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Trade What You See - Almost Naked Trading

  • #15,501
  • May 31, 2011 12:04pm May 31, 2011 12:04pm
Dear LG, and other participants what do you say concerning USD/JPY long, USD/CHF long, AUD/USD short and GBP/USD short to open right now? All 3 RSI are aligned in the same direction
  • #15,502
  • May 31, 2011 12:35pm May 31, 2011 12:35pm
Quoting lite27
Dear LG, and other participants what do you say concerning USD/JPY long, USD/CHF long, AUD/USD short and GBP/USD short to open right now? All 3 RSI are aligned in the same direction
I am in GBPUSD & AUDUSD short.
  • #15,503
  • May 31, 2011 12:41pm May 31, 2011 12:41pm
Thats great thanks Lawgirl, what are you using for taking profit? I understand the 30SL but not sure on exits.

Quoting lawgirl21
The 870 pips were Sunday, Monday and Tuesday morning (for me) trades. So..so far this week.

I have 12 open trades at the moment.

You got it...that's all there is to setup and trigger. I don't like long wicks and short bodies because that says "indecision", and I don't want to see the daily candle in the midst of consolidation. I am attempting to start a Moneytree, to which many branches can be added and I am willing to forfeit 30 pips for that attempt.

I have taken alot of that unrealized gain off the table and made it realized...on demo...
  • #15,504
  • May 31, 2011 12:48pm May 31, 2011 12:48pm
Quoting TheSnowman
You're right, it is a H4 4 Tap, or maybe 3.5 Tap ? What is it that you do see?

I see the bottom of the candle "tapping" the trend line, and the RSI arrows (top right) are pretty much pointing UP, that about all there is to it.

He has entered at break of top of last candle, I believe, London just closed so results may not be known until tomorrow

Well, it looks like 3 tap on lower time frame charts to me (see M 30 chart, points 1, 2 and 3 on trend line B). So far I can see only two points on H4 chart (trend line A (black) on H4 chart). This is how I understand it.
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  • #15,505
  • May 31, 2011 12:56pm May 31, 2011 12:56pm
Quoting pippete
Finally happening...
Very nice trade - I enjoy watching the action here. I need to feel comfortable with the setups before I can trade them tho - just takes time. Your posting of charts helps tremendously. Thanks.

Glad you are making the pips.
  • #15,506
  • May 31, 2011 1:02pm May 31, 2011 1:02pm
Bez, how many pips is your stop loss in aud/usd and gbp/usd shorts? Thank you,
  • #15,507
  • May 31, 2011 1:03pm May 31, 2011 1:03pm
Quoting CrucialCraig
Hi LG,

I woke up this morning to losses instead profits on my MoneyTree entries. A shame, as I saw your post about being +870 pips!! Nice Job

I was up 16% last night before bed, now I'm only up 8%, and I think a major reason is I haven't closed any positions fully, as we don't have a solid exit strategy. Now these winning trades may just be retracing before heading in the same direction, but I want to address it before we find out the hard way! It would be very painful to have a position up 240 pips to see it retrace back to BE....
Of course you have to do what you are comfortable with, but to catch the really big moves, we have to keep the trades open.

I take half off, move to BE and wait until the next daily candle. Then add another full position if conditions merit it. If BE is hit...then "oh well "and I move on. The last 2 or so weeks with GBPUSD where I took at least 500 total pips, I kept taking off percentages of profit i.e. went from 1.0 to half at .5 to .25 to .10 to BE on several of the oldest positions. So, really not much was lost.

These trades should not be monitored as closely as would an H1 or H4 trade. I know it is hard to stay away from them, I am having trouble with that too, but that is the only way these trades can grow and not become just another short term trade.
  • #15,508
  • May 31, 2011 1:10pm May 31, 2011 1:10pm
Dear LG, I am short in AUD/USD, USD/CHF, GBP/USD, and long in USD/JPY, on the basis of 4h. 3 Taps. What is your opinion concerning these my positions? Am I correct? Thank you,
  • #15,509
  • May 31, 2011 1:12pm May 31, 2011 1:12pm
Quoting lawgirl21
Of course you have to do what you are comfortable with, but to catch the really big moves, we have to keep the trades open.

I take half off, move to BE and wait until the next daily candle. Then add another full position if conditions merit it. If BE is hit...then "oh well "and I move on. The last 2 or so weeks with GBPUSD where I took at least 500 total pips, I kept taking off percentages of profit i.e. went from 1.0 to half at .5 to .25 to .10 to BE on several of the oldest positions. So, really not much was lost.

These trades should not...
Hm, ok. I'm only entering these with .02 lots, since it's a small live account. So my only option is to split it in half. So I'm going to try to work out a way to get out with the second .01.

I'll let you know what I come up with. I might just set 240 pips as a solid exit. If a trend is strong, we will have other branches by then.

It's almost inevitiable that the last portion will BE if we don't have a TP exit strategy for whatever is left of the initial position.
Enter Signature
  • #15,510
  • May 31, 2011 1:43pm May 31, 2011 1:43pm
Quoting lite27
Bez, how many pips is your stop loss in aud/usd and gbp/usd shorts? Thank you,
I have 50pip SL.
  • #15,511
  • May 31, 2011 1:47pm May 31, 2011 1:47pm
Quoting CrucialCraig
Hm, ok. I'm only entering these with .02 lots, since it's a small live account. So my only option is to split it in half. So I'm going to try to work out a way to get out with the second .01.

I'll let you know what I come up with. I might just set 240 pips as a solid exit. If a trend is strong, we will have other branches by then.

It's almost inevitiable that the last portion will BE if we don't have a TP exit strategy for whatever is left of the initial position.
I will put these trades on a 10,000 live account if all goes well this next month. The trades will then be, instead of 1.0 ($10) per pip--.1 ($1.00) per pip. So, half will be .05, etc. But the principle is the very same.

BE is not a loss....
  • #15,512
  • May 31, 2011 1:47pm May 31, 2011 1:47pm
The Daily method produces allot of trades, looking at LG results this could be a very profitable way of trading on it's own!

I have 6 trades on using the Daily and 3t method today alone!
  • #15,513
  • May 31, 2011 2:05pm May 31, 2011 2:05pm
Quoting bez3000
The Daily method produces allot of trades, looking at LG results this could be a very profitable way of trading on it's own!

I have 6 trades on using the Daily and 3t method today alone!
The Moneytree entry is largely dependant on having a "bundle" of trades going at one time, as not all of the trades will take off. But what we are looking for is the trades that do take off totally eclipsing the ones that do not and are stopped out.

When I reported that I was up 870 total pips, that did not mean that there were no negative trades...but the negative trades and even the 2 or 3 stopped out trades didn't amount to anything and aren't even worth considering....
  • #15,514
  • May 31, 2011 2:21pm May 31, 2011 2:21pm
As I understand the daily tree method you wait for the open of a new daily candle based on the EST time and then wait untill Weekly AND Daily RSIs show the same direction, and simply enter. Is this correct? Do you take into account the existing trend? Thank you
  • #15,515
  • Edited 3:03pm May 31, 2011 2:27pm | Edited 3:03pm
Quoting lite27
As I understand the daily tree method you wait for the open of a new daily candle based on the EST time and then wait untill Weekly AND Daily RSIs show the same direction, and simply enter. Is this correct? Do you take into account the existing trend? Thank you
The existing trend is not a requirement, but it does help, as does the Monthly RSI direction. I personally only jump in against the trend if there is some solid looking movement in the counter direction.

It's much nicer and comfortable to jump in with the trend.
Enter Signature
  • #15,516
  • May 31, 2011 3:03pm May 31, 2011 3:03pm
Quoting lawgirl21
I will put these trades on a 10,000 live account if all goes well this next month. The trades will then be, instead of 1.0 ($10) per pip--.1 ($1.00) per pip. So, half will be .05, etc. But the principle is the very same.

BE is not a loss....
What I was getting at, is since I am trading such small amounts, it's not an option to split my positions down more than once. You have the option to keep peeling profits off since you have bigger position sizes, but I do not. The smallest lot size allowed for FXDD is .01.

I don't think I want to let 1/2 of my total position hit BE every time.
Enter Signature
  • #15,517
  • May 31, 2011 3:46pm May 31, 2011 3:46pm
Quoting lite27
As I understand the daily tree method you wait for the open of a new daily candle based on the EST time and then wait untill Weekly AND Daily RSIs show the same direction, and simply enter. Is this correct? Do you take into account the existing trend? Thank you

The new daily candle is the new daily candle for your broker...whenever that is. Mine starts at 2:00 p.m. PST.

Look for RSI confirmation on the daily and weekly FIRST. Then look at the quality of candle, several hours into the new candle, before entry. If the weekly and daily RSIs are confirming...the trend for our purposes is confirmed.
  • #15,518
  • May 31, 2011 3:49pm May 31, 2011 3:49pm
Quoting CrucialCraig
What I was getting at, is since I am trading such small amounts, it's not an option to split my positions down more than once. You have the option to keep peeling profits off since you have bigger position sizes, but I do not. The smallest lot size allowed for FXDD is .01.

I don't think I want to let 1/2 of my total position hit BE every time.
I certainly understand. Taking profits is never wrong in my book.
  • #15,519
  • May 31, 2011 4:00pm May 31, 2011 4:00pm
Quoting lawgirl21
I certainly understand. Taking profits is never wrong in my book.
Ok. Thanks.
Enter Signature
  • #15,520
  • May 31, 2011 5:51pm May 31, 2011 5:51pm
Quoting CrucialCraig
Hi LG,

I woke up this morning to losses instead profits on my MoneyTree entries. A shame, as I saw your post about being +870 pips!! Nice Job

I was up 16% last night before bed, now I'm only up 8%, and I think a major reason is I haven't closed any positions fully, as we don't have a solid exit strategy. Now these winning trades may just be retracing before heading in the same direction, but I want to address it before we find out the hard way! It would be very painful to have a position up 240 pips to see it retrace back to BE....
Price has started to move back in my direction for many of my MoneyTree trades. Now back at +13%.

Let's hope we can add some branches tonight!!
Enter Signature
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