The Captains Chest - Naked Trading & Other Stuff

Post by **TraderJoeForex** » Wed Oct 11, 2017 11:46 am

Just got back into XAUUSD based on M5 complete formation breakout and H1 formation continuation from yesterday...

Post by **TraderJoeForex** » Wed Oct 11, 2017 12:44 pm

Nice to compare USDCAD now to the image I posted on Monday

MikeB · Post by **MikeB** » Wed Oct 11, 2017 1:21 pm

First trade back in the A-K game.

Post by **TraderJoeForex** » Wed Oct 11, 2017 1:33 pm

MikeB » Wed Oct 11, 2017 1:21 pm wrote:First trade back in the A-K game.

Great.. and looks like a good entry. I think we may only be at F though. Your trade is good either way.

Post by **TraderJoeForex** » Wed Oct 11, 2017 1:57 pm

Here's what I see on W1.. will it reach F before Christmas?

MikeB · Post by **MikeB** » Wed Oct 11, 2017 2:12 pm

TraderJoeForex » Wed Oct 11, 2017 7:33 am wrote:
Great.. and looks like a good entry. I think we may only be at F though. Your trade is good either way.

You're probably right TJF. You can also look at it this way and still be in good shape....as long as you're trading in the middle of the pattern.

MikeB · Post by **MikeB** » Wed Oct 11, 2017 2:20 pm

TraderJoeForex » Wed Oct 11, 2017 7:57 am wrote:Here's what I see on W1.. will it reach F before Christmas?

haha, you can trade that one for a while. I haven't figured out how to tame the drawdown on those big timeframes. I wonder how many more 1hr and 4hr A-K's will show up within that weekly pattern?

Post by **TraderJoeForex** » Wed Oct 11, 2017 2:50 pm

MikeB » Wed Oct 11, 2017 2:20 pm wrote:
haha, you can trade that one for a while. I haven't figured out how to tame the drawdown on those big timeframes. I wonder how many more 1hr and 4hr A-K's will show up within that weekly pattern?

Absolutely in bite size pieces right. I will only trade short on this pair from now until then.

I am watching this on M5 right now and I think we are too early on the shorts. I've closed mine for a small profit. I have a feeling we have not quite reached F on H1 and price may soon break higher to reach that point so be careful with your tight stops...

I will re enter when I am sure.

MikeB · Post by **MikeB** » Wed Oct 11, 2017 3:42 pm

TraderJoeForex » Wed Oct 11, 2017 8:50 am wrote:
Absolutely in bite size pieces right. I will only trade short on this pair from now until then.

I am watching this on M5 right now and I think we are too early on the shorts. I've closed mine for a small profit. I have a feeling we have not quite reached F on H1 and price may soon break higher to reach that point so be careful with your tight stops...

I will re enter when I am sure.

You're right about that move. When I traded this pattern before I didn't use sl's and It seemed I was always early on the entry. I'd just add positions all the way to the turn. Normally it's not too crazy of an extension on 1hr and 4hr as long as you're right on the pattern.

Post by **TraderJoeForex** » Wed Oct 11, 2017 3:57 pm

MikeB » Wed Oct 11, 2017 3:54 pm wrote: The fox has a tendency to set a few traps before the real move. 3 fake pins/rrt's before every turn.