The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

Hello Everyone,

New hunter on board!
I found this treasure chest on Thursday, I've read all the 82 pages and finally I'm ready to write my first post.
I'd like to say a big THANK YOU, especially for CJ, the most active forum members and those who have written helpful summaries! Now it seems so evident for me that THIS is the right way to trade. I hope there'll be a day when I'll see the the charts the way as CJ does.
Because of my full time work I'll focus on D1 (and sometimes H4) charts.
Here are a few of my first ideas, I hope some of you will have time to write a short review about them, I'd really appriciate it!

Take care,
Greg

Hi Greg....82 pages is a lot to digest all at once.

As for the charts, I think you have the directions correct but you may want to take a look at them on the H4 charts as well.

AUDCAD is showing a stop hunt just occurred. Stops hit high then stops hit low....movement due....I have a small LONG position here...

NZDUSD is somewhat harder to trade as it tends to have a lot of pins, both high and low on the candles. Same advice for it, check the H4 and you will see a possible RRT pattern forming. NZDUSD doesn't always drop after a 2 candle RRT pattern, look at it's past action. They will hold it at a level to build positions at times before making the move...I'd still try to get my order up in those pins though if I were looking to short it. I'm SHORT here per my H4 chart that was posted earlier in the thread.

Additional advice would be to look at the weekly and monthly charts to help determine the cycle and level when trading the D1's....

CJ

[monkeh]

Jack,

if you dont mind and when ever you'd have a spare minute, do you think you could post up unsuccessful trades you've taken? with some commentaries behind it?
i think it would help a lot to all beginners to know that the thinking and set up was valid, but it just didnt play out, instead of just pulling hairs off and giving up because of it :]]
thanking you!

[Captain Jack]

Jack,

if you dont mind and when ever you'd have a spare minute, do you think you could post up unsuccessful trades you've taken? with some commentaries behind it?
i think it would help a lot to all beginners to know that the thinking and set up was valid, but it just didnt play out, instead of just pulling hairs off and giving up because of it :]]
thanking you!

When I get some time, I'll dig some up....might help....

Actually, we were following a larger "M" pattern on the EURNZD pair the other day. I took a LONG trade up to the pin area and closed it for a profit. I set a SELL limit order, priced moved to within a pip or triggering the SELL and backed away. I entered a SELL order as close to my limit order as possible.

Price dropped away and trade was entering profit when price reversed, stopped my SHORT out and moved higher. Would consider this trade over and "failed" - took a small loss....

BUT, when price moved 25-35 pips higher and pinned, I entered a new position....which proved valid and added orders as price dropped away....

This is one way they mix up a pattern to get people out of their trades...it turned out well, but it did get me out of my original position...

CJ

[Kruspe]

Hi guys,

I´ve got a one little bit silly question.. how to setup autosession indi correctly (everytime I fight with gmt, daylight saving etc - Just wanna be sure )... pls check my screen, It is US Cowboy IBFX, gmt 0

[Pueo]

Steve Mauro's stuff was always out of my price range while I was 'educating" myself. I've always wondered if it was worth it. Have you attended his seminars Pueo? I believe he also has a monthly service you sign up for. Perhaps one day, I'll get a chance to attend one of his presentations. I'd be interested in hearing what his thoughts are as I have seen some of his promotional material. Looks interesting but I believe he stays to the 15M time frame only.

CJ

I found out that one of my trader buddy's took his course and he shared some of his notes and charts with me this weekend. One of the key points that he emphasizes is that a M or W is way more powerful when it appears at the high/low of yesterday. His approach is to wait for those setups and that they're likely to pay off 50 pips with about a 25 pip stoploss, getting in on the second leg after the bar has closed (stop 10-15 pips below the second leg). If there's a confirmed stophunt that took place on the second leg, even juicier! Just look back on your charts with that daily-hi/lo indicator and check it out.

CJ has a different approach which obviously works wonders for him as he is a jedi, for some of us who aren't quite ready for gunslinging, this approach can be a great start.

[Captain Jack]

For GBPUSD, a M top is forming and also forming the H & S top (trap for bear) after false break neckline, several Ws will be formed to kill shorts.

I'm not sure of the longer term but short term, both charts look good Jason....the key points are the "W" and "M" reversals...when you can spot those, it's usually money in the bank. Knowing the cycles helps keep you trading in the right direction.

CJ

"M" is a bull trap & "W" a bear trap no ?

Yes Lio, it's the last rise or fall in price, to trap as many traders into a false position before they move price away from them...

CJ

[Captain Jack]

possibly this video might enlight even more of us.

I took the liberty of editing the post....I wouldn't want any copyrighted work to be posted here...

If the link is on a public area of the CompassFX website, go ahead and post it....

CJ

[Pueo]

[quote="BritShrtHair"]possibly this video might enlight even more of us.


cool, thanks! I'm so thankful that I managed to keep a flexible brain for so long, but it's really been a mindf*k. All the conclusions that I made about the market.. lol

aa.jpg

Right now, I see things like this:

Price moves. Some price movements can be identifiable as in "slow trend", "consolidation zone", low of the week, high of the week. Each market can only move a certain amount per day, per week (in the majority of cases). There are regulations on how much it can change within a certain time period. Why prices moves, where I think it's going long-term, who's on bloomberg today, who cares?!

Price moves in a way to take money from the fish. Price goes towards where the stops are, if the fox wants an upmove, then it wants to get sellers to buy from so it hits the stops low then rises, hits the stops low and rises. However, sometimes the fox might already have enough short traders trapped, so it doesn't want to hit the stops low or else he might let some of the fish out of the trap.

Price movements are sometimes easy to identify based on cycles. As CJ mentioned, we're looking for 3 day cycles on the 15 minute charts. (can be 2 - 5 days). If we identify the 3 levels and see that we're on the 3rd level and then oh look, there's 3 tries to stop people out on the 3rd level, and now we have a M or W, and wow it's at the high of yesterday. Bam! It doesn't need to be this pretty, but every week there are trades like this available.

[Captain Jack]

possibly this video might enlight even more of us.

EDIT:
I notice the link has been deleted although it is mentioned during the webinar it was offered for free.

I believe that was "free" to CompassFX members in association with Dean Malone and his Synergy users.... I don't believe it was "free" to the public at large.

CJ

[Captain Jack]

]If anybody is interested in seeing or learning about Steve Mauro's work and materials, please visit his web site. This thread isn't about his work, but has similarities...

http://www.beatthemarketmaker.com/index.html

CJ