The Captains Chest - Naked Trading & Other Stuff

[Reaper]

Some good points...it takes time to develop the eye to see these things...

[xrismak]

GBPUSD

No matter how hard the Fox tries, the tracks are the same and they are still there....

CJ

El Capitaine CJ,

Now I see what you mean. Hehehehehehehehehe , I am really going to Earn even more money trading Naked, just have to give myself a little bit of more Chart Time.

Happy Trading Y'all.

xrismak

[intcust]

I think eur aud is at level 3 push three. With a pin at top on 4 hour chart I sold it see attached

[peranders]

AUDJYP4H.png

I sat yesterday and was not finding any good trades, spreads have been higher and liqudity less than average this week. So I switched to naked charts looking at PA. I figured most of the short term moves was already raked in with the trend
(200 or 240 MA), the most interesting trade I found was this setup pitting the two weakest pairs against eachother. Pair is also wedging. The shorts I took was due to my interpetation of the charts posted, might be that it could be moving further down, but foxes loves 100s, 750s, 250s and 500s and 000s.

Have to get out before friday though Kuroda will make some sort of statment to depress the JPY after they got green light from G7.

[intcust]

closed eur aud at around 1.2990 for just over 70 pips. I figure P1 L1 is over. Looking to short again depending on chart about the 1.30 maybe 1.3020 will look at lower time frame for entry. The second trade might take a few days as the fox does there thing.

[Reaper]

I think eur aud is at level 3 push three. With a pin at top on 4 hour chart I sold it see attached

I think your right but we are at the end of a big 3 level move which started from the 2nd April. So I would be inclined to see more manipulation at the top and a larger M printed.

Just my opinion.

[f451]

USDJPY LAST NIGHT - CLASSIC FOX

UJ-16-05-13-15M-Chart.jpg

Diagonal lines are good entries, thicker horizontal lines would be your take profits

[intcust]

I sold eur gbp tp 100 appears to be ready to start P2 L2 see attached

[intcust]

USDJPY LAST NIGHT - CLASSIC FOX

UJ-16-05-13-15M-Chart.jpg

Diagonal lines are good entries, thicker horizontal lines would be your take profits

How would you have know at the time to take the trades. I see some W and arrows but what was the key at the time and what was the exit key. I am missing that. Please explain

[f451]

USDJPY LAST NIGHT - CLASSIC FOX

UJ-16-05-13-15M-Chart.jpg

Diagonal lines are good entries, thicker horizontal lines would be your take profits

How would you have know at the time to take the trades. I see some W and arrows but what was the key at the time and what was the exit key. I am missing that. Please explain

Explanation is on the chart I posted.
And in the thread.

EDIT: Normally I don't respond much to the "yes, that's all very well, but show me the one simple magic trick that means you always take perfect trades" type posts. But I think in this case it might be worth making an exception.

I've seen a few of the newcomers to this thread focusing very much on Ms, Ws or how many pushes - individual aspects of the price action reading that CJ does - and ignoring just about everything else. In a previous post I pointed out that these are only parts of the picture - and I provided a checklist that traders could use to see if the price action on a chart was shaping up in a way that would allow you to trade a reversal. That checklist too is really only part of the picture - a way station if you will, on the path to developing a deeper understanding of what is happening on the chart, and why price is moving the way it does. The really key point that people seem to be missing time and time again is that there are traders who have enough smarts and capital to influence price and they influence price to benefit themselves. So you need to step through the monitor in front of you and have a think about who is on the other side of the trade you're about to take. Are you about to trade with the retail herd that is going to find their trade deeply underwater very quickly, or are you going to trade with the fox who pushed price around just enough to trap those traders there so he can profit?

Part of the skill of reading a chart is see the areas of support and resistance - but also it is to know why these areas act as support or resistance. And to that you need to understand how other traders think, and what they will most likely do when price get to those areas. This really is key.

Now, all that said, I want to point out that I am NOT the amazingly skilled trader that CJ's account statements show him to be. I can see the foxes tracks, but most of the time after the fact, and I am subject to the usual quota of fear doubt and uncertainty at the hard right edge of the chart. CJ has eliminated the fear and doubt by trading that hard right edge with real money until he can place a 20 lot trade without batting an eyelid. He has unshakeable confidence in his chart reading ability and and to be become a great trader that is what you need - rock solid confidence in your method, confidence earnt the hard way - earnt by trading it and winning. CJ has kindly offered up his thoughts and charts to lift the veil on the traders taking the other side of your trade - in the hope that you will learn something from that and become a better trader yourself. But I guarantee that you won't get better until you think about who takes the other side of your trade and why, and I guarantee you won't get better until you practice trading the hard right edge, over and over again until it clicks for you.

Incust - the text on the chart I posted IS my reasoning for getting into the trade(s) - notice that I mentioned the asian range, the breakout traders that went long or short above or below it, when price pushed past those levels, yesterday's high, how the fox would benefit from focing some traders to stop out (i.e. accumulate more long positions - remember if everyone thinks prices are going higher, no-one will sell to you - you need to convince someone to exit some short or enter the market short to be able to buy). If it doesn't make sense to you, read it again and go back and read the thread again. The light will come on, I'm sure.

And once it does, clock up the hours with your demo account at the hard right edge, training yourself to pick the right moments to enter. It's always super clear i hindsight, but you need to train yourself out of the fear uncertainty and doubt by (blindly) following the method until you actually realise that it work and so develop real confidence in it. I myself am in the clocking up hours of practice phase, because I don't always trust my chart reading ability at the hard right edge - and until I do, and am able to distinguish between losses caused by me making a mistake and failing to trade my method correctly, and the market just doing something I didn't expect, I won't be risking my hard earned.