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Trade What You See - Almost Naked Trading

  • #13,601
  • Apr 8, 2011 10:21pm Apr 8, 2011 10:21pm
Quoting jasonnevis
Just want to say a big thanks to you lawgirl, along with everyone else who continues to contribute in keeping this thread alive.

First week trading live and I'm up +200 pips.
That is incredible! Some people have a natural talent for trading, some have to develop that talent. You must be a natural. It makes me very happy to hear such success stories.
  • #13,602
  • Apr 9, 2011 9:08am Apr 9, 2011 9:08am
Hi all!

I have a little got confused.
Could you explain me - where is the right place for enter - after 1h candle close outside s/r lines or after first 15min candle close outside s/r lines?

Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: h1.JPG Size: 30 KB
Click to Enlarge Name: 15m.JPG Size: 30 KB
  • #13,603
  • Apr 9, 2011 12:15pm Apr 9, 2011 12:15pm
Quoting TommyL
Hi lawgirl,

I like your methods but im wondering where do you place your SL's on the H4 3T method. Do you use 1:2 risk/reward ratio?
Also I heard from an experienced trader a while ago that we should never make a decision based on an open candle, your trigger is PA but its also an open candle.
Since you said you made good amount of money can you pls recommend a dicent ECN broker which offers mini accounts with 200:1 leverage.
I know FXCM does offer it but aparently they pretty bad and unfair.

Apreciate your help and ty for great methods, looking...
I'll try to help a bit with SL and R/R.

For 3TH4 SL, if set, is absed on resistance around 100pips away from entry to give enough breath room. It doesn't mean that trader will wait until it is hit. PA must be observed and earlier exit shall be applied when scenario is obviously no longer valid. There is no rule regarding R/R. Even for 30pips SL may be 100pips away. It is essential to watch PA and prevent winning trade from becoming lossing one.

Please look a couple of pages back and you see some trials done by Whistlepips on hystorical data. He was so kind, so he shared his observation regarding SL and TP and also regarding possible wins and losses. Simplified, but interesting.

I'm sure that LG will correct me if it is necessary.
Time matters most
  • #13,604
  • Apr 9, 2011 6:03pm Apr 9, 2011 6:03pm
I am not sure if this has been covered:

1) the BO strategy uses the first 4C 1H of a new trading day. What is considered a new trading day? 00:00 - 04:00... my Broker's MT4 platform is GMT +2... shall I set the indicator used to draw S/R (Daily_LinesBoxes_OC ind) 02:00 - 06:00?

2) it is important for all to see the same patterns... i find it difficult on H4 timeframes as my broker is GMT+2 i.e. someone might see a doji and I don't.. I am not even sure if I see the same RSI arrows (Lawgirl's Trend Display v1.02 ind) as everyone else.. Shall Ichange to a GMT broker altogether?

Thanks...
  • #13,605
  • Apr 9, 2011 7:23pm Apr 9, 2011 7:23pm
This is a very good point, is it worth running your trading platform at GMT or even at the current session time (eg US or Europe). So much of TA is a self fulfilling prophecy its good to see the same symbols in the sky as the herd....being in an odd time zone can shift this.

On another note, im now 6 weeks into my Forex Adventure (and had my first profitable week, 4 days from 5...I know, I know its just a start) and without a doubt the best bit of advice I have picked up (from many many bits of good advice) is

TRADE WHAT YOU SEE !!!!
  • #13,606
  • Apr 9, 2011 8:20pm Apr 9, 2011 8:20pm
Hi Guys and Girls,
Can anybody tell me how to get the little arrow directions on Meta Trader Charts that show on any chart the W/D/4HR/1HR trend?
I think they are great but can't find them!!
Many thanks,
Zaq.
  • #13,607
  • Apr 9, 2011 8:23pm Apr 9, 2011 8:23pm
See below or the answer from LG concernin the 1st 4 hrs of trading. Hope it helps,
Zaq.


Quote:
Originally Posted by zaqzaq http://www.forexfactory.com/images/buttons/viewpost.gif
Hi all,

Also looking at the EURCHF for a good entry long.

On another note can anybody tell me in relation to LG's 1hr 4 Candle breakout system why is it only the 1st 4 hrs of trading you take into account in your time zone? Would I be correct in thinking that any 4 hr period of consolidation would be a good setup along with Weekly, Daily and 4hr +RSI??
Thanks for the help!

Message hidden: zaqzaq is on your Ignore List.

These consolidations are only agreementary. I think it was stated on first page that you must find a reason to enter and marking this consolidation (which in this case is a result of Asian session I think) is good starting point for further move determination. You can use each firming consolidation in that way.
  • #13,608
  • Apr 10, 2011 5:43am Apr 10, 2011 5:43am
Quoting lawgirl21
That is incredible! Some people have a natural talent for trading, some have to develop that talent. You must be a natural. It makes me very happy to hear such success stories.
Thanks Lawgirl, I'm sure it won't be like this for me every week. Beginners luck I guess.

Really think the whole concept of trading on PA is brilliant, no one has a crystal ball... so why not just look at what price wants to do at present, and go with the flow. Such common sense...!

Don't fight it. Just trade what you see!

Thanks a million!
  • #13,609
  • Apr 10, 2011 9:30am Apr 10, 2011 9:30am
Quoting nemesis
I am not sure if this has been covered:

1) the BO strategy uses the first 4C 1H of a new trading day. What is considered a new trading day? 00:00 - 04:00... my Broker's MT4 platform is GMT +2... shall I set the indicator used to draw S/R (Daily_LinesBoxes_OC ind) 02:00 - 06:00?

2) it is important for all to see the same patterns... i find it difficult on H4 timeframes as my broker is GMT+2 i.e. someone might see a doji and I don't.. I am not even sure if I see the same RSI arrows (Lawgirl's Trend Display v1.02 ind) as everyone else.. Shall Ichange...
This has been discussed many many times before here, because when I first started I brought it up a few times. As LG will tell you, you go by the first 4 candles of YOUR trading day. We have discussed all the possible arguments, adjusting your platform time to hers, etc.. and came to the conclusion that you need to stick with what your own charts say. Good luck.
  • #13,610
  • Apr 10, 2011 9:57am Apr 10, 2011 9:57am
I have found package for manual backtesting in MT4, hoverer it has its limitations (you have to stick to one TF).

http://www.fxfisherman.com/forums/fo...g-trading.html

Looks very nice You can test months of manual trading in just hours... however it is never the same as live with its speed and ability to switch TF...
Time matters most
  • #13,611
  • Edited 11:39am Apr 10, 2011 11:12am | Edited 11:39am
Quoting blackqn
I have found package for manual backtesting in MT4, hoverer it has its limitations (you have to stick to one TF).

http://www.fxfisherman.com/forums/fo...g-trading.html

Looks very nice You can test months of manual trading in just hours... however it is never the same as live with its speed and ability to switch TF...
Nice! I think that I will change to MT4 platform.

Just made some analysis of 3 taps from last week with all the currencies. In enclosed excel sheet where you can find the results. However, I made several losses with 3 taps during last week. Most of them started on monday. Some were against the major trend and some were "3 tappish". Even though taking some sloppy setups I ended up being about + 100 pips for the week.
To this table I enclosed only those, which were goin to the direction of major trend on weekly and daily charts as well as on H4.

BTW Anthar thanks for the correction and comments.
  • #13,612
  • Apr 10, 2011 12:07pm Apr 10, 2011 12:07pm
Here´s the sheet also.
Attached File(s)
File Type: xls 3T and H1 statistics.xls   22 KB | 476 downloads
  • #13,613
  • Apr 10, 2011 3:10pm Apr 10, 2011 3:10pm
Quoting Magnat
Hi all!

I have a little got confused.
Could you explain me - where is the right place for enter - after 1h candle close outside s/r lines or after first 15min candle close outside s/r lines?

Thanks

Enter after a close of an M15 candle COMPLETELY (including wick) outside the S/R lines marked at the first 4 candles of your brokers' new day.

However, do not do so blindly...give enough time to watch to see what the next M15 candle is going to do. Is it going to continue in the BO? Or is it turning around? If it turns around and has sent out a probe (wick), then that probe becomes the new S/R line and the waiting and watching process begins again.

Hope this helps..
  • #13,614
  • Apr 10, 2011 3:12pm Apr 10, 2011 3:12pm
Quoting lawgirl21
Enter after a close of an M15 candle COMPLETELY (including wick) outside the S/R lines marked at the first 4 candles of your brokers' new day.

However, do not do so blindly...give enough time to watch to see what the next M15 candle is going to do. Is it going to continue in the BO? Or is it turning around? If it turns around and has sent out a probe (wick), then that probe becomes the new S/R line and the waiting and watching process begins again.

Hope this helps..
You should just put this as your signature on the bottom of every post lol.
  • #13,615
  • Apr 10, 2011 3:22pm Apr 10, 2011 3:22pm
Quoting Fitness09
You should just put this as your signature on the bottom of every post lol.
I know...think I will...did you have a good weekend?
  • #13,616
  • Apr 10, 2011 3:32pm Apr 10, 2011 3:32pm
Hi Lawgirl and others

Great methods and contributions to the thread, thanks.

dh
  • #13,617
  • Apr 10, 2011 3:34pm Apr 10, 2011 3:34pm
Quoting lawgirl21
I know...think I will...did you have a good weekend?
Not bad, how about yourself? I have been reading Trading in the Zone and it's an excellent book. I think it will benefit me in being more consistent.

Is there any way to know what the gaps will be before the market opens?
  • #13,618
  • Apr 10, 2011 3:40pm Apr 10, 2011 3:40pm
I use this site for kind of a quick reference, then confirm when the market opens..

http://www.fxstreet.com/rates-charts/forex-rates/

looks like aud/usd is up 25-40 pips at the moment
  • #13,619
  • Apr 10, 2011 3:44pm Apr 10, 2011 3:44pm
Quoting truent
I use this site for kind of a quick reference, then confirm when the market opens..

http://www.fxstreet.com/rates-charts/forex-rates/

looks like aud/usd is up 25-40 pips at the moment
Great thanks. It's just difficult to roll through a bunch or pairs right when the market opens.
  • #13,620
  • Apr 10, 2011 3:47pm Apr 10, 2011 3:47pm
oh for sure, i like to get setup on a few pairs ahead of time with this thing.. of course the 'open' was the close on friday.. so its fairly accurate if you just check the net change column,.. i use fxdd and i find they're of by a couple pips or so.. but the heads up helps
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