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Trade What You See - Almost Naked Trading

  • #17,281
  • Aug 11, 2011 1:24pm Aug 11, 2011 1:24pm
Quoting pippete
Yeah, I was in that trade long last night for the BO, closed it then went short for the BO on the bottom... LG, how do you handle this possible BO on bottom when you have no SL for your trades? It could have turned ugly if the BO continues south... It looks like it invalidates your long trade, but how long do you watch it go against you?

If I have the time to actively monitor the trade (i.e. I'm in and out before I go to sleep) I never use a SL. I've had volatile spikes that triggered my SL and immediately retraced. For overnight trading I've had difficulty trying to figure out how much of a "cushion" you should provide with a SL...
  • #17,282
  • Aug 11, 2011 1:28pm Aug 11, 2011 1:28pm
Quoting deniyi
Please explain the arrows that face different directions up, down, flat and diagonal direction
I don't use the indicator, but based on other posts I believe they're tied to the "trend" direction of the subject pair in each of the various time frames. Without going back to page 5 (lol) it's directly correlated to the RSI indicator that is used in this method. Hope this helps and I'm sure LG can explain it much better.
  • #17,283
  • Aug 11, 2011 2:55pm Aug 11, 2011 2:55pm
Quoting lawgirl21
This is one of my favorite pairs to trade. The daily range is around 100 pips. Yes, it could have turned ugly and sometimes it does, but I have found that almost every time I set a SL at a reasonable level, that "reasonable level" is taken out...probably because it was "reasonable"...hope that makes sense...meaning that other traders saw that level as "reasonable" too and reasonable stops are hunted.

When I entered that trade long-- H4, daily and weekly RSIs were long too. Weekly is still long, that means I am going to stick it out. If weekly...
THanks LG, that's what I thought. SL hunting... That's how I lost half of my seed money in my first month of trading live..I had a nice winning streak early this year, but then I lost more of my equity by not using stops at all.. These days I just don't let trades out of my sight if I can, and that's been working for me, don't do overnight trades and still there is plenty of trades out there. Trying to get to the nerves of steel situation, getting there slowly. Thanks for everything.
  • #17,284
  • Aug 11, 2011 4:31pm Aug 11, 2011 4:31pm
Quoting pippete
THanks LG, that's what I thought. SL hunting... That's how I lost half of my seed money in my first month of trading live..I had a nice winning streak early this year, but then I lost more of my equity by not using stops at all.. These days I just don't let trades out of my sight if I can, and that's been working for me, don't do overnight trades and still there is plenty of trades out there. Trying to get to the nerves of steel situation, getting there slowly. Thanks for everything.
I want to add too that for the past couple of months, I have been equity building..meaning I am not looking to add positions, although I hope to get back to that. I am taking 20-50+ pips when they build to that. It's amazing how that adds up.
  • #17,285
  • Aug 11, 2011 8:27pm Aug 11, 2011 8:27pm
I am paying attention to the swiss pairs today. After a long move yesterday, they might retrace.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu bo.jpg Size: 128 KB
Click to Enlarge Name: au bo.jpg Size: 108 KB
Click to Enlarge Name: ec bo.jpg Size: 110 KB
Fall seven times, stand up Eight! #GGMU
  • #17,286
  • Aug 11, 2011 11:07pm Aug 11, 2011 11:07pm
Nice BO.
Attached Image
  • #17,287
  • Aug 11, 2011 11:10pm Aug 11, 2011 11:10pm
Another BO
Attached Image
  • #17,288
  • Aug 11, 2011 11:13pm Aug 11, 2011 11:13pm
Charts
Attached Images
  • #17,289
  • Aug 11, 2011 11:16pm Aug 11, 2011 11:16pm
Chart....they all look alike!
Attached Image
  • #17,290
  • Aug 11, 2011 11:51pm Aug 11, 2011 11:51pm
Quoting lawgirl21
Chart....they all look alike!
I noticed that with the CHF pairs this AM when I took a look at my charts...
  • #17,291
  • Aug 12, 2011 1:37am Aug 12, 2011 1:37am
Thanks Scoot84 for your response, but I will still wait for LG for further explanation
  • #17,292
  • Aug 12, 2011 7:06am Aug 12, 2011 7:06am
Hi Lawgirl
Could you please tell me if you had this year any week that you have not met your weekly target? If there were more then one please tell me how many. I need it for reference to my miserable results.
  • #17,293
  • Aug 12, 2011 7:11am Aug 12, 2011 7:11am
I thing bo if you do everything opposite you will make more money
  • #17,294
  • Aug 12, 2011 9:21am Aug 12, 2011 9:21am
Quoting Aron12aron
I thing bo if you do everything opposite you will make more money
Why don't you try it out? Man, you talk as if there was a 100% surefire system where every trade placed was profitable. Even Paulson lost 3 billion $ this year, whereas he made billions 2 years ago. Sheesh..

I placed a BO trade (short aud/usd) and got out at 1.0250 because it's a pretty significant number. I always exit at round numbers for some reason. If you took the EUR/USD BO tonight, you would have made a good number of pips as well.
  • #17,295
  • Aug 12, 2011 1:02pm Aug 12, 2011 1:02pm
Hiya Lawgirl,

Good to see you hanging around. Can't stay away eh? lol. Just joking. We are lucky to have you here, and appreciate the thread and everyone's input.

Best wishes all, and sensible trading.

Greg.
'Fail to plan, plan to fail'
  • #17,296
  • Edited 7:51am Aug 13, 2011 5:11am | Edited 7:51am
Not really having to do with this thread, but I thought, worth to mention it, because I noticed, that some here are using FXCM.

Last night got as subscriber of NFA Mailing List:

NFA levies $2,000,000 monetary sanction against FXCM and orders refunds to customers
(ref. to 'asymmetrical positive price slippage')

Decision of NFA can be found here
http://www.nfa.futures.org/basicnet/...px?seqnum=2963

josch
trading is war - life is simple
  • #17,297
  • Aug 14, 2011 4:03pm Aug 14, 2011 4:03pm
EURCHF - up 96 pips
GBPCHF- up 88 pips
  • #17,298
  • Aug 14, 2011 6:37pm Aug 14, 2011 6:37pm
Quoting lawgirl21
EURCHF - up 96 pips
GBPCHF- up 88 pips
Hey LG, Happy Monday!

I managed to get onto both of these this morning too. How long before you close the trade for a loss? I have stops at 100 pips each.
  • #17,299
  • Aug 14, 2011 7:03pm Aug 14, 2011 7:03pm
Quoting lawgirl21
EURCHF - up 96 pips
GBPCHF- up 88 pips
I luckily didn't get into these trades on the gap up, that SL range would have made me nervous, the current candle up move looks to be dying out and I plan on getting in now. Good call
  • #17,300
  • Aug 14, 2011 7:23pm Aug 14, 2011 7:23pm
Quoting lawgirl21
EURCHF - up 96 pips
GBPCHF- up 88 pips
lawgirl21, I'm new in Forexfactory forums. I've read the forums most viewed and found very interesting this forum. I've read enough, the first 500 posts and all of August 2011. Congratulations for your very interesting strategies.

In particular about trade gaps, I have the following question:

At 17233 post, you say: "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: 40 + pips up gaps = short trade
40 + pips down gaps = long trade "

Reviewing the EURCHF chart, I see that began the week with a 40 + pips up gaps, as you mentioned, you should have come in short, but you get into
long. Please explain me why?

Thank you very much, and sorry for my English. I speak spanish only.
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