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Trade What You See - Almost Naked Trading

  • #15,761
  • Jun 7, 2011 8:34am Jun 7, 2011 8:34am
Quoting airbeat
Well I'm off to a poor start with the Money Trade. Good reason for trying any new system on a demo acct. Hopefully its just a bump on an otherwise profitable road.
A poor start would be if it was the end of the trading week and your down -120 We still have 4 days left. Monday I was up +97 When I woke up today I was down -120 No need to kick the dog. (demo dog of course)
  • #15,762
  • Jun 7, 2011 8:35am Jun 7, 2011 8:35am
Chart
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  • #15,763
  • Jun 7, 2011 8:36am Jun 7, 2011 8:36am
Very narrow trading range the past many hours. Will break sooner or later.
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  • #15,764
  • Jun 7, 2011 9:12am Jun 7, 2011 9:12am
Quoting gasservettes
A poor start would be if it was the end of the trading week and your down -120 We still have 4 days left. Monday I was up +97 When I woke up today I was down -120 No need to kick the dog. (demo dog of course)
You are so right, GV..MT is not a moment to moment, blow by blow trade system. Week to week at a minimum, better yet..month to month.

Take the trade, set the SL and leave. Most of the trades will fail, but the few who do not will more than make up for the failed scouts. We must get into that mindset, otherwse, this system will make you crazy.
  • #15,765
  • Jun 7, 2011 11:27am Jun 7, 2011 11:27am
Thanks LG. I understand the process hence my comment about just a bump in the road. I will keep a running spreadsheet total on my own personal wins and losses on the MT system and post them weekly if anyone is interested. It may also help me with feedback on some critique of my trades (good and bad). There appears to be several knowledgeable people here who have a good grasp of the systems and willing to help also. Makes for a really great Thread!

With the success stories I have been hearing, I will be making a solid effort to stick with what has been working and settle into what is proven to be profitable.

Thanks for all your feedback and help. Hopefully soon I can be another one of your success stories.
  • #15,766
  • Jun 7, 2011 12:38pm Jun 7, 2011 12:38pm
Another 3T setup and trigger candle I think
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  • #15,767
  • Jun 7, 2011 1:17pm Jun 7, 2011 1:17pm
This one is +18 pips from the big move last night. Hopefully this one can grow some branches, but seems a little bit indecisive.

Currently -42 for the week on MT trades. No worries though, we'll get a winner soon enough.
Enter Signature
  • #15,768
  • Jun 7, 2011 1:57pm Jun 7, 2011 1:57pm
I have entered 6 trades today , 2MT and 4 Taps, 3 out of 4 Tap trades are in profit at the moment with the other just 11pts in the red, the MT trades 1 stopped out and the other in -10pts.

I think the Money tree takes lots of patience
  • #15,769
  • Jun 7, 2011 2:38pm Jun 7, 2011 2:38pm
Quoting JusticeFX
I have a question about the system(s).

I have been doing a lot of reading and everything I have learned so far has said "STAY AWAY FROM INDICATORS! FOCUS ON PRICE ACTION: IT TELLS THE FUTURE!".

Now, I believe a minimal amount of indicators can be useful, but in my readings, they specifically said to stay away from oscillators as they tend to "lie".

Is this countered because we are using higher time frames to trade? (the H4 and D1 instead of M15 and lower).

Also, was this a valid entry for long? I would have thought price would fall on that...
Would somebody be able to answer this please? Thank you!
  • #15,770
  • Jun 7, 2011 3:04pm Jun 7, 2011 3:04pm
Quoting JusticeFX
Would somebody be able to answer this please? Thank you!
Here we use the RSI indicator only to give us a heads' up on the trend, as all of these methods are trend following methods.

No indicator that I know of can predict the way the market will go, however this simple little indicator is as good as I have found in "predicting" direction. However PA always wins out over RSI.

You will have to decide whether to use it or not.
  • #15,771
  • Jun 7, 2011 3:05pm Jun 7, 2011 3:05pm
Quoting JusticeFX
Would somebody be able to answer this please? Thank you!
All indicators have a margin of error may it be the setting vs time frame etc. The more indicators you have the larger the error could be making the trade.

Indicators are like news reporters that arrive at the scene after the event happened. They all have their own story leading up to the event but which ones correct? Study… Price action only!
What pair were you looking at?
  • #15,772
  • Jun 7, 2011 4:07pm Jun 7, 2011 4:07pm
gasservettes, that's the best description of Indicators that I have ever heard and I've been around these markets for a very long time. Can I use it? LOL
  • #15,773
  • Jun 7, 2011 4:11pm Jun 7, 2011 4:11pm
Quoting 4x4monet
gasservettes, that's the best description of Indicators that I have ever heard and I've been around these markets for a very long time. Can I use it? LOL
Sure! No problem 4x4
  • #15,774
  • Jun 7, 2011 4:15pm Jun 7, 2011 4:15pm
Quoting gasservettes
All indicators have a margin of error may it be the setting vs time frame etc. The more indicators you have the larger the error could be making the trade.

Indicators are like news reporters that arrive at the scene after the event happened. They all have their own story leading up to the event but which ones correct? Study… Price action only!
What pair were you looking at?
USD/JPY
  • #15,775
  • Jun 7, 2011 4:20pm Jun 7, 2011 4:20pm
This is how the Moneytree trades should work ideally. I entered this trade on May 19th on an office account. That single trade is now up about 290 pips. That's great, BUT had I been paying attention, I would have added 3 more branches for approximately 300 more pips, for a total of around 590 pips in about 13 trading days....that's what this is all about...13 days, one pair...590 pips...imagine just one other pair going like that at the same time.
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  • #15,776
  • Jun 7, 2011 4:50pm Jun 7, 2011 4:50pm
Hey all, I have been entering these MT trades left and right and so far not much success... All of them hit SL and we're talking 15+ trades...
I noticed that when entering early in the day (within 2 hrs) the daily and wkly RSIs can change really quickly, as opposed to entering after 4-5 hrs. Anyone else having similar results? Maybe I should look at the bigger picture more, maybe include the monthly RSI also? What do you guys think?
Also, it seems to give a lot of signals for entry (Sometimes you can enter 10 trades easily during a good session then it turns around...) , any thoughts on refinement?
Haven't moved any to BE as none of them were up 60pips yet...
  • #15,777
  • Jun 7, 2011 5:36pm Jun 7, 2011 5:36pm
Quoting pippete
Hey all, I have been entering these MT trades left and right and so far not much success... All of them hit SL and we're talking 15+ trades...
I noticed that when entering early in the day (within 2 hrs) the daily and wkly RSIs can change really quickly, as opposed to entering after 4-5 hrs. Anyone else having similar results? Maybe I should look at the bigger picture more, maybe include the monthly RSI also? What do you guys think?
Also, it seems to give a lot of signals for entry (Sometimes you can enter 10 trades easily during a good session...
I would recommend entering from 12am-6am GMT. That's 8pm-2pm EST. This is when there is trading going on in Sydney and Tokyo, but the big dogs haven't started trading yet. My theory is by 12am GMT both sessions have been underway for atleast an hour or so, so things have settled down a bit, but there are still people trading that know what happened in recent events (news from previous days). However, some people have successfully traded at all hours, this is just my preference. I would recommend limiting when you look for entries, but other people may not.

I would also highly recommend not trading against the overall trend you see on the Daily charts. I look for HH/HL for long positions and LH/LL for short positions. I never counter-trend trade with this system. Candle strength is also very important. Lastly, when you see a trigger, switch to M15 and wait for candle movement in the right direction. Keep in mind you may miss some good trades using this filter.

Can you envision the pair going in the direction you are looking to enter? This comes with screen time, but look to enter on retracements and continuations. Look through this thread at examples of ZC trades (LG's Zorro-continuation method), these are more likely to be successful trades in my experience.

Post your charts when you enter and we will try to help.
Enter Signature
  • #15,778
  • Jun 7, 2011 8:05pm Jun 7, 2011 8:05pm
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  • #15,779
  • Jun 7, 2011 8:08pm Jun 7, 2011 8:08pm
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  • #15,780
  • Jun 7, 2011 8:09pm Jun 7, 2011 8:09pm
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