The Captains Chest - Naked Trading & Other Stuff

[marts321]

A "grand daddy" trade opportunity forming on NZDUSD with W's forming on all time frames

And the Grand Daddy comes in just as its supposed to!
So cool watching the price bounce up and down on that low, knowing that its going to bounce up.
The Captain has opened my eyes and my proficiency at hunting the fox grows each day!

Simply Awesome!

Great job odellcash I took this too.

Same thanks for the heads up odellcash there were so many W's forming on the lower time frames, almost creepy!!

nzdusdm5.png

Also what you guys think, USDJPY looks like an M forming on M5, and it also looks like an M on daily, but maybe the M5 one is a bit low down yet? There also seems to be a surge up on the H1, I think this is the trapping volume CJ speaks about? Appreciate any comments as am still in early stages of learning this method.

usdjpym5.png

usdjpydaily.png

[ernest02]

RRT on the H1 GBPUSD at the 3rd level near previous high.
Seems to be working. 22 pips so far

[ernest02]

Sitting now at a 124 pips profit on this trade. Think I will take my profit and start enjoying the weekend! Worked out well in the end!!

[mjws00]

Sitting now at a 124 pips profit on this trade. Think I will take my profit and start enjoying the weekend! Worked out well in the end!!

Nice trade.

Admittedly these extended Yen moves have me picking turns to try and get back into the larger trends vs hitting a top or bottom. Unfortunately that kind of trading rarely suits my eye. So I often have to get a bit more mechanical so I don't miss good trades. I hate to chase, so find it hard to enter when I feel the move is underway. The good news is those hard trending conditions are perfect for many mechanical styles, so I can switch gears to 10.4 or something and try and capitalize.

Heh. Looked at some broader stats as well. I take twice as many shorts as longs ~800 shorts in last 1200 trades. Yes I LOVE selling into rallies and picking tops. Rarely catch a falling knife or take an agressive entry at a bottom. I found it odd as I truly feel no long or short bias, but I take more short entries, and they win more. Probably feels like I'm against the masses who often want it to go UP. Trading teaches us interesting things about ourselves.

Have a great weekend all. Got a little slammed with work, likely more of the same next week. Nice to see some good successes.

Mike

[marts321]

I'm currently long on USDJPY for another 60 pips..it should test last weeks highs and as you have said it could form a potential M on the daily.

Thanks Angat, it looks to be going as planned on the Daily for the M, maybe this week we'll see a nice short trigger. I shouldn't have been looking at M5 in fact; as CJ says it leads only to pain.

Keep seeing W's and M's in the charts now, even when I shut my eyes see M's and W's lol.

[kwanann]

Please do note that M and W is just one of the ways of looking for potential trades.

even if you see a M or W form, there are other criteria to look at as well

[Reaper]

Another thing that you need to understand properly is where the main 'lead in' line is. This is a very important part of this method that can get overlooked easily, as you're worrying alot about the entry and not about the exit.

e.g. You may have a reversal pattern in a downtrend and you may think its the bottom but in fact price is just reversing to this 'lead in' line before continuing the trend downwards.

I think a good plan would be to always exit at the 'lead in' line. And only ever get into a trade from this line if there is pattern otherwise always trade to this line and never from it without a Price action confirmation signal.

The tricky part is identifying this line correctly.

[Reaper]

<snip>
Another thing that you need to understand properly is where the main 'lead in' line is.
</snip>

Hi Angat:

Are you able to post some piccies that show the "lead in" line and how to use it trading, please.

Thanks
Mark

Look for the Barf picture that I think CJ posted somewhere near the beginning of this thread. That should help.

[xrismak]

Please do note that M and W is just one of the ways of looking for potential trades.

even if you see a M or W form, there are other criteria to look at as well

Kwannan,

You took the words Right out of my Mouth , Yes you are Right, but Thanks to El Capitaine CJ with Practice and Eye balling Charts as in Loads of Chart Time

22-04-2013 17-45-52 Okay for the Day 4.png

One learns with time when to Jump in and Out of these Trades and Run with the Profits.
I made soooooooo much Coins Trading Live Last week, this week I am putting some other Lessons into Action and hey I am liking what I see so far.


Happy Trading Y'all,

xrismak

[xrismak]

CJ
Great to see you in here and glad you found a home for your talented and educational approach to trading.
Loved BARF and looking forward to "fox" trading.
Cheers
DocT

Hi Doc,

We could end up BARFing here as well!

CJ

Hello, This is all I fined about BARF, please direct me to where can I fined more info on this subject.
Thank you.
g4p

Hi Go4 Pips,
BARF you can find on on another Forum called FXAW which is Paid Membership as in it ain't free, you can Sign up there if you want speak to His Highness Mr Steve Hopwood about Joining anyway that's what I did, but Hopefully CJ will come in and Teach us here too at some point in time.

Happy Trading,

xrismak