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Trade What You See - Almost Naked Trading

  • #14,641
  • May 5, 2011 9:29am May 5, 2011 9:29am
Quoting Tipico
short here? or 2 late?

lol, 5min away and i missed it now, its 2 late for me, hope others caught it....
  • #14,642
  • May 5, 2011 9:33am May 5, 2011 9:33am
Quoting Tipico
short here? or 2 late?
When the RSIs look like that, Tipico, search around for a different entry...not just the H1 BO entry. Move to higher TFs and look around for a 3 Tap or even a BO on a higher TF.

I'm in short on a monthly chart and this is the first week of the month. I am counting on price going down a good deal more.
  • #14,643
  • May 5, 2011 9:36am May 5, 2011 9:36am
Quoting lawgirl21
When the RSIs look like that, Tipico, search around for a different entry...not just the H1 BO entry. Move to higher TFs and look around for a 3 Tap or even a BO on a higher TF.

I'm in short on a monthly chart and this is the first week of the month. I am counting on price going down a good deal more.
ok, thx alot lg!
  • #14,644
  • May 5, 2011 9:43am May 5, 2011 9:43am
Quoting Tipico
ok, thx alot lg!
You are very welcome.
  • #14,645
  • May 5, 2011 10:12am May 5, 2011 10:12am
Here is a brief analysis on GBPUSD. There has been a 3 Tap on both Dly and H4. Price is currently sitting on a Dly S/R. What I'm waiting for is to see if PA on the M15 will let me go short with a possible TP at the blue line around 6280.

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Mark ... Everything you have been told is a LIE
  • #14,646
  • May 5, 2011 10:15am May 5, 2011 10:15am
Hi LG,

What position size do you use for your daily, weekly and monthly trades? I know you were using 1 lot for every $10,000 for 1H and 4H entries but how much have you scaled down for the longer TF?

Thanks,
P
  • #14,647
  • May 5, 2011 10:28am May 5, 2011 10:28am
Quoting Pirabuji
Hi LG,

What position size do you use for your daily, weekly and monthly trades? I know you were using 1 lot for every $10,000 for 1H and 4H entries but how much have you scaled down for the longer TF?

Thanks,
P
$1 per pip for a $10,000 account because of the multiple pairs and the DD.
  • #14,648
  • May 5, 2011 10:33am May 5, 2011 10:33am
Quoting spzd
Here is a brief analysis on GBPUSD. There has been a 3 Tap on both Dly and H4. Price is currently sitting on a Dly S/R. What I'm waiting for is to see if PA on the M15 will let me go short with a possible TP at the blue line around 6280.

Attachment

Attachment
Don't forget the 3 Tap on the monthly chart, spzd. This pair looks good for a continued short.
  • #14,649
  • Edited 10:39am May 5, 2011 10:36am | Edited 10:39am
Quoting lawgirl21
Don't forget the 3 Tap on the monthly chart, spzd. This pair looks good for a continued short.
Your so right. I wasn't looking at that TF. So what we have is multiple 3 Taps - MO, Dly, and H4. With this much confirmation a short looks very promising.


Edit: Not currently in, just looking for an area to get in. Kind of responding to Tipico asking is it too late to enter.
Mark ... Everything you have been told is a LIE
  • #14,650
  • May 5, 2011 10:46am May 5, 2011 10:46am
Quoting spzd
Your so right. I wasn't looking at that TF. So what we have is multiple 3 Taps - MO, Dly, and H4. With this much confirmation a short looks very promising.


Edit: Not currently in, just looking for an area to get in. Kind of responding to Tipico asking is it too late to enter.

I traded short term for so long, blindly taking 'signals' from indicators, that I am enjoying the process of true analysis immensely. This is actually making trading fun.
Mark ... Everything you have been told is a LIE
  • #14,651
  • May 5, 2011 11:07am May 5, 2011 11:07am
Thank you

Quoting lawgirl21
$1 per pip for a $10,000 account because of the multiple pairs and the DD.
  • #14,652
  • May 5, 2011 11:17am May 5, 2011 11:17am
This pair has formed some consolidation. May be worth keeping an eye on.

Attached Image (click to enlarge)
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Mark ... Everything you have been told is a LIE
  • #14,653
  • May 5, 2011 11:25am May 5, 2011 11:25am
Quoting spzd
This pair has formed some consolidation. May be worth keeping an eye on.

Attachment
Also on a monthly and weekly 3 Tap. A BO on the H1 chart could be a good entry for a longer term trade or for adding another positin.
  • #14,654
  • May 5, 2011 11:29am May 5, 2011 11:29am
This pair was posted yesterday, I believe, but bears repeating. This is now a channel trade...just like on an H1 chart. It is a paint drying trade, but should be profitable for those with patience.
Attached Image
  • #14,655
  • May 5, 2011 12:54pm May 5, 2011 12:54pm
Quoting lawgirl21
When the RSIs look like that, Tipico, search around for a different entry...not just the H1 BO entry. Move to higher TFs and look around for a 3 Tap or even a BO on a higher TF.

I'm in short on a monthly chart and this is the first week of the month. I am counting on price going down a good deal more.
Thanks Lawgirl, good advice!

Im in for the journey downward.
  • #14,656
  • May 5, 2011 1:02pm May 5, 2011 1:02pm
Quoting lawgirl21
This pair was posted yesterday, I believe, but bears repeating. This is now a channel trade...just like on an H1 chart. It is a paint drying trade, but should be profitable for those with patience.

Hey LG, do you mind explaining this a little more. I dont really understand the channel trades that you do.

Thanks!
  • #14,657
  • May 5, 2011 1:15pm May 5, 2011 1:15pm
3T on 4HR and Weekly
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Fall seven times, stand up Eight! #GGMU
  • #14,658
  • Edited 1:39pm May 5, 2011 1:21pm | Edited 1:39pm
Quoting jasonnevis
Hey LG, do you mind explaining this a little more. I dont really understand the channel trades that you do.

Thanks!
No problem. Channel trades are really simple. Once the S/R lines are established, price often bounces back and forth between those lines...I have no idea why and do not care. But, this happens very, very often.

We have seen this time and time again throughout this thread, but on the H1 chart. Pippete is a trader who seems to especially like these trades and has posted many of them. I shall try to point you to them.

On the current chart, price is at an all time high at the resistence level. There are only 3 things the new monthly candle (May) could have done. I discussed that a few pages back. For now..the first week of the new month, price has been repelled by the resistence line and has turned around-- thereby heading down the channel.

What to expect? Price may or may not continue on down to touch the bottom line (support line). That would take months to happen. Keep in mind, though, that the farther we get into the month in a particular direction, the harder and harder it becomes to turn price around on the higher TFs. It is kind of like trying to turn a huge ship around on a dime...can't be done.

Hope this helps.
  • #14,659
  • May 5, 2011 1:45pm May 5, 2011 1:45pm
3T BO on 4hr and Daily charts
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Fall seven times, stand up Eight! #GGMU
  • #14,660
  • May 5, 2011 1:49pm May 5, 2011 1:49pm
Hi LG,

I have a question regarding PA, if you would be kind to answer. See the chart below for NU. The PA this week has been too strong on the short side, that it has wiped the gains of past 3 weeks. What do you think of such strong PA, further continutation or a possible reversal?



Thanks
Vicky
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Fall seven times, stand up Eight! #GGMU
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