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Looking on a naked chart, can you pick the best strategy? 32 replies

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Attachments: Trade What You See - Almost Naked Trading
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Trade What You See - Almost Naked Trading

Quoting lawgirl21
3 Tap setup last candle..trigger current candle.
Negative 60 pips. I still have the weekly going in my direction, so I am going to let it run.
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Quoting lawgirl21
Out of my short trade on this pair with 40 pips. Going long now.
Chart update
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Quoting lawgirl21
Negative 60 pips. I still have the weekly going in my direction, so I am going to let it run.
Hi LG,

Would you please explain how you will manage this trade when the wkly PA turns around?

I am trying to overcome this money management problem. I sometime close the deal with a hefty loss and the next moment things go back to where I first predicted it would go. Looking forward to hear about your money management.

Thanks.
Quoting lawgirl21
Chart update
Hey Lawgirl, where is your target for this pair?

Thanks
Just keep on rising. Breakout heaven!
Quoting nhuda
Hi LG,

Would you please explain how you will manage this trade when the wkly PA turns around?

I am trying to overcome this money management problem. I sometime close the deal with a hefty loss and the next moment things go back to where I first predicted it would go. Looking forward to hear about your money management.

Thanks.
Hi, nhuda. I will likely take a loss on this trade. I am using 120 as my stop here, unless the weekly RSI turns before then and I catch it, at which point I will exit and accept the loss.

Higher TFs need wider ranges than do shorter TFs. A trade on an H4 chart needs at least a 50 pip SL. Higher TFs need a 100 or more pip SL.

I am also staying in this trade because of the double top on the weekly chart. Price attempted to penetrate that resistance level and was unable to do so.
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Quoting pp22
Hey Lawgirl, where is your target for this pair?

Thanks
I took profit at 80 pips, but turned around and entered again immediately because the RSI got stronger. I'm looking at 88.80 area...the top of the channel. Of course that could change depending on what price does.
Quoting lawgirl21
Hi, nhuda. I will likely take a loss on this trade. I am using 120 as my stop here, unless the weekly RSI turns before then and I catch it, at which point I will exit and accept the loss.

Higher TFs need wider ranges than do shorter TFs. A trade on an H4 chart needs at least a 50 pip SL. Higher TFs need a 100 or more pip SL.

I am also staying in this trade because of the double top on the weekly chart. Price attempted to penetrate that resistance level and was unable to do so.
Thanks LG. Now I see the DT has kept you in this trade.

Another question, how often do you check your terminal (4H, 1H etc)? Is it better to open a trade with SL and TP and walk away or open a trade and watch it closely? I see sometimes you don't put any SL in your chart.

Thanks.
Quoting nhuda
Thanks LG. Now I see the DT has kept you in this trade.

Another question, how often do you check your terminal (4H, 1H etc)? Is it better to open a trade with SL and TP and walk away or open a trade and watch it closely? I see sometimes you don't put any SL in your chart.

Thanks.
I check my charts whenever I have a chance. I do not watch them as closely as I would like. Everyone has to develop their own trading style depending on their lifestyle and schedule..there is no better or worse way to trade, as far as I am concerned.

I seldom use hard stops or take profits, but I do not recommed that for others.
Last night was a bummer, -320 pips with 3 taps. Im now BE.

Have to figure out what went wrong. They looked promising.
hi law girl u say u start ur trading day at 2pm to 6pm which time zone u in??
Quoting Whistlepips
Last night was a bummer, -320 pips with 3 taps. Im now BE.

Have to figure out what went wrong. They looked promising.
I'm BE with -300 pips for this week. I have closed all my trades except 3 which are about -170 pips right now. Let's see if things turn around today. Dont worry I'm with you
Guys, what you need to remember about the 3 taps trades is that you are trading either the top or bottom of the channel. If the channel is broken and the trade goes against you, then you need to watch the PA closely. It's very likely that there will be a retest of the channel. If that fails get out and move onto the next one - you should never be losing 100+ pips on individual 3 tap trades in the hope that PA will once again turn in your favour - let the candles do the talking. Good luck for the rest of the week.
Quoting dappa
Yeah bro im waiting patiently for that one, looks like its gonna go north! got a pending buy order waiting for that to blow! it should go about 180 pips or so and close that gap hopefully.
Good call on the Euro
Quoting Shearer9
Guys, what you need to remember about the 3 taps trades is that you are trading either the top or bottom of the channel. If the channel is broken and the trade goes against you, then you need to watch the PA closely. It's very likely that there will be a retest of the channel. If that fails get out and move onto the next one - you should never be losing 100+ pips on individual 3 tap trades in the hope that PA will once again turn in your favour - let the candles do the talking. Good luck for the rest of the week.
Thanks. That may be a good advice. So far I have seldom seen trades which end up to winning ones after about - 50 pips. What would be the hit rate I you accept only about - 50 pips? Ill have to check this out soon.
Quoting nhuda
I'm BE with -300 pips for this week. I have closed all my trades except 3 which are about -170 pips right now. Let's see if things turn around today. Dont worry I'm with you
Lets hope so
Quoting Whistlepips
Thanks. That may be a good advice. So far I have seldom seen trades which end up to winning ones after about - 50 pips. What would be the hit rate I you accept only about - 50 pips? Ill have to check this out soon.
It's very important to treat every 3 tap trade individually and you should do your homework before you jump in on the trade. For example, work out where the important supply/resistance levels (S/R) and then plan accordingly. Price action on the 15 min charts will tell you when to jump in. Once you are in, you can then set your stop loss above/below the nearest S/R levels.
If the trade goes your way, then once you reach the first S/R level then maybe reduce your stop loss by 50% (moving straight to B/E could end up very frustrating - alot of the time the trade will re-test your entry level and then move on in your favour). Or simply take the pips at the first S/R level and move onto the next 3 tap. It depends on the trader - some may just get in and out and be happy with 20 to 40 pips. Some may be of the opinion that the trend is their friend and hope to ride it all the way.
Quoting Shearer9
It's very important to treat every 3 tap trade individually and you should do your homework before you jump in on the trade. For example, work out where the important supply/resistance levels (S/R) and then plan accordingly. Price action on the 15 min charts will tell you when to jump in. Once you are in, you can then set your stop loss above/below the nearest S/R levels.
If the trade goes your way, then once you reach the first S/R level then maybe reduce your stop loss by 50% (moving straight to B/E could end up very frustrating - alot of the...
Thanks. That 50% idea might work for me.
My 2nd post in this thread.
Catching 3rd tap early, so far +84 pips and going strong
Thanks to LG and you guys.
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Hi LG

I have placed this on my watch list. There are two touches. There are three down bars RSI down. Should the third touch be strictly observed? Thanks.
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