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Trade What You See - Almost Naked Trading

  • #14,881
  • May 15, 2011 6:02pm May 15, 2011 6:02pm
Quoting Platypus
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...
Thanks LG and other for the comments, I kinda feel both sides of the coin... Again, not my plan to ride out all losing trades, just something I was pondering.
Here is a question on the recent longer term trades LG is introducing: I noticed some charts you posted are marked "I'm taking a beating on this... " etc..
Like this EURGBP trade below.
Do you let these trades turn into negative when they are on a longer TF? Sounds like it would be better to BE and then enter again after the retracement, when it goes in the desired direction again. Just like with my "recovery trades" mentioned above, would you enter again/add to position at the end of the retracement when it turns in your favor again?
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  • #14,882
  • May 15, 2011 6:13pm May 15, 2011 6:13pm
My goal this week is to concentrate once again on only BO trades on the H1 charts, looking at one or two pairs this week. I had a very nice week with over +150 pips and am looking for the same this week again. I'll be posting all trades that I take this week, whether a win or loss.
  • #14,883
  • May 15, 2011 6:16pm May 15, 2011 6:16pm
H1 4C BO setting up?
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  • #14,884
  • May 15, 2011 6:22pm May 15, 2011 6:22pm
Quoting jdcompute
My goal this week is to concentrate once again on only BO trades on the H1 charts, looking at one or two pairs this week. I had a very nice week with over +150 pips and am looking for the same this week again. I'll be posting all trades that I take this week, whether a win or loss.
  • #14,885
  • May 15, 2011 6:33pm May 15, 2011 6:33pm
Quoting lawgirl21
H1 4C BO setting up?
I entered on a M15 candle.
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  • #14,886
  • May 15, 2011 6:53pm May 15, 2011 6:53pm
Quoting lawgirl21
I entered on a M15 candle.
hello lawgirl21...
can you share indicator rsi?
thanks
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  • #14,887
  • May 15, 2011 6:57pm May 15, 2011 6:57pm
BO...interesting to me because I am short this pair on a monthly chart.
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  • #14,888
  • May 15, 2011 6:57pm May 15, 2011 6:57pm
I never thought I would trade without stop loss but your MM dramatically changed my point of view and increased profits of each winning trade of mine.

Thanks a bunch lawgirl

Quoting lawgirl21
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.
  • #14,889
  • May 15, 2011 7:23pm May 15, 2011 7:23pm
Quoting kamise
I never thought I would trade without stop loss but your MM dramatically changed my point of view and increased profits of each winning trade of mine.

Thanks a bunch lawgirl
Thanks for the kind words, kamise. Although I do not recommend trading without stops for everyone, I find such trading particularily on the higher TFs, really do increase profits without much increased risk...always mindful of S/R areas and general trends, of course.
  • #14,890
  • May 15, 2011 7:44pm May 15, 2011 7:44pm
Quoting pippete
Thanks LG and other for the comments, I kinda feel both sides of the coin... Again, not my plan to ride out all losing trades, just something I was pondering.
Here is a question on the recent longer term trades LG is introducing: I noticed some charts you posted are marked "I'm taking a beating on this... " etc..
Like this EURGBP trade below.
Do you let these trades turn into negative when they are on a longer TF? Sounds like it would be better to BE and then enter again after the retracement, when it goes in the desired direction again. Just...
I did finally exit this trade with a 100 pip loss. But did not really notice it as I had/have a basket of trades, all on the weekly/monthly charts that have been so successful that the EURGBP loss was insignificant.

I like your idea of BE then reenter. Adding to a winning position is key too in the longer trades.
  • #14,891
  • May 16, 2011 2:11am May 16, 2011 2:11am
guys

Daily_LinesBoxes_OC indicator, used in system, redraws boxes once terminal is opened after a while as range of candles change, anyway to have an option in indy to keep original settings when trade occurred, so BO can be observed with previous levels.

many thanks.

regards
.Hawk.
  • #14,892
  • May 16, 2011 2:36am May 16, 2011 2:36am
Quoting .Hawk.
guys

Daily_LinesBoxes_OC indicator, used in system, redraws boxes once terminal is opened after a while as range of candles change, anyway to have an option in indy to keep original settings when trade occurred, so BO can be observed with previous levels.

many thanks.

regards
.Hawk.
Yes its in the settings, im not sure which one exactly but im sure we can figure it out.


what do you have the lookbackdays set to?

in my chart you can see all the days it goes back, note that this is a 4h chart and the the blue lines are the daily lines, the other horizontal lines are just support and resistance lines and a three tap indicator.
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  • #14,893
  • May 16, 2011 6:21am May 16, 2011 6:21am
Quoting lawgirl21
I entered on a M15 candle.
Up about 15 pips, but now stalled out.
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  • #14,894
  • May 16, 2011 6:22am May 16, 2011 6:22am
Quoting lawgirl21
Up about 15 pips, but now stalled out.
Only 15? I just made 81. Catch up ;-)
  • #14,895
  • May 16, 2011 6:22am May 16, 2011 6:22am
About a 70 pip BO.
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  • #14,896
  • May 16, 2011 6:24am May 16, 2011 6:24am
In the retrace phase of a ZC trade.
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  • #14,897
  • May 16, 2011 6:27am May 16, 2011 6:27am
morning all!
3-4 taps on the H4...
here's my road map on the cable.

http://img859.imageshack.us/img859/3650/gbp.png

http://img824.imageshack.us/img824/2928/gbpm.png
"You Never Know.....Until You Find Out."
  • #14,898
  • May 16, 2011 6:27am May 16, 2011 6:27am
Classic BO..about 75 pips
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  • #14,899
  • Edited 6:48am May 16, 2011 6:32am | Edited 6:48am
I was going to add to my short position on this pair, but fell asleep.
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  • #14,900
  • May 16, 2011 6:34am May 16, 2011 6:34am
My worst open trade.
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