The Captains Chest - Naked Trading & Other Stuff

Post by **TraderJoeForex** » Sun Oct 15, 2017 4:20 pm

jimbob1406 » Sun Oct 15, 2017 2:15 pm wrote:What do you think? ENzd

Both look good to me..

Just remember there might be SH up on both before the level breaks...

Post by **TraderJoeForex** » Mon Oct 16, 2017 2:03 pm

Steep learning curve over the weekend. I may still be off the mark but I have edited my last 3 posts to show a neater chart for what I see now for GU, UC and GC. Will leave these to see how they play out and check back in later this week.

What I am thinking is it would be helpful to have a set a "rules" to go alongside this A-K pattern because although the information is already provided it is not all in one place. And drawing this pattern at first appears to be somewhat subjective but I think if we are clear on the rules that should not be the case.

What I am going to attempt once I have this nailed down is to clarify what these rules might be and post them so that those smarter than me can check and/or try and disprove and if this can result in a set of instructions that can be applied to each drawing that cannot be disproven then I think that may be helpful?

Post by **TraderJoeForex** » Mon Oct 16, 2017 3:12 pm

I'll start with my definition of this A-K formation and reason for learning it:

This formation is the pattern price action makes hitting major support/resistance (which should be at a previous area of interest), retracing to find previous resistance/support which is then tested and either breaks or holds and is tested again as the formation completes. This whole process represents what CJ calls the formation of a level.

Trading away from peak high/low each level will hold until one breaks and then we have a reversal.
Trading towards previous peak high/low each level will hold until one breaks and then we have a reset.
Peak High/low on a higher timeframe is just part of bigger support/resistance being tested and this can also be broken!

Since price is driven with intent the pattern that is made as the formation develops gives a clue which way it will complete and this information can be combined with a level count on current AND higher timeframes.

Entering a trade around D provides the lowest risk/greatest reward.

Post by **rozmer** » Mon Oct 16, 2017 7:25 pm

jimbob1406 » Sun Oct 15, 2017 4:15 pm wrote:What do you think? ENzd

Hi Jimbob
Yes your chart look good.I am also in on this one,we both may be wrong -(its forex) ,but the PH was reached,
after 3 levels.So now we should go down.
Regards
Rozmer

jimbob1406 · Post by **jimbob1406** » Mon Oct 16, 2017 9:43 pm

rozmer » 16 Oct 2017 14:25 wrote: Hi Jimbob
Yes your chart look good.I am also in on this one,we both may be wrong -(its forex) ,but the PH was reached,
after 3 levels.So now we should go down.
Regards
Rozmer

Thx for comments Rozmer and TJF

Post by **rewand** » Tue Oct 17, 2017 12:56 pm

Guys, I do not usually, but I did screw up things on the GU pair.
Anyone has an idea what is going on with that pair? Can the first dip on 12th october considered a SH? This is the idea I am struggling with. If yes, then we are 2nd day down. But I am not sure how to interpret that one.

Post by **rozmer** » Tue Oct 17, 2017 1:50 pm

rewand » Tue Oct 17, 2017 2:56 pm wrote:Guys, I do not usually, but I did screw up things on the GU pair.
Anyone has an idea what is going on with that pair? Can the first dip on 12th october considered a SH? This is the idea I am struggling with. If yes, then we are 2nd day down. But I am not sure how to interpret that one.

Hi Rewand
On the 4h chart we now going down with the second leg building down.
Again just my observation could be wrong.
As always it stays FOREX!
Regards
Rozmer

Post by **rewand** » Tue Oct 17, 2017 2:01 pm

rozmer » Tue Oct 17, 2017 1:50 pm wrote: Hi Rewand
On the 4h chart we now going down with the second leg building down.
Again just my observation could be wrong.
As always it stays FOREX!
Regards
Rozmer

Do you mind attaching the chart with what you see?
Thanks!

Post by **rozmer** » Tue Oct 17, 2017 2:26 pm

rewand » Tue Oct 17, 2017 4:01 pm wrote: Do you mind attaching the chart with what you see?
Thanks!

Will put up chart in about 1 hour,on my way home .
regards
Rozmer

Post by **rozmer** » Tue Oct 17, 2017 3:12 pm

rozmer » Tue Oct 17, 2017 4:26 pm wrote: Will put up chart in about 1 hour,on my way home .
regards
Rozmer

hI Rewand
This is what i see
The red line were level2 was build ,was invalidated by the push up past the redline to 2a.
Therefore we start again with the second push downwards.
Hope this helps?
Rozmer