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Trade What You See - Almost Naked Trading

  • #13,321
  • Apr 4, 2011 1:11pm Apr 4, 2011 1:11pm
Quoting royalbowhunt
Thanks! Great place to raise a family and work for your self. It does take a tole on ones health though. I'd have to say the stress level is like a roller coaster. With regulation, weather, labor, finances, and markets all can get out of your control. But I do enjoy a challenge.
Sounds like you need to become a full time trader and forget about all that mess.. Unless you actually enjoy it, of course...
  • #13,322
  • Apr 4, 2011 1:24pm Apr 4, 2011 1:24pm
Quoting pippete
Sounds like you need to become a full time trader and forget about all that mess.. Unless you actually enjoy it, of course...
Ha! Ha! Ha! I'm not skilled enough to make a living yet at trading. I do enjoy trading though. Farming does pay some of the bills. But I've been going backward lately. Trading I've been holding my own but have not been able to draw anything yet. I'm hoping to sharpen my skills and this forum has been a very good experience. I'm also an artist with a few prints out but you've heard the old saying starving artist starving farmer. Well I don't need a third starving job yet Ha! I need to hone my trading skills before it will pay well.
  • #13,323
  • Apr 4, 2011 1:54pm Apr 4, 2011 1:54pm
Quoting lawgirl21
Yes it does. Double confirmation. I would monitor it on the H1 BO chart though and wait until PA starts moving again..unless you are already in.
Actually I was in, however I wasn't able to stay and watch, so I set SL (a bit tightly probably, but this pair surprised me couple of times lately) and I've left it. lost around 26pips. I see it is still undecided where it want to go... currently upwards attacking 1.3131/41.
Time matters most
  • #13,324
  • Apr 4, 2011 1:54pm Apr 4, 2011 1:54pm
Quoting lawgirl21
Looks like you are in the pips...great week's start.
Well just gave back all the money I made on gbpchf this morning..
  • #13,325
  • Apr 4, 2011 1:59pm Apr 4, 2011 1:59pm
Quoting jdcompute
Well just gave back all the money I made on gbpchf this morning..
I like to be careful with 3T at the beginning of a week, today's setups seem to be going against the initial direction. Will have to watch closely and time the entries better. Cheer up, lots of good trades will come this week!
Flp. 4:13
  • #13,326
  • Apr 4, 2011 2:02pm Apr 4, 2011 2:02pm
Quoting Anthar
I like to be careful with 3T at the beginning of a week, today's setups seem to be going against the initial direction. Will have to watch closely and time the entries better. Cheer up, lots of good trades will come this week!
I agree with you. I usually wait until Wed to start looking. That way the news from the weekend doesn't have as much influence on the weekly RSI
  • #13,327
  • Apr 4, 2011 2:03pm Apr 4, 2011 2:03pm
Quoting jdcompute
Well just gave back all the money I made on gbpchf this morning..
You need to subscribe to this thread at the same time

Flag trading the trend
Canadian by birth Australian by choice
  • #13,328
  • Apr 4, 2011 2:19pm Apr 4, 2011 2:19pm
Quoting Anthar
I like to be careful with 3T at the beginning of a week, today's setups seem to be going against the initial direction. Will have to watch closely and time the entries better. Cheer up, lots of good trades will come this week!
yeah, you're right. Actually all I trade are those H1 4C BO trades. I shall be patient :-)
  • #13,329
  • Apr 4, 2011 2:25pm Apr 4, 2011 2:25pm
Quoting TheSnowman
You need to subscribe to this thread at the same time

Flag trading the trend
I´ve been reading that thread also and tested trading with it. I think you need to fully understand elliott wawes in order to benefit fully from it (about a months work?). My problem with it was that usually I didn´t have a clue on which wawe or ABC I was in. Also 5 min TF was too fast for me. The main thing to me from that thread was that trends have wawes or flags as the thread is calling them. Also the entry point after flag was useful idea, but as I said I found it difficult to keep track on which wawe I was in. Have you traded flags with success?
  • #13,330
  • Apr 4, 2011 3:49pm Apr 4, 2011 3:49pm
Quoting Whistlepips
I´ve been reading that thread also and tested trading with it. I think you need to fully understand elliott wawes in order to benefit fully from it (about a months work?). My problem with it was that usually I didn´t have a clue on which wawe or ABC I was in. Also 5 min TF was too fast for me. The main thing to me from that thread was that trends have wawes or flags as the thread is calling them. Also the entry point after flag was useful idea, but as I said I found it difficult to keep track on which wawe I was in. Have you traded flags with success?...
You will only use the wave pattern when trading the 123 reversal pattern. This part of the method is just an added bonus.

The "flag" or pull back is the basic methid. The key to unstanding this trading method is knowing the trend. For that you must take a larger view of the 5 min time frame. Second you must be able to idenify multiple areas of support and resistance. This determines whether trend is up or down. The ability to determine trend appears to be the hardest part of the basic method for most.
  • #13,331
  • Apr 4, 2011 3:51pm Apr 4, 2011 3:51pm
Quoting jdcompute
yeah, you're right. Actually all I trade are those H1 4C BO trades. I shall be patient :-)
Just checked a couple of months back from present the 3 taps from 4 h charts on E/U if you take them on monday. The trend seemed to change rather often on monday. There also seems to be significantly less pips to be gained on 3 taps taken on monday. It may be wise to wait atleast on tuesday with them and also to be cautious if you let them run over weekend. Therefore it may also be risky to draw 3 tap trendlines, which combine candles from different weeks.
  • #13,332
  • Apr 4, 2011 3:58pm Apr 4, 2011 3:58pm
Quoting TraderinSD
You will only use the wave pattern when trading the 123 reversal pattern. This part of the method is just an added bonus.

The "flag" or pull back is the basic methid. The key to unstanding this trading method is knowing the trend. For that you must take a larger view of the 5 min time frame. Second you must be able to idenify multiple areas of support and resistance. This determines whether trend is up or down. The ability to determine trend appears to be the hardest part of the basic method for most.
Youre right with the trend thing. It has been a while, when I tested that, but was it so, that there is a certain time of the day, which is the best for flag trading?
  • #13,333
  • Apr 4, 2011 4:13pm Apr 4, 2011 4:13pm
ZC set up.
Attached Image
  • #13,334
  • Apr 4, 2011 4:14pm Apr 4, 2011 4:14pm
Most pairs seem to be ranging at the moment...
  • #13,335
  • Apr 4, 2011 4:29pm Apr 4, 2011 4:29pm
LG, do you limit number of simultaneous trades?
Time matters most
  • #13,336
  • Apr 4, 2011 4:44pm Apr 4, 2011 4:44pm
Quoting blackqn
LG, do you limit number of simultaneous trades?

It depends..I am working on a new set up that I call a "basket" of trades that can have as many as 9 open pairs, but that is on demo and I have not yet put it on a live account.

Live trading, I generally have no more than 3 open trades at a time. Unless a particular currency is really moving in the same direction on every pairing, I may "double down" on that currency. In that case, I want to get in and out fairly quickly.
  • #13,337
  • Apr 4, 2011 4:52pm Apr 4, 2011 4:52pm
Quoting Whistlepips
Youre right with the trend thing. It has been a while, when I tested that, but was it so, that there is a certain time of the day, which is the best for flag trading?
Yes, the sweet spot, London/ NY. I believe he trades the Tokyo session open to about an hour in... I think?? I am a little more aggressive with his method and have added LG's Trend Display to the mix.

H1 for the 5 min although I really like to see H4 and D1 in the same direction too. So far it's showing promise but still to early to say absolute yes.

I also use LG's method for my longer term trading on the H1 and H4. "Really like" her breakout method and the 3 taps if over a longer period while still remaining inside a single day.
  • #13,338
  • Apr 4, 2011 4:56pm Apr 4, 2011 4:56pm
Thanks LG, I was wondering about difficulty of PA watching when multiple trades are opened. I found myself comfortable with no more than 3 also, but I was worrying that it may be mistake to enter more than 1 at the time... according to first post
Time matters most
  • #13,339
  • Apr 4, 2011 5:07pm Apr 4, 2011 5:07pm
Quoting lawgirl21
It depends..I am working on a new set up that I call a "basket" of trades that can have as many as 9 open pairs, but that is on demo and I have not yet put it on a live account.

Live trading, I generally have no more than 3 open trades at a time. Unless a particular currency is really moving in the same direction on every pairing, I may "double down" on that currency. In that case, I want to get in and out fairly quickly.

One of the issues with Demo is they get you doing bad things!
trade with a demo they way you will with real money!!
Set /Forget /Let
  • #13,340
  • Apr 4, 2011 6:10pm Apr 4, 2011 6:10pm
Quoting cjt
One of the issues with Demo is they get you doing bad things!
trade with a demo they way you will with real money!!
Thanks for the advice, cjt.
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