The Captains Chest - Naked Trading & Other Stuff

[odellcash]

WHY i knew its a fake M
1. Trapping volume at the top is inconsistent, but trapping volume at the bottom is consistent
2. Before that i see higher volume on buys, not sells
3. Not really time for a M to form yet

Haha ok i will be honest, i was concerned for a that it could be a M formation, so i actually took out one of my pendings below just in case things went wrong.

Eventually things turned out as expected so all is well and good for me

1. when you say bottom or top, are you just looking at the trapping volume coming out the "M" legs? on a 4h chart? I think I see what your talking about here.

3. I'm still having issues with timing (levels). When I stay in for a 3rd level, it doesn't come and when I jump out it does come. On EURUSD the last 2 cycles before the current up trend each were about 400 Pips and I dont see 3 levels on either. But for this cycle back up its already over 500 pips and you didn't think it was time. Why is this one going further than the last 2? I'm not suggesting your wrong, I'm still trying to figure out where I'm going wrong.

I feel like I'm the only one not getting this yet and its frustrating.

[Rich_Tea]

WHY i knew its a fake M
1. Trapping volume at the top is inconsistent, but trapping volume at the bottom is consistent
2. Before that i see higher volume on buys, not sells
3. Not really time for a M to form yet

Haha ok i will be honest, i was concerned for a that it could be a M formation, so i actually took out one of my pendings below just in case things went wrong.

Eventually things turned out as expected so all is well and good for me

1. when you say bottom or top, are you just looking at the trapping volume coming out the "M" legs? on a 4h chart? I think I see what your talking about here.

3. I'm still having issues with timing (levels). When I stay in for a 3rd level, it doesn't come and when I jump out it does come. On EURUSD the last 2 cycles before the current up trend each were about 400 Pips and I dont see 3 levels on either. But for this cycle back up its already over 500 pips and you didn't think it was time. Why is this one going further than the last 2? I'm not suggesting your wrong, I'm still trying to figure out where I'm going wrong.

I feel like I'm the only one not getting this yet and its frustrating.

Something that has helped me with respect to volume is this:

http://www.forexfactory.com/showthread. ... &page=2547

My basic interpretation is increased volume at the swings low or high represents the "big boys" and might indicate their "intent". Kwannan has shown a couple of screenshots on this.

Do we have our M forming now K?

[kwanann]

1. when you say bottom or top, are you just looking at the trapping volume coming out the "M" legs? on a 4h chart? I think I see what your talking about here.

3. I'm still having issues with timing (levels). When I stay in for a 3rd level, it doesn't come and when I jump out it does come. On EURUSD the last 2 cycles before the current up trend each were about 400 Pips and I dont see 3 levels on either. But for this cycle back up its already over 500 pips and you didn't think it was time. Why is this one going further than the last 2? I'm not suggesting your wrong, I'm still trying to figure out where I'm going wrong.

I feel like I'm the only one not getting this yet and its frustrating.

1. I look at mostly h4 and h1 all bars, sometimes with confirmation with m15, i trade when there is confluence across timeframes since i'm pretty much not around a terminal most of the time

3. Hey thats forex for ya, it always goes where you think it will go JUST when you exit. Main thing is green pips. earn then and then forget about what happens next. move on.

The levels are a guide not cast in stone, its also VERY subjective.

e.g xrismak is expecting a short setup pretty soon, i'm still long bias since on the Daily chart it broke the previous highs and the next one is about 1.34 so not that far off. The last 2 bars seems to indicate short foxes coming in

Either way both of us are VERY cautious with our trading of EU and GU at this point, its kind of at its make or break part, can go up, can go down.

Me, i'm looking at the D1 chart and see a nice "dragon" formation.

Also on D1
1. Notice how it doesnt seem to be stopping yet, there is still momentum pushing it higher up
2. Also between 1.31 to 1.28 there is very high volume, so it could also mean there is ALOT of buys in place
3. Notice that the last few days has already exceeded the last known peak high, i.e it has broken thru the "resistance", its not at the bottom of the next resistance point, chances are it will hit 1.3375 which is the peak of this resistance or 1.34 which is a nice whole number.

Just my wild guess, only time will time

[kwanann]

not yet, this is only the asian session, wait for lon or us session then we can tell.

I'm trading 1c now so even if it goes against me, its pittance vs what i've gain from trading EU from the low till now.

Attached is my current trades as well as my map for EU

Notice we have the same pin setup 3 days ago

Forgot to add, it can go down as well, this map is not cast in stone. But until i see something that tells me otherwise, this map stays

[websie]

This looks like a nice M on NZDUSD H1

[APQN]

Ok as expected didn't trigger my buy limit, used that as the SL for the scout trade. The other trade at BE+

Had nice entries off gbpusd (long) and usdchf(short) at the turnaround points.

Gonna go sleep and see where it al ends up tomorrow, worse case I just BE the whole basket

Kwannan D Babarian,

I am Still Snagging the Fox in a Little way,although I did not trade Large Lots because the fox can be Slippery, hope you did well too.


Happy Trading Y'all,

xrismak

Hi xrismak,

Thank you for sharing your trading experience.

Would you please kindly explain why you took that short in Usd/Chf. I took a long near the pin with anticipation that it is forming a W and of course took a small lost with it. Please see the picture attached. There was also a strong support near the pin (at the red line) too. These to me were signs to go long.

Was I seeing something wrong?

[xrismak]

Tyna Trade the Retracements 11-06-13.png

Ok as expected didn't trigger my buy limit, used that as the SL for the scout trade. The other trade at BE+

Had nice entries off gbpusd (long) and usdchf(short) at the turnaround points.

Gonna go sleep and see where it al ends up tomorrow, worse case I just BE the whole basket

Kwannan D Babarian,

I am Still Snagging the Fox in a Little way,although I did not trade Large Lots because the fox can be Slippery, hope you did well too.


Happy Trading Y'all,

xrismak

same i really want to know also their explanation why .. for us to learn how

Hi xrismak,

Thank you for sharing your trading experience.

Would you please kindly explain why you took that short in Usd/Chf. I took a long near the pin with anticipation that it is forming a W and of course took a small lost with it. Please see the picture attached. There was also a strong support near the pin (at the red line) too. These to me were signs to go long.

Was I seeing something wrong?

CCCGAMING,

Yeap, I guess you did not Zoom out on the USD-CHF Chart in full, unless you were trying to Trade the M15 Retracements which I did very Briefly your Buy Trade should have been Lower.

Happy Trading Y'all

xrismak

[kwanann]

Just got access to a terminal, killed all my pendings and EU trade as i didnt like the way the PA is moving.

I know everyone is looking at EU, GU and UC, just giving some examples of other currency pairs that i entered briefly this morning

These are short trades, so its on the M15

I remember mentioning before, practice on the M15 first, once u get the hang of it, you can explore the higher TF

One way of practicing naked trading is to literally do it, trade off an iPad using the Empty4 app, strip off ALL the indicators, watch PA and see if you can figure WHEN the fox decides to about turn, i.e the pin bar, the TF doesnt matter, M15, H1, H4. Once u can figure the about turn, you are good to go!

[kwanann]

CCCGAMING,

Yeap, I guess you did not Zoom out on the USD-CHF Chart in full, unless you were trying to Trade the M15 Retracements which I did very Briefly your Buy Trade should have been Lower.

Happy Trading Y'all

xrismak

Man that was exactly what i was trying to tell you guys, look at the chart i posted before

http://www.stevehopwoodforex.com/phpBB3 ... &mode=view

Now compare that with the one on hindsight and then tell me, where is the clue that tells you that it is NOT a pin and NOT a W formation

[APQN]

CCCGAMING,

Yeap, I guess you did not Zoom out on the USD-CHF Chart in full, unless you were trying to Trade the M15 Retracements which I did very Briefly your Buy Trade should have been Lower.

Happy Trading Y'all

xrismak

Man that was exactly what i was trying to tell you guys, look at the chart i posted before

http://www.stevehopwoodforex.com/phpBB3 ... &mode=view

Now compare that with the one on hindsight and then tell me, where is the clue that tells you that it is NOT a pin and NOT a W formation

To answer your question, to be honest I still can't see any obvious clue that tells me that it is NOT a PIN or a W. Instead, I'm still seeing signs that strongly hinted a W formation i.e. stop hunt at the top before coming down to form the second pin at the bottom of what I wrongly thought to be the beginning of the second leg of the W. The second stop hunt was not lower than the first stop hunt. In the picture I circled all areas I thought were stop hunts. Sorry, my vision is still very froggy, I can't see what you see yet.

However, I will take a guess and say after the pin, price continued lower instead of immediately retraced back up and also, price has been channeling down and it is very close to the top of the channel. These might have been hints for you to go short? Please enlighten me.

Your help is much appreciated.