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Trade What You See - Almost Naked Trading

  • #16,081
  • Jun 14, 2011 4:36pm Jun 14, 2011 4:36pm
Kudo's to those posting good pips!

In BO trades what's the best time for entry after the 4th hourly candle. I believe someone said wait for the next 15 minute candle to close and then enter. On occasion that's a very large candle. Still take the entry?

I am wondering what most of you that are posting good pips are using and how you are placing SL's.
thanks
  • #16,082
  • Jun 14, 2011 5:18pm Jun 14, 2011 5:18pm
BO this works with oil as well
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  • #16,083
  • Jun 14, 2011 5:26pm Jun 14, 2011 5:26pm
Just entered GBPJPY, EURJPY and USDJPY long.
MT trades
  • #16,084
  • Jun 14, 2011 5:36pm Jun 14, 2011 5:36pm
Hi guys, I'm going to show you a prime example of why you should wait for the trend to be established before taking any of these trades (especially MT trades).

I waited last night until 3:00am for London open and took all my trades within the first 15 minutes when everything exploded upwards and all RSI indicators were up mostly for D1 and W1 (this would have been 3 hours into my new day candle, so good according to MT rules). A lot of the trades I had entered even had some good price action signals (bullish inside bars, bullish engulfing bars on the H1 and M15).

However, because I traded during an open of such a high volatility market, you can see what happened in my attachment. They swung low, hit my 30 pip SL before finding a trend for the day. If I had waited, I would have been left out of some very bad MT trades and still made some good pips on the ones with an established direction.

From now on, I will be trying out MT trades around 8pm EST (CrucialCraig's time) even though my new daily candle doesn't start until 12am EST.

I think LG was right saying it's more about the market and trend than about when the candle starts.
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  • #16,085
  • Jun 14, 2011 5:44pm Jun 14, 2011 5:44pm
Quoting JusticeFX
Hi guys, I'm going to show you a prime example of why you should wait for the trend to be established before taking any of these trades (especially MT trades).

I waited last night until 3:00am for London open and took all my trades within the first 15 minutes when everything exploded upwards and all RSI indicators were up mostly for D1 and W1 (this would have been 3 hours into my new day candle, so good according to MT rules). A lot of the trades I had entered even had some good price action signals (bullish inside bars, bullish engulfing bars...
hey justice, whats ur broker? thx
  • #16,086
  • Jun 14, 2011 6:58pm Jun 14, 2011 6:58pm
Quoting Tipico
hey justice, whats ur broker? thx
OANDA.
  • #16,087
  • Jun 14, 2011 8:25pm Jun 14, 2011 8:25pm
Action seems to have finally picked up.
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  • #16,088
  • Jun 14, 2011 8:32pm Jun 14, 2011 8:32pm
Quoting JusticeFX
Hi guys, I'm going to show you a prime example of why you should wait for the trend to be established before taking any of these trades (especially MT trades).

I waited last night until 3:00am for London open and took all my trades within the first 15 minutes when everything exploded upwards and all RSI indicators were up mostly for D1 and W1 (this would have been 3 hours into my new day candle, so good according to MT rules). A lot of the trades I had entered even had some good price action signals (bullish inside bars, bullish engulfing bars...

We have to be ready to lose many probes before a pair really takes off.
  • #16,089
  • Jun 14, 2011 8:35pm Jun 14, 2011 8:35pm
Anyone else in this pair?
Enter Signature
  • #16,090
  • Jun 14, 2011 8:39pm Jun 14, 2011 8:39pm
Quoting CrucialCraig
Anyone else in this pair?
I am...just got in.
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  • #16,091
  • Jun 14, 2011 8:42pm Jun 14, 2011 8:42pm
I also added to this position based on the H1 BO
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  • #16,092
  • Jun 14, 2011 8:42pm Jun 14, 2011 8:42pm
Quoting CrucialCraig
Anyone else in this pair?
Hey peeps, back from a long weekend in NYC, let's make some money!
CC, I'm in E/G, also in most NZD pairs. Many pips to ya!
Still in GBPCAD from earlier on, now up +80 on that.. Let's see if I can add to that branch...
  • #16,093
  • Jun 14, 2011 10:15pm Jun 14, 2011 10:15pm
AUDCAD, AUDUSD, AUDNZD, EURAUD.

Anyone in these? Did anyone stay out of any of these for a specific reason?
Enter Signature
  • #16,094
  • Jun 14, 2011 10:57pm Jun 14, 2011 10:57pm
Quoting CrucialCraig
AUDCAD, AUDUSD, AUDNZD, EURAUD.

Anyone in these? Did anyone stay out of any of these for a specific reason?
Bleh.. where's my friend the trend?
Enter Signature
  • #16,095
  • Jun 14, 2011 11:02pm Jun 14, 2011 11:02pm
Quoting lawgirl21
THE CHART LOVERS METHOD

I am starting this thread for those of us who love charts...watching them...studying them...analyzing them and of course, making money from them.

My system is simple. It is a basic trend following one using the weekly, daily and H4 charts. I have made a goodly amount of money using this system, although I cannot say that I "discovered" it.

[size=3][font=Cambria]I have traded forex for approximately...
I will test it, thanks

Could you share your opening statement,please?
  • #16,096
  • Jun 14, 2011 11:17pm Jun 14, 2011 11:17pm
Quoting eltax100
BO this works with oil as well
Nice movement! Hope, you did not miss it))
  • #16,097
  • Jun 14, 2011 11:30pm Jun 14, 2011 11:30pm
I took a MT trade on AUD/USD.

I really need to refine my chart analysis and when to enter these trades. I don't know whether to enter at 8pm, 10pm, 2am, so confusing! Gotta watch for that price action as well.

I also have a buy stop on EUR/JPY at 116.247 and a sell limit on USD/CAD at 0.97000.

EDIT: Took MT trade on EUR/CHF. Will look again at 2am to see if adding more positions is plausible.
  • #16,098
  • Jun 14, 2011 11:44pm Jun 14, 2011 11:44pm
Quoting JusticeFX
I took a MT trade on AUD/USD.

I really need to refine my chart analysis and when to enter these trades. I don't know whether to enter at 8pm, 10pm, 2am, so confusing! Gotta watch for that price action as well.

I also have a buy stop on EUR/JPY at 116.247 and a sell limit on USD/CAD at 0.97000.

EDIT: Took MT trade on EUR/CHF. Will look again at 2am to see if adding more positions is plausible.

I am not understanding what is so confusing about entries. Take the trade when it sets up, it might be 8pm, 10pm or 2am. It generally takes the weekly direction several days to become reliable...there have been many discussions about that...by Thursday, I personally, will generally not place a trend trade against the RSI weekly direction, because I believe it to be a very powerful, reliable indication of weekly direction by then.

But, if the weekly has not set-up yet, it very often happens that there is a H1 4C BO, which does not require weekly confirmation, just PA. So, we can take that trade....which then can become a longer trade depending on PA and can become a MoneyTree trade after all.

This is all common sense guys.
  • #16,099
  • Jun 14, 2011 11:44pm Jun 14, 2011 11:44pm
3 tap 4 h on the nzd/usd and nzd/jpy. EG short too.
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  • #16,100
  • Jun 14, 2011 11:49pm Jun 14, 2011 11:49pm
Quoting peaches
3 tap 4 h on the nzd/usd and nzd/jpy. EG short too.
I'm getting long signals on NZD/JPY if anything. RSI's pointing up on H1 with weak up on H4 and W1.
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