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Trade What You See - Almost Naked Trading

  • #14,741
  • May 9, 2011 1:36pm May 9, 2011 1:36pm
My stops are not for the feint of heart, and I don't recommend using them unless you are well educated on risk:reward scenarios and how the profit/loss chances of a particular system can greatly influence how different R:R ratios can be safely implemented.

Take a statistics class and you will understand why there are a large number of R:R ratios that can be used profitably (This is just my personal opinion/findings. Unfortunately, I am still working a full time job - take my advice with a grain of salt!). Personally I have found higher Risk:Reward ratios to be more profitable in the long run in regards to gap trading.

I consider myself an aggressive trader so occasionally I will take a hefty loss; but I use sound Money Management and it would take a few consecutive bad weeks for me to get into real trouble.

I might be starting a separate thread at some point but for now LG has been a great educator and this is my home

-CC

Also - Some Google searching will bring up some good resources where you can learn more about gap trading and why it is and always has been a successful trading tool is financial markets.
Enter Signature
  • #14,742
  • May 9, 2011 1:42pm May 9, 2011 1:42pm
Quoting TraderinSD
Hey CC

How do you trade your gaps ? Is this something LG has in her thread somewhere? ( As I have read the entire thread ) If not can you point me to were I can get a better understanding of the the Gap Method you are using.

Thanks in advance
Do you also live in the beautiful city of San Diego?
Enter Signature
  • #14,743
  • May 9, 2011 1:48pm May 9, 2011 1:48pm
Quoting spzd
It's been discussed. Basically if it gaps up you sell, if it gaps down you buy. The gap needs to be large enough to cover the spread and give an acceptable return. Not all gaps close, but most do. Sometimes it takes a few hours or a day, but it's usually within the first few hours.

One thing to be aware of, is that sometimes price will move in the direction of the gap before it turns to close the gap. Taking this into cinsideration, one should not blindly enter on the gap, but should monitor price and pick a good entry.

Thanks for the response. I thought there might be something unique/different to Forex Gap trades. I've traded gaps in the Emini SP and EminiNQ...Appears to be the same concept

thanks again !

  • #14,744
  • May 9, 2011 2:07pm May 9, 2011 2:07pm
Quoting lawgirl21
Maybe, I have given up on indicators, EAs (except one) and don't know anything about scripts.
Hello Lawgirl21,

may I ask which EA it was you haven't given up on?

Thank you,

Curtis
  • #14,745
  • May 9, 2011 2:19pm May 9, 2011 2:19pm
Quoting spzd
Thank you.

Now for a question of my own. Would this be close enough to consider as a 4H 3 Tap? Not in just working on finding these things.

Attachment
I would not consider this a good setup, mainly because of the red candle. This looks like trade chasing, and we don't need to do that as there are, and will be, too many good setups to consider this a potentially good long trade at this point.
  • #14,746
  • May 9, 2011 2:24pm May 9, 2011 2:24pm
Quoting lawgirl21
I would not consider this a good setup, mainly because of the red candle. This looks like trade chasing, and we don't need to do that as there are, and will be, too many good setups to consider this a potentially good long trade at this point.
OK thanks. That clarryfied for me what you look for on these. I was just having a tiny bit of confussion on the 3 Taps, but I think I have it now.
Mark ... Everything you have been told is a LIE
  • #14,747
  • May 9, 2011 2:40pm May 9, 2011 2:40pm
Quoting Curtis_S
Hello Lawgirl21,

may I ask which EA it was you haven't given up on?

Thank you,

Curtis
That is a very old post...I have now given up on all EAs.
  • #14,748
  • May 9, 2011 6:37pm May 9, 2011 6:37pm
Seems to be a lot of pairs in tight consolidation, but no real movement. When some of these let loose will hopefully be some decent moves.
Mark ... Everything you have been told is a LIE
  • #14,749
  • Edited 7:19pm May 9, 2011 7:04pm | Edited 7:19pm
Quoting spzd
Seems to be a lot of pairs in tight consolidation, but no real movement. When some of these let loose will hopefully be some decent moves.
I agree..everything feels like it is on hold.
  • #14,750
  • May 9, 2011 7:47pm May 9, 2011 7:47pm
I haven't had a lot of time to look at the market between last night and today, but I did place 2 trades (EG gap & UJ short 3 tap). Took 20 from the first and 25 from the second. Not bad considering only 2 trades, and not a lot of time spent. Actually, I have felt a lot less stress not sitting here constantly watching the market.
  • #14,751
  • May 9, 2011 7:53pm May 9, 2011 7:53pm
Quoting Fitness09
I haven't had a lot of time to look at the market between last night and today, but I did place 2 trades (EG gap & UJ short 3 tap). Took 20 from the first and 25 from the second. Not bad considering only 2 trades, and not a lot of time spent. Actually, I have felt a lot less stress not sitting here constantly watching the market.
That's terrific..that's why I am liking the longer TF trades, just checking in a couple times per day to see if the RSIs are still with me. They are paint dryingly boring though, I have to admit.
  • #14,752
  • May 9, 2011 7:56pm May 9, 2011 7:56pm
LG, we only want to use 4H candles from this week for 3 taps, right?
  • #14,753
  • May 9, 2011 8:10pm May 9, 2011 8:10pm
Lawgirl, I've been following this AWESOME thread for over 3 weeks now. I'm still relatively new to trading, but, am VERY excited about your System. Thank you and everyone else here for your wonderful contributions!! :0)
  • #14,754
  • May 9, 2011 10:10pm May 9, 2011 10:10pm
Quoting Fitness09
LG, we only want to use 4H candles from this week for 3 taps, right?
No hard and fast rules about how far a "reach back" into the prior week can be and still be a valid setup, use your own discretion..roughly 3-5 candles.
  • #14,755
  • May 9, 2011 10:11pm May 9, 2011 10:11pm
Quoting Patso
Lawgirl, I've been following this AWESOME thread for over 3 weeks now. I'm still relatively new to trading, but, am VERY excited about your System. Thank you and everyone else here for your wonderful contributions!! :0)

Thanks so much for the kind words, Patso. Is that a University of Kentucky avatar?
  • #14,756
  • May 9, 2011 10:44pm May 9, 2011 10:44pm
Quoting lawgirl21
No hard and fast rules about how far a "reach back" into the prior week can be and still be a valid setup, use your own discretion..roughly 3-5 candles.
Okay, thanks
  • #14,757
  • May 10, 2011 1:59am May 10, 2011 1:59am
It has been a dry session for me and I haven't seen much strong entries since the start of this new week.

I have been reading this book on the sidelines- Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader by Al Brooks.

Its targeted to the advanced traders and book goes in depth about price action.

Since the intrinsic theme of the book is in line with the heart of the system presented in this thread, I hope it will be nice to share with you all.

I have a personal ebook copy of the book, PM me if you like to have it.
  • #14,758
  • May 10, 2011 8:29am May 10, 2011 8:29am
Seems that most pairs are just chopping around right now. I'm not seeing much. This pair looks like it is trying to head down. On my watch list.
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  • #14,759
  • May 10, 2011 8:31am May 10, 2011 8:31am
The same as above...looks like it wants to do something.
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  • #14,760
  • May 10, 2011 8:38am May 10, 2011 8:38am
A run up, several hours of consolidation, now looks to be heading down.
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