The Captains Chest - Naked Trading & Other Stuff

[seanyd]

Haha congrats, was about to post something similar. Notice the pins low are actually set a while back. Now to sit back, relax and let it run it's levels

Thanks , yep seen the pins , tripped some shorts up then reversed .

Got out at HOD Bernanke was speaking

Just got back in

[halvardu]

Hi, Is any of you waiting for the breakout before you are entering the trade, or are you just jumping in??

Best regards
Halvard

audchfh4.png

[mjws00]

Hi, Is any of you waiting for the breakout before you are entering the trade, or are you just jumping in??

Best regards
Halvard

For the most part these are touch trades. Second leg of an M or W would be a confirmed trade, and may actually be the retest of a breakout trade from a channel That trade shown would be triggered by the pins into the zone CJ highlighted on his earlier chart.

We are often trading on the stops of breakout traders. i.e I would expect the fox might run it up on that breakout then spike it down. We are looking for that better entry off price action that spikes/stops those weak breakout longs out. The intent is to get filled with the fox there.

Or depending on the PA, to play the turn at the top and 3 day cycle on the run down to retest the low and paint the larger TF W. 0.9450 has been tested. 0.9400 has not. A retest in there towards the end of the week with rejection would paint an almost a perfect reversal for CJ's larger TF long trade. If they have what they need, they won't head there, again. A breakout, then nice spike down would trap more. Should know soon.

They might even be real pricks and take a stop run below 0.9400. Some room to apply serious pain to longs down there. And do some nice 'onboarding' of weak shorts.

Mike

[Dagu]

Hello CJ
I'm new here but I practise you'r way by a few weeks
Straight question

All you want to share with us is:

1. Check the level you are in this moment (usualy there are 3 level but sometimes 4 and even 5 )
2. Wait for 3 level and peak of the high/low
3. Check for the W/M formation
4. Enter oposite trade on second leg

In very short, that's the edge ?



Of course there is such things like
1. Stop hunt
2. Accumulation/consolidation zones
But those are clear for me

Best regards
Alan

[jedrula]

EUR/ CAD ver 1

ecad.jpg

or ver 2

ecad h1.jpg

[kwanann]

The beginnings of the daily W?

[mjws00]

They might even be real pricks and take a stop run below 0.9400. Some room to apply serious pain to longs down there. And do some nice 'onboarding' of weak shorts.

Even uglier than I thought.

So do you hold? Did you punch out at the pins? 0.9300, Then 0.9218 in range. Blech.

I added at top of GBPAUD. They drive it hard, I'll be in the same spot .

Mike

[Rich_Tea]

I was looking at trading GU from another perspective and zoomed out for a bigger picture view.

It looks like a CJ set up to me - but I could be wrong.

My reasoning is:

3 moves down after a count re-set (continuation down - not a reversal - F451 mentioned this)
W at a significant low (stops taken out at previous swing lows at approx. 1.5030)

Any takers?

[Reaper]

I was looking at trading GU from another perspective and zoomed out for a bigger picture view.

It looks like a CJ set up to me - but I could be wrong.

My reasoning is:

3 moves down after a count re-set (continuation down - not a reversal - F451 mentioned this)
W at a significant low (stops taken out at previous swing lows at approx. 1.5030)

Any takers?

I wouldn't but its up to you. I would like it to test previous lows before printing a W.

[kwanann]

They might even be real pricks and take a stop run below 0.9400. Some room to apply serious pain to longs down there. And do some nice 'onboarding' of weak shorts.

Even uglier than I thought.

So do you hold? Did you punch out at the pins? 0.9300, Then 0.9218 in range. Blech.

I added at top of GBPAUD. They drive it hard, I'll be in the same spot .

Mike

I missed GBPAUD, I was actually going to take this one live, I hope they retouch the high later.

GBPAUD just touched the downtrend trendline on the M15 and it continued it way down. entered a position there, i'm expecting possible DD, but since this is a H4 trade, anything goes..

as for AUDCHF, i'm still in, since this is taken as a daily trade, i was prepared for it to go down, though not by so much. unfortunately was picking up the kids when it went down. took a hedge in between so wasnt affected so much by it. just released the hedge and now letting it slowly simmer