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Trade What You See - Almost Naked Trading

  • #16,161
  • Jun 16, 2011 10:07am Jun 16, 2011 10:07am
@roterio
Hello there. I think you can see images posted here by LG, with H1 4C BO lines, as well as description on the 1st page - compare LG's charts to yours and here you go. Do it for H1 charts, because H4 charts could be different.
  • #16,162
  • Jun 16, 2011 10:14am Jun 16, 2011 10:14am
Quoting GhostMcFly
@roterio
Hello there. I think you can see images posted here by LG, with H1 4C BO lines, as well as description on the 1st page - compare LG's charts to yours and here you go. Do it for H1 charts, because H4 charts could be different.

Exactly right. Thanks for responding, GhostMF, it really helps me not to have to repeat everything so many times.
  • #16,163
  • Jun 16, 2011 10:26am Jun 16, 2011 10:26am
hello there,

first of all, I want to express my gratitude here to LG for sharing such great system with such elegant manner (I mean, without those hocus pocus, I'm just plain noob here... )

second, just want to do a lil' bit of sharing session here about using this system just now (before the building permit announcement). Apparently. I think it's just because I'm so inexperienced, I read the RSI 3 and decided to take a short position.

Long story shorts, I get almost killed... . Fortunately, I hadn't set my SL. Hence, with a lil' hedge and lock method, I can getaway.

Hence, I'm kinda curious about how to make this particular magnificent system to work when facing such announcement. Any suggestion?

Regards,

Reco (yep, please call me reco as the name there just randomness of mine... )
  • #16,164
  • Jun 16, 2011 10:35am Jun 16, 2011 10:35am
13 straight losers, 9% down on my balance from the start of the week, equity is 8% down.

Still have 8 trades open but they all equate to about +1-2%.

Not trying to discourage people at all, just posting my results for the week so far.

Still up 15% total over 3 weeks, but I've lost all last week's profits in the last few days.
Enter Signature
  • #16,165
  • Jun 16, 2011 12:15pm Jun 16, 2011 12:15pm
Quoting CrucialCraig
13 straight losers, 9% down on my balance from the start of the week, equity is 8% down.

Still have 8 trades open but they all equate to about +1-2%.

Not trying to discourage people at all, just posting my results for the week so far.

Still up 15% total over 3 weeks, but I've lost all last week's profits in the last few days.
It seems that the drawdown from this method can be unbelievably high.
  • #16,166
  • Jun 16, 2011 1:31pm Jun 16, 2011 1:31pm
Quoting JusticeFX
It seems that the drawdown from this method can be unbelievably high.
Maybe one way of limiting the drawdown is by entering more BO and the ones that are going with the longer term trend keep as MT after moving stop and taking any initial profit ??
  • #16,167
  • Edited 3:47pm Jun 16, 2011 1:48pm | Edited 3:47pm
Good looking 3Tap away



stopped out ;-(
Attached Image
  • #16,168
  • Jun 16, 2011 4:42pm Jun 16, 2011 4:42pm
Aye, I was up $150 earlier today, down about $300 now. I should closed those trades earlier.
  • #16,169
  • Jun 16, 2011 5:07pm Jun 16, 2011 5:07pm
Quoting CrucialCraig
13 straight losers, 9% down on my balance from the start of the week, equity is 8% down.

Still have 8 trades open but they all equate to about +1-2%.

Not trying to discourage people at all, just posting my results for the week so far.

Still up 15% total over 3 weeks, but I've lost all last week's profits in the last few days.
A few more losers. Now at -13% for the week.
Enter Signature
  • #16,170
  • Edited 6:49pm Jun 16, 2011 6:09pm | Edited 6:49pm
Quoting JusticeFX
It seems that the drawdown from this method can be unbelievably high.
This method will carry itself once positions are established, but there will be lots of losses before getting to established positions, that is very true. Most positions will be stopped out.

One needs to be able to handle 20+ losses before hitting a real move, like the 3000 move down on EURUSD from Nov. 2009 to May 2010. What if we had 10 or more branches on that move?..I'd be out of here! But would we care if we took 100+ losses to get there? I would not even give it a thought. That's the endgame.

Remember that all the trading books seem to agree that 60% of long term trades end in losses or BE. Thus, the 40% are the big return trades...what we are looking for here.

The ability to withstand multiple losses is what pushes trend followers to look for very high Reward:Risk ratios. It requires true mental toughness and most traders don't have it and instead look for Risk:Reward rations. There is nothing wrong with that, but we must give up that way of thinking to be successful with these long term trades. I am still testing myself to see which group I fit into. But I am hoping it is the Reward:Risk group.
  • #16,171
  • Jun 16, 2011 6:31pm Jun 16, 2011 6:31pm
Quoting lawgirl21
This method will carry itself once positions are established, but there will be lots of losses before getting to established positions, that is very true. Most positions will be stopped out.

One needs to be able to handle 20+ losses before hitting a real move, like the 3000 move down on EURUSD from Nov. 2009 to May 2010. What if we had 10 or more branches on that move?..I'd be out of here! But would we care if we took 100+ losses to get there? I would not even give it a thought. That's the endgame.

Remember that all the trading books seem to...
This is so true "mental toughness" What I have done is place my trades in 2 different accounts #1 day trading #2 moneytree. This has helped me a great deal with the mental. Hope this helps anybody having problems trading for a living as well as demo.
  • #16,172
  • Jun 16, 2011 8:12pm Jun 16, 2011 8:12pm
1 short, 1 long, 2 sell limits
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cadjpy.jpg Size: 117 KB
Click to Enlarge Name: eurjpy.jpg Size: 123 KB
Click to Enlarge Name: gbpusd.jpg Size: 116 KB
Click to Enlarge Name: usdcad.jpg Size: 117 KB
  • #16,173
  • Jun 16, 2011 8:59pm Jun 16, 2011 8:59pm
The sell limit triggered on EUR/JPY, but order was cancelled due to NSF. Stupid margin requirements!

Cancelled the other sell limit, but can somebody please verify these were valid orders?

Other two are still going to be left running.
  • #16,174
  • Jun 16, 2011 9:18pm Jun 16, 2011 9:18pm
but you have indicator for draw 3 taps ?


thank's
  • #16,175
  • Jun 16, 2011 10:05pm Jun 16, 2011 10:05pm
Quoting wallstreet03
but you have indicator for draw 3 taps ?


thank's
The MT4 trendline tool.
  • #16,176
  • Jun 16, 2011 10:11pm Jun 16, 2011 10:11pm
long aud/cad and usd/cad
short cad/jpy, gbp/jpy and gbp/usd

Starting next week I will have the MT trades on a seperate account and will evaluate after two months. Right now I am just above BE for this week. I agree with LG that this is a long term strategy. Need to give it time to develop and prove itself.

I am considering limiting my entries to only those pair that have RSI direction in line with the long term trend. I may have fewer entries but hopefully my stop losses will be fewer also. Any thought on this LG?
  • #16,177
  • Jun 16, 2011 10:19pm Jun 16, 2011 10:19pm

Man oh man, what a bad week so far.

When am I going to get a break?? Basically 18 losses in a row (a couple were closed near BE)
Attached Image (click to enlarge)
Click to Enlarge Name: BadLuck.jpg Size: 105 KB
Enter Signature
  • #16,178
  • Jun 16, 2011 11:23pm Jun 16, 2011 11:23pm
New MT Entries

EURGBP
EURUSD
EURJPY
CHFJPY
USDCAD
USDCHF
Enter Signature
  • #16,179
  • Jun 16, 2011 11:43pm Jun 16, 2011 11:43pm
Quoting airbeat
long aud/cad and usd/cad
short cad/jpy, gbp/jpy and gbp/usd

Starting next week I will have the MT trades on a seperate account and will evaluate after two months. Right now I am just above BE for this week. I agree with LG that this is a long term strategy. Need to give it time to develop and prove itself.

I am considering limiting my entries to only those pair that have RSI direction in line with the long term trend. I may have fewer entries but hopefully my stop losses will be fewer also. Any thought on this LG?
I have definitely been taking long term trend into account, though I'm not sure if it helps that much with such tight 'probing' SL levels.
Enter Signature
  • #16,180
  • Jun 16, 2011 11:48pm Jun 16, 2011 11:48pm
Quoting CrucialCraig
New MT Entries

EURGBP
EURUSD
EURJPY
CHFJPY
USDCAD
USDCHF
I`am eur/gbp, eur/jpy, chf/jpy short.
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