The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

Hi:

I was just looking at these 3 pairs CADJPY, CHFJPY, EURJPY on a 4H chart and they are all remarkably similar in appearance and also have the RRT pattern.

Is there anything in this with regards to fox prints.



Thanks
Mark

The fox has taken the day off here....JPY is being "held"..movement in the crosses, but for the most part flat. There is news due out later for the Yen....I expect the action in Asian and later....until then, it's just chop.

I do expect these pairs to drop when the action picks up, but it's just a guess.

If you compress compress the chart a bit, you will also see a basic 3 push to the high, where the longs are trapped and consolidation is taking place for later action. This si also called "testing patience". The Fox wants you to make a mistake as he keeps you waiting.

CJ

[Captain Jack]

Them GBP foxes are letting me down. Although they are the only ones that really got anything done today. What a poor effort. C- guys... I know you can do better.

Usually after 2 days movement in the same direction, there is a 3rd day of consolidation or chop which leads to the next move.

CJ

[Captain Jack]

Thought I would have some fun with this. My pure naked screen price action only nothing else. You can see things if you get the clutter out.

As you look at the patterns and candle formations of the chart, switch to the other time frames, both higher and lower and notice information that appears on the other time frames. Two D1 candles, which form the RRT pattern, hold 48 - H1 candles. Smaller time frames bring more detail, but also more noise. Larger time frames smooth the noise but become less detailed.

The patterns you see of the lower time frame will appear on the hgher time frame and the candles are formed. The lower time frame candles "build" the higher time frame candles.

CJ

[Captain Jack]

Now look at those pin bars and see what they did. Interesting. Hope I am catching on. If I am getting this right I see a 2nd visit to an area is a nice place to go with it.

If we're looking for W and M patterns which are RRT on a larger time frame, then my guess is this is pretty close to double top for the M and double bottom for the W - just a thought

Yes...another way to look at it when looking for major turning points. On smaller time frames, you can use them to scalp during slow times.

CJ

[Captain Jack]

CJ, you should brag about how you hit the subtle gbpusd short coming out of asia, flipped it at the bottom and then rode it back to consolidation here. Too subtle for this baby fox, I thought they'd rattle the cages harder. But I'm hoping we'll see it later in the weekly cycle.

Thanks for popping your head up around here. There is a quantum leap available for those that can grasp this. Seriously guys. READ this guys stuff and look at the pictures 1000 times if you have to. Then go run a year or more of charts per pair. Pure gold is an understatement.

Mike

You learn to take what you are given and not push it when there isn't anywhere to push it to. When they open the door to a run, I'll stack order after order and pin them right to the fox's ass. The faster he runs, the farther he carries my orders. Like I said, you can make as much from a 5 pip trades as a 50 pip trade or a 500 pip trade. It's how you put it on and what you expect from the trade.

You can't get married to a trade nor a set trading style, at least I can't. The fox changes it up and I'm learning to do it better every day. It's having the confidence to put the trade on and expecting to profit from every single one that helps. If I don't, I move to the next, where I will.

YEN pairs are picking up a bit....

CJ

[xrismak]

11-03-2013 17-04-23 EURJPY.png

I don't know BARF all that well. So will defer to the great one. But. We have a pretty good chance of testing WMR1 as there are lots of bulls long around the top of that candle in there. There are stuck bulls and weak shorts that sold into 126.00 that haven't been tested.

So either they have enough volume up top, that they just continue this leg down. We get to consume weak bulls. Or they will go up and take the stops at 126.00 before knocking this sucker back down. Right now they are just chopping and not showing their hand. They could drive it up and turn it around NY open. They could also leave us hanging for a day, and turn it later.

Two bits, but I am watching this pair, as I'd love an entry if they were to trap breakout traders above 126.00.

Mike

mjws00,

Yes you got it Right, the EURJPY and NZDJPY both tested the WMR1, I am closing my Positions and reverting to the BARF because I expect a Drop anytime Soon., I have a Feeling that if we use both the BARF and NB10.4 systems together and also Study the PINS re: CJ we will be singing with the PIPs all the time.

Happy Trading Y'all,
xrismak

[Captain Jack]

Hi CJ thanks for being patient with me/us here. I notice you made a killing on the EURGBP today. If you've got the time, could you talk us through with a chart and time frame your thinking and how you traded this pair today.

Hmmm...I told the world how I planed to trade this pair last Wednesday. Look for my "blueprint" on this page....compare the low of the last "W" to the actual low that was posted Friday, in that very pattern.

I haven't seen many comments of that "forecast" so I know people are not "seeing" yet....

I posted the chart on Wednesday and have followed that pattern with my trading. EURGBP is soon to go into a ranging, consolidation period, and a new plan is needed.

http://www.stevehopwoodforex.com/phpBB3 ... 2&start=30

Until I plot a new one, I'll take what's given.

CJ

[xrismak]

Now look at those pin bars and see what they did. Interesting. Hope I am catching on. If I am getting this right I see a 2nd visit to an area is a nice place to go with it.

Bob,
I am expecting an Indicator of some sort from you referencing this Pin Thinghy the way you have Illustrated what you have seen so far, I have a feeling it's probably in the Pipe Line Now, I was expecting you on this thread at some point so my Hunch is Right, welcome to part of the Future, CJ thanks to you we have Bob Lurking and waiting to Pounce.

Happy Trading Y'all,

xrismak

[Captain Jack]

Hi CJ,

Very interesting thread. I have looked at some of Steve Mauro's webinars/teachings & also Lance Beggs at YTC. But I like the way this thread is developing. It has taken me 2 days to read through so far & check & double-check every chart. SCARY!!! My head still hurts!

I will have to keep looking at these pins till I can't stop seeing them. Thanks for a thought provoking look at trading.

Cheers,
Mick

I'm familiar with their work as well as Martin Coles.

YTC is a good site to go to. Lots of free stuff worth reading and they have a newsletter you can sign up to receive. It's good info, especially if you are new to this stuff.

"SCARY turns up in my threads from time to time. It usually pops up when I start posting patterns before they show.

But again, we all know you can't predict where price is going to be at any given point in time. Or can you?

CJ

[Captain Jack]

11-03-2013 17-04-23 EURJPY.png

Mike

mjws00,

Yes you got it Right, the EURJPY and NZDJPY both tested the WMR1, I am closing my Positions and reverting to the BARF because I expect a Drop anytime Soon., I have a Feeling that if we use both the BARF and NB10.4 systems together and also Study the PINS re: CJ we will be singing with the PIPs all the time.

Happy Trading Y'all,
xrismak

Winner winner, chicken dinner! Bank 'em, thank 'em and move to the next!

CJ