The Captains Chest - Naked Trading & Other Stuff

[fahedksa]

Thank you Noucha for yours analysis . Really helpful

[xrismak]

Hi xrismak,
could you elaborate more on your trading plan on GBPCAD for educational purposes ?
btw great job with these trades
I'm starting to read the thread one more time from the beginning, now that I've practiced a little and got very litlle of Captain's wisdom.
I see that you're rocking in this thread since 2013 I'm reastarting my read at page no 235 - so did you have consistent results between 2013 and 2016 ?

paniczklos,

I think I took a bit of a Break from Actively Trading Naked sometime in Between 2014 and 2015, that was the time I was not So Consistent because I was Experimenting ,I had wanted to explore the Technical Analysis side of Trading and I must confess I found out a Whole Heap of Stuff that was Mind Boggling.... some of which brought me to the Conclusion that Most Technical Traders see the Same thing but Trade it in Different Ways.... Knowledgeable Naked Traders See and Trade the Same Thing....with Different Lot Sizes as in Exposure.....

GBP- CAD 11-08-2016_@ 18.58.21.png

Now for Part of the Trading Plan for GBP -CAD is the Cheeky Buy/Long Trade you see on the Chart..
I want to see where the Fox is Going and What it Want's to do Next.

Happy Trading Folks,

xrismak

[dudest]

some of you are still counting this stuff wrongly. use your one hour tf to get the real level count then move down to 15mins and wait for M/W pattern OK. its easier to see the levels in 1hour tf. Welcome guys......

True

[mtl]

some of you are still counting this stuff wrongly. use your one hour tf to get the real level count then move down to 15mins and wait for M/W pattern OK. its easier to see the levels in 1hour tf. Welcome guys......

True

Dudest

thank you very much

[xrismak]

Hello Peeps,

I AM Done with the Sell Side, now I am Going to Sit on the Fence and Watch the FOX Accumulate away... before showing it's Real Hand...

GBP- CAD I AM Done Finally with the Sell Trades.....png

Have A Nice Weekend...


xrismak

[marcoFF]

Hello Peeps,

I AM Done with the Sell Side, now I am Going to Sit on the Fence and Watch the FOX Accumulate away... before showing it's Real Hand...



Have A Nice Weekend...


xrismak

Hi xrismak, can you explain why you often have a small trade with tons of pips loaded?

[GoldenFinger]

Good to see so many new faces, I did not post frequently as I didn't master all the wisdom from the traders here in entirety before. But now, I think I know a thing or two, so let me share some of my insights with u guys.
I started out in this thread just like every new comer.I read, read and read. After reading so much, I was wondering why I still cant fully grasp this concept, do I have a poor intellectual, I asked myself . Finally, I decided to take a break from this thread and just focus on looking at the naked candlestick chart, I dont remember how many countless hour I have spent staring at it, just like a man trying to stare at his lover eyes and figure out what she is thinking. Eventually, my eyes are opened, I begin to see repeating formation again and again. And all the knowledge that I learned that seem to be so loosely connected begin to blend in one piece. The chart that appear so randomly actually has meanings on it, every area price approach has its intent, just like what cj said.

When price go up, it must first go down
When price go down, it must first go up
ponder with it, what's the reason behind this?

even congestion area has its intent, remember the wedge formation u see on the chart and dont know what it is about, actually there are two type of wedge, one is with lower high and higher low, the other is higher high and lower low. But the intent is the same , both are absorbing orders and break to the direction that cause most pain to all the traders trapped in the wedge. However, they do have only a slight difference.

It is no coincidence that 95% of retail traders lose money, Besides their lack of discipline, knowledge , the true cause is actually there are a bunch of professionals that are against their order. When retail trader see a breakout , they immediately jump in and take the bait. However, the true intent of breakout is all the professional dump their holding to the retailers, after that, price reverse.

Throughout my journey, I am very fortunate to be taught by 3 very wise traders. I will share their name so all traders may benefit from looking up their knowledge. They are CJ, FTI (former chief trader) and Jessi Livermore ( his book how to trade stock). Their generosity have earned my deepest gratitude. As I know for trading, it doesn't matter how long u learn, it is what u learn that's matter. Learning a wrong knowledge can takes you a long time to unlearn, just like a bad behavior will take u a long time to correct.

Finally, a little bit of how I trade
1)I solely trade one hour, this is the best time frame to have a balance between life while keeping u informed

2)there are nothing on my chart except candle stick, a lot of people will draw line or other symbol on their chart, this is suppose to help them interpret the price. However, price is ever changing, the line we draw will obstruct our view of the market, causing our mind to be trapped by our old interpretation and cannot react to the new changes. Always remember, rigidity kills in trading. Instead, be nimble and quick, go with the flow. As cj said, dont marry your trade...

3)I focus on the structure, velocity, and the time takes for price to travel. Often a break of price structure will give me early warning whether to liquidate or hold my position. The velocity of candle show me whether the move is real. The time element can be explain like this, When I expect price approach an area and should reverse fast, however it sit on the same area and begin consolidating for a long time, it will hint that something has change and my previous view is no longer valid, thus saving my ass.

4)Dont try to map price, u will be right mapping price for some time because the price formation is repeating. However, new price action might evolve differently depends on the holdings ( or books ) of MM.

5) I dont mark level, price is more complicated than 1 , 2 ,3. Sometimes it will be 1 , 2. Other time it will be 12345. How do u know it? Just look at the price action. When the price didn't signal reverse , I will always trade with the trend. When It is ready to reverse, u will know. Counting 1,2,3 plant a conception on your mind that price must only be 3 level. If price dont conform to your counting, u might guess, opps maybe this level is too small , it shouldn't be a level, it opens too much room for different interpretation,
a better way will be feeling the market. Just like the chart of CJ, nothing but candlestick only.

6)When I am trading 1 hour, my money management and interpretation is only for 1 hour, when it doensn't work out, i liquidate. I do not go to other timeframe. The reason behind this is when it is not right , why hang on it, hoping that it will turn better because the longer timeframe seem convincing? It not only will causes greater loss when u are wrong, this behavior will also open room for the grow of human weakness, causing u to constantly changing view of the market and hang on to losing position hoping it will comeback.
Be firm at your view, dont let MM shake u out, when it worry u, just get out.

It is getting a little bit long, take some time to digest it and I hope u can learn something new. Good luck.

At the end, generosity is what shape a better world. If u happen to be benefit from all the shared knowledge and succeed in trading, please help out others who are in need in every day life. cheers!

[waza]

Nice words goldfinger.

[Zoltr1x]

5) I dont mark level, price is more complicated than 1 , 2 ,3. Sometimes it will be 1 , 2. Other time it will be 12345. How do u know it? Just look at the price action. When the price didn't signal reverse , I will always trade with the trend. When It is ready to reverse, u will know. Counting 1,2,3 plant a conception on your mind that price must only be 3 level. If price dont conform to your counting, u might guess, opps maybe this level is too small , it shouldn't be a level, it opens too much room for different interpretation,
a better way will be feeling the market. Just like the chart of CJ, nothing but candlestick only.

Could you say more about this? If you don't mark price, how did you know when price want to reverse? Classical candlestick analysis? i.e. pin bar, RRT, engulfing, or you just look how "whole" price behave in certain "zones"?

Can you show us some charts with it?

[GoldenFinger]

Could you say more about this? If you don't mark price, how did you know when price want to reverse? Classical candlestick analysis? i.e. pin bar, RRT, engulfing, or you just look how "whole" price behave in certain "zones"?

Can you show us some charts with it?

Can u tell me how many levels are there on this chart?
Show me how do u count it

cT_cs_9805959_EURUSD_2016-08-15_21-46-30.png

If u counted it wrongly and take trade from level 3, it is no difference than catching a falling knife

Look at the red circle,
it is a change of price structure, and has given u 2 warning that trend is about to change.
You can either close all your short or anticipate long. And take note of how price go up before going down in the circle, what's their intent behind this


When they have all the orders, Bam it goes!

cT_cs_9805959_EURUSD_2016-08-15_22-05-41.png

Look at this one explosive bullish bar, it shows the velocity, big money is behind this and confirm a change in trend

Bear in mind though
Never try to catch top and bottom, it will cost u a lot of money. U will never know when the big money decide to initiate , so just to catch the middle chunk of it. In other words, put stop order in the middle and let price carry your trade. As soon as u see sign of weakness, liquidate. This is an early sign that big money is dumping their position to all those late comers or someone that use lagging indicators.

pin bar, RRT, engulfing is essentially a change of structure in higher timeframe.