Trade What You See - Almost Naked Trading

So much for finishing for the day

Back in both short now they seem to have broken through their respective resistances.

Count me in.

Took profit at 1.6109

http://img101.imageshack.us/img101/5221/gbpy.png

Took a small retrace position.

You were right about the Yen, weakening quite a bit now

Good call, I just took 22 pips out of it and another 10 out of GY before it turned up. Now I really am done for the day.............maybe

I went to bed last night down a little over $5000. Woke up-- up $800. Most monthly directions are holding.

A total fakeout in direction..looked like it was breaking long, then turned.

Classic BO

Indecision cropping up with that last bar.

ZC setting up

Chart

Chart

I love the bottle analogy

Out of the retrace...

http://img90.imageshack.us/img90/7066/gbpt.png

http://img195.imageshack.us/img195/589/gbpk.png

now out.... 5 pips..... just watching PA on the 5/15

top of the hour....
back to the retrace... and BE stops

http://img820.imageshack.us/img820/8125/gbpq.png

I have 3 positions here, 2 negative, 1 positive.

What a ride that was on the pairs we talked about. I also stayed in.

I threw on some Camarilla lines to help for targeting...

Since it's only 10am New York...
I think L4 is realistic.... perhaps even L3 .... I'd be very surprised if we made it back to the pivot.

http://img854.imageshack.us/img854/3650/gbp.png

I took +5 pips off that pair earlier but got out before the news.

In commemoration of reaching 1000 pages and while waiting for the paint dryingly boring monthly chart trades, I have been working on a new entry on the daily charts that seems to be working very well. It is quite simple.

1. There must be directional confirmation on both the weekly and daily RSI. If monthly also, the better, but not necessary.

2. Enter in the direction of the RSI within the first few hours of the beginning of your new daily candle (whatever time of day that is for you), say within the first 6 hours (although 6 is arbitrary). The point is, we are trying to capture as much of the full day as is possible.

3. Immediately place a 30 pip SL. Then forget about it.

5. Next day at around the same time check the trade. It will have done one of 3 things: a) hit the SL, b) taken off, or c) ranged around.

If:
a) Oh, well...go to the next trade;

b) Great, decide whether to TP or add a position if direction
continues;

c) Wait it out,

That's all there is to it.
Rinse and Repeat....

The CLASSIC head fake

Use the 15 min candles....
You are in a strong current trend...
often a 'retrace'; not always...
'Suddenly'...

Approaching the 'top of the hour'
Look for this in the last 3-4 minutes of the current 15M candle:
note the Time remaining on the candle

http://img196.imageshack.us/img196/8125/gbpq.png

With in the LAST 10-20 seconds... place your trade... (I loaded up.. but a single entry is FINE!!)
Be 'ready' to BE WRONG! (You won't lose much if you are... seconds count)
FINGER on the exit trigger. (I have 2 experts: Close all trades/Reverse all trades)

Then......
Either:
within the LAST 1-5,6,7 seconds you should (begin) to get your confirmation...
and the creation (10/30 seconds) of the NEXT candle should absolutely get you positive.

http://img856.imageshack.us/img856/3650/gbp.png

Whether you take 'quick' profit or hold depends on the PA.
I watched that next candle... and exited all positive.
Obviously I was 'wanting' to hold.... but "You never know... until you find out"

http://img860.imageshack.us/img860/3650/gbp.png

It's one of my FAVORITE 'moments'.... I wait for it all the time.
Believe it or not.... it's a fairly 'safe' trade... when you anticipate it.
Not saying 'safe' because of any guarantee...
I'm saying 'safe' because (timed properly) you can EXIT if you have to
with very little loss... and HOW MANY TIMES
have you seen the momentary head fake SCARE you out of a good position
only to watch the resumption of a trend?
I find the 15M Candles are the best ones to handle the timing properly.

Hope this helps some with handling the Price Action.
Cheers,
G.

I'm back in (again) btw.... looks bullish

http://img691.imageshack.us/img691/1108/gbpyk.png