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Trade What You See - Almost Naked Trading

  • #16,601
  • Jul 1, 2011 9:59am Jul 1, 2011 9:59am
Quoting jj101bc
Thank you Calisto and Nijn,
Also on H4 USDCAD does this qualify as 3 Tap?
I have been short USDCAD since Tuesday, and I have not yet closed all my shorts.
After the sell-off this week, it needs to find a bottom somewhere, maybe at 0.9600 nice round figure.
Attached Image
  • #16,602
  • Jul 1, 2011 10:18am Jul 1, 2011 10:18am
AUDUSD had a nice a rally this week.
I am still waiting for price to break out above 1,0750.
That would make me happy....
Attached Image
  • #16,603
  • Jul 1, 2011 1:37pm Jul 1, 2011 1:37pm
Quoting maestrodforex
Re-Insert the indicator - it happens in my platform that every day I restart I get a "pop-up" telling me the RSI(3) window name is wrong - all I do is add the indicator again and re-adjust!

mDf
maestro,

get the same error msg here. It's enough (here) only to change TF. RSIs appearing correctly.

josch
trading is war - life is simple
  • #16,604
  • Jul 1, 2011 1:38pm Jul 1, 2011 1:38pm
AUDNZD daily 3 tap.
Dear chart lovers, as eltax100 already mentioned, keep an eye on this pair.
http://www.forexfactory.com/showthre...81#post4739081

To me it looks like a very promising setup for a long term Money Tree.
There is no price action yet on the daily chart.
The RSI's are not pointing in the right direction at this moment.
Howver, I am looking for a level to enter a long trade, and use the H4 chart for this purpose.

The problem is that my broker uses a 20 pip spread (!!!) on this pair.
It's really outrageous.
So it's cheaper for me to trade this via the USD-crosses.

Anyone already long / short in this one ?
Attached Image
  • #16,605
  • Jul 1, 2011 1:45pm Jul 1, 2011 1:45pm
Quoting maestrodforex
Re-Insert the indicator - it happens in my platform that every day I restart I get a "pop-up" telling me the RSI(3) window name is wrong - all I do is add the indicator again and re-adjust!

mDf
You should change the name of the indicator window in the settings/parameters.
Probably your indicator window is named RSI(14), and that name should match the name listed in the parameters of the indicator.
  • #16,606
  • Jul 1, 2011 1:49pm Jul 1, 2011 1:49pm
Quoting Nijn
H4 3 Tap setup in NZDUSD, but no price action yet.
The weekly RSI is the only one pointing up.
Nijn,

the NZDUSD is an interesting chart. I think, as less reliable the RSI at start of a TF is (ie W1 on monday), as less importance you may read in such a case at the end of a TF. It's obvious, that the whole week was going up, so the W1 RSI is up too. I would tend to give this weekly RSI not so much importance.

In this pic looking left there's not much to support a short, and if you're following the pair, it's up again now. But ref to the importance of a RSI at begin/end of a TF, what do you think about?

josch
trading is war - life is simple
  • #16,607
  • Edited 6:17pm Jul 1, 2011 1:57pm | Edited 6:17pm
Quoting lawgirl21
We have reached the 2 million views ...
Rebecca,

you really have done a great job here. I think, there are occurrences, you receive back, as you give away. I believe, this may be such a story. So, have a good time and get your reward - by the market and others too.

josch
trading is war - life is simple
  • #16,608
  • Jul 1, 2011 3:08pm Jul 1, 2011 3:08pm
Quoting josch
Nijn,

the NZDUSD is an interesting chart. I think, as less reliable the RSI at start of a TF is (ie W1 on monday), as less importance you may read in such a case at the end of a TF. It's obvious, that the whole week was going up, so the W1 RSI is up too. I would tend to give this weekly RSI not so much importance.

In this pic looking left there's not much to support a short, and if you're following the pair, it's up again now. But ref to the importance of a RSI at begin/end of a TF, what do you think about?

josch

josch,

I agree about the RSI.
It's less reliable at the beginning of a time frame.
However, when looking at the RSI, I also look at the ongoing trend, and not only the last print.
I don't the know the RSI-formula by heart, but using the same formula can give different results, depending upon the parameters.
What I mean is that there are several ways to calculate the RSI, using closing/median/high-low/etcetera...
When using the closing price, and the time frame has just begun, then the result is less reliable.
The real problem is that when entering a trade, you're always in the middle of some time frame.
The decision needs to be made at that point in time, with the information available at that point in time, while knowing that this information is outdated once the price moves.

Having said that, the price has indeed moved, and it has breached the yellow 3 tap line and I was already short.
Seeing the price struggling at the 0.83 level, and seeing the double top, I was too eager to enter a short trade.
Instead of waiting for the right price action, I anticipated the move.
Anticipating a move, instead of reacting on it, is tricky.
No harm done this time, since I turned it into a long AUDNZD position by buying AUDUSD.
So I keep this one open, for a long term Money Tree
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  • #16,609
  • Jul 1, 2011 4:29pm Jul 1, 2011 4:29pm
Quoting josch
maestro,

get the same error msg here. It's enough (here) only to change TF. RSIs appearing correctly.

josch
Aha - that's awesome! Learned something NEW! Thanks - will try on Sunday night!

mDf
  • #16,610
  • Jul 3, 2011 10:09am Jul 3, 2011 10:09am
second week to report the results of demo trading the 3 tap h4 method:

last week was a loosing week. I started trading on tuesday, but have had some losers. The setups were there, but market wen´t against me, that happens. The result should be better, but I cut my winners far to early.

I have some open trades, which might end very good if I let them run for more trading days (geppy long, eur/nzd long, aud/nzd long).

Also I have some setups, some are already there, some might develop (charts attached).

Green pips to all
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2. week.jpg Size: 90 KB
Click to Enlarge Name: chfjpy4h.gif Size: 16 KB
Click to Enlarge Name: ej4h.gif Size: 17 KB
Click to Enlarge Name: gbpchf4h.gif Size: 16 KB
Click to Enlarge Name: eurchf4h.gif Size: 16 KB
Click to Enlarge Name: nzdcad4h.gif Size: 17 KB
  • #16,611
  • Jul 3, 2011 1:08pm Jul 3, 2011 1:08pm
There were a lot of very nice setups last week, and we have also seen some big moves in many pairs.
These were the setups I traded :

AUDUSD
Entered long on Tuesday (1,0465 break out)
http://www.forexfactory.com/showthre...81#post4732581
Kept buying during the rally, took some profit, but still long in this pair.

NZDUSD
Entered long on Monday (gap trade).
http://www.forexfactory.com/showthre...00#post4730700
Kept buying during the rally and took profit around the 0,83 level.
Now short in this pair for long position in AUDNZD via the cross.
http://www.forexfactory.com/showthre...82#post4745282

USDCAD
Entered short on Tuesday (0,9855 break out).
http://www.forexfactory.com/showthre...41#post4733341
Kept selling during the sell-off, took some profit, but still short in this pair.

USDJPY
Missed several BO's.
http://www.forexfactory.com/showthre...57#post4736757
No clear trend here, but entered short and still short in this pair.
I am bearish USDJPY long term, so if a nice short setup occurs, I take it.

GBPUSD
Entered long on Wednesday.
http://www.forexfactory.com/showthre...76#post4737276
No clear trend here, just some whipping around, so I closed my long and wait for another setup in cable.

EURCHF
Wanted to stay out of the euro crosses last week, but this was such a nice setup, I just could not resist the temptation.
http://www.forexfactory.com/showthre...59#post4733959
Entered long on Tuesday, took profit already.

All 'n all it was a very good trading week for me.
New trading week starts in couple of hours, let's see what it will bring.
I am expecting nice moves in aussie
  • #16,612
  • Jul 3, 2011 2:43pm Jul 3, 2011 2:43pm
I did a tests for last month 1H4CBO this is some results:
main rules tp=30p, sl depend from volatily - from 30 to 50p.
enter 1lot, 1/2 fixed at tp=30p, other 1/2 moved to BE and closed on opposite signal of 1H4C or BE

AUDUSD:
sl=30
net profit = 254p
AUDCHF
sl=30p
net prifit = 375 p
EURAUD
sl=30p
net profit = 248p
EURUSD
sl=30p
net profit = 211p
EURGBP
sl=30
net profit = 242p
EURJPY
sl=50
net profit = 287p
EURCHF
sl=50
net profit = 531p
EURCAD
sl=50p
net profit = 283p
EURAUD
SL=50
net profit = 324p
EURNZD
sl=50
net profit = 6(six)p
GPBAUD
sl=50
net profit = 472p
GBPJPY
sl=40p
net profit = 208p
GBPCHF
sl=40
net profit = 406p
GBPUSD
sl=30
net profit = 64p - not a good for for 1H4C I think 3T will be better.
  • #16,613
  • Jul 3, 2011 4:33pm Jul 3, 2011 4:33pm
Very few and very small...
  • #16,614
  • Jul 4, 2011 12:56am Jul 4, 2011 12:56am
This is the last 2wks results for my 1h BO trades, looking forward to this weeks market offerings.
Attached Image (click to enlarge)
Click to Enlarge Name: 2wks 1hbo 4th july.png Size: 17 KB
  • #16,615
  • Jul 4, 2011 1:06am Jul 4, 2011 1:06am
Trades this morning

CHF JPY SELL
USD CHF BUY
GBP CHF BUY
  • #16,616
  • Jul 4, 2011 1:07am Jul 4, 2011 1:07am
Quoting eltax100
This is the last 2wks results for my 1h BO trades, looking forward to this weeks market offerings.
Excellent results, Eltax. Congrats. Just curious, what SL and TP levels are you using?
Enter Signature
  • #16,617
  • Jul 4, 2011 1:11am Jul 4, 2011 1:11am
long nzdusd
Attached Image (click to enlarge)
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  • #16,618
  • Jul 4, 2011 1:30am Jul 4, 2011 1:30am
Quoting CrucialCraig
Excellent results, Eltax. Congrats. Just curious, what SL and TP levels are you using?
I am only trading long if the box is higher, and short if the box is lower

( high tech ! )

SL I place at a point so that if PA goes through it I must have been wrong and TP some times 30pts, if I am around the when PA slows down I have moved my SL tight.

This week when price gets away strongly I will be taking 70% profit off the table then letting the balance run with a BE SL for the MT trades, so if we get a good BO then we get a free MT lottery ticket



This is working for me, it seems to appeal to the forces of FEAR and GREED
Attached Image (click to enlarge)
Click to Enlarge Name: gbp chf 4th 1h bo .gif Size: 14 KB
  • #16,619
  • Jul 4, 2011 7:28am Jul 4, 2011 7:28am
Hi
I would like to share this chart EURJPY H1 BOs
"[quote=eltax100;4748024]I am only trading long if the box is higher, and short if the box is lower "...................I enter LONG only if BO is above Gold Daily Open line. and SHORT when BO South of Daily open line. But I never countertrend MA main direction. Very clear on this chart.





Quoting eltax100
I am only trading long if the box is higher, and short if the box is lower

( high tech ! )

SL I place at a point so that if PA goes through it I must have been wrong and TP some times 30pts, if I am around the when PA slows down I have moved my SL...
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy h1.gif Size: 10 KB
  • #16,620
  • Jul 4, 2011 7:31am Jul 4, 2011 7:31am
Another exemple here with GBPJPY H1 BOs
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy h1 bo.gif Size: 14 KB
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