pips400 wrote:Hi CJ I've been putting in many many many hours into naked trading particular your teaching and I feel like I'm really close to nailing this, but sometimes I get stuck as in the following example of the AUDUSD. I included the 4Hr and 1 Hr charts, which in my eye give opposite trade bias. For example on the 1 Hour, we've complete a 3 day push to the downside with a W formation over the previous two days, so I would definately be looking to go long, even having the first push up to date. So then I'm looking for the next push up by looking for manipulation to the downside. The problem for me arises when I look at the 4 hour chart, we've had two pushes down, and a possible bounce of the trendline, so I'd be looking to go short. That's the dilemma, my response would be to walk away, but then I thought I wonder what CJ sees, which could unlock something I'm missing. So if possible could you say what you see on this pair. As always my thanks.
AUDUSD 1Hour
AUDUSD 1HR.JPG
AUDUSD 4Hour
AUDUSD 4HR.JPG
Pips400
I can't tell you how to trade based on what you see on various time frames. You will always have opposing signals on one time frame or another otherwise your chart would look like a straight line.
Are you trading on the 1H or the 4H time frame? What are "your" trade goals? What do you expect to gain from the trade? Do you have a target TP in mind? Could you take a trade one way based on the 1H and then another based on the 4H? Are you looking for confluence across multiple time frames before entering a trade? Do you always trade with the trend or do you make counter trend trades when they appear? Questions I can't answer because it's your trade.....
I've said before, 50 pips is a good target for trading the "pushes" on the 15M time frame. Would the 1H trade have provided 50 pips? You could have as many spurts in price, or "pushes" over the 3 levels in 3 day cycles.....
Take what is given and close the trade in profit. Your goal is to determine what direction price is moving and get a piece of that move.
CJ
