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Trade What You See - Almost Naked Trading

  • #15,261
  • May 25, 2011 5:41pm May 25, 2011 5:41pm
Quoting Fitness09
LG, what do you thing about this 3 Tap short? Thanks!Attachment
I like it when you posted it, but not now. Not enough confirmation and PA is not moving down.
  • #15,262
  • May 25, 2011 5:44pm May 25, 2011 5:44pm
Hi everyone, hi LG, nice to be back and find you're doing well as always... I've been away from this thread and almost all trading activity for several weeks for many reasons, including moving from north to almost south in my country, but anyways... I'm so happy to be back and up for some good trading days...

Quoting zaqzaq
Hi LG,

I have been following your system for a while now and I really like it. Looking back I can see many mistakes I have made. Trying to get better entries is my goal so on that note may we talk a little about price action say on a breakout trades. Many times I have taken trades the breakout was false and many times I did not guess what happened! Can you give us some more guidance purely on price action if you have some free time?

Again many thanks,

Zaq.
Regardless of LG's response to you, I can tell you that following the actual BO trades posted here and the comments made about'em will be the best talk about PA you could ever get... if you get both then that's great
Flp. 4:13
  • #15,263
  • May 25, 2011 5:44pm May 25, 2011 5:44pm
Quoting gh0stjpy
its in consolidation mode now so waiting for the next push down, or reverse, what are your thoughts?

btw good fight lol!
Consolidation BOs are my favorite trades. Think of the spring winding tighter and tighter or shaking that soda bottle until something has to happen...either way, we don't care.
  • #15,264
  • May 25, 2011 5:49pm May 25, 2011 5:49pm
Quoting Anthar
Hi everyone, hi LG, nice to be back and find you're doing well as always... I've been away from this thread and almost all trading activity for several weeks for many reasons, including moving from north to almost south in my country, but anyways... I'm so happy to be back and up for some good trading days...



Regardless of LG's response to you, I can tell you that following the actual BO trades posted here and the comments made about'em will be the best talk about PA you could ever get... if you get both then that's great
So glad to have you back! I was wondering where you were, but understand that things happen and sometimes its just good to get away from trading too. I do hope everything is going well for you and your family. We need your contributions here though.
  • #15,265
  • May 25, 2011 6:00pm May 25, 2011 6:00pm
Quoting lawgirl21
So glad to have you back! I was wondering where you were, but understand that things happen and sometimes its just good to get away from trading too. I do hope everything is going well for you and your family. We need your contributions here though.
Everything is going great, thanks and thanks for the kind welcome too, eager to contribute and just as happy to be back...
'will be around
Flp. 4:13
  • #15,266
  • May 25, 2011 6:52pm May 25, 2011 6:52pm
Quoting zaqzaq
Hi LG,

I have been following your system for a while now and I really like it. Looking back I can see many mistakes I have made. Trying to get better entries is my goal so on that note may we talk a little about price action say on a breakout trades. Many times I have taken trades the breakout was false and many times I did not guess what happened! Can you give us some more guidance purely on price action if you have some free time?

Again many thanks,

Zaq.
I'll try Zaq, but I don't have any special insight into price action. But maybe I can give you a different way to look at it.

Think of PA as the walking around or "pacing" back and forth of the price of the currency pair. We observe this "pacing" when we watch PA, as it is happening in real time. This "pacing" becomes a footprint on the chart, and this footprint becomes a candle. A candle is the footprint of price. A closed candle tells us everywhere the footprint has gone...everywhere. But it does not tell us where the footprint is going.

We cannot control this nervous pacing footprint, we cannot tell it what to do, or where to go. It acts like a stubborn mule that is sometimes obedient, but too often willful. It gets tired and sometimes rests for awhile (consolidation), but we cannot prod it and make it get up and move, we can only wait for it to start moving again, sometimes fast and furiously, at other times slowly and deliberately.

However it moves, the best we can do is study where it has gone as an indication of where it might go. That is what we try to do here, with R/S lines and the RSI indicator that tracks the footprint.

Watching BOs is watching pure PA as it is happening. Using the M15 chart for entry is as solid an entry as I know of...but still, this nervous footprint can do what it pleases, when it pleases, so we get surprises. I know of no way to avoid them.
  • #15,267
  • May 25, 2011 7:27pm May 25, 2011 7:27pm
Quoting lawgirl21
Consolidation BOs are my favorite trades. Think of the spring winding tighter and tighter or shaking that soda bottle until something has to happen...either way, we don't care.
LG is this a go???
Attached Image (click to enlarge)
Click to Enlarge Name: eur.chf.JPG Size: 78 KB
  • #15,268
  • May 25, 2011 7:32pm May 25, 2011 7:32pm
Hi LG,

Thanks for your earlier response, that cleared up some of my questions in regards to your new daily setup.

A couple more...

 

  1. What time do you look at the charts, on average? I am also with FXDD. How many H1 candles in?
  2. Stop losses are simple. 30 pips. But if you re-enter a trade do you move the initial trade's stop loss to the new trade's 30 pip SL level?
  3. How do you know when to take profit? That's the only thing I'm struggling with... Do you get out as soon as you see a reversal in RSI signal, or what?
  4. Do you leave these trades open over the weekend or do you close all trades out at the end of the week?

Great results you are having. As always, thanks so much

Enter Signature
  • #15,269
  • May 25, 2011 8:11pm May 25, 2011 8:11pm
No entry yet...move to M15 chart for entry.
Attached Image
  • #15,270
  • May 25, 2011 8:13pm May 25, 2011 8:13pm
Same as above.
Attached Image
  • #15,271
  • May 25, 2011 8:20pm May 25, 2011 8:20pm
Quoting lawgirl21
Same as above.
Now PA needs to penetrate the probe level before entry.
Attached Image
  • #15,272
  • May 25, 2011 8:23pm May 25, 2011 8:23pm
But as soon as the daily RSI indicator turns down, I will add a position on the daily chart.
Attached Image
  • #15,273
  • May 25, 2011 8:55pm May 25, 2011 8:55pm
Hi LG,

I'm Long with GBPUSD, NZDUSD & EURCAD. Are these good trades for your daily system? If not, please do tell why!

Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GUDaily.jpg Size: 146 KB
Click to Enlarge Name: NUDaily.jpg Size: 141 KB
Click to Enlarge Name: ECDaily.jpg Size: 139 KB
Enter Signature
  • #15,274
  • May 25, 2011 8:58pm May 25, 2011 8:58pm
Other possible entries, waiting for confirmation:

EURJPY
GBPJPY
USDCHF
GBPCHF
Enter Signature
  • #15,275
  • May 25, 2011 9:02pm May 25, 2011 9:02pm
Quoting CrucialCraig
Hi LG,

I'm Long with GBPUSD, NZDUSD & EURCAD. Are these good trades for your daily system? If not, please do tell why!

Thanks
I cannot tell anyone what is a good trade or not or whether or not to enter or exit a trade. That would be acting as a signal service...which I am not.

Go through the check list:
1. weekly and daily RSIs in the same direction?
2. monthly...for added confirmation? Not necessary
3. is there movement with PA i.e. while watching the candle are you seeing movement in the desired direction?
4. is the daily forming a solid bodied candle or is it mostly wicks? the quality of the candle.

If yes, then enter with a 30 SL and come back tomorrow and see what happens.
  • #15,276
  • May 25, 2011 9:06pm May 25, 2011 9:06pm
Quoting lawgirl21
I cannot tell anyone what is a good trade or not or whether or not to enter or exit a trade....
Thanks LG, excellent points I didn't think of. I swear I act like a robot sometimes.

For your point # 3... Could we use a M15 RSI? How can I verify this point? I understand points 1,2 & 4 completely.

Also, #s 3 & 4 are not listed in the OP, unless I'm missing something.
Enter Signature
  • #15,277
  • May 25, 2011 9:12pm May 25, 2011 9:12pm
Quoting CrucialCraig
Thanks LG, excellent points I didn't think of. I swear I act like a robot sometimes.

For your point # 3... Could we use a M15 RSI? How can I verify this point? I understand points 1,2 & 4 completely.

Also, #s 3 & 4 are not listed in the OP, unless I'm missing something.

Yes, on point 3...move to a lower timeframe to just watch PA awhile. If it is too eratic..don't enter.
  • #15,278
  • May 25, 2011 9:14pm May 25, 2011 9:14pm
Quoting lawgirl21
Yes, on point 3...move to a lower timeframe to just watch PA awhile. If it is too eratic..don't enter.
Looking at the quality of a candle is just basic candle reading. Wicks mean indecision, so you don't want to see wicks without solid bodies.
  • #15,279
  • May 25, 2011 9:15pm May 25, 2011 9:15pm
LG: hi!

Its indeed an amazing thread. Every post of this thread is educational, informative and very unique.
I really enjoy reading and keep learning from every post here.
Just recently, I accidentally discovered it, when found golden equity presence here (one of the most respected contributors at forex- tsd forum).

LG, thank you for this invaluable contribution.
Regards,
Sincerely,
RSwamy
  • #15,280
  • May 25, 2011 10:04pm May 25, 2011 10:04pm
Quoting rswamy4449
LG: hi!

Its indeed an amazing thread. Every post of this thread is educational, informative and very unique.
I really enjoy reading and keep learning from every post here.
Just recently, I accidentally discovered it, when found golden equity presence here (one of the most respected contributors at forex- tsd forum).

[color=black][font=Verdana]LG, thank you for this invaluable...
Thank you, RSwamy. Goldenequity is indeed an asset here. We are privileged to have his contributions.
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