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Trade What You See - Almost Naked Trading

  • #14,621
  • May 4, 2011 11:28pm May 4, 2011 11:28pm
Quoting jasonnevis
Well I took about 4 BO trades today and all have gone against me....

-150 at least.

What am I doing wrong? As soon as I take a trade it goes against me.

Any help please?
What do you think happened?
  • #14,622
  • May 5, 2011 12:06am May 5, 2011 12:06am
Quoting Fitness09
What do you think happened?
It reversed against me... I don't know what else to say.

Most of the time everyone is just reporting their wins.... Makes me think I am doing something wrong.
  • #14,623
  • May 5, 2011 12:35am May 5, 2011 12:35am
Quoting jasonnevis
It reversed against me... I don't know what else to say.

Most of the time everyone is just reporting their wins.... Makes me think I am doing something wrong.
I'm far from being an expert, since I just started trading this method, but I have had a few BO trades go against me this week. Mine came from taking the trade to soon without waiting for confirming PA. What I mean by this is that it would show one strong M15 candle and not wanting to miss a potential move I would take the trade only to have PA stall and retrace. So without specifics I would say this might be the problem. What I'm seeing is that I need to wait and see PA confirm the BO and accept the fact that I will be missing some of the move.

Another thing is that if the BO is against the main trend, I need to monitor the trade closer and take whatever it gives me when PA shows signs of stalling.

On a more general note: there have not been a lot of big moves this week. I think that is because of the expectations of a poorer US NFP.
Mark ... Everything you have been told is a LIE
  • #14,624
  • May 5, 2011 1:03am May 5, 2011 1:03am
Quoting Fitness09
What do you think happened?

I like to wait for a close past a signifcant support or resistance line. A 15m or 30m support/resistance is usually not enough for me, I like to wait 4H.

Heres a file i like to use but maybe someone has a better support resistance file
Attached File(s)
File Type: ex4 SR MTF_Trendline.ex4   28 KB | 307 downloads
  • #14,625
  • May 5, 2011 1:47am May 5, 2011 1:47am
Quoting pp22
I like to wait for a close past a signifcant support or resistance line. A 15m or 30m support/resistance is usually not enough for me, I like to wait 4H.

Heres a file i like to use but maybe someone has a better support resistance file

Heres a quick 1H BO I just did at 12am eastern time

My entry was the first 15m candle to close above the 4H resistance line (which happens to be the same as the green 15m suppsort line)

and my profit target was 5 pips below the top 30m resistance line (the top dashed line on the chart.

I set my targets and im out with +19 pips.

I think this is pretty close to how lawgirl does it.
Attached Image
  • #14,626
  • May 5, 2011 2:16am May 5, 2011 2:16am
Do you have the MT4 of that, some of us do not use just the exe.

Quoting pp22
I like to wait for a close past a signifcant support or resistance line. A 15m or 30m support/resistance is usually not enough for me, I like to wait 4H.

Heres a file i like to use but maybe someone has a better support resistance file
  • #14,627
  • May 5, 2011 2:23am May 5, 2011 2:23am
Quoting spzd
I'm far from being an expert, since I just started trading this method, but I have had a few BO trades go against me this week. Mine came from taking the trade to soon without waiting for confirming PA. What I mean by this is that it would show one strong M15 candle and not wanting to miss a potential move I would take the trade only to have PA stall and retrace. So without specifics I would say this might be the problem. What I'm seeing is that I need to wait and see PA confirm the BO and accept the fact that I will be missing some of the move....

Thanks for the great explaination, I have taken your comments onboard.

In the mean time, some of the positions have gone my way and Im only down 40 pips now.
  • #14,628
  • May 5, 2011 2:27am May 5, 2011 2:27am
Quoting pp22
Heres a quick 1H BO I just did at 12am eastern time

My entry was the first 15m candle to close above the 4H resistance line (which happens to be the same as the green 15m suppsort line)

and my profit target was 5 pips below the top 30m resistance line (the top dashed line on the chart.

I set my targets and im out with +19 pips.

I think this is pretty close to how lawgirl does it.
Thanks for the insijght into your trading methods.

Are the white line on your chart set by a MT4 indicator or do you draw them on manually. I have seen a few people with these lines on their charts and wondered what they were for.

Thanks.
  • #14,629
  • May 5, 2011 2:31am May 5, 2011 2:31am
Quoting jrushing
Do you have the MT4 of that, some of us do not use just the exe.

Yes I have it here


Also I would like to give credit and thanks to Tsar for sharing this indie with us. I did not ask his promision to share it here but I hope he wont mind.

Thank you Tsar
Attached File(s)
File Type: ex4 SR MTF_Trendline.ex4   28 KB | 443 downloads
File Type: mq4 SR MTF_Trendline.mq4   24 KB | 662 downloads
  • #14,630
  • May 5, 2011 2:34am May 5, 2011 2:34am
Quoting jasonnevis
Thanks for the insijght into your trading methods.

Are the white line on your chart set by a MT4 indicator or do you draw them on manually. I have seen a few people with these lines on their charts and wondered what they were for.

Thanks.
All the lines are support and resistance lines drawn by the indicator. Except for the 2 blue lines which are the daily break out lines.

Its kinda getting away from the naked trading that lawgirl intended us to use with this method but it does help me visualize things a bit easier.
  • #14,631
  • May 5, 2011 4:43am May 5, 2011 4:43am
FXmajor i took short trade watching your live screen money shot exact entry i never made pips so quickly thank you for sharing your screen.
  • #14,632
  • May 5, 2011 8:37am May 5, 2011 8:37am
This a possible Z trade? or continue in current direction?
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud.gif Size: 15 KB
  • #14,633
  • May 5, 2011 8:48am May 5, 2011 8:48am
Quoting LearningPIPs
This a possible Z trade? or continue in current direction?
Possible, but you need to be aware of why the move down happened. I know LG doesn't pay much attention to 'news', but what you have here is the expectation of an interest increase by the EUR CB and that did not happen. Because many were expecting an increase when it didn't occur they moved price lower. If you look at other EUR pairs you will see a similar price movement.

I'm not saying don't look for a ZC, I'm just saying be cautious ATM.
Mark ... Everything you have been told is a LIE
  • #14,634
  • May 5, 2011 8:56am May 5, 2011 8:56am
Caution is the word. Glad I waited on confirmation.
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud2.gif Size: 12 KB
  • #14,635
  • May 5, 2011 9:07am May 5, 2011 9:07am
Quoting LearningPIPs
This a possible Z trade? or continue in current direction?
It helps, LP, to have your R/S lines marked at the first 4 candles.
Here are the steps:
1. Determine the main trend...here it is long;

2. PA should first go in the direction of the main trend...which it did here;

3. Then PA should turn around and go in the other direction...which it has and very decisively....that would have been a good move to catch;

4. Finally, PA should turn again and head into the original direction.

A good ZC would look more like the chart below.
Attached Image
  • #14,636
  • May 5, 2011 9:16am May 5, 2011 9:16am
I've not traded a "Z" trade yet, so thanks much LG for your imput.
  • #14,637
  • May 5, 2011 9:18am May 5, 2011 9:18am
Another ZC setting up.
Attached Image
  • #14,638
  • May 5, 2011 9:21am May 5, 2011 9:21am
short here? or 2 late?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 18 KB
  • #14,639
  • May 5, 2011 9:23am May 5, 2011 9:23am
I am holding 2 positions in this pair now. If PA continues down through that little stall, I wil take another short position
Attached Image
  • #14,640
  • May 5, 2011 9:27am May 5, 2011 9:27am
I'm in this pair short on a weekly chart and missed a great opportunity to add to my position at that consolidation/H1 BO. However, there may be another opportunity when price breaks this 5 hour stall.
Attached Image
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