:11pm Mar 20, 2011 2:11pm
6.9pip spread on euro on fxdd at the moment too.. meh
  • #12,474
  • Mar 20, 2011 2:11pm Mar 20, 2011 2:11pm
looks like about 7pip on EJ
  • #12,475
  • Mar 20, 2011 2:14pm Mar 20, 2011 2:14pm
GBPCHF - down 49
USDCHF - down 37
CHFJPY - up 47
EURAUD - up 40
  • #12,476
  • Mar 20, 2011 2:15pm Mar 20, 2011 2:15pm
For a few weeks I won't be able to GAP trade. Daylight saving time does make my broker go online 1 hour later, damn broker :-).

On the other hand, last week I did gather some pips when it went online, which made me guess a lot of brokers/traders use the "old" time...

Good luck to all of you tonight and this week, I do wonder what to expect this week, because Japan still isn't rescued and also Lybia will have it's influence, oh, right, then there's still the EURO zone with it's crisis...
  • #12,477
  • Mar 20, 2011 2:16pm Mar 20, 2011 2:16pm
Quoting truent
im short EURUSD, but i dunno if it will get interesting until 3pm PST, it's 210pm now, and I see its a JPN bank holiday,.. so we'll see if we can even pull it off.. the JPY's had some good gaps too.. but i dunno anymore
I'm also (cautiously) short eur. Staying from yen pairs.
  • #12,478
  • Mar 20, 2011 2:24pm Mar 20, 2011 2:24pm
Quoting KillerAntz
For a few weeks I won't be able to GAP trade. Daylight saving time does make my broker go online 1 hour later, damn broker :-).

On the other hand, last week I did gather some pips when it went online, which made me guess a lot of brokers/traders use the "old" time...

Good luck to all of you tonight and this week, I do wonder what to expect this week, because Japan still isn't rescued and also Lybia will have it's influence, oh, right, then there's still the EURO zone with it's crisis...
I'm confused about it too...was late today thinking that market would open an hour later, but it opened at the same time even with DST.
  • #12,479
  • Mar 20, 2011 2:27pm Mar 20, 2011 2:27pm
Quoting CrucialCraig
Hi LG,

When you have a minute would you mind giving some input on what levels would seem like reasonable BO levels if you wanted to make the 4C 1H BO system?

Would also love to hear what you would use for TPs/SLs.

Thanks!

From my previous post so you don't have to scroll back:

"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...

I am not sure what you are asking about, "breakout levels". We have the BO rules for entry..that's really all there is to it.
  • #12,480
  • Mar 20, 2011 2:38pm Mar 20, 2011 2:38pm
Quoting lawgirl21
I am not sure what you are asking about, "breakout levels". We have the BO rules for entry..that's really all there is to it.
Hi LG, in your first post, you mention that you sometimes set sell stops/buy stops:

"I sometimes place a pending order below/above a R/S line before I go to bed.

My questions is what are some good levels if one were to use this method. I understand the best entry for 4C 1H BO trades is to watch PA, but I sometimes have a difficult time watching PA during the hours that the BOs usually occur. If one were to set buy & sell stops outside the BO resistance lines, what would be good distances from the support/resistance levels in your opinion? Also, if you have any input as to what your Take Profit/Stop Loss levels would in scenarios where you would use this method, that would be helpful.

Just trying to see if there is a way for us that cannot always watch PA during the BO hours to gain some profits from this method buy using Sell Stops/Buy Stops with pre-determined Take Profits/Stop Losses.

Thanks!
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