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Trade What You See - Almost Naked Trading

  • #12,681
  • Mar 23, 2011 10:11am Mar 23, 2011 10:11am
I'm in this one to and also long USDCAD

Quoting lawgirl21
I've decided to go ahead and enter this trade.
  • #12,682
  • Mar 23, 2011 11:09am Mar 23, 2011 11:09am
Hi LG,

What you said about observing the close of candles, I'm currently long USDCAD, since the previous candle closed strongly in the opposite direction would you now exit? Looks like it's also back in the consolidation Box, so would you exit now or wait for another candle close?

Hope that makes sense.

Thanks,
P
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  • #12,683
  • Mar 23, 2011 11:50am Mar 23, 2011 11:50am
Quoting Pirabuji
Hi LG,

What you said about observing the close of candles, I'm currently long USDCAD, since the previous candle closed strongly in the opposite direction would you now exit? Looks like it's also back in the consolidation Box, so would you exit now or wait for another candle close?

Hope that makes sense.

Thanks,
P
Precisely the question I have. I'm looking forward to seeing that reply :-)
  • #12,684
  • Mar 23, 2011 12:29pm Mar 23, 2011 12:29pm
Hey LG,
What is your Profit Target for the CHFJPY as a matter of interest.
Do you have on one will you use S&R levels to exit?

Great thread by the way. Many thanks for all your posts.
Zaq.
  • #12,685
  • Mar 23, 2011 12:39pm Mar 23, 2011 12:39pm
While I can't answer for LG I can give you my opinion...fwiw.
I see no clear buy trigger.
I've simulated your buy line and rolled over to the M15 chart.
I think that LG waits for two completed candles on the M15 that are outside the zone and then,
checks the color (direction) of the third candle before entry...so, no clear and valid entry trigger.

There is also some fairly good resistance right around the buy line area.
Attached Image (click to enlarge)
Click to Enlarge Name: uscd-03-23-11-m15.gif Size: 13 KB


Quoting Pirabuji
Hi LG,
What you said about observing the close of candles, I'm currently long USDCAD, since the previous candle closed strongly in the opposite direction would you now exit? Looks like it's also back in the consolidation Box, so would you exit now or wait for another candle close?
Hope that makes sense.
Thanks,
P
Listen to the whispers.... You may learn something
  • #12,686
  • Mar 23, 2011 1:02pm Mar 23, 2011 1:02pm
Hi Greg Although I can`t answer for LG,I`m in the same trade same entry.I put my tp further down as the daily candles setting up nicely for major short.looks like your close to your target now.Good on ya.
Quoting potomac
Hi LG,

My question is similar to Jason's. I went short on EURJPY at 7:15pm PDT (10:15 EDT my time) at 114.58. This was a H1 BO trade and the 7:15 candle was the first that was completely under the 114.72 breakdown line.

I had to go to bed so I entered a 50 pip stop and a 50 pip TP order. Its been a wild ride as the trade was +37 overnight and then -43 this morning and now is +18.

My question is...how would you have managed this trade if couldn't monitor it due to sleep, work, etc? Second question, did I enter the trade at the proper time...
  • #12,687
  • Mar 23, 2011 1:47pm Mar 23, 2011 1:47pm
So I took a position on the EU last night, and have just been able to get on the computer (it's baseball season). I'm not a happy camper today, and the Eu has really let me down. it had better change it's attitude for the rest of the week. And that's all I have to say about that.
  • #12,688
  • Mar 23, 2011 3:00pm Mar 23, 2011 3:00pm
H4-3T

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  • #12,689
  • Mar 23, 2011 3:06pm Mar 23, 2011 3:06pm
Quoting nhuda
Hi LG,

Is this a good 4h-3T? Have I already missed the trade? If there is still chance, how would you enter this trade?

Thanks a lot.

Yes, this was a very good trade. I am still in it.
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  • #12,690
  • Mar 23, 2011 3:19pm Mar 23, 2011 3:19pm
Thanks Scrutch

Is this also how you enter? For the third candle do you wait for it to close or just move in direction of trade?



Quoting Scrutch
While I can't answer for LG I can give you my opinion...fwiw.
I see no clear buy trigger.
I've simulated your buy line and rolled over to the M15 chart.
I think that LG waits for two completed candles on the M15 that are outside the zone and then,
checks the color (direction) of the third candle before entry...so, no clear and valid entry trigger.

There is also some fairly good resistance right around the buy line area.
Attachment
  • #12,691
  • Mar 23, 2011 3:24pm Mar 23, 2011 3:24pm
Hi Guys, help me out here please.

Is this a valid trade?

When I entered, the H4 arrow moved to red as well as the H1 arrow.

Thus having H1 to W1 all red, but moments after I entered H1 and H4 changed.

What do I do now.

Any recommondations on SL and TP here please.
Attached Image
  • #12,692
  • Mar 23, 2011 3:43pm Mar 23, 2011 3:43pm
"Most" of the time I enter this way.
Sometimes I go to the M5 chart for an entery.
Sucess rate usually suffers a bit by using the M5 though.
I (and I think LG) only wait for the third candle to show the correct direction.

Quoting Pirabuji
Thanks Scrutch
Is this also how you enter? For the third candle do you wait for it to close or just move in direction of trade?
Listen to the whispers.... You may learn something
  • #12,693
  • Mar 23, 2011 3:49pm Mar 23, 2011 3:49pm
Quoting Krypt0n1te
Hi Guys

Is this a valid trade?

When I entered arrows H1 to W1 were all red, moments after I entered H1 and H4 changed.

How do I go about with this trade?

Any help on SL and PT?
I have totally different picture at my broker, only 2 candles, probably there is time diference responsible for that. It shows some sumpthoms of will to go down, however I canot see 3T here yet. Assuming that tere is (or was) 3T I would place SL around (above) 0.986 and TP around 0.974 (or at least stay observing around that level if it either goest to retrace or continue downwards). Maybe others have better idea?

Regardingh SL on H4 TF it must be far enough to allow market to get deep breath before run If I remember correctly LG said something about 100pips, but also about basing on S/R levels.
Time matters most
  • #12,694
  • Mar 23, 2011 3:58pm Mar 23, 2011 3:58pm
blackqn

Thanks for your reply, much appreciated.

I think I should try and change my setting, timeframes etc. so that it is more inline with what other people see.

Regards
  • #12,695
  • Mar 23, 2011 4:08pm Mar 23, 2011 4:08pm
Quoting lawgirl21
If you are able to monitor the trade, go candle by candle i.e. watch every candle change and exit when there is a solid change of color. Look at the GBPCHF breakout for example. If monitoring that trade, you could have stayed in for the complete ride down and just now being exiting the trade...or exit 1/2 and let the other half ride. That would be up to you.
Thanks for all the help, however I'm still a little confused.

The EUDAUD trade that you were for short earlier would make a good example.

If monitoring the trade, I would have entered the breakout down at the first yellow arrow. The trade then turns around and looks like it is now a long breakout (second yellow arrow).

How do you deal with this scenario?

Sorry, I just really want to understand your thinking about trading as I believe this is a great method!

Thanks Lawgirl!!!!
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  • #12,696
  • Mar 23, 2011 4:25pm Mar 23, 2011 4:25pm
Another example.
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  • #12,697
  • Mar 23, 2011 4:33pm Mar 23, 2011 4:33pm
Same thing, this one breaks out nicely north, then does the a backflip and heads south.
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  • #12,698
  • Mar 23, 2011 6:02pm Mar 23, 2011 6:02pm
My chart looks a little differentl from yours, but the theory is the same. That first yellow arrow was not a solid entry.

The entry candle would have been the H1 candle marked with the purple vertical line.

The second chart shows the same vertical purple line, but on the M15 chart which is the chart I use for entries only. Notice that the M15 entry candle has closed below the scout/wick line of the previous M15 candles. (marked with the orange dotted line). After entry move back to the H1 chart to monitor the trade as chop on the M15 chart will make you crazy.
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  • #12,699
  • Mar 23, 2011 6:19pm Mar 23, 2011 6:19pm
3 Tap H4 trade.
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  • #12,700
  • Mar 23, 2011 6:24pm Mar 23, 2011 6:24pm
Quoting lawgirl21
3 Tap H4 trade.
Hi LG

Is 0.74563 your PT?

Thanks
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