The Captains Chest - Naked Trading & Other Stuff

[swisscheese]

AUDUSD
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I try it here short

Edi

[Captain Jack]

Stops hit low then high....looking to take the return trip here....

CJ

[stevelacoste]

Hi Captain can you tell me your reasons for going long on EUR NZD

Thanks Steve

[Lara]

Stops hit low then high....looking to take the return trip here....

CJ

The GU looks similar - gonna hop on if the second leg of the M looks like its forming.

CJ do you ever use a currency strength meter? Just had a thought that this could be a neat way of selecting currencies for the session i.e. all currencies at max readings should be good candidates for a bounce?

Lara

[Captain Jack]

So far, so good....EUR pairs are coming home...still holding those orders from yesterday....

You don't have to or need to trade this way....I've said it before that you the idea is to make money. You can make the same amount of money by trading a smaller number of currency pairs, but trading a larger lot size. Too many people get hung up on pips. I can earn as much on 10 pips as I can 10000 pips.

It is far easier to trade a couple pair, get familiar with them and trade larger lot sizes. Less to worry about, less to tend to and take care of.

I do this to make a point and don't always trade this way. As a matter of fact, I very seldom trade this way.

The patterns are the same. It doesn't matter what pair, or what time frame. The patterns are what is important. Once you learn those, all the hard work is done.

Find one pair at the right level, right cycle and right pattern and hammer the hell out of it.

I won't be doing this next week. Gonna slow it down and size it up.

CJ

[lhDT]

CJ,I still don't understand how to put all those limits/stops at 5 or 6 pip from each others.

[Captain Jack]

CJ,I still don't understand how to put all those limits/stops at 5 or 6 pip from each others.

You don't have to Lio....just use one or 2 with larger lot sizes....I'm using a script that does it for me...

I'll get away from that next week... trading this way generate pips out the a$$...you don't need to do that....I'll show you next week...

There was also a scale in script added to the thread here that would let you scale in orders by pip distance. This one works well for 50 pips on the 15M TF.

The one I use is copyright so I can't post it. Sorry.

John

[Captain Jack]

Stops hit low then high....looking to take the return trip here....

CJ

The GU looks similar - gonna hop on if the second leg of the M looks like its forming.

CJ do you ever use a currency strength meter? Just had a thought that this could be a neat way of selecting currencies for the session i.e. all currencies at max readings should be good candidates for a bounce?

Lara

No. Those tend to be CPU intensive and I already run 4-5 Empty4 terminals on my laptop now.

If you find it useful to locate a pair that might be ready to swing into action, by all means use it. I trade patterns and pins, knowing what's behind them.

Find a pair that's ready to move and look for the patterns.

CJ

[Lara]

Stops hit low then high....looking to take the return trip here....

CJ

The GU looks similar - gonna hop on if the second leg of the M looks like its forming.

CJ do you ever use a currency strength meter? Just had a thought that this could be a neat way of selecting currencies for the session i.e. all currencies at max readings should be good candidates for a bounce?

Lara

No. Those tend to be CPU intensive and I already run 4-5 Empty4 terminals on my laptop now.

If you find it useful to locate a pair that might be ready to swing into action, by all means use it. I trade patterns and pins, knowing what's behind them.

Find a pair that's ready to move and look for the patterns.

CJ

Thanks for the response. I was looking at the UJ trade earlier and one can see on my meter (JPY = white line) that approx 4 hrs ago the Jpy was maxing out at a reading of 8+ after which foxy brought it down

Anyway just an observation - the way you trade leaves me intimidated and gob-smacked so you definitely dont need any new toys!

Regards,

Lara

[Captain Jack]

I hope Snowman doesn't mind, I stole a chart he posted in Bob's thread:

Perfect example of the fox at work and the reaction of the retail trader. Multiply this 10's of thousands of times and you start to understand....stuck in the pins and going the wrong way.....notice the entry on the 3rd push lower out of the range...convinced this trader to go short....

The lights should be getting brighter....

CJ