The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

USDCHF 3rd leg down to the low...another NY setup possibility.....

CJ

[swisscheese]

NZDJPY

The Lowprints are pushing higher.
Let's see what happen.
Edi

[Reaper]

Hey Captain, so I know you trade with the 3 push move which usually takes 3 days form.

My question is whats next, is there an ABC push in the opposite direction and then another 3 day cycle. OR is it a 3 push cycle followed by another 3 push cycle?

thank you sorry if that was poorly worded.

[Captain Jack]

I'll bite on the 2nd leg....

CJ

[Captain Jack]

Hey Captain, so I know you trade with the 3 push move which usually takes 3 days form.

My question is whats next, is there an ABC push in the opposite direction and then another 3 day cycle. OR is it a 3 push cycle followed by another 3 push cycle?

thank you sorry if that was poorly worded.

Don't confuse levels, which the 3 day cycle runs on....3 days or rise or 3 days of fall....

The 3 levels or price rise or fall occur within the sessions....the 3 push high or low also occur out of the Asian range....

There is usually a direction change after the 3 day cycle....hence mid-week reversals....

CJ

[Captain Jack]

AUDCAD looks heavy

1. a Break
2. a retest of the broeken level
3. then Enter short, not like me (alreade short)

Edi

I caught this one up on the "M" pattern.....holding on to it for awhile....

Actually, with NY coming, I'm taking it off the table... will reconsider later...might get a bounce here...

Looking to reverse and go long into NY....upon 2nd look....

Couple more looking like NY material

CJ

[Pueo]

CJ, I can see how we can save a lot of money by not using fixed stop losses. The challenge is what to do when you get caught the wrong way on a move that quickly goes outside your comfort zone. I figure that the answer is to hedge and then wait for a turning point. As one gets better at nailing high probability turning points then you can save on these losses. Is that what you do?

[Reaper]

Hey Captain, so I know you trade with the 3 push move which usually takes 3 days form.

My question is whats next, is there an ABC push in the opposite direction and then another 3 day cycle. OR is it a 3 push cycle followed by another 3 push cycle?

thank you sorry if that was poorly worded.

Don't confuse levels, which the 3 day cycle runs on....3 days or rise or 3 days of fall....

The 3 levels or price rise or fall occur within the sessions....the 3 push high or low also occur out of the Asian range....

There is usually a direction change after the 3 day cycle....hence mid-week reversals....

CJ

Okay thank you its just my terminology that is wrong. Days, Levels, Pushes. I think im getting it now. Ty

[swisscheese]

AUDCAD looks heavy

1. a Break
2. a retest of the broeken level
3. then Enter short, not like me (alreade short)

Edi

I caught this one up on the "M" pattern.....holding on to it for awhile....

CJ

CJ,
Could you show me such a M-Pattern-Chart for this Pair?
Thanks.

[Durante]

<snip>
.... as we're in the trending part of the month ....
</snip>

Hi Durante:

Can you expand on that? How do you define the trending part of a month?

Thanks
Mark

Traditionally the middle two weeks of the month are when the large gaining moves are made. I think CJ touched on this already. the first day of the week/ week of the month and month of the year often show false moves ie counter trend or opposite to the direction that the players ultimately have in mind. The last week is used for wide ranging swings. Special caution should be taken in weeks where major economic news announcements happen at an unusual time for instance NFP usually occurs on the first Friday after the month ends but when it doesn't you can be sure there will be extra large swings which cause margin calls to a lot of traders who are not careful.(don't ask me why they do that) This isn't set in stone of course but has a statistical probability of playing out. Hopefully CJ will expand more on this at some point and also correct me if he's known and different.