The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

Good morning Captain,

Im still practising my eyes to spot fox trail. I can identify threel levels, W formation, pins, RRT, pin to the high that does not take out the old high... so Im looking at NZDUSD right now on the hourly I can see all that, the I'll drop to 15 mins and see that there is M formed... my question is should I now anticipate bigger M on the hourly time frame ? Or do I have stuffed up skills on tracking...
cheers, hannele

Too early to tell....check in 5-6 hrs....I'm not too sure the "M" you are looking at is the top... price movement tends to be irregular and choppy at the top...

CJ

[Captain Jack]

Having some things to take care of Monday, I may not be on through London tonight....

Cyprus news opened the door for a little Asian movement...look for the "W" and "M"'s to for out of this 1st move...there are some large Asian ranges being set at the moment....

Watch for movement back into the range or the other extreme of the range...

CJ

[xrismak]

Good morning Captain,

Im still practising my eyes to spot fox trail. I can identify threel levels, W formation, pins, RRT, pin to the high that does not take out the old high... so Im looking at NZDUSD right now on the hourly I can see all that, the I'll drop to 15 mins and see that there is M formed... my question is should I now anticipate bigger M on the hourly time frame ? Or do I have stuffed up skills on tracking...
cheers, hannele

Too early to tell....check in 5-6 hrs....I'm not too sure the "M" you are looking at is the top... price movement tends to be irregular and choppy at the top...

CJ

El Capitaine CJ,

You owe us Nothing but you have GRACEFULLY Shared with us more than Enough Knowledge on this Thread to make us Worthy CONSISTENT Traders if we follow the rules and adapt them somehow to our own Style of Trading, People Need to Invest in themselves ENOUGH Time and Patience to Get the full IDEA.
I have seen a bit of Consistency with my PROFITS Trading because I have taken Time to Study and Read and Re Read the Entire thread Over and Over Again. If I don't Understand anything I Simply turn it over in my Mind and then ASK Questions and Thankully I get ANSWERS which I then store in my Brain and USE..... How Simple can this GET !
Once Again PEEPS, DO YOUR HOMEWORK and if in DOUBTH ask Questions but SENSIBLE Ones.
We all have to be Reminded that this Thread is about NAKED TRADING with Little or No INDICATORS, it's an ART that needs a lot of Practice and Getting used to.

CJ, Once Again thank you for all the Knowledge you have Shared. Rome was not Built in a DAY, we will get there with hard work. You are greatly Appreciated here.

Many Thanks Y'all,
xrismak

[daje]

Heres another tip. Netdania create excellent java based charts. They can set their time to your own computer clock. I detach a small java window that easily moves around and allows switch between time frames for the focus pair (you can also watch for the minigaps I mentioned earlier), and the drag expand functions are handy. Shares metals and cross rates are searchable at this link.

the volume info will also be of a high standard as its independant of broker feed specifics.

http://netdania.com/Products/live-strea ... Chart.aspx

[Captain Jack]

Taking a shot on double top, 2 sets of pins high and possible 2nd leg of the "M"....

CJ

[Guest]

any thoughts on the USD/JPY ?

it looks like a repeat of last week

[Captain Jack]

Heres another tip. Netdania create excellent java based charts. They can set their time to your own computer clock. I detach a small java window that easily moves around and allows switch between time frames for the focus pair (you can also watch for the minigaps I mentioned earlier), and the drag expand functions are handy. Shares metals and cross rates are searchable at this link.

the volume info will also be of a high standard as its independant of broker feed specifics.

http://netdania.com/Products/live-strea ... Chart.aspx

That's a good source for tick charts as well Dave. I remember when Ruffy posted the link at FXAW....I still use it on occasion. Thanks!

CJ

[xrismak]

Taking a shot on double top, 2 sets of pins high and possible 2nd leg of the "M"....

CJ

El Capitaine CJ,

I took some trades on Friday, later on in the week I will give you a Synopsis of what I did and why I did So, just so that you understand that I have indeed learnt and taken a Vital Lesson away from this Thread. Indicators are Good but NAKED Trading Give's One an Edge over the Fox if One can see his Tracks.

Happy Trading Folks,

xrismak

[daje]

Heres another tip. Netdania create excellent java based charts. They can set their time to your own computer clock. I detach a small java window that easily moves around and allows switch between time frames for the focus pair (you can also watch for the minigaps I mentioned earlier), and the drag expand functions are handy. Shares metals and cross rates are searchable at this link.

the volume info will also be of a high standard as its independant of broker feed specifics.

http://netdania.com/Products/live-strea ... Chart.aspx

That's a good source for tick charts as well Dave. I remember when Ruffy posted the link at FXAW....I still use it on occasion. Thanks!

CJ

Yes Cap id be interested in your take on tick volume, spread widening and tick chart action during the stop hunt. Is tick info helpful? perhaps a little off topic

[lvdfx888]

Hi CJ,

Sorry to bother you again. I would like to draw some lessons on my GJ trade on Friday, please kindly give me some guidance:

GJ chart below shows 2 long wicks (red) which looked like a good setup for level 3 push, then a pull back in NY session. But after trade was entered but price went south. Luckily the trade was recovered after the long RRT was formed later and price come back.

1. Did I read the chart correctly ?
2. Price went below L2 low, would the 3 level push is still valid as price seems heading to L3 ?
3. Is there situations where 3 level push cannot complete and reset ?

Thank you for your patient.
Ron

Your level and count appear right, but you are trading on the 1H time frame. The patterns are still the same. Price was in a range....the a 3 candle push dropped below the range into a stop hunt, this is the pattern. You just got in early.

I entered my UJ trade at the same point on the 15M time frame, price continued lower on it as well and I took additional entry at the bottom of the stop hunt, closed it at the top of the stop hunt and rode price back down into the range with another set of orders.

You need to work on identifying the stop hunts, when they hit the stops low then high in this case. Sometimes they hit them high then low. Depends on the pair and the trend.

Some pair tend to have more pins than others and are harder to trade. NZDUSD is another one with lots of pins...

CJ

Thank you CJ for your reply. Back to study ....

The fox drove the price to lower low below L1 retracement. Would this invalidate the 3 level pattern ? Fox would need to push a long distance to higher high to form L3.

Thanks again. Ron.