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Trade What You See - Almost Naked Trading

  • #16,701
  • Jul 8, 2011 3:10am Jul 8, 2011 3:10am
The attached indicator is an attempt to overcome the current bar repaint of the RSI slope. The main change is that you can input a Percent factor such that the RSI will be based on the current bar if it is x percent elapsed. If less than that, the RSI figures will be based on the previous bar.

In other words, if you put in a factor of (say) 20, the RSI figures will be based on the previous bar until the current bar is 20% elapsed. Indicator icons change from outline to solid at the switchover to the current bar.

I hope this is useful to someone.
Attached Image (click to enlarge)
Click to Enlarge Name: Clipboard01.jpg Size: 232 KB
Attached File(s)
File Type: tpl blank_window.tpl   < 1 KB | 358 downloads
File Type: mq4 Dashboard_RSI_v3.mq4   9 KB | 490 downloads
  • #16,702
  • Jul 8, 2011 3:11am Jul 8, 2011 3:11am
Quoting pt49
oh, ok.

I only trade 3 Taps and don't use any squiggly lines, they are a total waste of space and time.

PA works... and a 3 tap setup is excellent PA.
LOL - i have a 'naked' chart as well as one with a few MA's to help me identify trend (i have a weakness for swing trading!)

agreed, 3 tap is an excellent system
  • #16,703
  • Jul 8, 2011 3:30am Jul 8, 2011 3:30am
Quoting dimlat
LOL - i have a 'naked' chart as well as one with a few MA's to help me identify trend (i have a weakness for swing trading!)

agreed, 3 tap is an excellent system
Ummmmm... well, I thought thats what this thread was for.

It seems to have got offtrack with people posting all sorts of weird charts that have very little to do with the purpose of this thread.

Seems to me that the losers out there (not nesecarily you)are infiltrating this "Naked" charts thread.
In the days of old when sailors were bold, and seldom if ever contented.
  • #16,704
  • Edited 4:26am Jul 8, 2011 3:41am | Edited 4:26am
Quoting pt49
Ummmmm... well, I thought thats what this thread was for.

It seems to have got offtrack with people posting all sorts of weird charts that have very little to do with the purpose of this thread.

Seems to me that the losers out there (not nesecarily you)are infiltrating this "Naked" charts thread.
Hi pt49

I quite agree

I fact Because I trade with the trend the on the 1HBO`s the arrows always point in the right direction on a BO so I don't even look at them any more

Naked

  • #16,705
  • Jul 8, 2011 4:04am Jul 8, 2011 4:04am
AUD CHF 1HBO

Trade now closed

Thats it for this week
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Click to Enlarge Name: aud chf profit 8th 1h bo .gif Size: 19 KB
  • #16,706
  • Jul 8, 2011 5:07am Jul 8, 2011 5:07am
Hi Eltax - I see you start the 1HBO with the 4th candle in from the period separator. What time is that 1st candle starting ? Thanks.
  • #16,707
  • Jul 8, 2011 5:16am Jul 8, 2011 5:16am
EURCAD, H1 BO.
Once again, another nice break out in EURCAD this morning.
USDCAD, still trading within a tight H1 range.
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  • #16,708
  • Jul 8, 2011 5:31am Jul 8, 2011 5:31am
Quoting pt49
Ummmmm... well, I thought thats what this thread was for.

It seems to have got offtrack with people posting all sorts of weird charts that have very little to do with the purpose of this thread.

Seems to me that the losers out there (not nesecarily you)are infiltrating this "Naked" charts thread.
agreed, wrists duly slapped - wont happen again sir, promise

great thread - mustnt go the way of all others
  • #16,709
  • Jul 8, 2011 6:03am Jul 8, 2011 6:03am
Quoting dimlat
anyone get into EURAUD??
Yes I am, still long aussie.
There were several bearish H4 3Tap setups this week.
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  • #16,710
  • Jul 8, 2011 7:25am Jul 8, 2011 7:25am
Quoting binnie
Hi Eltax - I see you start the 1HBO with the 4th candle in from the period separator. What time is that 1st candle starting ? Thanks.
candle starts at midnight i am sure UK time, in the settings for the indicator you can
start the line + - if you want and the timing just works for me in the UK
  • #16,711
  • Edited Jul 13, 2011 4:20am Jul 8, 2011 8:48am | Edited Jul 13, 2011 4:20am
Most of my entries are from yesterday.

And some I still keep it open because I am confident with the price movement, BO and 3 tap. And things were going great especially for Gold. But due to the news just now, some pairs like GBPUSD and EURUSD took a turn. Some pairs become negative while some are still profitable. And few of the trades I made ignores the correlation factor.

Anyway, still a win

My charts are using trend lines, PA, support and resistance BO only, most of the times and the tapping thingy i use as my entry sometimes.

Closed all trades for this week time to chill.
  • #16,712
  • Jul 8, 2011 10:18am Jul 8, 2011 10:18am
Already closed half of my position before the figures came out and most of the remaining positions got stopped out.
The only position not stopped out is a short in USDCAD, but it's almost back up to the break out level, so I have one more candle before the weekend to decide to close or leave it open.
It was a nice trading week with lots of nice setups and break outs.
Almost time to chill
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  • #16,713
  • Jul 8, 2011 3:04pm Jul 8, 2011 3:04pm
Ya tough day for BO and 3T but if you placed your SL and TP in the right areas you should have come out ahead

I had a Long usd/cad H1 BO that was stopped out but I had a long usd/cad 3T that hit my TP and the difference was positive. I usually keep my BO SL tighter then my 3T SL and my 3T TP is bigger then the H1 BO TP aswell.
  • #16,714
  • Edited Jul 10, 2011 9:54am Jul 9, 2011 3:29pm | Edited Jul 10, 2011 9:54am
I have been experimenting with using Heiken Ashi candles for H1 4C BOs as they may allow us to stay in the trades longer. Take a look at this pair side by side.

Comments anyone?
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  • #16,715
  • Jul 10, 2011 3:50am Jul 10, 2011 3:50am
Quoting lawgirl21
I have been experimenting with using Heiken Ashi candles for H1 4C BOs as the may allow us to stay in the trades longer. Take a look at this pair side by side.

Comments anyone?
Maybe it's just that I am used to looking at traditional candlesticks, but looking at the Heiken Ashi chart feels like looking at smoothed short term averages.
I do not understand what you mean by "it allows us to stay in the trades longer".
Is it because that after break out, the candles are red and stay red and thereby confirming the ongoing downtrend ?

I have also included charts to compare.
They look slightly different than yours, not sure if the settings are the same.
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  • #16,716
  • Jul 10, 2011 5:13am Jul 10, 2011 5:13am
I have attached other hourly charts for comparison.
USDCHF showed BO's up and down during this period.

During the 4CH1 range on thursday, the bodies of the heiken ashi have a better match with the trading range.
The bodies of traditional candlesticks showed some fake moves during this period of range trading.

On friday there was another upside BO on the 4CH1.
This BO was followed by a rally, a top and a sell-off and a downside break.

The last candles just before the sell-off confuse me a bit.

At the top, traditional candlestick show some red candles and the formation looks toppish to me, especially the second (small) red candle before the sell-off.
At that point, the heiken ashi chart produces another white candle to confirm the ongoing uptrend.
This candle will probably make you stay longer in the trade, is that what you mean ?

Another difference that I see is the following.
During the downside break, the body of the first red candle did not break the 4CH1 line.
The second red candle confirms the downside break, but at that time the price was trading well below the BO level.
In case of a long position, because the body of the first red candle is still above support level, this could probably be a reason to stay longer in the trade.
But the closing price is already below the 4CH1 of the day before.

It's very interesting but at this moment it's a bit confusing to me, so I'll have to take a look at it again and again and again
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  • #16,717
  • Jul 10, 2011 6:46am Jul 10, 2011 6:46am
I have attached another pair of charts for comparison.
USDJPY showing two upside BO's on H1 4C (thursday and friday).

Observe the last candle before the sell-off, at the end of the magenta line (see arrow) .
If I understand it correctly, Heiken Ashi produces a white candle, thereby confirming the uptrend and making you stay longer in the trade.
Traditional candlesticks produces a red candle, making me cautious to enter a long trade here at the double top.

At the start of the sell-off, the body of the first red candle also breached the support level, which is good because it's an extra confirmation that the trend is indeed reversing.
The same sell-off in USDCHF (see previous post) needs a second candle to confirm the downside break, which is not so good, well at least if you are looking at the bodies only.
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  • #16,718
  • Jul 10, 2011 10:03am Jul 10, 2011 10:03am
[quote=Nijn;4765809]I have attached another pair of charts for comparison.
USDJPY showing two upside BO's on H1 4C (thursday and friday).

Observe the last candle before the sell-off, at the end of the magenta line (see arrow) .
If I understand it correctly, Heiken Ashi produces a white candle, thereby confirming the uptrend and making you stay longer in the trade.
Traditional candlesticks produces a red candle, making me cautious to enter a long trade here at the double top.

Thanks for the feedback, Nijn. Unless you were already in that long trade, I think the quality of the white candles should send up a red flag about entry. But as double tops almost always indicate a reversal, that almost perfect double top certainly signaled the down turn.
  • #16,719
  • Jul 10, 2011 11:11am Jul 10, 2011 11:11am
Quoting lawgirl21
...
Thanks for the feedback, Nijn. Unless you were already in that long trade, I think the quality of the white candles should send up a red flag about entry. But as double tops almost always indicate a reversal, that almost perfect double top certainly signaled the down turn.
Fortunately I was already short USDJPY from the first top on Thursday.
I wanted to sell again on Friday, waiting for the price to take a downturn, but was too late with my entry at that time.

Sorry for the noob question, I am not familiar with heiken ashi
Why is the quality of the white candles not okay for a long entry ?
There was a H1 4C break out, followed by bullish white candles.
Are the white bodies too small ?

Somebody can point me to a useful thread regarding Heiken Ashi ?
  • #16,720
  • Jul 10, 2011 11:39am Jul 10, 2011 11:39am
You might also like to try these Average Price Bars

And some educational videos

http://www.compassfx.com/video/flash/22108/22108.html

http://www.compassfx.com/video/flash/61509/61509.html
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File Type: ex4 Synergy_APB.ex4   4 KB | 854 downloads
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