The Captains Chest - Naked Trading & Other Stuff

[dudest]

USDSEK and USDCAD playing out pattern already run on USDTRY ?

20160829 - usdtry - h1 - levels - leading.png

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20160829 - usdsek - h1 - levels - lagging.png

20160829 - usdcad - h1 - levels - lagging.png

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[dudest]

chart.jpg

[dudest]

Hmmm...

20160829 - eurgbp - h1 - master.png

20160829 - audchf - m15 - follow.png

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[Mathewslade]

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.






-CJ-

Thanks, CJ & Dudest. Much appreciated.

[jksynergyworks]

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, I was just thinking about the multiple TLs. Are they leading me to the main trend line? Or Is it going to start another BUMP?

[ikdenk]

USDSEK and USDCAD playing out pattern already run on USDTRY ?


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With a situation like this, do you trade usdcad and usdsek down to 61.8 / 73.6 (countertrend) or do you wait until it reaches 61.8 / 73.6 and trade with the trend or (maybe) do you do both, please?

[jksynergyworks]

Hi CJ,

Could I ask you another question? Which chart TL are drawn correctly?

160830 Gold D1.png

160830 Gold D1 (2).png

[fahedksa]

Hi Friends,
Attached my view for EURUSD , Take long position
-4H start Level 3 UP
-1H W first leg Yesterday > Consolidation > 2nd leg today test Yesterday Low + test 1st leg

What you think friends ?
Thanks

UPDATE:
I exit trade now on BE.

[dudest]

Hi Friends,
Attached my view for EURUSD , Take long position
-4H start Level 3 UP
-1H W first leg Yesterday > Consolidation > 2nd leg today test Yesterday Low + test 1st leg

What you think friends ?
Thanks

UPDATE:
I exit trade now on BE.

I think you are right, i.e. I think it has 1 more level up to go

Adding up on longs. If it is following earlier posted GBPUSD M30 route, it will bob around abit here (possibly to form an M) then continue up

If I'm wrong, will cut the losses and try gauge what the (new) structure is

Cheers

20160830 - eurusd - h4 - levels.png

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[dudest]

USDSEK and USDCAD playing out pattern already run on USDTRY ?

With a situation like this, do you trade usdcad and usdsek down to 61.8 / 73.6 (countertrend) or do you wait until it reaches 61.8 / 73.6 and trade with the trend or (maybe) do you do both, please?

Hi ik!

Usually both.

But mostly the one where I wait for price to retrace to 61.8 or 73.6 then enter

For counter-trend, only if some sort of topping action forms [ M, A-B-C, nice pinbar(s) ], and preferably at some nice S/R level (e.g an obvious D1 or H4 S/R)

Cheers