The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

and here is me taking NU a swing before CJ

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You catch it right, you can usually count on 50 pips easy....off the bottom....or 50% from the high to the low....Fox likes fibo's....

CJ

[mjws00]

The story of the flea and the fox. You are rockin this thread hard, CJ. Nice.

Sometimes that old fox plays rough. Here is a laugh ya'll.

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[Kruspe]

Yep, it´s EG.. I see what you wrote.. it does make sense ... I know, it would be choppy now and not so pretty as I draw.. I just wanted to know you agree it will rise then ... what price would be the best to enter the trade ? .86 or some buy stops at lower levels ? Thx CJ

[Captain Jack]

Yep, it´s EG.. I see what you wrote.. it does make sense ... I know, it would be choppy now and not so pretty as I draw.. I just wanted to know you agree it will rise then ... what price would be the best to enter the trade ? .86 or some buy stops at lower levels ? Thx CJ

They may throw another low pin later during the stop hunt to pull some shorts in.. I've got 3 orders in now, as low as could get them....

You won't get all of the pin low because they will spread price....

Like I said, level 3 is usually not normal action, but expect a pin high above range, then a pin low...maybe a "W" or a straight run if no stop hunt....

CJ

[Captain Jack]

Thanks, I really appreciate you approach.. it´s great my friend

YW

CJ

[f451]

Mike, thanks for that - seeing the (almost) mistakes can often be as valuable or more so than the perfect trades

CJ - not only weren't you kidding on your quip about not using all of your available margin, I am super impressed that you actually invite margin calls to bump up your equity. Nice work, sir!

And a question - do you use limit orders to get a good entry on the second leg of a M or W, and if not, why not?

[Captain Jack]

Mike, thanks for that - seeing the (almost) mistakes can often be as valuable or more so than the perfect trades

CJ - not only weren't you kidding on your quip about not using all of your available margin, I am super impressed that you actually invite margin calls to bump up your equity. Nice work, sir!

And a question - do you use limit orders to get a good entry on the second leg of a M or W, and if not, why not?

The only time I use limit orders is when I'm looking for that "M" or "W" top...I'll put an order in going with price to the top or bottom, a TP level at the top or bottom , and then a limit buy or sell where I think the leg will pin. I just did that on the EURNZD pair that we were expecting to pin on top of the "M" 2nd leg....my TP was just hit....but I don't know if they will pin the price high to hit my sell limit...if not, I fire an order out....

Most of the time I trade, it's market orders that I place....

CJ

[Captain Jack]

So, I'm hearing that the risk to reward ratio for this trade doesn't put it in the most desirable categories..

Trades are there for the taking....should have got in earlier and for more but there's beer money for the weekend!

CJ

[Captain Jack]

Stops hit high and low on USDJPY - might be a mover tonight....

CJ

[Captain Jack]

Set of RRT to the low but not a lower low....

CJ