The Captains Chest - Naked Trading & Other Stuff

[seanyd]

Interesting how an exercise in marking the charts make me see things so much more clearly.

Whilst the effort is there (took me at least half hr each to mark out the levels, pushes, SH, W, M and what not), it lets me see and identify stuff so much more clearly, it is just as CJ said, once you see you cannot unsee.



Thanks so much CJ!

Can you post your re-marked chart please
Thanks
Sean

[kwanann]

Here's the updated AUDCHF

H4
i mistook the pushes and levels, so decided to just stick to labelling the levels

As you can see, the last push brought it to L3, W formed with trapping volume. If you look at D1 chart, it seems to suggest a barf pattern as well, but i will leave that as an exercise for you. Barf line will hit the long h4 pin right at the bottom

AUDCHF.PNG

[kwanann]

Things get more interesting on the M15

[kwanann]

ok pin bar formed on M15, i'm out of AUDCHF. Added a placeholder trade with SL at ADR high

Good night all, happy trading

[mjws00]

Interesting how an exercise in marking the charts make me see things so much more clearly.

Yep. Making sure to keep a picture of your "map" and seeing how the market differs is also excellent. It forces one to look beyond the hard right, not just look at the past. Posting the explanations requires another level of understanding as well.

I will admit I see a lot of the count stuff being posted as far too subjective. It reminds me of Elliot wave where every one has a different count, and requires 2 alternate counts as well. Especially when folks jump to longer timeframes. It completely loses me. Too much curve fitting on the counts not enough focus on where the strong levels are where the fox can 'work'.

The intra-week ~3 day cycle should jump off the page. It is literally how we set the high and low of the week. It is the 'swing'. There is almost always nice PA at those turns. The "easy one" for me.

Probably just me coming to grips with larger time frames.

Was short AUDCHF till yesterday. Should have reversed instead of exiting. May take a long on next good pullback. Building a large GBPAUD short as well. Would like to get it anchored and just let it run for a while and add to it. I was early.

Good luck all.

Mike

[kwanann]

Hi Mike,

The map will help to kick start this whole exercise. I generally don't prefer to trade M15 since its rather high stress. Just that for this case i was following it closely due to the stupid positions that i built immediately when i saw CJ's "new" audchf charts

Lucky for me things got to BE so i got out of the whole mess in one piece.

I'm also waiting for the pullback before entering major positions again, my guess it will be at the ADR high with a pin bar below. have pending buys there ready to catch it

The levels are definately subjective, its up to one's analysis. I'm just taking the 3 pushes = 1 level, or simply when things aint moving for quite a while, i will treat that as 1 level. So far seems to work out correctly, will take some time and mark out other charts as practice.

When you mention intra-week 3 day cycle, do you mean to say you trade off the daily?

[mjws00]

When you mention intra-week 3 day cycle, do you mean to say you trade off the daily?

I wasn't really referring to your charts kwanann. Your last AUDCHF matched my eye well... I tend to see impulse moves and retracements. So first impulse out of the High or Low builds Level 1, etc.

Intra-week is inside a week, only the move can obviously start Wed, Thurs and carry over. 1Hr chart shows these very nicely. It is the 3 day cycle CJ mentions.

I am trying to trade off 4H+ and daily during the summer, as I get really busy. I find letting positions float very difficult. I see a pullback coming... and it pulls back against me as it should. Every bone in my body says punch out. I am trying to discipline my self to simply WAIT.... ADD... PROFIT

I am happiest on short time frames. Little or no drawdown. Take profits aggressively. For me the magic isn't finding good trades, it is trying to find the time to make them. Geography, Business, and Life get in my way .

Mike

[kwanann]

Hmm mike, can give an example of how you figure the we'd trend off h1?

I tried m15, but being in the Asian session puts me in a really crappy position to do anything of value, all I typically see is dd. that's why I moved up to the higher timeframes and took positions that are with the trend. This way, even if I don't babysit the trades, it should generally go the way I want it to go

[kwanann]

Here's the updated AUDCHFH4
i mistook the pushes and levels, so decided to just stick to labelling the levels

As you can see, the last push brought it to L3, W formed with trapping volume. If you look at D1 chart, it seems to suggest a barf pattern as well, but i will leave that as an exercise for you. Barf line will hit the long h4 pin right at the bottom

AUDCHF.PNG

Thanks for the charts , glad to see you got sorted out

That was a horrible experience, lucky it turned around and I managed to untangle the hedge that I did to protect the trade. Just checked and it seems aud is back on track going down

[mjws00]

I'd love to be able to hit the 15M consistently. When I have time, usually during winter, I like to play for the swing of the day. Admittedly, I don't see the 4H+, and Daily counts well. Gets too subjective for me and I don't have a feel for how time behaves. For daily trading I am using SR, trendlines etc, and then zooming in for better info.

There is a lot of info on this chart. But it shows some of the things I've tried to assimilate from CJ et. al.

I don't get hung up on counts much, as I can always find a way to make or break them. The interesting zones are 1/3 where we are turning and putting in a peak high/low. Coming out of 1 is the breakout / straightaway opportunity. Leg 2 is momentum based and really no reason not to ride it till they slam on the brakes. If the trend is running, this is where moves extend.

I'd take a quick short at LO, looking for a better bottom and some spikey nastyness to shake out weak/early longs. Then get long for a longer TF trade on next major swing (W). Say 1.2750-1.2775 depending on PA. Should fox decide he has enough volume already to run north, I will join him.

Guess we'll see. My weekly map is pretty much dead on so far. But haven't entered on EU yet.

Mike