The Captains Chest - Naked Trading & Other Stuff

[Yigrashill]

Hi Guys,

Since this is my first post, I'll introduce myself briefly. I've been a lurker here for quite a long time - reading and studying forex in my spare time. Recently I've decided to quit my day job and start trading real. I've been demo trading for the last six months and currently this week is my second week of live trading.

I'm writing because I'm a bit puzzled with what happened today on GBP pairs. Can you guys please share your insights (apart from it's a market-maker driven move).

My interpretation is that the intention of this massive spike was to hit stop losses for anyone holding short position. Then price went down because there was no liquidity to support it up there?

Cheers

I think that there is no such thing as a good support, on each level can be pierced like a balloon pierced with a needle, so we can not talk about the support or resistance.These are the levels where a lot of new business comes into the market, and part of transaction it is closed there, they are artificially created levels.

I do not have all the methods, but I think that this needle was used to catch the SL and open positions waiting long. That the after opening can be held in the other direction too SL this long. So people think it is good time to sell more.

Cheers :hi:

[ncoyte]

AUDUSD

[michosz]

I forgot remove TP

[sukui]

Nice aim Ncoyte, I hope you achive and we can learn from you )
Go-Go!!

On a mission to raising a $100 account to $4000 in 5 weeks using 0.01 lot.

[Gertje]

I'm writing because I'm a bit puzzled with what happened today on GBP pairs. Can you guys please share your insights (apart from it's a market-maker driven move).

My interpretation is that the intention of this massive spike was to hit stop losses for anyone holding short position. Then price went down because there was no liquidity to support it up there?

Cheers

Maybe they wanted to remove all weak pending-longs by;
- trigger these with a move up,
- make them close due to SL with a move down,
- making a huge spike in the process,
- going north without the 'drag' of all those weak longs.

[waza]

nycote i see all your charts are 1hr do you go down to 15min to trade? or stay on the 1hr.

Also guys any tips on how to be more patient that's my biggest problem.

[ncoyte]

nycote i see all your charts are 1hr do you go down to 15min to trade? or stay on the 1hr.

Also guys any tips on how to be more patient that's my biggest problem.

No, i do not go down to M15, i stay on the H1 to have an optimum overview of the circle movement. Patience is very important in making decision, based on Naked Trading. Circle completions takes time to ripe up, when it is nicely setup, you can ride it for days and weeks. This is why H1 is the best place to ride the market for the entire week. H4 is pretty good too, but for a longer term movement.

Getting the actual view of the Circle movement, you will have to switch in between H1 and H4 to take your readings.

[xrismak]

Bobby T,

My Gizmos are 75% Scripted, but I still Trade Naked ..... 'cause it makes me Consistently Consistent.

What's Jiggy ...NZD-USD 07-06-16.png

Happy Trading Y'all,
xrismak

Good work as always Xrismak.

For those not in the know Xrismak is OG in this thread and picked it up from the get go.

Xrismak, could never work out why you left to other systems though. This stuff is pretty easy one you realise the true simplicity of it. Though I can understand the allure of mechanical systems (for me its a psychological thing rather than a system efficiency one)

Did you end up getting your toys you mentioned some time ago coded in mql4? Is that your 'gizmos' you mentioned or are they still in whatever language they were in?

[Yigrashill]

Fox will be angry [*] :hi:

USDCADH1 new 3 days.png

[Zoltr1x]

Fox will be angry [*] :hi:

Be careful with this trade, it should go up but man it doesn't "feel" good when ya look at that chart.