The Captain's Chest for Dummies

The forum for Captain Jack and CJ related thingies.
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Reaper
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Posts: 476
Joined: Sat Feb 09, 2013 12:07 am
Location: UK

Re: The Captain's Chest for Dummies

Post by Reaper »

seanyd wrote:My attempt to trade like CJ , what do you`s think?
gbpusd_ukh1.png
Well it seems like there's 3 levels on the D1 TF.
Might look like there's 3 levels on the H1 TF.
There is a 2 day hourly M pattern at a key level of interest 1.56000.
There does seem to be pins to the top on the hourly/ 4hourly.
Price is over 250 pips away from the rising daily lead-in line.

Thats all good stuff. However if it is the end of the 3 level D1 cycle, there may be more manipulation to come. May be a fall and another retouch of the high. Could be totally wrong tho so don't go by me. ;)
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fire580
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Posts: 314
Joined: Wed May 09, 2012 4:51 pm

Re: The Captain's Chest for Dummies

Post by fire580 »

Hopefully someone can explain this - CJ said "Since the patterns repeat, if there are 3 pushes on the 15M, then there will be 3 on the 30M, 3 on the 1H, 3 on the 4H and so on.... So does this mean that if your at a new peak low and you have 3 pushes up on the 5M you will then look for 3 pushes on each 15M, 30M, H1 etc.
seanyd
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Posts: 146
Joined: Sun Mar 10, 2013 11:02 am
Location: Sunny Ireland lol

Re: The Captain's Chest for Dummies

Post by seanyd »

Angat wrote:
seanyd wrote:My attempt to trade like CJ , what do you`s think?
gbpusd_ukh1.png
Well it seems like there's 3 levels on the D1 TF.
Might look like there's 3 levels on the H1 TF.
There is a 2 day hourly M pattern at a key level of interest 1.56000.
There does seem to be pins to the top on the hourly/ 4hourly.
Price is over 250 pips away from the rising daily lead-in line.

Thats all good stuff. However if it is the end of the 3 level D1 cycle, there may be more manipulation to come. May be a fall and another retouch of the high. Could be totally wrong tho so don't go by me. ;)
Spot on cheers
All warfare is based on deception.
SUN TZU
THE ART OF WAR
garyfritz

Re: The Captain's Chest for Dummies

Post by garyfritz »

Great post in the main CJ thread summarizing the Captain's approach:
http://www.stevehopwoodforex.com/phpBB3 ... 815#p57815
jago25
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Posts: 89
Joined: Fri Oct 25, 2013 5:23 am

Re: The Captain's Chest for Dummies

Post by jago25 »

I've read the great pdf and there's a few things I want to say.

What works for Jack won't necessarily work for you. There's a lot of good things to learn but I think if you were to go too literal you could fall down hard.

Take position sizing. CJ uses bigger positions, sometimes doesn't use stops, this kind of thing. Nothing wrong with that, but...
there are many things in the naked trade section that aren't good for learning. They're fine at a certain level but many aspects have a high risk of jepodising learning.

Something I do at the moment is trade the exact same risk size on every trade and with an limit I've tested emotionally. The reason for this is to nullify the emotional aspect of positions. If we /know/ that a position means something then there is higher risk that if our psychology isn't tight then that psychology can jepodise our trade. The stop loss is not simply a technical tool, it is a psychological tool. By raising your stop loss you allow yourself to see the trade more how a robot would _and_would_not_ in the aspects that matter. You're no longer thinking about how many hoes you can buy and more focussed on the trade. Anything that keeps you focussed on the trade is where it's at. Strong emotions after a big win or loss can blot out the lesson of a trade.

Only take so many steps at a time. If you're ready to test your nerves with bigger positions then good, but do this as a stage on it's own - not with new trading techniques at the same time, that's what I suggest.

Also another caution.
The concept of a fox to catch jarrs with my deep beliefs on the market. The analogy shows a view of the market that is very different from my own. I've incorporated this view. I had to get my head round this...
at first it nearly messed me up as I felt like I was having to go out and kill something aggressively. I read a lot more posts... isn't it a game. All in the game. Anything in life viewed this way can help. That wiley ole' foxy. This is the most rewarding aspect of trading for me - the introspective development. It's like bodybuilding or asking a girl out on a date... only with the mind. in high stakes any crappy personality flaw can cost you big! That's something Occupy Wallstreet never taught me.

It's not the only view. People are free to disagree. That's important because what works for me might not work for you. My current dogma is one of a market primarily governed by natural patterns, with competition and trickery sprinkled on top of that base. The thing is I choose to believe that nothing is random - including what the fox does, including all the news! - it's just that we might not be able to forecast to >51% at our present understanding. I choose to believe that no source of entropy is compete, including human attempts to out smart each other on the market. I think such a belief that you can win is pragmatic as long as it doesn't get a way with you. Believe it's possible as that will steer your unconscious mind to success but don't let it be a weak point. This is the area that is probably still in flux for me - changing from patterns as indicators to simulating the market as an animal in my head. The image developing is a bit like those robots in Toy Story saying "oooh, buy buy buy.... Nooo, sell sell sell!"

I made a post regarding GBP. I believe this fox has a good personality for learning. The fox is predictable, it's like a game of paper-rock-scissors - it seems difficult to predict but it's not unpredictable enough to prevent a profit. That's an interesting aspect.

CJ has a gut feeling about things and his gut is very often right. Do you deep down have that same gut insight but the confidence isn't quite there? If so, you can build confidence with smaller lot sizes and exact same risk on each bet.
Also try live backtesting - that will boost your understanding like nothing else.
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