The Captains Chest - Naked Trading & Other Stuff

dudest · Post by **dudest** » Sat Aug 27, 2016 7:09 pm

dudest » Tue Aug 23, 2016 1:47 pm wrote:Same old tricks regardless of instrument

.

Have gotten queries asking about USOIL, and Coffee and FRA40 index posts (which broker?)

Those are from HotForex Empty4 ( my regular forex ones are from Global Prime )

( Using HotForex for PAMM)

Mathewslade · Post by **Mathewslade** » Sun Aug 28, 2016 2:11 pm

Hello, Dudest,

Thanks for taking the time to reply.

I've attached a screenshot - I know this example is extreme circumstances with the JH news announcement, but when counting a three day cycle from a peak high, the 'M' pattern formed but the stop hunt / spike (which I've arrowed) broke through and reset the peak high. Would you just call this a stop hunt and not consider it as a peak high reset? Meaning I level count from the 'M' and not the new high set by the SH wick?

Thanks again.

Post by **waza** » Mon Aug 29, 2016 9:10 am

yeah dudest mate it's really nice of you to post your charts and help people, wish you were a mod in the premium service.

Captain Jack · Post by **Captain Jack** » Mon Aug 29, 2016 2:57 pm

Mathewslade » Sun Aug 28, 2016 10:11 am wrote:Hello, Dudest,

Thanks for taking the time to reply.

I've attached a screenshot - I know this example is extreme circumstances with the JH news announcement, but when counting a three day cycle from a peak high, the 'M' pattern formed but the stop hunt / spike (which I've arrowed) broke through and reset the peak high. Would you just call this a stop hunt and not consider it as a peak high reset? Meaning I level count from the 'M' and not the new high set by the SH wick?

Thanks again.

The pin is nothing more than a lie to trap people into trades going the wrong way. When drawing trend lines, use the candle body and not the wicks. Wicks are areas created by spread widening and price manipulation and are used to create FALSE areas of S/R. Peak high remains at the M, with the last CLOSED high. You can go all the way down to the 5M chart and see there is no price close above the previous closed high.

When in doubt, use a line chart.

2016-08-29_10-39-26.jpg

2016-08-29_11-02-06.jpg

-CJ-

jksynergyworks · Post by **jksynergyworks** » Mon Aug 29, 2016 3:38 pm

Hi CJ,

Is it possible to see if I have drawn the TLs correctly? I am not sure if the trend has changed after the brexit, a special event.

160829 GBPSGD D1.png

Captain Jack · Post by **Captain Jack** » Mon Aug 29, 2016 4:08 pm

jksynergyworks » Mon Aug 29, 2016 11:38 am wrote:Hi CJ,

Is it possible to see if I have drawn the TLs correctly? I am not sure if the trend has changed after the brexit, a special event.

There are many trend lines on a chart... these (red) indicate a steepening of the trend, which is still down in the long term. Until price breaks ALL of those trend lines, the direction is still down, but trades and be taken both ways due to retests of the previous trend lines.

-CJ-

dudest · Post by **dudest** » Mon Aug 29, 2016 5:26 pm

Mathewslade » Sun Aug 28, 2016 5:11 pm wrote:Hello, Dudest,

Thanks for taking the time to reply.

I've attached a screenshot - I know this example is extreme circumstances with the JH news announcement, but when counting a three day cycle from a peak high, the 'M' pattern formed but the stop hunt / spike (which I've arrowed) broke through and reset the peak high. Would you just call this a stop hunt and not consider it as a peak high reset? Meaning I level count from the 'M' and not the new high set by the SH wick?

Thanks again.

Hallo Matt,

Thanks to Sensei CJ for answering your query

True dat about that pin. The close is what's important.

I've seen a couple of A-B-Cs where the C is a sick!, wicked! pin ( just like this one ) but always closing at the same level as the A.
Peak low remains the B ( just like peak high here remains the 'M' )

Cheers

20160829 - gbpusd - h1 - levels.png

.

dudest · Post by **dudest** » Mon Aug 29, 2016 5:38 pm

GBPUSD

Have just zoomed out on the chart, and lookey here

That 'C' is a nice confluence zone to go SHORT ( IMHO )

20160829 - gbpusd - h1 - levels.png

20160829 - gbpusd - h1 - levels - abc.png

.

dudest · Post by **dudest** » Mon Aug 29, 2016 5:51 pm

20160829 - usdsek - h1 - W and M - shorts.png

.

jksynergyworks · Post by **jksynergyworks** » Mon Aug 29, 2016 6:08 pm

Captain Jack » Tue Aug 30, 2016 12:08 am wrote:
jksynergyworks » Mon Aug 29, 2016 11:38 am wrote:Hi CJ,

Is it possible to see if I have drawn the TLs correctly? I am not sure if the trend has changed after the brexit, a special event.

There are many trend lines on a chart... these (red) indicate a steepening of the trend, which is still down in the long term. Until price breaks ALL of those trend lines, the direction is still down, but trades and be taken both ways due to retests of the previous trend lines.

-CJ-

Hi CJ, thanks for your reply. I didn't know that there are so many trend lines in one time frame.