Attachments: Trade What You See - Almost Naked Trading

Trade What You See - Almost Naked Trading

#15,421
May 30, 2011 9:17am May 30, 2011 9:17am

lawgirl21
Joined Dec 2009 | Status: Trader | 6,603 Posts

A textbook 3 Tap Daily.

Attached Image

#15,422
May 30, 2011 9:23am May 30, 2011 9:23am

lawgirl21
Joined Dec 2009 | Status: Trader | 6,603 Posts

The very interesting thing about 3 Taps is that we "find" them, we cannot generally anticipate them. We find them because we are looking for them AFTER the RSIs are telling us to look for them (confirming direction).

That confirmation of direction is like a neon sign flashing "look for 3 Taps, because conditions are ripe for them!....look for 3 Taps, because conditions, etc." So we do what we are told and go looking.

When we find a good 3 Tap line (remember, a 3 Tap is just a trend line..generally with wave action taking place between the taps..but not always or necessary) it may already be triggered and we have to determine if we want to enter or not depending on lots of factors that I really cannot teach a trader, but mainly on PA and how far into the H4 candle it is at the time.

But we might find just the setup with no trigger and have to wait until the next candle to determine what PA is going to do before we enter.

Never enter a long trade on a short (red) candle. Never enter a short trade on a long (green) candle.

Summary:
A 3 Tap long with third tap on a short candle = setup but no trigger
A 3 Tap long with third tap on a long candle = setup and trigger
[opposite for 3 Tap short]

Entry is just that simple....and just that complicated.

http://www.forexfactory.com/images/m...ading_dark.gif

#15,423
May 30, 2011 9:29am May 30, 2011 9:29am

lawgirl21
Joined Dec 2009 | Status: Trader | 6,603 Posts

This is a good watch list pair...hours of very tight trading. This spring is wound tight and will spring sooner or later.

Attached Image

#15,424
May 30, 2011 9:39am May 30, 2011 9:39am

betterlife
| Joined May 2011 | Status: Trader | 113 Posts

Quoting lawgirl21

Disliked

Welcome, betterlife, and welcome....

Ignored

Hi Lawgirl,
thank you very much for your reply... surprising! I had the impression you had to identify the RSI "convergence", trace the trendline and then...

...wait, until the 3rd Tap was made.

Eventually I understood it wrong... So: this means you scan the markets and enter the trade as soon as, looking back, you realize that you have the three Taps already in place...?

Thanks again!

BL

πάντα δοκιμάζετε τὸ καλὸν κατέχετε

#15,425
May 30, 2011 9:49am May 30, 2011 9:49am

askbid
| Additional Username | Joined May 2011 | 4 Posts

Quoting lawgirl21

Disliked

This is a good watch list pair...hours of very tight trading. This spring is wound tight and will spring sooner or later.

Ignored

I think the spring will spring at the Beginning of the Asian session..

#15,426
May 30, 2011 10:05am May 30, 2011 10:05am

lawgirl21
Joined Dec 2009 | Status: Trader | 6,603 Posts

Quoting betterlife

Disliked

Hi Lawgirl,
thank you very much for your reply... surprising! I had the impression you had to identify the RSI "convergence", trace the trendline and then...

...wait, until the 3rd Tap was made.

Eventually I understood it wrong... So: this means you scan the markets and enter the trade as soon as, looking back, you realize that you have the three Taps already in place...?

Thanks again!

BL

Ignored

Yes, going "in order" is very important....read the repost above. We find them because the RSIs tell us to look for them. We won't always find them, and sometimes we happen on them too late. In that case, move to another timeframe and look there.

#15,427
May 30, 2011 10:06am May 30, 2011 10:06am

lawgirl21
Joined Dec 2009 | Status: Trader | 6,603 Posts

Quoting askbid

Disliked

I think the spring will spring at the Beginning of the Asian session..

Ignored

Yes, very slow because of the holidays. But it will spring...

#15,428
May 30, 2011 10:11am May 30, 2011 10:11am

lawgirl21
Joined Dec 2009 | Status: Trader | 6,603 Posts

Notice that they look almost exactly alike on the daily chart.

Attached Images

#15,429
May 30, 2011 10:17am May 30, 2011 10:17am

4x4monet
| Joined May 2011 | Status: Trader | 6 Posts

Hi LG and all,
I just found your thread last week and have been going thru the posts from the beginning. I like what I see and the feel of this trading "style".

I have been trading Forex for about 2 years with wild swings in my account balance. In the last 2 months I have given up all lagging indicators and systems and moved to strictly S/R and trendline. My balance is now in a steady move upward. So I am looking for trading approaches that suit my new approach. I like the RSI tweak.

I am a full time trader so am usually on top of the markets on and off from 6am to 10pm central. I hope to learn from this group and also contribute.
Always looking for the setup and happy to be a part of this thread.
Thanks for your hard work.

#15,430
May 30, 2011 10:19am May 30, 2011 10:19am

GeraldFX
| Joined Sep 2009 | Status: Cloud Surfer | 540 Posts

Quoting lawgirl21

Disliked

Notice that they look almost exactly alike on the daily chart.

Ignored

EU and GU usually move the same. UChf is opposite of both of them.

#15,431
May 30, 2011 10:21am May 30, 2011 10:21am

lawgirl21
Joined Dec 2009 | Status: Trader | 6,603 Posts

Quoting GeraldFX

Disliked

EU and GU usually move the same. UChf is opposite of both of them.

Ignored

Yes they do, but I didn't expect to see a third tap at the exact same time.

#15,432
May 30, 2011 10:24am May 30, 2011 10:24am

Magnat
| Joined Aug 2010 | Status: Trader | 87 Posts

GJ potential 3T?

Attached Image (click to enlarge)

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#15,433
May 30, 2011 10:42am May 30, 2011 10:42am

lawgirl21
Joined Dec 2009 | Status: Trader | 6,603 Posts

Quoting Magnat

Disliked

GJ potential 3T?

Ignored

No...please re-read post no. 15422 above....read it again and again...then tell me why this is not a good setup--and certainly no trigger--at this time.

#15,434
May 30, 2011 1:48pm May 30, 2011 1:48pm

Sitting duck
| Joined May 2011 | Status: Trader | 77 Posts

Hi, i am new to this forum and this is my first post, first of all i would like to thank Lawgirl for shearing this strategy.

I will start to trade this strategy as good as i can on a demo account with the spare time i have left, because at the moment i also have a full time job.

When i get the hang of it and i can make profit on my demo account then i will go life.

I think that i saw a good setup on the H4 chart of the GPB/USD but i am not shure if its a valid 3 tap becuase they are close together and dont go far away from the trend line. I atached the chart so you guys can have a look at it and give your comments.

Grrtzzz
http://www.forexfactory.com/attachme...1&d=1306781305

Attached Image (click to enlarge)

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Size: 181 KB

#15,435
Edited 3:01pm May 30, 2011 2:33pm | Edited 3:01pm

Fitness09
| Joined Oct 2010 | Status: Trader | 585 Posts

Quoting Sitting duck

Disliked

Hi, i am new to this forum and this is my first post, first of all i would like to thank Lawgirl for shearing this strategy.

I will start to trade this strategy as good as i can on a demo account with the spare time i have left, because at the moment i also have a full time job.

When i get the hang of it and i can make profit on my demo account then i will go life.

I think that i saw a good setup on the H4 chart of the GPB/USD but i am not shure if its a valid 3 tap becuase they are close together and dont go far away from the trend line....

Ignored

Looks like only a 2 Tap to me, and where are your RSI indicators? I checked mine, and they were not in sync for going short. Also, you would not enter short on a long candle. Check the rules again.

#15,436
May 30, 2011 7:51pm May 30, 2011 7:51pm