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Trade What You See - Almost Naked Trading

  • #17,221
  • Aug 8, 2011 9:21am Aug 8, 2011 9:21am
Quoting pippete
What a day... +100 on gap and +50 on the BO on this pair.. Last night's gaps totalled +200 for me too.. Love these kinds of days...

I feel a little guilty with stocks doing what they are doing, but I love these kinds of days too.
  • #17,222
  • Aug 8, 2011 9:34am Aug 8, 2011 9:34am
BO here...
Attached Image
  • #17,223
  • Aug 8, 2011 9:39am Aug 8, 2011 9:39am
For educational purpose only, GBP-JPY has broken to down side in all 3 market zones, and so far has come back to allow an entry for straggling traders - see yellow arrows, will it do again or just keep going south?
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OPPORTUNITY IS NOWHERE
  • #17,224
  • Aug 8, 2011 11:15am Aug 8, 2011 11:15am
I'm new to this thread and have read all this stuff in the post 1 for many times and begin to trade it on demo.
hope I can trade it rightly
Good luck to you all
  • #17,225
  • Aug 8, 2011 12:07pm Aug 8, 2011 12:07pm
Hey LG, just a quick question.. How long did it take you to get in "the zone" and trade with consistency, when did you stop losing money and keeping your profits? I'm reading the book and are slowly getting it, just wondered how you did it...
Have a great trading week, it's been crazy so far...
  • #17,226
  • Aug 8, 2011 12:39pm Aug 8, 2011 12:39pm
Quoting pippete
Hey LG, just a quick question.. How long did it take you to get in "the zone" and trade with consistency, when did you stop losing money and keeping your profits? I'm reading the book and are slowly getting it, just wondered how you did it...
Have a great trading week, it's been crazy so far...
I still lose money, pete, and always will. But I keep more than I lose and that is the key.

Becoming almost machine-like in trading is the key, I believe. But human nature being what it is, machine-like is very boring so, we look around for things to make trading more interesting, maybe a new indicator or an ea. That is how I start losing money. As soon as I stray from watching PA, S/R areas, longer TF directions, etc, I generally start losing money. Yet I still from time to time want to try something new, start losing money, then go back to the tried and true. For me, BOs are the best way I have found to consistently make money. I always come back to them, no matter how far I stray.

Finding your "zone" will happen, just keep doing what you are doing. I believe you have a natural talent for trading, and I can't say that about most of the traders I have seen. It is just a matter of finding your own pace, your own way of doing things, your own timing, etc. But accept that you will lose trades and you will have losing streaks, it just comes with the territory.
  • #17,227
  • Aug 8, 2011 1:07pm Aug 8, 2011 1:07pm
Quoting lawgirl21
I still lose money, pete, and always will. But I keep more than I lose and that is the key.

Becoming almost machine-like in trading is the key, I believe. But human nature being what it is, machine-like is very boring so, we look around for things to make trading more interesting, maybe a new indicator or an ea. That is how I start losing money. As soon as I stray from watching PA, S/R areas, longer TF directions, etc, I generally start losing money. Yet I still from time to time want to try something new, start losing money, then go back...
It's good to come back to what I considered a home for me (even tho' I gave so little in return) and get the opportunity to read some wise words from you... I've been lost in personal and trading crisis leading me to wander around a thread to find exact rules to bind me and prevent me from doing nonsense.

However this thread made me advance by leaps in my trading and most important it gave me a place to share and learn in a difficult time for me... so I'll always think of it as a milestone in my development... congrats Rebeca for hosting this thread, even when it may seem quiet and lonely sometimes it has made a difference for me as I'm sure it has and will do for others...

PS: I give you my moral Vouch, which accounts for 10+ FF vouches
Flp. 4:13
  • #17,228
  • Aug 8, 2011 4:19pm Aug 8, 2011 4:19pm
Quoting lawgirl21
I feel a little guilty with stocks doing what they are doing, but I love these kinds of days too.

Why feel guilt when all we are doing is utilizing specialized knowledge to gain assets! No civilian is responsible for market turmoil,can't blame one self for knowing the correct financial instrument to be positioned in,average folk know you must depend on company performance in stocks,which is why forex proved years ago from when they allowed retail traders in,that this is the best market in the world hands down,so when you find yourself thinking about trying to add more systems to your portfolio I say go for it,You know,I truly believe one day soon I will have 100 different systems on 100 different broker accounts!So once again I say Cheers to the savvy investors for knowing what and when to move!
  • #17,229
  • Aug 8, 2011 4:21pm Aug 8, 2011 4:21pm
Rebecca, thanks for the kind words. I'll keep on keeping on until I get to the zone, thank you for all your help. It has to be handled like a business, no question about it, disciplined and level-headed.
Many pips to ya!
  • #17,230
  • Aug 8, 2011 4:24pm Aug 8, 2011 4:24pm
Quoting Anthar
It's good to come back to what I considered a home for me (even tho' I gave so little in return) and get the opportunity to read some wise words from you... I've been lost in personal and trading crisis leading me to wander around a thread to find exact rules to bind me and prevent me from doing nonsense.

However this thread made me advance by leaps in my trading and most important it gave me a place to share and learn in a difficult time for me... so I'll always think of it as a milestone in my development... congrats Rebeca for hosting this...
Hey Anthar, nice to see you back here! I did check out other threads also, but this is my home also... I always loved your posts, keep them coming brother, tons of pips to ya!
  • #17,231
  • Aug 8, 2011 4:35pm Aug 8, 2011 4:35pm
Quoting Anthar
It's good to come back to what I considered a home for me (even tho' I gave so little in return) and get the opportunity to read some wise words from you... I've been lost in personal and trading crisis leading me to wander around a thread to find exact rules to bind me and prevent me from doing nonsense.

However this thread made me advance by leaps in my trading and most important it gave me a place to share and learn in a difficult time for me... so I'll always think of it as a milestone in my development... congrats Rebeca for hosting this...
Nothing wrong with checking out other systems as we need to know what is out there and often we can pick up good ideas....BUT, we are very glad to have you back!
  • #17,232
  • Aug 8, 2011 4:35pm Aug 8, 2011 4:35pm
Great thread! I've been lurking for sometime and when I've had the time to trade (like most here, I work full-time) I've yet to make a losing trade with this method (I don't trade as often as I'd like). This is saying a lot when I compare my "record" to my earlier attempts at trading! lol...Question: I've seen multiple posts from everyone who caught the gap-up over the weekend. How does one capture these moves? Are the trades taken late Friday, Early Sunday evening? Just curious...I hope to add to the group.
  • #17,233
  • Aug 8, 2011 4:49pm Aug 8, 2011 4:49pm
Quoting Scoot84
Great thread! I've been lurking for sometime and when I've had the time to trade (like most here, I work full-time) I've yet to make a losing trade with this method (I don't trade as often as I'd like). This is saying a lot when I compare my "record" to my earlier attempts at trading! lol...Question: I've seen multiple posts from everyone who caught the gap-up over the weekend. How does one capture these moves? Are the trades taken late Friday, Early Sunday evening? Just curious...I hope to add to the group.
Gaps are traded at the open of the Asian market for the week..Sunday afternoon at 2:00 pm for me, but whenever your particular broker goes live. They are very simple: if price gaps up/down over 40 or more (an arbitrary number) pips from close on Friday, take a trade in the opposite direction.

For example: gaps up 40+ pips = short trade
gaps down 40+ pips = long trade

The reason we take these trades is that almost all gaps fill sooner or later. These trades seem to be as much a "sure thing" as we have in forex trading.

We don't discuss here the philosophy of how or why this happens, but there is much written here on FF about them, if you want more information.
  • #17,234
  • Aug 8, 2011 5:06pm Aug 8, 2011 5:06pm
So it's basically just a correction move right? Thanks for the response. I believe that I saw you post that you're located on the westcoast, so my information will likely be the same (here in Socal). Has anyone had success trading CHF pairs recently? You'd think they would have to correct at some point no?
  • #17,235
  • Aug 8, 2011 5:45pm Aug 8, 2011 5:45pm
Quoting pippete
What a day... +100 on gap and +50 on the BO on this pair.. Last night's gaps totalled +200 for me too.. Love these kinds of days...
Awesome! Nice work.
  • #17,236
  • Aug 8, 2011 5:48pm Aug 8, 2011 5:48pm
Quoting lawgirl21
Thanks CS! I have been manually removing the Box on the higher TFs all this time. This will be helpful.
No probs! Apologies to anyone who has found bugs. Works fine for me, but let me know if it's no good on your charts and I'll see if I can get a re-edit.

Hey LG, how do you determine which gap closings to trade? Do you have any criteria?

**edit**

I just read your post on the 40 pips gap. Thanks for that. So is there no other criteria? And how do you (or anyone else) go about stop placement on these?

Cheers
  • #17,237
  • Aug 8, 2011 6:32pm Aug 8, 2011 6:32pm
Quoting pippete
Hey Anthar, nice to see you back here! I did check out other threads also, but this is my home also... I always loved your posts, keep them coming brother, tons of pips to ya!
How kind of you Pete! thanks a lot for your words. I truly hope to post and keep growing along with everyone in this thread, psychological issues seem of great deal for my trading right now... so sharing with others will prove useful, tons of pips for you too!

Quoting lawgirl21
Nothing wrong with checking out other systems as we need to know what is out there and often we can pick up good ideas....BUT, we are very glad to have you back!
Thanks LG, this have been some wild months of FX journey for me, it's always good to have someone like you to follow and learn from! again thanks for everything and keep the great work and lots of pips...
Flp. 4:13
  • #17,238
  • Aug 8, 2011 7:34pm Aug 8, 2011 7:34pm
I think I missed one here. Reading through previous posts, it appears that we are waiting for S/R to be built in over the first 4 hours of any trading day/session. And then trading the BO in either direction, but has anyone had success trading the first hour candle BO of a Daily S/R(in this case GBPUSD1.63)? Note: I'm still looking at the H1 chart but taking into account the Daily S/R levels
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  • #17,239
  • Aug 9, 2011 9:02am Aug 9, 2011 9:02am
Quoting Scoot84
I think I missed one here. Reading through previous posts, it appears that we are waiting for S/R to be built in over the first 4 hours of any trading day/session. And then trading the BO in either direction, but has anyone had success trading the first hour candle BO of a Daily S/R(in this case GBPUSD1.63)? Note: I'm still looking at the H1 chart but taking into account the Daily S/R levels
It certainly looks good there. The S/R lines on the first 4 hours are arbitrary. They work also on H4 and daily charts. We are looking for a directional bias so with the longer TFs RSI confirmation is important.

Notice that nice opening gap that closed.
  • #17,240
  • Aug 9, 2011 9:10am Aug 9, 2011 9:10am
I notice on most charts posted here people do not take the fake breakouts on the H1BOC but the opposite successful one. I understand that RSI confirmation on H1 and H4 is enough for direction, also a 15 min candle close outside the box as another confirmation. But even on the fake ones we do have those confi's. Please clarify, thanks..
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