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Trade What You See - Almost Naked Trading

  • #16,821
  • Jul 14, 2011 1:19pm Jul 14, 2011 1:19pm
LG,
wanted to report in that its been another sucessful week. Already this week I am over double my goal using BO trades on various TFs.
The best one this week was when USD/JPY broke the weekly for a quick 58 pips.

Like I told you a few days ago, I've limited my pairs to E/U E/GBP and GBP/U on my screen at all times. I keep a minimized screen of U/J.

with the 3 pairs (E/U, E/G, G/U) I'm usually in 2 trades. If the E/G set up is for a strong pound, I'll buy G/U, etc...

If I throw out the +58 pip trade, my average winning trade is 18.5 pips. If I include my losing trades in the average (still excluding the +58 trade), my overall average trade is +8.3 pips/trade. I personally feel this is really low and am trying to find reasons to stay in a winning trade

Thanks again for your time in helping us all. I appreciate your posting new trading strategies, but for now I'm sticking to the tried and trues. :-)
  • #16,822
  • Jul 14, 2011 1:22pm Jul 14, 2011 1:22pm
Quoting Magnat
I'm long this pair from .8192 sl=50

eurgbp get ready for sell
I was already short USDCHF from 0.8351 and selling more @ 0.8168, will probably get punished for that

EURGBP, bearish H4 3T setup.
Although it's tempting, I am not taking this short trade I think.
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  • #16,823
  • Jul 14, 2011 1:37pm Jul 14, 2011 1:37pm
EURJPY, also a bearish H4 3T in progress, also tempting to sell.
Heiken ashi now showing first red candle after 10 white candles.
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  • #16,824
  • Jul 14, 2011 1:47pm Jul 14, 2011 1:47pm
Here is one I went short in just now.

When I look at this chart in my demo account's MT4 I see that RSI Daily is up, but in this chart (my live account) RSI Daily is down. My live account is GMT, my demo account is GMT +3.

Going for 90 pips on this 1.
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  • #16,825
  • Jul 14, 2011 1:56pm Jul 14, 2011 1:56pm
Quoting Nijn
EURJPY, also a bearish H4 3T in progress, also tempting to sell.
Heiken ashi now showing first red candle after 10 white candles.
It is very tempting..love those RSIs! Don't you like how the HA candles help confirm a direction? Lots of weak white candles leading up to the turn, with lots of long upper wicks indicating attempts to move upward, but weakening strength to do so.

I am closely watching it too, but don't think there is a need to jump right in...what do you think?
  • #16,826
  • Jul 14, 2011 2:54pm Jul 14, 2011 2:54pm
Quoting lawgirl21
Im not seeing what you see, vicky. Looks to me like the BO happened yesterday, then pulled back. If PA heads down the channel now, it would be a nice ZC trade.
I believe vickym is warning us about the daily bar. The day is not yet over, but we may want to be cautious on this one.
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I'm a disciplined trader and that's the only way I trade.
  • #16,827
  • Jul 14, 2011 3:46pm Jul 14, 2011 3:46pm
Quoting lawgirl21
It is very tempting..love those RSIs! Don't you like how the HA candles help confirm a direction? Lots of weak white candles leading up to the turn, with lots of long upper wicks indicating attempts to move upward, but weakening strength to do so.

I am closely watching it too, but don't think there is a need to jump right in...what do you think?
Late reply, but I do agree, there is no need to jump right in, although I already jumped in myself @111.88 ....mwuahaha

A second red candle appears, but there is no momentum to the downside.
Worst case scenario for this short trade is that the rebound will continue further to 113.50 (magenta line on the chart), or even higher.
On the downside there is this double bottom around 109.50.
We are in the middle of this range.
The RSI's are mixed and I think we might see more sideways trading.

Long story short, this short trade will probably cost me pips.
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  • #16,828
  • Jul 14, 2011 3:53pm Jul 14, 2011 3:53pm
Quoting drick008
I believe vickym is warning us about the daily bar. The day is not yet over, but we may want to be cautious on this one.
As you can see, there is no pinbar on my daily chart.
That is because of the difference in time settings used by different brokers.
I think the chart that you posted is better than mine.
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  • #16,829
  • Jul 14, 2011 5:02pm Jul 14, 2011 5:02pm
GBPCHF on the watchlist for H4 3T.
Long term trend is down, so I am looking for a bearish setup.
But looking at the chart, a bullish setup is also possible.
Nice chart with opportunities for bulls and bears.
Price is approaching the magenta line around 1.32.
Let's see what will happen then, and enter a trade
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  • #16,830
  • Jul 14, 2011 8:34pm Jul 14, 2011 8:34pm
I'm in one trade and waiting for another setup!

mDf
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  • #16,831
  • Jul 14, 2011 10:33pm Jul 14, 2011 10:33pm
Because the market is very slow right now, I decided to review charts and play around with our indicators a little.

Using HA candles and changing the BOZ indicator that most of us use here, I changed the "Number bars for break out" to 6 instead of 4.

Notice the 2 periods ...last Friday and this past Monday...marked with the X. That was around a 200 pip move down.

My thinking is that in this ranging market, we may get fewer false BOs with increasing the number of candles. True, we will have to be more patient, but that's what it's all about anyway.
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  • #16,832
  • Jul 14, 2011 10:41pm Jul 14, 2011 10:41pm
Same here..about a 500 pip move down then back up over the last 3 days.
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  • #16,833
  • Jul 14, 2011 10:48pm Jul 14, 2011 10:48pm
Quoting lawgirl21
Because the market is very slow right now, I decided to review charts and play around with our indicators a little.

Using HA candles and changing the BOZ indicator that most of us use here, I changed the "Number bars for break out" to 6 instead of 4.

Notice the 2 periods ...last Friday and this past Monday...marked with the X. That was around a 200 pip move down.

My thinking is that in this ranging market, we may get fewer false BOs with increasing the number of candles. True, we will have to be more patient, but that's what it's all...
Whoa. Thats what I'm doing. Previously before I go to this thread, I use 8 bars. Then to 4, and now to 6. Will send you a PM regarding the entry and exit strategy. You can give it a try. Just tweak it according to your own trading style.
  • #16,834
  • Jul 14, 2011 10:49pm Jul 14, 2011 10:49pm
nice, thks so much
  • #16,835
  • Jul 14, 2011 10:50pm Jul 14, 2011 10:50pm
Quoting daniel.dna
Whoa. Thats what I'm doing. Previously before I go to this thread, I use 8 bars. Then to 4, and now to 6. Will send you a PM regarding the entry and exit strategy. You can give it a try. Just tweak it according to your own trading style.
why dont u post here in stead of pm, why dont try to share for all?
  • #16,836
  • Jul 14, 2011 10:55pm Jul 14, 2011 10:55pm
Quoting daniel.dna
Whoa. Thats what I'm doing. Previously before I go to this thread, I use 8 bars. Then to 4, and now to 6. Will send you a PM regarding the entry and exit strategy. You can give it a try. Just tweak it according to your own trading style.
Thanks daniel, yes that is exacly what we are doing here with the M15 entries. There is nothing new under the sun.
  • #16,837
  • Jul 14, 2011 10:58pm Jul 14, 2011 10:58pm
Quoting zoracoustic
why dont u post here in stead of pm, why dont try to share for all?
It's pretty much what we have been doing all along with our BOs here. No new indicators. Just tweak the BOZ line drawing indicator found at the paperclip on the top right hand of the thread.

Entries are still complete M15 candle closes outside the R or S line as drawn by the BOZ.
  • #16,838
  • Jul 14, 2011 10:59pm Jul 14, 2011 10:59pm
Quoting lawgirl21
Thanks daniel, yes that is exacly what we are doing here with the M15 entries. There is nothing new under the sun.
Yeah. Nothing's new. I've been using the previous day's high and low and channel as a filter and its working quite well in a trending move.
  • #16,839
  • Jul 14, 2011 11:00pm Jul 14, 2011 11:00pm
Quoting lawgirl21
It's pretty much what we have been doing all along with our BOs here. No new indicators. Just tweak the BOZ line drawing indicator found at the paperclip on the top right hand of the thread.

Entries are still complete M15 candle closes outside the R or S line as drawn by the BOZ.
thks so much
  • #16,840
  • Jul 14, 2011 11:00pm Jul 14, 2011 11:00pm
Quoting zoracoustic
why dont u post here in stead of pm, why dont try to share for all?
Its nearly the same nothing much really.
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