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Trade What You See - Almost Naked Trading

  • #16,941
  • Jul 21, 2011 8:39am Jul 21, 2011 8:39am
Quoting degournay
I notice that some traders are drawing their SR lines using the first bar as number one and counting to 6 and drawing the next line. ie from GMT+3 as first bar. Then there are others who start further to the right using that as their first bar. This changes the position of the horizontal lines completly which doesnt make sense as it is then being said, "any horizontal line can be used as support or resistance" OR are they drawing a "Sam Seiden" type SR zone? This is my first problem. My next is, if there is a break out to the upside on the M15...
I think you must be referring to the chart posted by eltax...Im not sure how he is drawing his S/R lines. Mine are drawn from the body first candle to 4th candle of the new trading day. That's how they should be drawn.

I'm not getting a visual of a BO candle to the upside that would be red.
  • #16,942
  • Jul 21, 2011 9:00am Jul 21, 2011 9:00am
Hey People,
I've been out for a while, doing some reading and researching lately, but still following the thread regularly... I took this BO for a quick 20 pips, same in GBPUSD.. hope you guys are having profitable days... Hey LG, it's been a while. I'm glad you didn't leave FF after all...
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  • #16,943
  • Jul 21, 2011 9:05am Jul 21, 2011 9:05am
Quoting lawgirl21
I think you must be referring to the chart posted by eltax...Im not sure how he is drawing his S/R lines. Mine are drawn from the body first candle to 4th candle of the new trading day. That's how they should be drawn.

I'm not getting a visual of a BO candle to the upside that would be
red.
Thanks, I thought you were now drawing your lines from the first candle to the sixth. I thought you said it was giving you a more reliable entry. I am still not able to read the entries. Most of my trade from the BO end up negative as do most of my others. I was giving myself till the end of this month to decide on whether to continue or not depending on my demo account balance for the month. It is now minus 1133.48 pips but that means nothing This means something 20% positive 80% negative for the month!! I have been attempting to learn now for 12 months with ZERO and I mean zero success. Can not understand why I have failed at this and never failed at anything else before and I am successfully retired. I guess my brain must have atrophied!! Any suggestions would be most welcome.
  • #16,944
  • Jul 21, 2011 9:07am Jul 21, 2011 9:07am
Quoting pippete
Hey People,
I've been out for a while, doing some reading and researching lately, but still following the thread regularly... I took this BO for a quick 20 pips, same in GBPUSD.. hope you guys are having profitable days... Hey LG, it's been a while. I'm glad you didn't leave FF after all...
Good to see you too Pete. No I was going to totally leave...just back off a bit to actively trade more.
  • #16,945
  • Jul 21, 2011 9:36am Jul 21, 2011 9:36am
Quoting daniel.dna
You're in this EUR/USD trade after the breakout?
It was on my watch list thats all, only had a couple of hours to look at the market then out all day.
  • #16,946
  • Jul 21, 2011 9:36am Jul 21, 2011 9:36am
Quoting degournay
Thanks, I thought you were now drawing your lines from the first candle to the sixth. I thought you said it was giving you a more reliable entry. I am still not able to read the entries. Most of my trade from the BO end up negative as do most of my others. I was giving myself till the end of this month to decide on whether to continue or not depending on my demo account balance for the month. It is now minus 1133.48 pips but that means nothing This means something 20% positive 80% negative for the month!! I have been attempting to learn now for...
First to 6th too..it really doesn't matter.

I know what you are going through. Every single trader has/is going through the same thing. This is the hardest thing I have every done and I am including all of law school and studying for the bar. I try to explain it to people sometimes and just can't get them to understand..especially when there are only 3 ways the market can go--up, down, or sideways.

All I can say is don't give up, if you really enjoy it. It doesn't matter how many demo accounts you blow through, just keep using them until you get your routine and pace going and are seeing success. Then do that same routine over and over again.

Also..and excuse me, but I think this is guy thing...don't set arbitrary deadlines for yourself. By that I mean, things like "If I haven't doubled my account in 2 weeks, I'm out of here." So what if the deadline is not met. Just have progress as a goal. I use weekly "accounting" not daily. Did my week end with pips? A lot less pressure that way.

The market has the jitters this year. More so than I have ever seen, probably because the world is the same. So much chaos and uncertainty, this is a much harder time to be trading, in my opinion.

Don't over trade and don't chase trades. Two things I have to constantly remind myself of...still. There will always be more trades coming up.

Right now you are frustrated and still working on a system. But once you work out your own way of trading and become successful, you will have another problem to deal with....boredom. Successful trading is very dull and lonely. That is why I think FF is so successful. It has brought together thousands of traders who sit at a computer away from their families, who are going through the same things and somehow we feel a little less isolated in this endeavor.

Hope this helps.
  • #16,947
  • Jul 21, 2011 9:50am Jul 21, 2011 9:50am
Quoting eltax100
It was on my watch list thats all, only had a couple of hours to look at the market then out all day.
I see. Trying to optimize the entry point for EUR/USD and GBP/USD.
  • #16,948
  • Jul 21, 2011 9:51am Jul 21, 2011 9:51am
Quoting lawgirl21
First to 6th too..it really doesn't matter.

I know what you are going through. Every single trader has/is going through the same thing. This is the hardest thing I have every done and I am including all of law school and studying for the bar. I try to explain it to people sometimes and just can't get them to understand..especially when there are only 3 ways the market can go--up, down, or sideways.

All I can say is don't give up, if you really enjoy it. It doesn't matter how many demo accounts you blow through, just keep using them until...
Lawgirl, you're in legal field now? or financial?
  • #16,949
  • Jul 21, 2011 9:51am Jul 21, 2011 9:51am
Quoting lawgirl21
First to 6th too..it really doesn't matter.

I know what you are going through. Every single trader has/is going through the same thing. This is the hardest thing I have every done and I am including all of law school and studying for the bar. I try to explain it to people sometimes and just can't get them to understand..especially when there are only 3 ways the market can go--up, down, or sideways.

All I can say is don't give up, if you really enjoy it. It doesn't matter how many demo accounts you blow through, just keep using them until...
Dear Lawgirl, I totally agree with your approach.
Dear degournay. don't every loose hope. try hard and try try again. You have to be patient to learn the tricks of the trade. At the end of the day, the market is controlled by people having alot of power and deep pockets. Stay focused, try to win by baby steps on each trade (5 pips, 10 pips), this will boost your confidence. Focus on money management.

Try reading the interesting book 'Come to my trading room' by Elder Alex and technical analysis by John Murphy. If you need a copy, PM me.
  • #16,950
  • Jul 21, 2011 9:53am Jul 21, 2011 9:53am
Quoting daniel.dna
Lawgirl, you're in legal field now? or financial?
I am a practicing attorney, Daniel.
  • #16,951
  • Jul 21, 2011 9:55am Jul 21, 2011 9:55am
Quoting kj8
Dear Lawgirl, I totally agree with your approach.
Dear degournay. don't every loose hope. try hard and try try again. You have to be patient to learn the tricks of the trade. At the end of the day, the market is controlled by people having alot of power and deep pockets. Stay focused, try to win by baby steps on each trade (5 pips, 10 pips), this will boost your confidence. Focus on money management.

Try reading the interesting book 'Come to my trading room' by Elder Alex and technical analysis by John Murphy. If you need a copy, PM me....
Thanks kj8. You give good advice. This is done step by step.
  • #16,952
  • Jul 21, 2011 10:04am Jul 21, 2011 10:04am
We were talking about pending orders a few days ago. Here is an example of setting one that all indications show would be successful.

I would set my pending order at the top of the wick, marked with the dotted line. Remember that wicks are probes that tell us where the market has tried to go, but did not have the steam at that time.

If the order is hit. Zoom out for placing a reasonable TP area. SL, depending on how tight you would want it, could be one are the other of the blue R/S lines.
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  • #16,953
  • Jul 21, 2011 10:19am Jul 21, 2011 10:19am
Quoting lawgirl21
First to 6th too..it really doesn't matter.

I know what you are going through. Every single trader has/is going through the same thing. This is the hardest thing I have every done and I am including all of law school and studying for the bar. I try to explain it to people sometimes and just can't get them to understand..especially when there are only 3 ways the market can go--up, down, or sideways.

All I can say is don't give up, if you really enjoy it. It doesn't matter how many demo accounts you blow through, just keep using them until...
Hi LG, Thanks so much for your support. I really do appreciate it. I will keep going and try to break through this barrier!!! Again I do appreciate your help
  • #16,954
  • Jul 21, 2011 10:24am Jul 21, 2011 10:24am
Quoting lawgirl21
Thanks kj8. You give good advice. This is done step by step.

Hey LG,

Although I tend to stay in the background.

Always nice to see positive re enforcement for those having a tough time. One of the many things I really appreciate about this particular thread, the focus is always positive.
  • #16,955
  • Jul 21, 2011 10:25am Jul 21, 2011 10:25am
Quoting kj8
Dear Lawgirl, I totally agree with your approach.
Dear degournay. don't every loose hope. try hard and try try again. You have to be patient to learn the tricks of the trade. At the end of the day, the market is controlled by people having alot of power and deep pockets. Stay focused, try to win by baby steps on each trade (5 pips, 10 pips), this will boost your confidence. Focus on money management.

Try reading the interesting book 'Come to my trading room' by Elder Alex and technical analysis by John Murphy. If you need a copy, PM me....
Thank you too for your support and offer of the book. I am in South Africa so unless it is an e book it would be difficult for you to mail. If it is in e book form that would be really great!
Thanks again for your help
  • #16,956
  • Jul 21, 2011 10:49am Jul 21, 2011 10:49am
Quoting kj8
Dear Lawgirl, I totally agree with your approach.
Dear degournay. don't every loose hope. try hard and try try again. You have to be patient to learn the tricks of the trade. At the end of the day, the market is controlled by people having alot of power and deep pockets. Stay focused, try to win by baby steps on each trade (5 pips, 10 pips), this will boost your confidence. Focus on money management.

Try reading the interesting book 'Come to my trading room' by Elder Alex and technical analysis by John Murphy. If you need a copy, PM me....
Good advice people. Hey LG, what was that book you recommended a while ago? "Trading in the zone" or something? Who was the author?
  • #16,957
  • Jul 21, 2011 11:17am Jul 21, 2011 11:17am
Quoting pippete
Good advice people. Hey LG, what was that book you recommended a while ago? "Trading in the zone" or something? Who was the author?
"Trading the Zone" by Mark Douglas. I bought a used one on Amazon..a little cheaper than a new one. Another book I really liked was "Jesse Livermore..World's Greatest Stock Trader" by Richard Smitten. Livermore went broke more than once and always built back up. He did not lead an admirable life, however.
  • #16,958
  • Jul 21, 2011 11:20am Jul 21, 2011 11:20am
Quoting lawgirl21
"Trading the Zone" by Mark Douglas. I bought a used one on Amazon..a little cheaper than a new one. Another book I really liked was "Jesse Livermore..World's Greatest Stock Trader" by Richard Smitten. Livermore went broke more than once and always built back up. He did not lead an admirable life, however.
Thanks a lot, need some bedtime reading..
  • #16,959
  • Jul 21, 2011 12:36pm Jul 21, 2011 12:36pm
Quoting lawgirl21
"Trading the Zone" by Mark Douglas. I bought a used one on Amazon..a little cheaper than a new one. Another book I really liked was "Jesse Livermore..World's Greatest Stock Trader" by Richard Smitten. Livermore went broke more than once and always built back up. He did not lead an admirable life, however.
I love reading about Jesse Livermore just finished re-reading Reminiscences of a stock Operator for the second time, and I can recommend Mark Douglas.
  • #16,960
  • Edited Nov 2, 2016 2:00am Jul 21, 2011 4:10pm | Edited Nov 2, 2016 2:00am
Here you go..I got it somewhere here on FF also.

Great read.


Quoting degournay
Thank you too for your support and offer of the book. I am in South Africa so unless it is an e book it would be difficult for you to mail. If it is in e book form that would be really great!
Thanks again for your help
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