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Trade What You See - Almost Naked Trading

  • #12,901
  • Edited 6:11pm Mar 28, 2011 6:05pm | Edited 6:11pm
Anthar

Thanks for another informative post, I for one will read it over and over!

I'm happy with the following...

1. Entry of trade
2. PT's (thus S/R lines)
3. Watching PA as trade moves along (still learning here and probably will forever.)

My biggest problem is the following....

I really struggle to put my INITIAL SL, in other words. I do not know how to get out of a trade THE MOMENT AFTER I ENTERED and the price suddenly moves against me.
I assume I should handle it the same way as if I was in the trade for some time and PA then started to move against me.

It's just oh so difficult to exit a trade just after you entered and to admit defeat!

But I assume that is what separates the successful traders from the unsuccessful.

Any ideas/suggestions how to handle this situation?
  • #12,902
  • Mar 28, 2011 6:23pm Mar 28, 2011 6:23pm
Quoting Krypt0n1te
Anthar

Thanks for another informative post, I for one will read it over and over!

I'm happy with the following...

1. Entry of trade
2. PT's (thus S/R lines)
3. Watching PA as trade moves along (still learning here and probably will forever.)

My biggest problem is the following....

I really struggle to put my INITIAL SL, in other words. I do not know how to get out of a trade THE MOMENT AFTER I ENTERED and the price suddenly moves against me.
I assume I should handle it the same way as if I was in the trade for some time and PA then started...
IMO this has lots to do with trading psychology, we must be aware and come to terms with the fact that not every trade we get into will hit my TP in the next few minutes and sometimes PA will start to mave against me just at the moment I got in.

What I do here is just wait and observe, you can't just get out in panic as soon as PA goes against your trade in the first few minutes!
Take into consideration that you had a valid reason to get into that trade (you had it right?), so you also need a good reason to get out of it, this reasons may vary but fear of losing should not be one of those reasons.
Reaching your maximum planned loss for your risk / reward level or watching PA give a set up to go in a trade against your original position are some valid reasons. This is just my opinion, some people in here treat this differently. Hope this helps!
Flp. 4:13
  • #12,903
  • Mar 28, 2011 6:32pm Mar 28, 2011 6:32pm
Hi
I like all others in this forum know what you are going through. Just a couple of things that may help.
1) Do you have to be right every time? It is a Pride thing that kills us all you must learn to let go the duds and keep the good trades.
2) keep that journal of your trades review it understand why it was a good or bad trade.
3) Are you trading with too much money? Fear of loss will cloud how you view your stop loss. Try with a trifiling amount you may find your results quite different.
All the best
Quoting Krypt0n1te
Anthar

Thanks for another informative post, I for one will read it over and over!

I'm happy with the following...

1. Entry of trade
2. PT's (thus S/R lines)
3. Watching PA as trade moves along (still learning here and probably will forever.)

My biggest problem is the following....

I really struggle to put my INITIAL SL, in other words. I do not know how to get out of a trade THE MOMENT AFTER I ENTERED and the price suddenly moves against me.
I assume I should handle it the same way as if I was in the trade for some time and PA then started...
  • #12,904
  • Mar 28, 2011 6:36pm Mar 28, 2011 6:36pm
Quoting Anthar
IMO this has lots to do with trading psychology, we must be aware and come to terms with the fact that not every trade we get into will hit my TP in the next few minutes and sometimes PA will start to mave against me just at the moment I got in.

What I do here is just wait and observe, you can't just get out in panic as soon as PA goes against your trade in the first few minutes!
Take into consideration that you had a valid reason to get into that trade (you had it right?), so you also need a good reason to get out of it, this reasons may vary...
It definitely does help... Thank You, I'm so glad I found this site and specially LawGirl's Thread. If there is one thing I have learned this far is the fact that PA means A LOT!

It is confusing at the beginning and as a new forex trader you WANT to see a set ENTRY, SL and PT posted, but only now you start to realize it's not as simple as that.

Thanks again
  • #12,905
  • Mar 28, 2011 8:29pm Mar 28, 2011 8:29pm
Quoting Krypt0n1te
It definitely does help... Thank You, I'm so glad I found this site and specially LawGirl's Thread. If there is one thing I have learned this far is the fact that PA means A LOT!

It is confusing at the beginning and as a new forex trader you WANT to see a set ENTRY, SL and PT posted, but only now you start to realize it's not as simple as that.

Thanks again
Yeah it's all part of trading psychology and the diferent stages you gro through in your path, if you follow this thread for a while you will see how some more experienced traders (LG, royalbowhunt come to mind) will wait for a trade against them to evolve towards their way, when I should have probably got out ages ago and assume an innecesary loss, but it's all part of getting experience.
You might want to go in depth into trading psychology, look for posts or even some good books on this subject. It's always helpful...
Good night to all!
Flp. 4:13
  • #12,906
  • Mar 28, 2011 8:43pm Mar 28, 2011 8:43pm
any one have making this LG's system to become a EA
"Trade Until I Come Back" Luke
  • #12,907
  • Mar 28, 2011 9:05pm Mar 28, 2011 9:05pm
Quoting superpipo
any one have making this LG's system to become a EA
If you do, please do not discuss it on this thread.
  • #12,908
  • Mar 28, 2011 9:09pm Mar 28, 2011 9:09pm
Potential channel trade.
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  • #12,909
  • Mar 28, 2011 9:12pm Mar 28, 2011 9:12pm
BO watch list.
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  • #12,910
  • Mar 28, 2011 9:14pm Mar 28, 2011 9:14pm
3 Tap H4 set up and trigger.
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  • #12,911
  • Mar 28, 2011 9:17pm Mar 28, 2011 9:17pm
BO watch list
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  • #12,912
  • Mar 28, 2011 9:32pm Mar 28, 2011 9:32pm
Quoting lawgirl21
3 Tap H4 set up and trigger.
This pair is very interesting right now, in that it is in consolidation on the H1 chart and a 3 Tap trade on the H4 chart. I would recommend waiting to enter until PA starts moving again on the H1 chart before entering.
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  • #12,913
  • Mar 28, 2011 9:36pm Mar 28, 2011 9:36pm
Quoting lawgirl21
BO watch list
Notice how the M15 chart is keeping us out of this trade, at least for now. The dotted orange line is the marker for the scout level. A M15 candle needs to close below that level and continue down on the opening of the candle after that close to enter a short trade here.
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  • #12,914
  • Mar 28, 2011 9:41pm Mar 28, 2011 9:41pm
I surely like the RSIs now on this pair, but there is no 3 Tap entry, so will have to wait for a BO to hopefully occur.
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  • #12,915
  • Mar 28, 2011 9:43pm Mar 28, 2011 9:43pm
Nice strategy, and easy to follow for newbies like me, can i ask wich days is better for the 3 tap strategy? as i see monday and thurdays Week, D1, H4 are no strongly confirmed yet. or is ok?

Thanks..
  • #12,916
  • Mar 28, 2011 9:55pm Mar 28, 2011 9:55pm
Quoting lawgirl21
Notice how the M15 chart is keeping us out of this trade, at least for now. The dotted orange line is the marker for the scout level. A M15 candle needs to close below that level and continue down on the opening of the candle after that close to enter a short trade here.
helllo lawgirl21

I already make that short position, based on this strategy, hopes is ok..
Do you?
My regards.
  • #12,917
  • Mar 28, 2011 10:04pm Mar 28, 2011 10:04pm
Watching m 15 for possible entry
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Click to Enlarge Name: EUR USD.jpg Size: 220 KB
  • #12,918
  • Mar 28, 2011 10:07pm Mar 28, 2011 10:07pm
Quoting jgimenez76
Nice strategy, and easy to follow for newbies like me, can i ask wich days is better for the 3 tap strategy? as i see monday and thurdays Week, D1, H4 are no strongly confirmed yet. or is ok?

Thanks..
Glad you are getting something out of this strategy. It is so simple, it often seems complicated, if that makes sense. It does require judgment, patience and flexibility...things every trader does not have innately, but can develop with study and experience.

Because the 3 Tap is based on the H4 candles and is generally confined within the current week, the more H4 candles that have occurred, the more likely the 3 Tap set ups. Therefore, we see very few at the beginning of the trading week. Tuesday through Thursday produce the most 3 Tap set ups.

Remember too, that the weekly, daily and H4 RSIs in the same direction are the tip-off to look for 3 Taps.
  • #12,919
  • Mar 28, 2011 10:14pm Mar 28, 2011 10:14pm
Quoting lawgirl21
Notice how the M15 chart is keeping us out of this trade, at least for now. The dotted orange line is the marker for the scout level. A M15 candle needs to close below that level and continue down on the opening of the candle after that close to enter a short trade here.
PA has approached the scout line and "bumped" it several times...each time price has been repelled by it. Price will either continue bumping that line until it goes through it or gives up trying for the time being and heads up.
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  • #12,920
  • Mar 28, 2011 10:15pm Mar 28, 2011 10:15pm
Watch EU/GBP for BO
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