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Trade What You See - Almost Naked Trading

  • #13,821
  • Apr 12, 2011 11:59am Apr 12, 2011 11:59am
Quoting keikor
Hi Everyone,

I am having difficulties understanding what do you guys mean by clearing the scout / wick line? And how do you guys define the scout line? If i am not mistaken, when price breaks the BO box, switch to 15min and look for confirmation from RSI or PA.

As for example, i have attached the euro chart as of today. I was following LG's timezone and using the exact template.

RSi was down. I supposed it was a sell for euro. Did you guys take this trade or i did something wrong here? Would appreciate if someone can explain to me if this...

Im not an expert with these, but if I understood correctly you opened your position just before London open. Ive had many trend turns and crappy deals especially at London open. I would suggest you to be cautios about opening positions +- 30 min from opening and glosing times. Maybe you should adjust your trading times so that you could take the opening and closing times into consideration. Just some thoughts´from my experiences which came to mind.
  • #13,822
  • Apr 12, 2011 12:15pm Apr 12, 2011 12:15pm
Check this out for market opening hours:
http://forex.timezoneconverter.com/
  • #13,823
  • Apr 12, 2011 12:16pm Apr 12, 2011 12:16pm
Hi and thanks for your strategy, looks interesting so far. Have to study it later in detail.
Have to check Zorro Continuation, sounds like adventure trading
  • #13,824
  • Apr 12, 2011 12:19pm Apr 12, 2011 12:19pm
Quoting lawgirl21
AUDUSD
I am introducing a new filter to our trading arsonal..the Zorro Continuation (ZC), I call it although it is just a wave pattern that has been used for decades.
Hi lawgirl

now I got it, Z like Zorro

have seen this pattern a few times. Will see what I can do with it for EURCHF and USDCHF.

Thanks for sharing.
  • #13,825
  • Apr 12, 2011 12:32pm Apr 12, 2011 12:32pm
Quoting lawgirl21
Let's start seriously looking for consolidation on daily, weekly and monthly charts. We can treat BOs the very same way as we do on the H1 chart, just move down a timeframe or two and enter the same way. The potential for pips even greater the larger the TF, but of course, it takes more patience.
Yes you're right LG, this seems like a good moment to look fo a BO on this pair... in fact it might be happening just now... look at those arrows all straight up
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDBOdaily.jpg Size: 90 KB
Flp. 4:13
  • #13,826
  • Apr 12, 2011 12:42pm Apr 12, 2011 12:42pm
Quoting lawgirl21
Excellent idea! Let's manually backtest it. I like this very much and like how you think. We'll stay in winning positions until they turn on us and add to the position every 50-100 pips. Thanks doc.
Wow... having a group to discuss and talk about trading brings out great ideas, I like this approach already... I've got to work on it and report... it's exciting indeed guys...

Quoting lawgirl21
Must get ready for work. What an exciting morning!
This is exciting too... lol, as a child I loved to watch movies and series related to lawyers and courtrooms and I could picture myself in a trial... I grew up to become an industrial engineer and it was a good choice as Mexico's legal system has nothing to do with oral trials, courtrooms and jurys... anyway I hope you're having a great day at work
Flp. 4:13
  • #13,827
  • Edited 1:02pm Apr 12, 2011 12:45pm | Edited 1:02pm
This daily channel idea seems like having power in it. Im in EUR/AUD 3 tap long opened this morning. Also just opened EUR/CHF, AUD/NZD and AUD/CHF shorts. All are breaking through those lines on daily chart. Interesting!

The same goes with NZD/USD.
  • #13,828
  • Apr 12, 2011 12:50pm Apr 12, 2011 12:50pm
Quoting Whistlepips
Confusing. Almost all the aussies have some kind of 3 tappish formations arousing, but opposite directions. What´s this?
It may be that aussie stands and its pair fellow dances...
Time matters most
  • #13,829
  • Apr 12, 2011 12:56pm Apr 12, 2011 12:56pm
Quoting keikor
Hi Everyone,

I am having difficulties understanding what do you guys mean by clearing the scout / wick line? And how do you guys define the scout line? If i am not mistaken, when price breaks the BO box, switch to 15min and look for confirmation from RSI or PA.

As for example, i have attached the euro chart as of today. I was following LG's timezone and using the exact template.

RSi was down. I supposed it was a sell for euro. Did you guys take this trade or i did something wrong here? Would appreciate if someone can explain to me if this...
One candle has to cose below scout-wicks. Then you shall look for candle quality and what next candle is doing for couple of minutes at least. In this case I see that candle closed below scouts has rather long vick and next candle probably was trying to follow downwards, but quickly turned back. To early enter in my opinion... I personally would wait until candle closed below S1 1.4385 looking at quality of candles...
Time matters most
  • #13,830
  • Apr 12, 2011 1:13pm Apr 12, 2011 1:13pm
Quoting blackqn
It may be that aussie stands and its pair fellow dances...
Thanks. Actually this is likely. Not very much news about aussie this week. Atleast not important ones.
  • #13,831
  • Apr 12, 2011 1:38pm Apr 12, 2011 1:38pm
Quoting keikor
Hi Everyone,

I am having difficulties understanding what do you guys mean by clearing the scout / wick line? And how do you guys define the scout line? If i am not mistaken, when price breaks the BO box, switch to 15min and look for confirmation from RSI or PA.

As for example, i have attached the euro chart as of today. I was following LG's timezone and using the exact template.

RSi was down. I supposed it was a sell for euro. Did you guys take this trade or i did something wrong here? Would appreciate if someone can explain to me if this...
This post might help... let me know if you have any further doubts...

http://www.forexfactory.com/showpost...ostcount=12816
Flp. 4:13
  • #13,832
  • Apr 12, 2011 2:43pm Apr 12, 2011 2:43pm
Quoting blackqn
It may be that aussie stands and its pair fellow dances...
BTW thanks again for that manual testing system for MT4. I have found it very useful in 3 tap analysis. It is also really educating to fast forward PA on e.g. 4 h and M 15 candles for the real data. This is something, which you can really get experience from PA analysis without spending weeks after weeks at staring live prices. Nothing is of course better than the real thing, but this is VERY helpful tool.
  • #13,833
  • Apr 12, 2011 3:21pm Apr 12, 2011 3:21pm
Daily chart channel trade. Up 60 pips.
Attached Image
  • #13,834
  • Apr 12, 2011 3:26pm Apr 12, 2011 3:26pm
I especially like this trade because of the resistance level which was approached 4 days straight. This hopefully, will make PA feel totally rejected at that level and head further down. +40 pips so far.
Attached Image
  • #13,835
  • Apr 12, 2011 3:40pm Apr 12, 2011 3:40pm
Quoting Whistlepips
BTW thanks again for that manual testing system for MT4. I have found it very useful in 3 tap analysis. It is also really educating to fast forward PA on e.g. 4 h and M 15 candles for the real data. This is something, which you can really get experience from PA analysis without spending weeks after weeks at staring live prices. Nothing is of course better than the real thing, but this is VERY helpful tool.
We are here to share. I also like this tool, however it is odd that you are bounded to one TF.
Time matters most
  • #13,836
  • Apr 12, 2011 3:44pm Apr 12, 2011 3:44pm
Quoting lawgirl21
I especially like this trade because of the resistance level which was approached 4 days straight. This hopefully, will make PA feel totally rejected at that level and head further down. +40 pips so far.
Thanks. This approach may suit well into my needs, because I have to be on the move during trading. SLs and TPs can easily be used with this approach.
  • #13,837
  • Edited 5:19pm Apr 12, 2011 4:59pm | Edited 5:19pm
Quoting blackqn
We are here to share. I also like this tool, however it is odd that you are bounded to one TF.
Those scripts for trade testing are better indeed than the tool quoted by me earlier. A test can be done on only one TF for me too.

However I can check past values in real prices by switching to other tabs in the platform, or I can use CustomCandle indi - eg. take M15 TF for testing and set CustomCandle's Time Frame to H1: this way you can watch M15 and H1 candles on one chart. IIRC there was also a tool to draw different TF small charts on active chart, but I cannot recall what was it...

BTW: Have a great week everyone
  • #13,838
  • Apr 12, 2011 7:56pm Apr 12, 2011 7:56pm
With the change of the daily candle, all my daily BO and channel trades are hurting. I have posted an example. The interesting thing is that the weekly RSI is still on my side of the trade, so I am going to ride it out. (or at least try to)
Attached Image (click to enlarge)
Click to Enlarge Name: sun.gif Size: 18 KB
  • #13,839
  • Apr 12, 2011 8:15pm Apr 12, 2011 8:15pm
May try something new tonight. Go to bed early and get up early vs. going to bed late and getting up late. May be able to catch more action that way as things tend to slow down the later I am up.
  • #13,840
  • Apr 12, 2011 8:43pm Apr 12, 2011 8:43pm
Quoting lawgirl21
With the change of the daily candle, all my daily BO and channel trades are hurting. I have posted an example. The interesting thing is that the weekly RSI is still on my side of the trade, so I am going to ride it out. (or at least try to)
Are you considering that orange line you got there as a support area? I can see some reaction of PA to that area in the past, as a resistance that might have turned to support right?
Flp. 4:13
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