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Trade What You See - Almost Naked Trading

  • #13,241
  • Apr 2, 2011 4:20pm Apr 2, 2011 4:20pm
Quoting lawgirl21
I moved the above chart to H1 timeframe to look for BOs within the last ranging area marked by the purple horizontal lines. Another 300-400 pips in BO set ups in that ranging period alone.
Thanks for this also. Its good to have a way to trade also while markets are ranging. Had some poor experiences last week, but I think that I will continue to test this approach also.

Whistlepip out...... see you on sunday night.
  • #13,242
  • Apr 2, 2011 5:08pm Apr 2, 2011 5:08pm
Quoting lawgirl21
The Difference Between Demo and Live Trading:

Psychologically it is just different and there is no getting completely around it....
That means consistency has been mastered.This comes with time spent before the screen viewing candle patterns.Spatial intelligence is Lawgirl's hallmark.
With God all things are possible.
  • #13,243
  • Apr 3, 2011 3:22am Apr 3, 2011 3:22am
Haven't been back in here for a few months, but thought i'd add to the idea of comparing demo with live trading, and what I've learned from 8 years trading live...

1st off... my hats off to lawgirl for starting this Almost Naked Trading topic, well done

After about 8 years of trading, going thru the full journey of ttrading every indicator and theory out there, and 2 years testing EA's, I can WITHOUT doubt state that you DO NOT NEED INDICATORS, all you need is to be able to read price action and have a rough idea of support and resistance.

What you DO NEED ABSOLUTELY... is a clear understanding of your personal limits, and to have completetly overcome your greed and your fear lof loss.

Overcome your greed and fear of losing, and you can absolutely dominate as a trader... lets face it, if you can make 5% profit a month, every month, how would your trading account look?

Think about it!
In the days of old when sailors were bold, and seldom if ever contented.
  • #13,244
  • Apr 3, 2011 8:53am Apr 3, 2011 8:53am
Quoting pt49
Haven't been back in here for a few months, but thought i'd add to the idea of comparing demo with live trading, and what I've learned from 8 years trading live...

1st off... my hats off to lawgirl for starting this Almost Naked Trading topic, well done

After about 8 years of trading, going thru the full journey of ttrading every indicator and theory out there, and 2 years testing EA's, I can WITHOUT doubt state that you DO NOT NEED INDICATORS, all you need is to be able to read price action and have a rough idea of support and resistance....
Good to have you back, pt49...I've missed you. Hope everything is going well for you. I could not agree with you more about fear and greed...those ugly little emotions that can wreck our lives in so many ways.
  • #13,245
  • Apr 3, 2011 9:32am Apr 3, 2011 9:32am
Quoting lawgirl21
Good to have you back, pt49...I've missed you. Hope everything is going well for you. I could not agree with you more about fear and greed...those ugly little emotions that can wreck our lives in so many ways.
I have only been trading live for 6 months, but the greed part is the #1 enemy to my account. I'm sure it has happened to everyone at one point, but you get on a roll and you start increasing your lot sizes, and well....you can probably figure out the rest. Now, I am doing what LG and others suggested by sticking with one lot size until I reach a certain dollar amount, and then with drawing.
  • #13,246
  • Edited 12:38pm Apr 3, 2011 11:50am | Edited 12:38pm
Hello again. Hope you´ve had a nice weekend. Could someone give a hand with trading gaps. It the time soon. If I have understood correctly, the idea is to find gaps in the prices which might have formed during weekend roll-over from friday night close to sunday open and to open a position with a take profit in gap closing if there´s a gap. Is this correct and how do you see SL with these?

BTW just did some backtesting with H1 3 taps (with a broad definition of 3 tap) with G/U H1 chart within feb 08 - feb 18 this year. If you put your SL abowe/below last swing high/low there is very good probability to make profit. Only one of them hit SL even with lousy poor quality setups within ranging period one (meaning me) might take. Didnt check trends or S/R lines from H4, only used H1.

SL Pot profit hrs to achieve target
40 70 3
70 80 3
50 100 12
50 50 3
30 40 8
40 35 3
60 20 4
30 100 10 ¨
30 90 4
50 120 7
30 70 8
50 50 4
65 10 4
20 20 4
30 35 3
60 100 5
40 20 3
50 HIT SL 3
30 140 5
45 21 2
50 200 48

The level of SL in these has been the most important finding for me at the moment. If you place it correctly, it seems to vastly improve the probabilities to make profit in one´s trades even though the original setup may turn bad duging the way.
  • #13,247
  • Apr 3, 2011 12:45pm Apr 3, 2011 12:45pm
Quoting Whistlepips
Hello again. Hope you´ve had a nice weekend. Could someone give a hand with trading gaps. It the time soon. If I have understood correctly, the idea is to find gaps in the prices which might have formed during weekend roll-over from friday night close to sunday open and to open a position with a take profit in gap closing if there´s a gap. Is this correct and how do you see SL with these?

BTW just did some backtesting with H1 3 taps (with a broad definition of 3 tap) with G/U H1 chart within feb 08 - feb 18 this year. If you put your SL abowe/below...
Whistle, if I remember correctly, I don't think you are supposed to set a SL on gaps, and 98% of them will eventually close. I've had some close in 1 hour, and have had some close in 7-8 hours.
  • #13,248
  • Edited 1:14pm Apr 3, 2011 12:50pm | Edited 1:14pm
Quoting Fitness09
Whistle, if I remember correctly, I don't think you are supposed to set a SL on gaps, and 98% of them will eventually close. I've had some close in 1 hour, and have had some close in 7-8 hours.
Thanks. Seems to be a good probability there also. I will test them tonight, but have to consider some kind of SL and TP because I´ll have to go to sleep just after open.

BTW if anyone is interested to keep track on fundamentals I think FF calendar is probably the best and fastest, but dailyfx provides very good live news/analyst opinios stream to keep track on forex/financial issues at general level. And it´s free http://www.dailyfx.com/real_time_news/
  • #13,249
  • Apr 3, 2011 1:41pm Apr 3, 2011 1:41pm
Quoting Fitness09
I have only been trading live for 6 months, but the greed part is the #1 enemy to my account. I'm sure it has happened to everyone at one point, but you get on a roll and you start increasing your lot sizes, and well....you can probably figure out the rest. Now, I am doing what LG and others suggested by sticking with one lot size until I reach a certain dollar amount, and then with drawing.
Make that 2!
  • #13,250
  • Apr 3, 2011 3:57pm Apr 3, 2011 3:57pm
Any word on early gaps?
  • #13,251
  • Apr 3, 2011 3:57pm Apr 3, 2011 3:57pm
Ready to rock and roll?
  • #13,252
  • Apr 3, 2011 3:59pm Apr 3, 2011 3:59pm
lets do this .. nothing too big that i can see
  • #13,253
  • Apr 3, 2011 3:59pm Apr 3, 2011 3:59pm
Quoting lawgirl21
Ready to rock and roll?
Oh yeah! Started reading Trading in the Zone this weekend.
  • #13,254
  • Apr 3, 2011 4:00pm Apr 3, 2011 4:00pm
No good gaps to trade this weekend
Enter Signature
  • #13,255
  • Apr 3, 2011 4:01pm Apr 3, 2011 4:01pm
down 22 pips...not seeing anything else over 20.
  • #13,256
  • Apr 3, 2011 4:03pm Apr 3, 2011 4:03pm
Audjpy up 19.7
audusd up 13.8
cadjpy up 10.5
euraud down 13.8
eurjpy up 16.6
gbpchf down 22.0
gbpusd down 12.2
nzdusd up 12.2
usdchf down 10.4
xauusd up 50.0
Listen to the whispers.... You may learn something
  • #13,257
  • Apr 3, 2011 4:05pm Apr 3, 2011 4:05pm
OK, I guess we go right to BOs this week....
  • #13,258
  • Apr 3, 2011 4:10pm Apr 3, 2011 4:10pm
Quoting lawgirl21
OK, I guess we go right to BOs this week....
Its been a while..nice to see you're still around...wish you a pipful month..
God's Love For You Is Sure Never You Doubt It
  • #13,259
  • Apr 3, 2011 4:15pm Apr 3, 2011 4:15pm
Quoting D liberators
Its been a while..nice to see you're still around...wish you a pipful month..
Thanks. Good to see you back.
  • #13,260
  • Apr 3, 2011 4:26pm Apr 3, 2011 4:26pm
Took GBP/AUD, gap was some 30 pips, but closing fast.
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