The Captains Chest - Naked Trading & Other Stuff

[Occam]

Couple of long entries in the pins, have exited a bit early already though as it was Frankie... EJ entry was due to the RRT and consolidation to left on H1, and EU was W with pins at level 2 and BRN...

Very nice entry!
I'm waiting for this "c" also. I think Eur/Aud is printing H&S too.

Think that USD/CHF is finally on the way to go down hard.

Nice, went in the same trade about 10 pips later. Any ideas for targets?
Just took 1/3 of my position as profit.

On the EJ drunka? There's a level at 136 .60 but I would think that the ABC at 137.10 will get tested if it's a true straight away move from the low in level 1. And if true could be the start of the level 2 rise... very interested to watch this as it's the first time I've really seen this setup in action...

[Edit: oh maybe you mean USDCHF...I'll leave that to Wiznu!]

[drunka]

Just on the EJ, here's the H1 chart and the chart from page 124 of CJ's PDF (my favourite chart from the whole PDF). Rather similar don't you think? I would have stayed in my earlier trade if it wasn't a Frankie entry. I thought it was going to make a W rather than a straight away move...but straight away moves happen more often at level 1. Let's see how it pans out...
[Edit: there is also the possibility of an ABC short at level 1, but it looks like the C may be too wide from A and not have the right symmetry by the time PA gets there]

Always encouraging to see that other ppl have the same ideas. Look where I wrote my little W :hi:

[Wisznu]

I just went short on U/J.

M30 & H4

[Occam]

Always encouraging to see that other ppl have the same ideas. Look where I wrote my little W :hi:

Definitely Drunka, perfect spot! When I see RRTs at an area of interest, then I've immediately got an eye out for second leg to create a W ...

[Occam]

The GBP inflation hearing news was telegraphed. Check GJ M15...retest of old level 2 area with a W...and then a short while later...wooshka.

For those who are interested, the temporary level 1 short (L1S) I had marked on my M15 (after making a level 3 long) I now delete after a move like this as the level 2 long has held. Ok missed this trade due to faffing around so back to trading

[Wisznu]

Drunka, hope You are still in USD/CHF trade. I missed an entry to next level. Wanted to make more pips and failed At least I'm still short in U/J.

[BenSD]

Once you start to see it u cant unsee it anymore. seeing how this trap volume starts after a 3push peak is amazing. reading the thread from the web has been awesome when compared to the summarized PDF. although it may take you some time, but i tell you the truth slow and steady wins the raise one can go through the pdf after going through the website. Now am currently on page 60 on the website thread, and Mr CJ is saying something about 3day cycle and i pray i grab what he is trying to say. Thanks to CJ for letting his chest out at no cost may God reward you Amen. i read on the thread about CJ talking about his wife health i hope she is in a permanent and much better good condition now since then.

[BenSD]

Morning, I see this thread has been busy again. On the GBPUSD, its created a new high, its this a level 3 push or a stop run or even both?

Yesterdays GU move was an intraday trending move, also known as an intentional move. They can often be identified when they cut the London high and stay above it for more then 30 minutes. These moves usually won't reverse for three sessions or half way through the third session after the move started.

So you think it's going to rise for 2 more sessions?

I follow a 3 day cycle from the last peak low, which should bring us to a new peak high level 3 today....

Interesting as I see several GBP pair at the 3rd level from the last peak low...

CJ

Mon Capitaine,

How do you identify cycles? Weekly, Daily, 4H..
I guess then you trade 15 min TF (RTT, M,W, 3 level) in rythme with those cycles.

Merci

3 day cycles are 3 days or rise or 3 days of falling price.

CJ

Sir Occam did you see this post on the PDF?

[drunka]

Drunka, hope You are still in USD/CHF trade. I missed an entry to next level. Wanted to make more pips and failed At least I'm still short in U/J.

I hold the rest 2/3 of my position on the first pullback but got out after the second attempt, then had lunch and missed the rentry as well
Guess it was ok to get out on the double buttom but should have watched it more closely. When having lunch and expecting a move, better have my mobile Empty4 ready...
On the other hand I wasn't sure to stay in the trade while the retail sales news anyway.

How do you guys handle news?

When trading purely on H4 I don't really care, especially when my position is away from the entry point but on M15 a 40-100 pip move + spread widening can hit my security SL, even if far away.

[Occam]

So you think it's going to rise for 2 more sessions? I follow a 3 day cycle from the last peak low, which should bring us to a new peak high level 3 today.... Interesting as I see several GBP pair at the 3rd level from the last peak low...
CJ

Mon Capitaine,
How do you identify cycles? Weekly, Daily, 4H..
I guess then you trade 15 min TF (RTT, M,W, 3 level) in rythme with those cycles.
Merci

3 day cycles are 3 days or rise or 3 days of falling price.
CJ

Sir Occam did you see this post on the PDF?

Hey Ben

Thanks for the "Sir" moniker Ben but I'm a long way from deserving that lol !

I don't believe that specific post is in the PDF but there are quite a few references to the 3-5 day, 3 level cycle with 3 pushes per level. There are a lot of CJ's posts not in the PDF and so it's definitely worth going through them all and the one below (and the following few posts at the time), which I think came after the PDF was completed, I believe best summarises his basic, fundamental premise (it has simple explanation and a good chart)...everything flows from this...

http://www.stevehopwoodforex.com/phpBB3 ... 578#p79578

Once you can see and understand that premise and then by definition understand where PA is in regards the levels, then you can understand which way you should be trading, or if a W or M trade is just a counter trend scalp or short term trade, before PA turns back the main trade direction of the last peak high or low at HOD or LOD...