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Trade What You See - Almost Naked Trading

  • #14,161
  • Apr 20, 2011 8:36am Apr 20, 2011 8:36am
Out by way of trailing stop.
+81 pips.
  • #14,162
  • Apr 20, 2011 8:39am Apr 20, 2011 8:39am
Quoting vinnie_roe
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.
Yes, the third tap should be strictly observed. However, take a look at the same pair from an H1 4C BO chart. You will see an entry setting up.
  • #14,163
  • Apr 20, 2011 8:54am Apr 20, 2011 8:54am
I think that I figured out, what was wrong with my 3 taps after those serious hits last night and today also. There has been a trend change in the middle of the week this week in several currencies and thats poison for 3 taps. Has anyone of you figured out any cures in case trend changes during week? It is difficult to see because you may be expecting a temporary change and suddenly you realise that there is a larger move going on. I have seen this also during my backtests, but havent yet figured out a way to deal with them.

I think that there will be days like this in the future also......
  • #14,164
  • Apr 20, 2011 9:28am Apr 20, 2011 9:28am
Possibly a late breakout entry by me on Gcad 1Hr. See if it has a little more push.
Attached Image
  • #14,165
  • Apr 20, 2011 9:31am Apr 20, 2011 9:31am
Quoting lawgirl21
However, take a look at the same pair from an H1 4C BO chart. You will see an entry setting up.
It broke out alright. Missed it though. Was staring at the GBP JPY chart, fretting over the whipsawed opportunity from 60 pip gain to a 20 pip gain at one stage.

I can't seem to time my exits right. I hold on for H4 or daily S/R and move stop loss to BE if there's enough room between current price. Should I have been content with intraday pip gain of say 50 / 60 pips or let it run even if it means that sometimes there's an opportunity cost?
  • #14,166
  • Edited 10:23am Apr 20, 2011 10:02am | Edited 10:23am
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Quoting Whistlepips
I think that I figured out, what was wrong with my 3 taps after those serious hits last night and today also. There has been a trend change in the middle of the week this week in several currencies and thats poison for 3 taps. Has anyone of you figured out any cures in case trend changes during week? It is difficult to see because you may be expecting a temporary change and suddenly you realise that there is a larger move going on. I have seen this also during my backtests, but havent yet figured out a way to deal with them.

I think that there...
Be prepared for changes all the time, I had the same problem of hanging in shifted trades to long!!
Now I use a simple moving average to alert me I put this MA on all my charts its 20 on the close for a 1H chart so that makes 80 on a 15min and 5 on a 4H chart.
To make it more easy to spot click on line instead of bars or candles
If the price come near the average get prepared for a probable switch of market direction.
However keep always an eye on your support and resistance levels.
http://i51.tinypic.com/jrsbq8.jpg
http://i52.tinypic.com/25swhn8.jpg
Try it it did save me a lot.

hans..
  • #14,167
  • Apr 20, 2011 10:41am Apr 20, 2011 10:41am
Quoting hansnl
Be prepared for changes all the time, I had the same problem of hanging in shifted trades to long!!
Now I use a simple moving average to alert me I put this MA on all my charts its 20 on the close for a 1H chart so that makes 80 on a 15min and 5 on a 4H chart.
To make it more easy to spot click on line instead of bars or candles
If the price come near the average get prepared for a probable switch of market direction.
However keep always an eye on your support and resistance levels.


Try...
Thanks Hans. You saved my day. This seems simple and effective. Actually I was thinking about something like this a while ago. Line chart is a good idea also. It makes it easier to see the big picture. I will definitely test these.
  • #14,168
  • Apr 20, 2011 10:46am Apr 20, 2011 10:46am
In this on a 3 Tap set up, but also a daily BO...as well as an H1 4C BO,,,triple confirmation
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  • #14,169
  • Apr 20, 2011 10:55am Apr 20, 2011 10:55am
Is there a BO opportunity on this chart?
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Fall seven times, stand up Eight! #GGMU
  • #14,170
  • Apr 20, 2011 10:59am Apr 20, 2011 10:59am
Quoting lawgirl21
In this on a 3 Tap set up, but also a daily BO...as well as an H1 4C BO,,,triple confirmation
What is ur target on this one? I see resistance at 1.64185
Fall seven times, stand up Eight! #GGMU
  • #14,171
  • Apr 20, 2011 12:42pm Apr 20, 2011 12:42pm
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Whistlepips,

Not sure this is within the law here, but I took a short after 4 taps on the 1H and the cross of my Ma 20. and a bounce of the resistance line.

http://i54.tinypic.com/35n7see.jpg

just to show you how I use my 20 in combination with S&R I will put a stop just above resistance.

just my thing..

hans..
  • #14,172
  • Apr 20, 2011 1:53pm Apr 20, 2011 1:53pm
Hey everyone,

I just wanted to share something that may be useful.

I haven't had the time to dedicate to trading over the last month, so all I've been doing is putting in H1 4C BO orders before I go to sleep at night (usually closing in the morning). Surprisingly, I am very profitable doing this. Here's an example I took yesterday.

I put in the orders around 12-2:00 AM West Coast US time.

I only trade combinations of EUR USD CHF GBP JPY. I'm sure there is some reason for this, but I am not smart in enough to figure out what that is; just happy that it is happening =]

Anyway, sorry if this is useless, just thought someone may find some use for it.
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  • #14,173
  • Apr 20, 2011 2:02pm Apr 20, 2011 2:02pm
Thanks Hans. Informative picture. I just made a cuickcheck on sma 5 with 3 taps in 4h charts and it seems to work on both entrys and exits. On entrys sma 5 abowe/below atleast 2 of the last candle bodies in a 3 tap setup and exit when sma crosses a candle (or a line in line chart) whether itīs a winning deal or not. I think that the exit may work also with break out trades. One problem is that Im not always able to check the charts as often as I would like. I have to think how to apply this approach into my trading and timetables. I like 3 taps because I dont always have to be in front of my computer.
  • #14,174
  • Apr 20, 2011 3:02pm Apr 20, 2011 3:02pm
  •  hansnl
  • | Joined May 2007 | Status: don't get shot trade small lots | 83 Posts
Quoting Whistlepips
Thanks Hans. Informative picture. I just made a cuickcheck on sma 5 with 3 taps in 4h charts and it seems to work on both entrys and exits. On entrys sma 5 abowe/below atleast 2 of the last candle bodies in a 3 tap setup and exit when sma crosses a candle (or a line in line chart) whether itīs a winning deal or not. I think that the exit may work also with break out trades. One problem is that Im not always able to check the charts as often as I would like. I have to think how to apply this approach into my trading and timetables. I like 3 taps...
Just to let you know I use my Ma just as a wake up signal like " he your sure ? you wanna have that Ma above you and still being long ??"
sure you can find a crossover signal EA who send you a mail or something like that. ( set the fast sma to 1 on the median ) works best on a 15 min chart otherwise you get your signal far to late )
dont try to trade on crossing ema's your better just transfer your bankaccount directly to your broker.

Just use it as a warning signal.

good luck
  • #14,175
  • Apr 20, 2011 3:30pm Apr 20, 2011 3:30pm
Quoting hansnl
Just to let you know I use my Ma just as a wake up signal like " he your sure ? you wanna have that Ma above you and still being long ??"
sure you can find a crossover signal EA who send you a mail or something like that. ( set the fast sma to 1 on the median ) works best on a 15 min chart otherwise you get your signal far to late )
dont try to trade on crossing ema's your better just transfer your bankaccount directly to your broker.

Just use it as a warning signal.

good luck

Ok. Thanks for help
  • #14,176
  • Apr 20, 2011 8:25pm Apr 20, 2011 8:25pm
Hello everyone,

Can any one with 3T 4H experience tell me if this is a valid trade please?

Entered on 3rd tap of trendline with rsi pointing at 4-6 oclock. I am up about +47 pips, but i'm not sure if i was correct on entry.

Thanks!
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  • #14,177
  • Apr 20, 2011 8:40pm Apr 20, 2011 8:40pm
Quoting noobguy
Hello everyone,

Can any one with 3T 4H experience tell me if this is a valid trade please?

Entered on 3rd tap of trendline with rsi pointing at 4-6 oclock. I am up about +47 pips, but i'm not sure if i was correct on entry.

Thanks!
Positive pips mean a good entry.
  • #14,178
  • Apr 20, 2011 8:42pm Apr 20, 2011 8:42pm
H1 4C set up
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  • #14,179
  • Apr 20, 2011 8:47pm Apr 20, 2011 8:47pm
Quoting lawgirl21
Positive pips mean a good entry.
Thanks lawgirl
I seem to have a hard time grasping the 3tap, slowly learning though.
  • #14,180
  • Apr 20, 2011 8:49pm Apr 20, 2011 8:49pm
I entered these trades on a daily chart
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