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Trade What You See - Almost Naked Trading

  • #17,121
  • Aug 1, 2011 9:05am Aug 1, 2011 9:05am
Quoting pippete
Pipfest... Lots of nice BOs this morning. here is one.
Sure is! My EURJPY just hit my TP pf 50 pips while I was reading the news. I like that.
  • #17,122
  • Aug 1, 2011 9:21am Aug 1, 2011 9:21am
Quoting lawgirl21
Sure is! My EURJPY just hit my TP pf 50 pips while I was reading the news. I like that.
Lawgirl, I am a bit confused and I need your help to clear some fog. The first post of this thread lists several strategies, each with some puny deviation from the other.

Which one you recommend me to stick with as a beginner, provided I'd rather wait for a high potential fish even if it is rare -- I have the patience for that.

I've noticed that the people in this thread have been focusing on the breakout of the first 4 hours of the day. Is that what you recommend me to stock with? if YES, is there any additional instructions that are not written there in the introductory post?
  • #17,123
  • Aug 1, 2011 9:42am Aug 1, 2011 9:42am
Quoting Walad100100
Lawgirl, I am a bit confused and I need your help to clear some fog. The first post of this thread lists several strategies, each with some puny deviation from the other.

Which one you recommend me to stick with as a beginner, provided I'd rather wait for a high potential fish even if it is rare -- I have the patience for that.

I've noticed that the people in this thread have been focusing on the breakout of the first 4 hours of the day. Is that what you recommend me to stock with? if YES, is there any additional instructions that are not written...
Yes, I do recommend that you stick with the H1 4C BO in this market, Walad. I am using it almost exclusively. I have banked around 200 pips already this week just with BOs.

Rules are as simple as it gets:

1. Mark the first 4 hours of the new trading day. Those are your support/Resistance levels upon wish you will determine everything;

2. Check them when you can and make note of any directional movement toward one or the other of these levels;

3. Any pair's PA approaching the S/R levels? Note them and the directions of the RSIs. These go on your watch list;

4. Mark with a horizontal line any wick bottoms/tops that penetrate the S/R levels, remembering that wicks are price probes...soldiers sent out to explore the area. Look for those wick areas to be penetrated with a candle close on either an M15 chart or a M5 chart.

5. Mark your TP at the next support/Resistance level.

There are probably hundreds of charts posted that show the above. Just look back a few pages and you will see them to study,

Once you are comfortable with this, you will find variations such as consolidation BOs to trade. And you are right, they are puny variations, but they make pips.

The GBPUSD chart below shows the entire setup.
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  • #17,124
  • Aug 1, 2011 10:08am Aug 1, 2011 10:08am
Here is a pair heading for a BO that we can walk through together. I have marked the bottom of the wick on the first full BO candle with an arrow.
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  • #17,125
  • Aug 1, 2011 10:11am Aug 1, 2011 10:11am
Quoting lawgirl21
Here is a pair heading for a BO that we can walk through together. I have marked the bottom of the wick on the first full BO candle with an arrow.

Switching now to an M5 (or M15) chart, we will wait for a candle close below that marked line and if opening of next candle is still red...enter this trade.

Of course if that does not happen, we will move on to the next pair. But will check back frequently to see how it is moving.
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  • #17,126
  • Aug 1, 2011 10:23am Aug 1, 2011 10:23am
Very interesting..that marked level was right at 1.4200 which is a major psych level and price doesn't seem to want to penerate it.
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  • #17,127
  • Aug 1, 2011 10:27am Aug 1, 2011 10:27am
Thanks Lawgirl. As a simple token of appreciation, from this moment on, I will start to document this strategy in a separate Word document in order to eventually share with you in under thread.

Now, I still have the following open questions:

1. What is your hypothesis of establishing the S/R based on these early 4 hours of the day? (I have some answer but I'd love to hear yours).

2. The first early hours of your day is different from mine, based on the broker's server as you know. So, what are these exact 4 hours then?

3. What's a reasonable Stop Loss?

4. Are you using the Heiken Ashi candles?
  • #17,128
  • Aug 1, 2011 10:39am Aug 1, 2011 10:39am
I'm also puzzled by your RSI(3), why?

1) Today is Aug 1 (head of the month) and it is Monday (head of the week). During the early hours of Monday, the RSI(3) of H1, 4H, W1, AND M1 are inherently the same!! which makes any interpretation at that time pointless.

Do you see my point here?


2) Back to the BO strategy, once the closing of the 15M is below the S/R, which RSI(3)'s should be in agreement?
  • #17,129
  • Aug 1, 2011 10:52am Aug 1, 2011 10:52am
Price still walking that support line.
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  • #17,130
  • Aug 1, 2011 11:02am Aug 1, 2011 11:02am
Hi LG, are you still trading your money tree? How did you do July?


Thanks,
P
  • #17,131
  • Aug 1, 2011 11:07am Aug 1, 2011 11:07am
Quoting Pirabuji
Hi LG, are you still trading your money tree? How did you do July?


Thanks,
P
I am still always looking to add branches for MT, but trends for July were choppy, so I mostly traded BOs. Ended the month up about 600 pips. How did you do?
  • #17,132
  • Aug 1, 2011 11:10am Aug 1, 2011 11:10am
Marked this pair for a short entry.
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  • #17,133
  • Aug 1, 2011 11:12am Aug 1, 2011 11:12am
I haven't started the money tree type trades yet, still just using BO and 3T

I did ok last month, about 250 pips.

Quoting lawgirl21
I am still always looking to add branches for MT, but trends for July were choppy, so I mostly traded BOs. Ended the month up about 600 pips. How did you do?
  • #17,134
  • Aug 1, 2011 11:25am Aug 1, 2011 11:25am
Quoting Pirabuji
I haven't started the money tree type trades yet, still just using BO and 3T

I did ok last month, about 250 pips.
MT trades must have a trending market and we haven't had that lately. You did great. Here's hoping this will be a good month..has started well.
  • #17,135
  • Aug 1, 2011 11:41am Aug 1, 2011 11:41am
Quoting lawgirl21
This pair did hit my TP before the big WOW!
Sorry, I dont understand why you only opened your trade so far down into the move. Can you explain what you were seeing. I think I must be misinterpreting your instructions. The PA was close to a demand zone??
  • #17,136
  • Aug 1, 2011 12:24pm Aug 1, 2011 12:24pm
Quoting degournay
Sorry, I dont understand why you only opened your trade so far down into the move. Can you explain what you were seeing. I think I must be misinterpreting your instructions. The PA was close to a demand zone??
I think you are reading that wrong, the way I see it, the line indicates her Take Profit (obviously the trade closed so no sell or stop loss line can be seen) and she is saying she is glad it did hit TP because it rebounded in a spectacular move.

I can only assume the entry would be up close to the regular lines drawn, Magenta, sure LG will be here shortly to confirm
OPPORTUNITY IS NOWHERE
  • #17,137
  • Aug 1, 2011 3:19pm Aug 1, 2011 3:19pm
Quoting Callisto
I think you are reading that wrong, the way I see it, the line indicates her Take Profit (obviously the trade closed so no sell or stop loss line can be seen) and she is saying she is glad it did hit TP because it rebounded in a spectacular move.

I can only assume the entry would be up close to the regular lines drawn, Magenta, sure LG will be here shortly to confirm
Ok Thanks That makes a lot of sense!
  • #17,138
  • Aug 1, 2011 7:37pm Aug 1, 2011 7:37pm
Quoting Callisto
I think you are reading that wrong, the way I see it, the line indicates her Take Profit (obviously the trade closed so no sell or stop loss line can be seen) and she is saying she is glad it did hit TP because it rebounded in a spectacular move.

I can only assume the entry would be up close to the regular lines drawn, Magenta, sure LG will be here shortly to confirm
You are exactly right, Callisto. Thanks!
  • #17,139
  • Aug 1, 2011 7:39pm Aug 1, 2011 7:39pm
Quoting lawgirl21
Marked this pair for a short entry.
Never got a short entry here..moving on.
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  • #17,140
  • Aug 1, 2011 7:42pm Aug 1, 2011 7:42pm
Quoting lawgirl21
Switching now to an M5 (or M15) chart, we will wait for a candle close below that marked line and if opening of next candle is still red...enter this trade.

Of course if that does not happen, we will move on to the next pair. But will check back frequently to see how it is moving.
Price never penetrated that 4200 area.
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