The Captains Chest - Naked Trading & Other Stuff

[ernest02]

Thank you SO MUCH Pips400, Angat and especially the Captain himself who gave such thorough explanations as well as support to my post of an unsuccessful trade. It really warms the heart that there are people that take some of their precious time to assist beginners like me. One day I hope to also be able to be in a position to do the same and help other people.
Captain you were right when you said that there were no widening of the spread at the top of the formation. I especially looked for that and the spread stayed the same.
Guys you really rock! I thank you!

Ernest.

[Captain Jack]

CJ

EL Capitaine CJ,

"Word" , you are right, I stuck a Multi Currency trading EA on one of my Empty4 Platforms, after 8 hours of trading it made about $88.00 profit, I then Procceded to trade Naked eyeballing just the Pins using the W's and the M's as Guidance and in 1 Hour 48 minutes of trading I got a Return of slightly over $660.00 on a $2300 starting Bank in a Live Account. This was last week when I posted some of my Trades if you remember. I consider myself quite fortunate to have gotten on your Naked Trading Thread at it's Inception, what even make's this fun is I am a NOVICE, I believe I haven't even learnt nothing yet as regards the Naked Trading System , When I am Confident to read and understand the Charts well enough to place about 10 trades on the same currency Pair Simultanenuosly and make a Profit Consistently, then I will be satisfied that I have truely learnt the Art of Trading for a Consistent Profit, untill then I am still a Novice but I am willing to put in the Time and Learn the Foxes Habits and Traits and whatever comes along.
The Truth for me now simply means Understanding what works Consistently to Pile Profits most of the time, In Short I'd Like to be ABLE TO SPECULATE TO ACCUMULATE WITH CONFIDENCE CONSISTENTLY.

Many Thanks,
xrismak

Perhaps being a novice trader has helped you "see" the light quicker than most. You have less bad habits to forget!

It's good to see you are turning what you have learned so far into some profitable trades. My advice would be to continue with single trades as you grow your account. You don't want to over trade or over leverage your account and have a series or bad trades take back what you are working for.

Knowing that you can set a tight stop, when the conditions are correct allows you to use a larger initial lot size with the same risk of a smaller lot trade, that has a larger SL. I would suggest that you go this route as opposed to the scale in's at this point.

Congratulations of the gain in your account and the successful trades. Keep up the good work!

CJ

[Captain Jack]

Thank you SO MUCH Pips400, Angat and especially the Captain himself who gave such thorough explanations as well as support to my post of an unsuccessful trade. It really warms the heart that there are people that take some of their precious time to assist beginners like me. One day I hope to also be able to be in a position to do the same and help other people.
Captain you were right when you said that there were no widening of the spread at the top of the formation. I especially looked for that and the spread stayed the same.
Guys you really rock! I thank you!

Ernest.

If you have any questions concerning spread widening at the top or bottom, or don't know what it is, just open an order box and watch. You can see the bid and ask prices here, as they form 2 lines. They tend to follow each other closely, but when they widen, you will see these lines "spread" apart.

The red arrow indicates the spread between the bid and ask prices....this is where you can see the spread widen or if you have a spread indicator and know your pairs normal spread, you will see it widen there.

CJ

[websie]

I was also looking at this NZDUSD with a view to taking a short perhaps on Monday, I already have a sell order on it at 83025. Your disection on it was fantastic. Thank you. I too am a novice and looking at my charts today when the market has shut has helped a great deal for me to "see the light". Many thanks

[Captain Jack]

I was also looking at this NZDUSD with a view to taking a short perhaps on Monday, I already have a sell order on it at 83025. Your disection on it was fantastic. Thank you. I too am a novice and looking at my charts today when the market has shut has helped a great deal for me to "see the light". Many thanks

Reading a book after it's written is easier than reading it as it's being written.

We are impatient by nature and habit, and it takes patience to do this with success. The fox feeds off our habits. We just need to learn to break them and interupt his feeding cycle.

CJ

[Kruspe]

If you have any questions concerning spread widening at the top or bottom, or don't know what it is, just open an order box and watch. You can see the bid and ask prices here, as they form 2 lines. They tend to follow each other closely, but when they widen, you will see these lines "spread" apart.

The red arrow indicates the spread between the bid and ask prices....this is where you can see the spread widen or if you have a spread indicator and know your pairs normal spread, you will see it widen there.

CJ

Hey guys, friend of mine made som time ago a great indicator to monitor spread widening.. here is a link

http://luku.cz/fx/2012/01/06/spread-indikator/

[lvdfx888]

That's it for me....time for a nap. Closed out everything but a few trades in the AUD pairs that should payoff into the pullback....

It's been a good day and a great week! Hope everybody has a great weekend!

CJ

Hi Captain,

You're superman! Thank you for sharing your knowledge and for your time & patient. Still struggling to find & follow Foxy traces... Looking forward to learn more and more from the great master.

Saw your UJ buy trades around 8:30-9. I was in this trade as well, would like to know if you sold when it reversed at around 10:40, and if you bought at around 12:00 when it started to swing back up.

Thanks
Ron

[xrismak]

Thank you SO MUCH Pips400, Angat and especially the Captain himself who gave such thorough explanations as well as support to my post of an unsuccessful trade. It really warms the heart that there are people that take some of their precious time to assist beginners like me. One day I hope to also be able to be in a position to do the same and help other people.
Captain you were right when you said that there were no widening of the spread at the top of the formation. I especially looked for that and the spread stayed the same.
Guys you really rock! I thank you!

Ernest.

If you have any questions concerning spread widening at the top or bottom, or don't know what it is, just open an order box and watch. You can see the bid and ask prices here, as they form 2 lines. They tend to follow each other closely, but when they widen, you will see these lines "spread" apart.

The red arrow indicates the spread between the bid and ask prices....this is where you can see the spread widen or if you have a spread indicator and know your pairs normal spread, you will see it widen there.

CJ

El Capitaine CJ,

Thanks for your Earlier Inspiring note of Advice with regards to my Trades, I have noticed one thing with regards to your Comments on the Broker's Spreads and that's why if you Notice I have Circled the Top Right hand Corner of the Displayed Chart I Posted, I am only interested in eyeballing that corner when I trade on the lower time frames such as the M15 as the Chart gives me the Spead on top, and Below the Candle time, so I am I correct to imply that the Spread and the candle time as in remaining time left for a Candle to close and a New Candle to form go hand in hand when Deciding to Enter or Exit a Trade ????
I have also Adopted a New Style this is from my Observation of some of the Charts you posted in the Past that when Going in Short in any Trade you always have one trade Right on top with a SL then further a little way down from the first Short Trade you then Establish further Sell or Short Trades assuming your Huntch is Right about the Position of things refferencing that Trade. I have also Noticed the Same thing and Style when you Initiate Opposite Trades as in Going Long or Doing Buy Trades.

One final thiing amongst the many Questions I have for you is on the SNAGGIt software how do you imput text , I can Draw Cirles and draw W's and M's But adding text to my illustration is a Problem, what or which icon do I click to enable me Add text to what I illustrate using this Piece of Software :!:

Many Thanks,
xrismak

[Captain Jack]

Thank you SO MUCH Pips400, Angat and especially the Captain himself who gave such thorough explanations as well as support to my post of an unsuccessful trade. It really warms the heart that there are people that take some of their precious time to assist beginners like me. One day I hope to also be able to be in a position to do the same and help other people.
Captain you were right when you said that there were no widening of the spread at the top of the formation. I especially looked for that and the spread stayed the same.
Guys you really rock! I thank you!

Ernest.

If you have any questions concerning spread widening at the top or bottom, or don't know what it is, just open an order box and watch. You can see the bid and ask prices here, as they form 2 lines. They tend to follow each other closely, but when they widen, you will see these lines "spread" apart.

The red arrow indicates the spread between the bid and ask prices....this is where you can see the spread widen or if you have a spread indicator and know your pairs normal spread, you will see it widen there.

CJ

El Capitaine CJ,

Thanks for your Earlier Inspiring note of Advice with regards to my Trades, I have noticed one thing with regards to your Comments on the Broker's Spreads and that's why if you Notice I have Circled the Top Right hand Corner of the Displayed Chart I Posted, I am only interested in eyeballing that corner when I trade on the lower time frames such as the M15 as the Chart gives me the Spead on top, and Below the Candle time, so I am I correct to imply that the Spread and the candle time as in remaining time left for a Candle to close and a New Candle to form go hand in hand when Deciding to Enter or Exit a Trade ????
I have also Adopted a New Style this is from my Observation of some of the Charts you posted in the Past that when Going in Short in any Trade you always have one trade Right on top with a SL then further a little way down from the first Short Trade you then Establish further Sell or Short Trades assuming your Huntch is Right about the Position of things refferencing that Trade. I have also Noticed the Same thing and Style when you Initiate Opposite Trades as in Going Long or Doing Buy Trades.

One final thiing amongst the many Questions I have for you is on the SNAGGIt software how do you imput text , I can Draw Cirles and draw W's and M's But adding text to my illustration is a Problem, what or which icon do I click to enable me Add text to what I illustrate using this Piece of Software :!:

Many Thanks,
xrismak

Yes, it is the time to candle close. When the fox is at play, many times he will wait and do his deeds on the "backside" of the candle, not wanting to show his hand too soon.

The trades you speak of are limit trades that are triggered in case of a quick retrace or spike after I have placed the sell or buy order and stop orders. I enter trades early at times, like the USDJPY trade Friday and the limit trades will catch a 25-50 pip move opposite my trades. I don't use this script very often when trading.

If you look at the GBPNZD chart I posted, there was a limit that nearly triggered on that set of trades.

To add text with Snagit, click the "A" on the drawing tools menu and create a text box on your chart...enter your text inside it.

CJ

[Captain Jack]

That's it for me....time for a nap. Closed out everything but a few trades in the AUD pairs that should payoff into the pullback....

It's been a good day and a great week! Hope everybody has a great weekend!

CJ

Hi Captain,

You're superman! Thank you for sharing your knowledge and for your time & patient. Still struggling to find & follow Foxy traces... Looking forward to learn more and more from the great master.

Saw your UJ buy trades around 8:30-9. I was in this trade as well, would like to know if you sold when it reversed at around 10:40, and if you bought at around 12:00 when it started to swing back up.

Thanks
Ron

Hi Ron,

You can see in the statements the exact time the trades closed and I did enter a set of short trades that came in and closed out during the pullback Friday. They are on the last statement page I posted.

I have no current position in UJ at this time.

Here's chart that should help you see it...

CJ