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Trade What You See - Almost Naked Trading

  • #15,341
  • May 27, 2011 12:18am May 27, 2011 12:18am
LG, again, two thumbs up for all your help.

I'll report later tonight or tomorrow how they fare.

One question that is pretty important with the time of the week. Do you leave these daily trades open over the weekend? Or close them all out regardless before the week is out?
Enter Signature
  • #15,342
  • May 27, 2011 12:26am May 27, 2011 12:26am
Quoting CrucialCraig
LG, again, two thumbs up for all your help.

I'll report later tonight or tomorrow how they fare.

One question that is pretty important with the time of the week. Do you leave these daily trades open over the weekend? Or close them all out regardless before the week is out?
That depends on what the individual trader is comfortale with.

That said, for these daily trades, the entire purpose of the daily trades with added positions is to build ourselves a MoneyTree with multiple branches that may grow for weeks or months. We can not have a many branched tree if we cut off the branches every week. I have left them open this entire month.

But then, it is never wrong to take profit.
  • #15,343
  • May 27, 2011 12:47am May 27, 2011 12:47am
Greetings all...
we're just about there!
Quite a run on many pairs...

http://img861.imageshack.us/img861/3650/gbp.png
"You Never Know.....Until You Find Out."
  • #15,344
  • May 27, 2011 12:53am May 27, 2011 12:53am
Quoting goldenequity
Greetings all...
we're just about there!
Quite a run on many pairs...

http://img861.imageshack.us/img861/3650/gbp.png
Yes, that run was very interesting. I took alot of profit because of the long weekend coming up.
  • #15,345
  • May 27, 2011 1:36am May 27, 2011 1:36am
Yes Go to bed, get back and yep up more points
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  • #15,346
  • May 27, 2011 1:37am May 27, 2011 1:37am
Quoting CrucialCraig
In long all 3, with 1/2 my usual lot size.
None of these are going well so far. Down 15-20 pips on each. Could just be coincidence, could be that the trigger was invalid as it was too late?

Lets see if if any of them will turn around and head in the right direction
Enter Signature
  • #15,347
  • May 27, 2011 1:43am May 27, 2011 1:43am
My first 3T trade is up 80 pips so far. Thanks for the help Law Girl
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  • #15,348
  • May 27, 2011 1:57am May 27, 2011 1:57am
Would this be a valid BO trade short if the 1h and 4h bias stays short when price breaks the lower trend line?

Also how many BO trades do you take each day, i watch about 12 pairs and half of them show price heading the same way on 1h & 4h breaking out of the channel do you trade all BO trades?

Thanks again.
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  • #15,349
  • May 27, 2011 2:03am May 27, 2011 2:03am
Exiting trades is equally as important as entry in my book.

I was thinking of using the following rules for exits on the Daily System:

 

  1. Once a trade hits +60, move SL to BE.
  2. Once a trade hits +120, Take off 1/2 of trade in profit.
  3. Once W1 gives us a 3 o'clock signal, we could take profit. (I haven't been trading these long enough to know if this is a good TP trigger - but it would be nice to have a trigger to know when to take it all off the table)


What are your thoughts, friends? How could I improve upon these rules?

LG, what exit strategies have you been using?

Enter Signature
  • #15,350
  • May 27, 2011 2:52am May 27, 2011 2:52am
Quoting CrucialCraig
Exiting trades is equally as important as entry in my book.

I was thinking of using the following rules for exits on the Daily System:

 

  1. Once a trade hits +60, move SL to BE.
  2. Once a trade hits +120, Take off 1/2 of trade in profit.
  3. Once W1 gives us a 3 o'clock signal, we could take profit. (I haven't been trading these long enough to know if this is a good TP trigger - but it would be nice to have a trigger to know when to take it all off the table)

What are your thoughts, friends? How could I improve upon these rules?...

Hi CC, your rules seem to me as very reasonable.
To me, I have to get there in the first place and then I would be tempted to take the whole profit... (newbee )
  • #15,351
  • May 27, 2011 3:32am May 27, 2011 3:32am
3t just looking for the trigger ?

Thanks LG for these simple but powerful trading tools, I have only tried the 3 tap so for not attempted the BO or ZC or daily, on holiday next week so it will have to wait
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  • #15,352
  • May 27, 2011 5:33am May 27, 2011 5:33am
Quoting eltax100
3t just looking for the trigger ?

Thanks LG for these simple but powerful trading tools, I have only tried the 3 tap so for not attempted the BO or ZC or daily, on holiday next week so it will have to wait
I am watching the same setup
  • #15,353
  • May 27, 2011 6:04am May 27, 2011 6:04am
Quoting eltax100
3t just looking for the trigger ?

Thanks LG for these simple but powerful trading tools, I have only tried the 3 tap so for not attempted the BO or ZC or daily, on holiday next week so it will have to wait
I am watching this pair with interest also. On a daily & 4H, it is stuck in a huge triangle, go to 30M and there is another, smaller triangle.

As well, it is at 100 MA on daily, and pivot point, stuck between 115 to 116, so it is really just floating at a point of indecision......

Will it break at the USA open and take off on a late Friday run, we will see......
Canadian by birth Australian by choice
  • #15,354
  • May 27, 2011 6:40am May 27, 2011 6:40am
3T

This could quite easily have all the arrows pointing in the right direction with a bit of PA
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  • #15,355
  • May 27, 2011 7:25am May 27, 2011 7:25am
Did i do anything wrong?
Or is it just a failed trade, move on to the next?
I don't mind a failed trade just as long as i am trading this correctly.
I entered this trade when all weekly, daily and 4h bias short.
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  • #15,356
  • May 27, 2011 8:50am May 27, 2011 8:50am
Quoting CrucialCraig
Exiting trades is equally as important as entry in my book.

I was thinking of using the following rules for exits on the Daily System:

 

  1. Once a trade hits +60, move SL to BE.
  2. Once a trade hits +120, Take off 1/2 of trade in profit.
  3. Once W1 gives us a 3 o'clock signal, we could take profit. (I haven't been trading these long enough to know if this is a good TP trigger - but it would be nice to have a trigger to know when to take it all off the table)

What are your thoughts, friends? How could I improve upon these rules?...

Remember my intent with this entry is to catch the beginning of one of the magnificant trends that happen maybe 2-3 times per year, yielding 100s of pips.

When a trade hits +120 pips, you should have 2 or more other branches going in that pair following along with it, so taking half of the 120 at that time sounds reasonable, though 120 is an arbitrary number...could just as easily be 200. Ideally, the next branch will get to that level and you do the same, etc, thus at least tripling the pips from what would have usually been a single run.
  • #15,357
  • May 27, 2011 8:58am May 27, 2011 8:58am
Quoting bez3000
Did i do anything wrong?
Or is it just a failed trade, move on to the next?
I don't mind a failed trade just as long as i am trading this correctly.
I entered this trade when all weekly, daily and 4h bias short.
Some trades just don't work out. Looks like your setup and trigger were fine. I almost never trade against the weekly RSI this late in the week, but you didn't...just a failed trade...move on.
  • #15,358
  • May 27, 2011 9:01am May 27, 2011 9:01am
London session seems to have been very erratic...don't see any good BOs.
  • #15,359
  • May 27, 2011 10:00am May 27, 2011 10:00am
Quoting lawgirl21
Some trades just don't work out. Looks like your setup and trigger were fine. I almost never trade against the weekly RSI this late in the week, but you didn't...just a failed trade...move on.
Thought so just needed to check, so thanks LG.
  • #15,360
  • May 27, 2011 10:03am May 27, 2011 10:03am
I closed all my open trades for a combined total of about +1500 pips after that incredible move last night. I wanted to "clean out" my charts in preparation for the long weekend in the US and the beginning of a new trading month.

I hope everyone is making pips.
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