Ash's NT Journal

[ash.invest]

Folks,

Just read through CJ's thread and as someone said, being an academician doesn't help. What helps is getting down in the chart, applying your knowledge and trading. So I am writing this to start my trading journal on Naked Trading. I will provide my rational and welcome any comments.

I am just starting off with Naked Trading and the related concepts. Empty4 is not an easy platform and thus it doesn't help with identifying setups nor with marking setups. I will start slow and then add on.

On my first scan - I was just so confused with the charts and where to look at. Took a lead from pips400 who posted EURCAD today with a long bias. Based on my analysis, I think it is in the 2nd phase - moving from Level 1 to Level 2 on the short side.

EURCAD:
D1 View: Long Term View downtrend

EURCAD-D1.png

H4 View: Currently in Phase 2 going from Level 1 to Level 2

EURCAD-H4.png

15M View: Currently in Asian Range. Placed a sell above at support and 18 pips above Asian range

EURCAD-15M.png

Placed a sell limit based on the fact that it should resume it's Phase 2 drop. The drop should either continue to be the same length as the previous drop or atleast come down to 1.4100 Whole number.

Comments/Suggestions welcome.

[ash.invest]

EURGBP Analysis:
=============
Monthly: Downturn, At the monthly support, should expect a bounce: Bias: Long

EURGBP-MM.png

Weekly: Downturn but almost nearing the downturn line, Bias: Short

EURGBP-Wk.png

Daily: Q: Is this Level 1 of the downturn ? If yes, then Bias: Short - I dont know

EURGBP-D1.png

H4: Clearly see 3 pushes down over 3 days, now in a range, Bias: Long

EURGBP-H4.png

H1: Possible M even though it is extended ? Can I take entry to the short ?

EURGBP-H1.png

I am inclined to take a short entry on the H1, ride it to the bottom of the H4 accumulation/distrib range and then ride the wave back to the top (H4 is long) and probably it might be a breakout.

Thoughts / Suggestions ?

Update on the trade. I shorted the pair as I suggested and it resulted in a PT.

H1: Hit PT at the bottom of the range, went all the way to the stop hunt (or extended range) and now back in the range.

EURGBP-H1-1.png

H1: M turning into W. Now looking for a retest of low of range for 2nd leg of W. I will take this long to the top of the range.

EURGBP-H1-2.png

[dudest]

Hi Ash,

To make it easier, maybe analyse only the M15 and H1 ( or H1 and H4, whichever you 'see' better )

You may correctly analyse the Monthly chart...but that will take MONTHS to play out (thus super-extending your learning curve)

[ash.invest]

Hi Ash,

To make it easier, maybe analyse only the M15 and H1 ( or H1 and H4, whichever you 'see' better )

You may correctly analyse the Monthly chart...but that will take MONTHS to play out (thus super-extending your learning curve)

Thanks dudest. I will follow your suggestion.

[pips400]

Hi Ash

The EURCAD is a good illustration of price in action, and the difficulties involved. I used to trade with limit orders at those pins but that's a hard game to play because often you end up in recovery mode stacking a losing position. I know it's not naked trading but I wrote an indicator (the arrows on the chart) to help me not make premature entries which is for a lot of traders a real struggle me included. So my hindsight review is 1. the latest signal is down and we did expect price to reach previous support thereby forming the second part of the W, and it's here that we still don't know which way will go, we have bias but we wait, and at 2. there is a bounce but at 3. there is a break AND close below support, this is a good place to make an entry if you were watching the chart at the time. Next point of interest for me is the support lower down and we repeat the process all over again.

Keep up the good work

EURCAD H1 30 Oct 14.PNG