The Captains Chest - Naked Trading & Other Stuff

Post by **drunka** » Fri Jul 10, 2015 7:32 am

GOLD
potential ABC

Occam · Post by **Occam** » Fri Jul 10, 2015 9:19 am

Occam » Fri Jul 10, 2015 11:57 am wrote:
websie » Fri Jul 10, 2015 3:42 am wrote:GBPUSD H4 I am not sure if I've got the levels right, ie it looks like it's a W forming on the H1 but I couldn't see the levels properly on there so looked at H4, is where I've put the SH actually a SH or is that a level? which would make where price is now the 2nd leg of the W.
Yep that's how I've got the levels at the moment and and agree where you labelled the stop hunt is not a level and is just the end of the 1st push and start of the 2nd push on this TF (foxy hunts stops in pauses between pushes). The question is is that the real level 3 or is there another push as we have only had 2 pushes on this HTF? It has made a W and is in approximately the right area at a flip zone (minor rather than major) if you look to the left of the chart around the 8 June and prior. But I wouldn't be surprised to see a 3rd push short on the H4 TF sometime to make a deeper level 3. That's my 2 cents worth!

Well my ideas there were worth exactly 2 cents! Only 2 pushes on H4 to level 3 and it's taken off long! I'm definitely a 1st year apprentice!

Good call websie!

BenSD · Post by **BenSD** » Fri Jul 10, 2015 9:40 am

Occam » Fri Jul 10, 2015 4:39 am wrote:
BenSD » Fri Jul 10, 2015 1:37 am wrote:Hello Guys Please can someone whom has succeeded in mastering The Captains Chest method of naked trading Help Newbies like my self and any other to make a video for this trading style, I and many others will be grateful possibly over the week ends, as this will allow us (me) to learn faster why we still have alot of time to practice
Thanks Bosses
I'm not a master by any stretch of the imagination (maybe an apprentice) but I can tell you about my experience with learning CJs methods and grasping the pushes levels which may help. I'm lucky in that I'm familiar with Wyckoff which is all about trading at the edges which is also what CJ is all about (except Wyckoff didn't address pushes/levels in CJs manner - CJ filled in a big blank for me with these). I found this thread about 4 weeks ago and read the PDF and probably absorbed about 15% if that (of course I thought I had absorbed far more). I tried drawing levels/pushes and failed miserably when trying to draw them live and so ignored them (yep foxy can trick things up making them hard to see/understand) and tried to concentrate on Ws and Ms. Fatal mistake. Whowoodathunk counting to 3 was so difficult!

The next weekend I read the PDF again and probably absorbed another 10% maximum, realised I gotta get to grips with the pushes and levels. For some reason the chart on page 124 of the PDF really helped (see the level 1 rise, the range, a SH in middle of the range, the range expansion and false break short with W to resume true trend) and further charts on pages 130, 107, 105 and other charts in the thread. I looked at every chart I could find about levels in the thread inc Kwanann's and then watched the charts live for another week and struggled again.

I read the PDF again the following weekend (always half Saturday, half Sunday) probably absorbed another 10%, backtested some charts and then drew levels again the next week and asked a question and had an aha moment (realised the difference between a level and a SH and that the 3push and 3 day/3 level cycle is A GUIDE, not set in stone!). Also for me I find it easier to mark/draw the level immediately when push 3 has occurred and then look to expect a range or PB or SH and adjust the level if necessary (if a 4th push is made). So I mark the level at the tops immediately after push 3 when long or at the bottom when short which is slightly different to CJ (he puts it at the pullback) but it's the same level being identified - whatever works. Then I began to see the stop hunts and also see PA push behavior differences between trending and ranging (when ranging just mark the range and look for Ms and Ws at the range edges, ideally with a 3rd push on the day or HOD/LOD).

Another weekend, read the PDF again - 10%...you know the drill. Another week drawing levels live I put some charts up in the thread to see if I was identifying them correctly and Sympathy confirmed or pointed out the problem. Then I realised that if a level isn't easily identifiable on H1 or levels are close to together or I've got 2 levels on 1 day (shouldn't happen) then most likely one of them is incorrect (invariably what I thought was level 3 is really only level 2).

And the last couple of weeks the Monday gaps also threw me out a bit. But then I found treating the gap as big stop hunt (and in the PDF CJ also says treat the gap as a reset) and looking at H4 after the gap showed which way the levels should be headed. And I also realised that ideally the best Ms and Ws for me seem to occur at prior consolidation/demand/supply zones/flip zones. So that's where I look for them. So just say I've made a push 3 long to make a Level 2....PA starts retracing (pushing) back down, I'm then identifying the possible prior consolidation/demand/supply zones to get get an W (ideally after 3 short pushes) to trade back long to the marked level 2 and hopefully continue further to level 3. And that's what Ws and Ms at the edges is all about.

And that's how I've got to here. As websie said, once you see it, it's difficult to unsee. Now I cannot unsee that chart on page 124. And inbetween I can recommend reviewing all of Dudests, ADPs and Sympathy's charts. I went back on looked at their trades on the charts to see the levels and why they took those trades. I'm not sure there is a subsititute for this and I'm not sure video will help as it's back testing. The only way to really 'see' it so it can't be 'unseen' is to forward test it, just draw your best guess and see what happens and throw up a chart in thread if you have a question. I'm learning by throwing my charts up.

So it takes time for a mind to see and absorb this stuff (at least for a tiny mind like mine) and while backtesting is ok there is no substitute for forward testing to turn the light on, just keep drawing levels and see what happens.

Sorry that's a bit longwinded but that's how I'm finally starting to 'see' the pushes and levels. And this weekend I'm reading the PDF again, maybe absorb another 10% if I'm lucky. It's my Bible.

[Edit: and check how sympathy called the move on the CADJPY and other H4 pairs this week. His first CJ trade was a tad early for the perfect entry as it turned out but he knows where it's going. It made a W and then an ABC pattern as suggested. Look at the D1 to see where the bounce occurred. Watch sympathy's charts when he puts up charts with HTF levels and see them play out over time, there's learning gold there, better than any video!...]

Thanks a lot for your good advice i think am currently going through what you have under gone i have only embrased the M n W patterns and by the grace of God i will get through the push, level. SH and Cycles. If i may ask what does CJ mean when he said WTF on the Pics that i have attached.
Once again thanks to the Moderator(steve) CJ for sharing his thought about the market, Sympathy, Occam and all other great traders of this forum whos names where not mentioned. i feel honored to be among you guy

websie · Post by **websie** » Fri Jul 10, 2015 9:55 am

BenSD » Fri Jul 10, 2015 9:40 am wrote:
Thanks a lot for your good advice i think am currently going through what you have under gone i have only embrased the M n W patterns and by the grace of God i will get through the push, level. SH and Cycles. If i may ask what does CJ mean when he said WTF on the Pics that i have attached.
Once again thanks to the Moderator(steve) CJ for sharing his thought about the market, Sympathy, Occam and all other great traders of this forum whos names where not mentioned. i feel honored to be among you guy

ahem, er I think you will find that WTF is exactly that, an acronym for What The F.....!

Post by **dydynamic** » Fri Jul 10, 2015 10:06 am

This 3 level cycle is not so easy to grasp and is quite random and the gaps being thrown in makes everything even more precarious.
I guess if you dont understand this levels and pushes one is as good as dead in forex. :youknow: :youknow:

Post by **dydynamic** » Fri Jul 10, 2015 10:29 am

What I am beginning to realize

is that you should only enter at peak high and peak low that is levels 1 and levels 3, level 2 is totally unpredictable and can go anywhere.

Post by **dydynamic** » Fri Jul 10, 2015 10:59 am

how do you count the levels of pairs that have been falling or rising for more than a week plus gaps thrown in to cause more confusion? :youknow:

Occam · Post by **Occam** » Fri Jul 10, 2015 11:19 am

dydynamic » Fri Jul 10, 2015 8:06 pm wrote:This 3 level cycle is not so easy to grasp and is quite random and the gaps being thrown in makes everything even more precarious.
I guess if you dont understand this levels and pushes one is as good as dead in forex. :youknow: :youknow:

Hi dydynamic. Yep it takes a while to see, sometimes I dont see and I just move to another pair if it's confusing me. Try treating the gaps as a stop hunt (ie it's not a level, I basically pretend it's not on the chart). See this EU H4 chart. A big gap that then shoots up on retests level 1. The retest confirms level 1 and then just resume the level count looking for level 3 as we already have level 2.

Post by **dydynamic** » Fri Jul 10, 2015 11:42 am

Hi Occam,
is it easier to see levels on 4HR chart or 1HR chart as levels on both are not the same, which of them is more reliable, 4H or 1HR?

:youknow:

Edit: I just checked Eurusd on 1hr chart and it looks similar to your 4hr chart, when the market is ranging or falling or rising rapidly with little or no consolidation, how do you count levels and pushes.
Master Sympathy, please add to this conversation.

Post by **szfxtrader** » Fri Jul 10, 2015 12:03 pm

Is EURAUD forming the M?