Trade What You See - Almost Naked Trading

And round number 1.25 very, very close... It may be interesting fight

For some perspective....
this is what lg has her eye on.....

http://img221.imageshack.us/img221/3650/gbp.png

so....
that 'little' counter trend line that we are 'playing' with (right now)
is CRITICAL in the higher tf's.
I'm inclined to wait it out.... suffer loss (of profit)...
and wait/hope/watch/cheer for a violation...

which we just achieved/achieving as I composed.

http://img219.imageshack.us/img219/3650/gbp.png

Asia should now test the lower resistance....
however the (possible) tap is still in creation/destruction... too soon to judge.

http://img402.imageshack.us/img402/3650/gbp.png

My logic:
This is the wrong 'time'
for establishing another 'tap'
and the PA simply going long
and not looking back.
We are in between sessions.


So...
I created a 'temporary' trend line
in hopes of ADDING another short.
If the price achieves the new line
I will add (again) to my position(s).

http://img534.imageshack.us/img534/1199/gbpj.png

Well it hit my 'temp' line...
and I missed it.
I was away from the charts.
so...
I moved the line slightly up
to the edge of the intra trend
and will watch the 'wedge' for a BO.
If it breaks up/out I will exit all
and pick it up again tonight.

If it breaks down...
I'll hold.

http://img841.imageshack.us/img841/3650/gbp.png

Out!

http://img805.imageshack.us/img805/3650/gbp.png

I won't be doing/posting this much anymore...
hope it encouraged/helps (some) to get some pips!!!!
Cheers,
G.

Wow! price did exactly what it was supposed to do...retracing, then a continuation back up in the main trend.

Hey LG, I know it sounds like a broken record, but I'm still trying to figure out night BO trade MM issues. Since you don't use SL much, how much DD do you allow yourself for a simple 1H BO, like this EURCHF trade last night? I was in that also, and it did go into -60 or so but eventually turned around. What do you do when you wake up to -60-80 pip DD?
(I did on CADJPY and am currently in "recovery mode" trying to trade the retrace...)
Thanks...

I have not been setting pending orders for several weeks now because of the choppy market and I would not recommend that anyone set them, at least for now. I hope you are not setting them.

I am looking to the longer timeframes for overall direction now and as I have mentioned have been in several pairs since the beginning of the month. I am using H1 BOs and H4 3 Taps as a way to add to these positions. I am doing that almost exclusively now because I had been stopping live trading after 100 pips and that was generally by Monday or Tuesday....didn't make sense.

Take a look at my GBPUSD chart. My first position there is May 3rd. Notice that I have tried to add a position at each BO. I missed one, a big one, where the arrow is pointing. I have also taken profit on some of my positions.

You will also notice that the biggest retrace is about 115 pips. That is not too much on a monthly chart... which is my "controlling" chart. So, I will continue adding short positions until the monthly candle changes.

Trading with the monthly/weekly direction is much like casting a bottle into the ocean, it will bob around and bob around for an indeterminable amount of time, but eventually, it will go in the direction of the current. If we are looking for the big moves and the big pips, price will almost always follow the momentum of the larger TF direction...the current.

I have not answered your question, I know. It is hard for me to determne appropriate stops for others. However, if looking for 30-40 pips, a 20 pip SL seems reasonable. But, again, watch pending orders right now.

In this pair on a daily 3 Tap. Added to my position with the H1 BO.

Here is a trade that I am hoping the "bottle follows the current"

Missed opportunity... waiting to climb aboard...

http://img9.imageshack.us/img9/919/gbpn.png

Opportunity came... almost a 40% pullback....

http://img9.imageshack.us/img9/9972/gbpa.png

took the loss.... waiting to re-enter...

http://img651.imageshack.us/img651/3764/gbpg.png

@ goldenequity, re the GBP-USD trade, 4 news events coming up at in 5 mins, and my analysis is the medium term trend is down, which could change anytime, while you are buying, which could also change by the time you read this

thx snowman...

http://img688.imageshack.us/img688/8301/gbpc.png

it popped on the news.... took profit... waiting (again) for pullback...
did you SEE that pop????? amazing!!!!!!!!!!!!!!!!

http://img190.imageshack.us/img190/589/gbpk.png

going to wait this out.. for an hour or so....
I expect a pennant of sorts to form....
sometimes I draw it out ahead of time...
helps to get a handle on re-entries...

http://img98.imageshack.us/img98/9972/gbpa.png

Pennants 'waste' time...
it's what the market 'does'... when it wants to catch its breath.
so I'm going to relax for awhile...
but...
I think LG will have an opportunity to add a short sometime tonight...
somebody wake Rebecca up!!!!!!!!!!!!!!!!!!!!!!

http://img30.imageshack.us/img30/673/gbpb.png

http://img21.imageshack.us/img21/1466/gbpv.png

http://img805.imageshack.us/img805/2075/gbpi.png

XAGUSD, the breakout i have been waiting for

its breaking out north, i hope its a long term trend

nice!

The market stalled for a full hour now...
I closed the longs at the breach of the pennant
and have had no positions during this time.

Market activity seems to have picked up at the 1HR candle change.
I am now short the market and gaining.
LOTS of Target(s) now for another tap on the 4 hr TL
and many more below that!
Cheers,
G.

http://img163.imageshack.us/img163/5928/gbpf.png

I expect a breach of the 4HR TL... probably will Join LG and HOLD, HOLD, HOLD!!

http://img6.imageshack.us/img6/1529/gbpd.png

Thanks a lot for the detailed explanation, I am not setting pending orders, gave those up a while ago... I am trying to feel the longer timeframes, and I will try them soon. They have already helped me much actually, as I look at the 1H BOs and 3taps in the bigger context, and letting them run a little longer. Thanks for your help and your patience!
(My "recovery trade", by the way, worked out again... maybe just luck, but kept me out of a large loss, again... )

BO here...

BO here soon also. waiting to clear the scouts...

Also a 3 Tap