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Trade What You See - Almost Naked Trading

  • #14,861
  • May 13, 2011 11:03am May 13, 2011 11:03am
Quoting goldenequity
Nice! (this must be 'good' Friday)



Thank you... this is an outstanding thread to give/receive.. enjoy your weekend!
Thanks so much for the kind words. I am glad you are here again. You have a great weekend too.
  • #14,862
  • May 13, 2011 11:14am May 13, 2011 11:14am
Took profits at this signal...
"never fade a Friday".... etc.
out and done for the weekend!
Cheers.

http://img829.imageshack.us/img829/4416/12944929.png
"You Never Know.....Until You Find Out."
  • #14,863
  • May 13, 2011 12:03pm May 13, 2011 12:03pm
Quoting lawgirl21
Excellent! Great way to end a strange week of trading.
Thanks for the encouraging words. I love this method of trading. Much less stress. As far as win/loss ratio for the week, I ended it at 75%!
  • #14,864
  • May 13, 2011 12:42pm May 13, 2011 12:42pm
Hey LG and other master traders, quick question as it's now slowing down for the weekend. Thankfully, I managed to reach my 100 pip goal/wk for 2 wks in a row, but has a lot of bumps...
Here is my question: A lot of my trades have been false BOs or turned on me shortly after entry, especially night ones that I could not monitor. I have been trading w/o SL - LIVE(I know, scary) but ALWAYS with the major trend. Several trades went into a large DD of 50 to sometimes 120 pips, but then I always managed to find a top/bottom and placed another sell/buy order to try to counter the negative trade.
EURUSD chart here shows a BO starting to the bottom, (1st arrow) then reverses overnight, then placing another sell order at the top (2nd arrow) countered the neg trade and broke even ( even positive later on)
Do you guys ever do this? I've done this 6-7 times this week and kept me from large losses, but trading with the trend was my only hope of recovery in all cases. Any thoughts appreciated... thanks, and have a great weekend everyone!!!!
Attached Image
  • #14,865
  • May 13, 2011 2:33pm May 13, 2011 2:33pm
thanks for the strategy lawgirl !

Useful information and well written

Cheers !
  • #14,866
  • May 13, 2011 3:14pm May 13, 2011 3:14pm
Quoting pippete
Hey LG and other master traders, quick question as it's now slowing down for the weekend. Thankfully, I managed to reach my 100 pip goal/wk for 2 wks in a row, but has a lot of bumps...
Here is my question: A lot of my trades have been false BOs or turned on me shortly after entry, especially night ones that I could not monitor. I have been trading w/o SL - LIVE(I know, scary) but ALWAYS with the major trend. Several trades went into a large DD of 50 to sometimes 120 pips, but then I always managed to find a top/bottom and placed another sell/buy...
Isn't it like a negative pyramide? I heared about one makler who did that way and actually made his bank collapsed. So it may be profitable, but also dangerous when something unexpected (like serious earthquake) happens.
Time matters most
  • #14,867
  • May 13, 2011 3:30pm May 13, 2011 3:30pm
Quoting blackqn
Isn't it like a negative pyramide? I heared about one makler who did that way and actually made his bank collapsed. So it may be profitable, but also dangerous when something unexpected (like serious earthquake) happens.
I know, it's kinda like averaging down, which is frowned upon and high risk, I'm not planning on using it as a trading technique, as it can turn into 2 bad trades, just wondering if anyone is using it as an emergency/recovery trade...
  • #14,868
  • May 14, 2011 7:42am May 14, 2011 7:42am
Quoting pippete
I know, it's kinda like averaging down, which is frowned upon and high risk, I'm not planning on using it as a trading technique, as it can turn into 2 bad trades, just wondering if anyone is using it as an emergency/recovery trade...
I learned about MM startegy that you calculate risk of move in wrong direction and possible second entry. First one will be with wide SL, second one with tighter SL. When looking at RM and MM summed-up SLs shall not be higher than your acceptable loss level for transaction. When used in controlled and concious way it may be very good tool.

Coming back to averaging method mentioned earlier I heared about someone who got somewhat 3000% in 6 month. He sticked to one pair and averaged each time PA stopped and he used microlots. He was lucky for time-being, however it is very good way to collapse
Time matters most
  • #14,869
  • May 14, 2011 10:23am May 14, 2011 10:23am
Quoting pippete
Hey LG and other master traders, quick question as it's now slowing down for the weekend. Thankfully, I managed to reach my 100 pip goal/wk for 2 wks in a row, but has a lot of bumps...
Here is my question: A lot of my trades have been false BOs or turned on me shortly after entry, especially night ones that I could not monitor. I have been trading w/o SL - LIVE(I know, scary) but ALWAYS with the major trend. Several trades went into a large DD of 50 to sometimes 120 pips, but then I always managed to find a top/bottom and placed another sell/buy...
I think this was very good trading on your part. It won't work every time, but enough times to make it profitable. Trades like this one are, just one reason why I do not like stops. As long as the longer term direction remains in your favor, it is just a matter of riding it out until the trade goes in your direction. Excellent job..this is the way the big dogs do it.
  • #14,870
  • May 14, 2011 11:49pm May 14, 2011 11:49pm
Quoting pippete
Hey LG and other master traders...... thanks, and have a great weekend everyone!!!!
You are making pips out luck not skills pippete.

What if the market keeps going up? Will you keep adding each time you see what "looks like" a perfect top?

Remember that "the market can stay insane longer than you can stay solvent"

I traded for banks for 20 years and let me tell you something. It is not hard to find traders that can make pips, the hard thing to find is trades willing to admit that they are wrong.

Luck can last for a while but it will necessarily end bad.

Whatever system you adopted, you have to have a point where you say "ok, I'm wrong and I don't want to stay in this trade anymore".
  • #14,871
  • May 15, 2011 8:48am May 15, 2011 8:48am
I have to agree with Platypus. I started out trading BO with no SL, and going to sleep. I guess I was just letting them ride. I did pretty well at first, but I started having a lot more losing trades than successful ones. Now, I only trade BO if I can watch them. Actually, I have somewhat gotten away from BO, and concentrate more on 3 Tap. This is my just my opinion. Good luck.
  • #14,872
  • May 15, 2011 3:43pm May 15, 2011 3:43pm
Who's ready for some gaps??
Enter Signature
  • #14,873
  • May 15, 2011 4:11pm May 15, 2011 4:11pm
Squeezed 5-6 pips out of GBPUSD, GBPCHF & GBPJPY. These gaps closed in the first couple minutes which is not what we want on Sell orders (because the spreads are still quite large) so what could have probably been 35-45 pips ended up being 18. Oh well, can't complain!

In Long EURGBP.
Enter Signature
  • #14,874
  • May 15, 2011 4:22pm May 15, 2011 4:22pm
Quoting CrucialCraig
Squeezed 5-6 pips out of GBPUSD, GBPCHF & GBPJPY. These gaps closed in the first couple minutes which is not what we want on Sell orders (because the spreads are still quite large) so what could have probably been 35-45 pips ended up being 18. Oh well, can't complain!

In Long EURGBP.
My broker screwed me by setting all the spreads even with the close on Friday's. I am still long on the E/G and was able to get 10.8 out of the N/U.
  • #14,875
  • May 15, 2011 5:20pm May 15, 2011 5:20pm
Sorry, I did not make it back to my computer until after open.
  • #14,876
  • May 15, 2011 6:10pm May 15, 2011 6:10pm
We are now going into the 13th trading day in May. Fourteen more trading days left. There are 17 pairs that show strong monthly trends. Several of these pairs are showing 3 Taps and others have hit strong Resistance/support levels, have been repelled by the levels, and have turned to go the other way.

Will the monthly trend on these pairs continue and finish out the month in their current directions? It would take a gigantic amount of momentum to completely turn these ships around, so they will likely continue in their current directions, although retrace throughout the week is also likely.

What does this mean for those of us trading the monthly charts? I am looking to adding to my positions as I see BOs and 3 Taps on the lower time frames throughout the week, always mindful of the monthly direction.
  • #14,877
  • May 15, 2011 6:14pm May 15, 2011 6:14pm
Quoting lawgirl21
We are now going into the 13th trading day in May....
Thanks for the insight. Something I will take a look at. Hope you had a good weekend.
  • #14,878
  • May 15, 2011 6:58pm May 15, 2011 6:58pm
Quoting Fitness09
Thanks for the insight. Something I will take a look at. Hope you had a good weekend.
Thanks, I had a very nice weekend. Hope you did too.
  • #14,879
  • May 15, 2011 6:59pm May 15, 2011 6:59pm
A 3 Tap on the daily chart. If price breaks that marked support level, I will add to my position here.
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  • #14,880
  • May 15, 2011 7:36pm May 15, 2011 7:36pm
Quoting lawgirl21
We are now going into the 13th trading day in May. Fourteen more trading days left. There are 17 pairs that show strong monthly trends. Several of these pairs are showing 3 Taps and others have hit strong Resistance/support levels, have been repelled by the levels, and have turned to go the other way.

Will the monthly trend on these pairs continue and finish out the month in their current directions? It would take a gigantic amount of momentum to completely turn these ships around, so they will likely continue in their current directions, although...
Hi LG,

Thanks for the information. Will look at the charts closely.
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