The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

CJ,

first off - thanks for your continued posting of charts - very helpful....

You can take it short after I get my 50 back to the 50...
Good luck to us!

Let's say the first 5 pending orders have been converted to buys, then the UJ reverses... Sorry I do not mean to pour oil on the flames, just saw the UJ drop!!!

1. Do you set your open orders to BE when the next pending is converted?
2. Do you close all on reversal, if yes, when? or
3. Do you let them go into DD till your initial SL (first order minus 10-15 pips?) is hit...

Would you pls consider to attach the following indicator to your "training charts":
- it places an arrow for every order entry
- it shows where all orders were closed
- shows pips profit / loss per order (might not work correctly on all Metals, etc as I have not added the proper PipFactor conversion yet)
- it shows breakeven line (if some orders in loss, others in profit)
- after close of orders it prints total pip profit / loss at bottom of screen

This was coded by blubb over at kreslik a long time ago....

Cheers & thanks for taking the time to answer my questions..

Mop

When I'm trading this scale in script, it has a set 50 TP and 50SL....there is also a recovery trade, of larger size, set at a lower limit...the SL is a hard stop on these trades...

When trading larger lot size and smaller number or orders, I will manage the trade and price action will dictate when I close it once put on. It could be a 20 lot trade where I am looking for 5-10 pips...it all depends on the trade, the time frame and what I expect from it.

When trading larger lots on higher time frames, I will set a hard stop and take free trades to protect my capital.

Is there a set of rules I can provide you for each trade....no. I'm a trader and it's how I trade. What I do as far as money management isn't going to work for others.

Learning the patterns and the meaning behind them is what's important. Once you do, you can modify your trading, use larger orders with the same risk as before and increase your R:R value for the trades.

CJ

[Captain Jack]

YEN-Pairs
On the 60TF the Candles are forming Pinbar to the upper side.

Edi, could you explain me how you set your trades ?
Based on your charts, I would rather go long on all of them (maybe not now but in the next few bars probably). All at resistance lvl.
What kind of targets are you aiming for ?

Am I missing something ?

It was a feeling, the way the charts looked like.

The levels where already bounce levels so good entry points.

So I had 2 choices:

1. Trade what I see (the Bounce level)
Or
2. Trade what I feel.

It's hard to explain, sorry.
Edi

It's always best to go with your 1st instinct.... I know what you mean Edi....I like to think of it as being in rhythm with the chart.... sometimes you just feel it, especially if you trade a small number of pairs and get to know them very well.

CJ

[swisscheese]

Casino Royal

Traded with small Lots...

Not really professional such an exposure,
that's why it's called casino royal...

I close all these Trades now
Edi

[swisscheese]

AUDUSD
Watch List

[Captain Jack]

CJ - noted with thanks!!

Cheers

Mop

On this time frame, 50 pips is a great target. I was trading the big swings in the GBP pairs the other day and hitting them up and down. There will come a time, when the full fifty isn't going to happen. When it does, I will close the order manually. When does that happen? According to the price action. There is no set point. I look for the same things we discuss here. The reversal patterns.

On the higher time frames, I look to areas where I expect price to pause or retrace, then decide to either close the trades and reload after the retrace or just wait and add trades after the retrace. It all depends on the situation at the time.

With the scale in script. All orders close at TP or BE... the backup order has a different SL and TP...and it's triggers are different than the scale in orders.

CJ

[mjws00]

Heh. You guys make me feel like a slacker. I grabbed one JPY short. GBPUSD chopped BE+. AUDNZD closed BE-. Scares me when I see the captain loading long when I am short .

I must be 50 trades behind by now.

[swisscheese]

EURGBP

EURUSD a bit Stronger then Cable

[Captain Jack]

Anybody following this one....GBPNZD.... watch for a stop hunt then a drop....

CJ

[eltax100]

Hi CJ and all

Does anyone have a script to close all orders and pendings on 1 chart ???

Amazing teaching thanks

[Captain Jack]

Heh. You guys make me feel like a slacker. I grabbed one JPY short. GBPUSD chopped BE+. AUDNZD closed BE-. Scares me when I see the captain loading long when I am short .

I must be 50 trades behind by now.

LOL....don't let me scare you away....I'm not spending enough time in the charts when posting...missed the little bump on the GBPNZD chart....wanted to get in up at that bump....

CJ