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Trade What You See - Almost Naked Trading

  • #15,181
  • May 23, 2011 10:33pm May 23, 2011 10:33pm
Quoting lawgirl21
There is no TP on this trade setup.

This trade is intended to take as much profit as the daily candle has to offer.....or hit the 30 pip SL. That's why it is entered as close to the open of the new daily candle as possible, when the weekly and daily confirm direction.

If the trade survives the day and confirmation continues the next day, add another position. There could eventually be a dozen or more positions.

The overall purpose of this trade setup is to eventually catch a trend that lasts several days to months. With added positions...
With this setup do you close on candle reversal or do you adjust SL along the way?
  • #15,182
  • May 23, 2011 10:43pm May 23, 2011 10:43pm
Quoting lawgirl21
There is no TP on this trade setup.

This trade is intended to take as much profit as the daily candle has to offer.....or hit the 30 pip SL. That's why it is entered as close to the open of the new daily candle as possible, when the weekly and daily confirm direction.

If the trade survives the day and confirmation continues the next day, add another position. There could eventually be a dozen or more positions.

The overall purpose of this trade setup is to eventually catch a trend that lasts several days to months. With added positions...

Hi LG,

Dont you think 30 pip SL for a daily setup is too tight?
Fall seven times, stand up Eight! #GGMU
  • #15,183
  • May 23, 2011 10:49pm May 23, 2011 10:49pm
Quoting 2+2=4ex
With this setup do you close on candle reversal or do you adjust SL along the way?
Adjust SL along the way and take profits off the board as you move into profits...whatever you are comfortable with. I like to take some profits as I go, but that's up to the individual. I have taken several hundred pips from my GBPUSD trades, for example. Move to BE too as you go.

Make these adjustments each day around the same time.
  • #15,184
  • May 23, 2011 10:57pm May 23, 2011 10:57pm
Quoting lawgirl21
Adjust SL along the way and take profits off the board as you move into profits...whatever you are comfortable with. I like to take some profits as I go, but that's up to the individual. I have taken several hundred pips from my GBPUSD trades, for example. Move to BE too as you go.

Make these adjustments each day around the same time.
What was your success rate while testing the new method?
  • #15,185
  • May 23, 2011 10:59pm May 23, 2011 10:59pm
Quoting vickym
Hi LG,

Dont you think 30 pip SL for a daily setup is too tight?
Hi Vicky...ordinarily yes, but not for the purpose of this trade setup.

The purpose of this trade is to catch the very beginnings of a trend and to maximize the pips with multiple positions, if there is a trend starting. Thirty pips can tell us whether a trend is starting and I consider 30 pips as the price of the "buy in", so to speak.
  • #15,186
  • May 23, 2011 11:05pm May 23, 2011 11:05pm
Quoting Fitness09
What was your success rate while testing the new method?
I haven't had enough time yet to determine percentages, but I posted several pages ago some of the stats. Making pips though. I basically just look at the bottom line and it is up considerably.
  • #15,187
  • May 23, 2011 11:08pm May 23, 2011 11:08pm
Quoting lawgirl21
I haven't had enough time yet to determine percentages, but I posted several pages ago some of the stats. Making pips though. I basically just look at the bottom line and it is up considerably.
Okay thanks. I just went long on the E/G. It was the 5th candle of my new day with the D and W RSI pointing up. Lets see what happens!
  • #15,188
  • May 23, 2011 11:16pm May 23, 2011 11:16pm
Quoting lawgirl21
Hi Vicky...ordinarily yes, but not for the purpose of this trade setup.

The purpose of this trade is to catch the very beginnings of a trend and to maximize the pips with multiple positions, if there is a trend starting. Thirty pips can tell us whether a trend is starting and I consider 30 pips as the price of the "buy in", so to speak.
Makes sense...thanks LG
Fall seven times, stand up Eight! #GGMU
  • #15,189
  • May 24, 2011 4:36am May 24, 2011 4:36am
haven't finished reading through this thread completely yet but wanted to say congrats on not posting another messy chart full of indicators.

I trade a confluence of price action concepts such Support/Resistance, Trend Lines and Candlesticks myself.

I will read through this thread and chime in a little later
  • #15,190
  • May 24, 2011 5:13am May 24, 2011 5:13am
ranging

Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 144 KB
Hero calls followed by margin calls...
  • #15,191
  • May 24, 2011 5:47am May 24, 2011 5:47am
Quoting PhAnTi'
ranging

Attachment
Ditto

http://img831.imageshack.us/img831/8301/gbpc.png
"You Never Know.....Until You Find Out."
  • #15,192
  • May 24, 2011 5:54am May 24, 2011 5:54am
Hi when i went in with this trade all 3TF were up WTF changed as a captured the pic !!

Is this a valid 3T I only entered after PA ?
Attached Image
  • #15,193
  • May 24, 2011 6:38am May 24, 2011 6:38am
Quoting eltax100
Hi when i went in with this trade all 3TF were up WTF changed as a captured the pic !!

Is this a valid 3T I only entered after PA ?
3T 4H is a good set up but i try not to trade it when it is against the medium and long term trends. The 3T may just be a minor correction.
We trade to live not live to trade................
  • #15,194
  • May 24, 2011 6:38am May 24, 2011 6:38am
Quoting eltax100
Hi when i went in with this trade all 3TF were up WTF changed as a captured the pic !!

Is this a valid 3T I only entered after PA ?
invalid 3 tap....
Hero calls followed by margin calls...
  • #15,195
  • May 24, 2011 8:30am May 24, 2011 8:30am
Quoting lawgirl21
Added a new position here too, although may have been a little premature. Should have waited for confirmation from Daily RSI.
Hit SL.
  • #15,196
  • May 24, 2011 8:37am May 24, 2011 8:37am
Quoting lawgirl21
H1 4C BO
Had to have been watching this pair. BO short then turned around.
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  • #15,197
  • May 24, 2011 8:39am May 24, 2011 8:39am
Fake out here too. Looks like all the JPY pairs did the same thing.
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  • #15,198
  • May 24, 2011 8:42am May 24, 2011 8:42am
Quoting lawgirl21
Fake out here too. Looks like all the JPY pairs did the same thing.
they did, cause the yen spiked out
Hero calls followed by margin calls...
  • #15,199
  • May 24, 2011 8:43am May 24, 2011 8:43am
Quoting lawgirl21
Fake out here too. Looks like all the JPY pairs did the same thing.
Seems they did, GBYJPY did the same thing, I closed my short out around 9am GMT and entered long, been in the trade all day and its going nice.
  • #15,200
  • May 24, 2011 8:44am May 24, 2011 8:44am
Lots of chop out there.
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