Trade What You See - Almost Naked Trading

Like minds... you beat me...

LG, How is the entry to retraces?

Thanks.

kengokuma,

that was an example how it works - but I didn't see the RSI (should point up at this time) and didn't see entry level. You may exec long at colour getting green of the H4 (aug 22nd) candle or, a bit more conservative, at close-level of the 4:00 candle.

josch

Some nice BOs during London session.

Next chart will be better defined!

happening now

I'm not a new trader but I am new to this method and I've read as many of the posts here as my eyes and poor little mind would allow to try and catch up on things so please forgive me if my questions are redundant.

My questions relate to the BO method if any of you pros out there would do me the honor of helping me out in refining a few points ...

1. It seems that BOs can happen at any time of the day as everyone's trading day may differ considering where they are in the world and when their broker starts the day, and the instruction to take the 4 candles at the beginning of "your" trading day is to make this method as simple as possible, right? In other words, I've seen LG and several others post BOs at times other than the start of their day ... so I'm assuming (a dangerous thing, I know) it's kosher to take a BO if I see one form at a time other than the start of my broker's trading day? Or is there some other important reason to just take BOs only at the start of my own day?

2. I'm wondering how you guys manage these trades once you're in them ... i.e., do you stay on the 15 minute chart to gauge PA, or do you switch back over to the 1H chart to manage the trade, or do you just set a TP at a S/R level and let it go ... or any or all of the above, depending on your trading style?

3. How big is too big of a channel for a BO setup? I realize there will be differing opinions on this point but I'd like to get a general feel from those of you that have been doing these for a while, as to what you feel the maximum channel range is for a BO setup.

4. Just to confirm, the lines we draw enclosing the channel do NOT include the wicks of the candles, correct? I've been confused over this point because it makes a huge difference in figuring out when to enter the trade as I've seen quite a few charts in posts with lines drawn that INCLUDE the wicks in the channel, but the instructions say that you're not supposed to do that, and some of these candles have some mighty long wicks on them. Any chance I can get some clarification on that point?

The biggest issue I've had, which is an absolutely wonderful problem to have in my opinion, is having too many of these setups happen at or around the same time so that I miss several opportunities in the midst of taking advantage of others. So I've spent most of my time this morning streamlining my charts, PC display and order platform so that I can catch more of the setups that happen as they happen. I'm very excited to see what tomorrow morning brings, this week has been absolutely awesome so far.

And one last question, I've noticed that several of you all are trading retracements. I've always been interested in that but haven't yet found a good way to do that, can you let me in on the method you use to take advantage of retracements?

Thanks in advance for your help!

Good morning peeps, this thread is very quiet, let's make some noise. Here is a BO on GBPCAD..

Another one here.. little late but still good

Looks like it's all Canada today... let's do it...

Cable now breaking out. so is the fiber...

The last two days for GBPUSD have been very nice.

I missed these, but very nice move too.

Many beautiful moves on several pairs today.
I also took my 2nd H4 trade ths week -USDCAD hit TP easily.

So far +2.4% this week

Hi everyone - this method interests me greatly and the main contributors (Lawgirl, Pippette)- thanks for posting charts, I hope in this way a newbie like me can learn to trade. Well done Lawgirl on starting this thread!

As you can see, no one answers our questions.

What's the risk/reward ratio for this method??
How many entries per day??

Not ignored, busy. Maudur, most of us, including LG, have our day jobs to take care of, she a lawyer, me a physician, so we try to do the best we can to answer questions. Please be patient and stop the sarcasm. I always search the particular thread for an answer first, you can search this thread for "retrace" and you'll get a ton of posts by LG, like this:
http://www.forexfactory.com/showthre...27#post4219627
and other posts before and after that one are great explanations for retrace trades.

So please do a little homework before drawing conclusions.
Happy pipping!

Thats a lot of questions, dude! A few pointers:
1. BOs can happen any time of the day, the lines are drawn however at the first 4H candles of YOUR broker's day. Like today, lots of BOs happened US am session and not really during Asian.
2. Lots have been said on TP and SL, LG and most of us use S/R levels, LG doesn't use SLs, most others do, usually at your discretion and your MM style, but reasonable R:R ratio
3. Channel size doesn't matter, in my experience, the tighter the better the BO will be (like a sqeezed spring ready to pop) I trade all size channels.
4. For this method we don't include the wicks, but you could be more conservative and include them. I view wicks as probes and try to enter when price clears wicks/scouts. You can search the thread for "scout" and you'll see a lot of discussion about them
5. Retrace trades - see previous post and again, search for "retrace" and you shall find tons of good info here on this thread.

There, now I messed up my lunch break. Back to work, many pips to all of you out there.
Pete