The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

Any thoughts guys. I'm guessing the next pin highs were the signal to close the trade, but I'm the student not the teacher

I`ll have a go

Edit sorry CJ I was writing this while you were posting yours

eurcad_ukm15trade.png

The chart you posted is a good one for pips400 to review. The exact point of his trade entry is the break and test of the days low, which failed. The patterns at the top form a shallow "M" so it could be the 1st level drop on the 15m time frame.

CJ

Thanks seanyd and CJ, that is really helpful, key lesson here is understand where you are in the wider context as CJ you suggest checking the longer time frames, and seanyd for a timely reminder of pushes and levels, looking with hindsight, CJ was right, the two high pins would have been a re-entry into the third phase/push down for the day. This is great and really useful.

It may help you to add some of the tools from the beginning of the thread that show the ADR, session times and the HOD, LOD. They are all important things to consider when determining when and where to enter a trade. Generally, you want to enter the trade at the extremes of the ADR or the HOD, LOD

CJ

[CCCGAMING]

what do you think about myanalysis captain jack?

plan for tonight if pattern is given later

[Captain Jack]

what do you think about myanalysis captain jack?

plan for tonight if pattern is given later

It has good possibilities and you know what to look for...

CJ

[Captain Jack]

The largest winning trade is only up 30 pips... you do not need 200-300 pip runs to make money. Not bad for a few hours work today while reading and responding to the forum.

7-18-2013 5-18-10 PM.png

CJ

[seanyd]

The largest winning trade is only up 30 pips... you do not need 200-300 pip runs to make money. Not bad for a few hours work today while reading and responding to the forum.

7-18-2013 5-18-10 PM.png

CJ

I was thinking about only going for 30 pips to from now on , I used to go for 50 but dosn`t get hit as often now , so even if it is only a retrace your bound to get nearly 30 pips in a retrace .

ps ..

Is your profit pink because you have used nearly all your margin again

[Captain Jack]

The largest winning trade is only up 30 pips... you do not need 200-300 pip runs to make money. Not bad for a few hours work today while reading and responding to the forum.

7-18-2013 5-18-10 PM.png

CJ

I was thinking about only going for 30 pips to from now on , I used to go for 50 but dosn`t get hit as often now , so even if it is only a retrace your bound to get nearly 30 pips in a retrace .

ps ..

Is your profit pink because you have used nearly all your margin again

My profit is always pink and the broker closes winning trades many times for me on a retrace.

That's a small account anyway, well, small for now....started at 20K and is up to 60K lol

Still have room to add later during London if price goes the right way... then I'll run it real close to the edge...

7-18-2013 5-36-30 PM.png

CJ

[Ingot54]

Thank you for the encouragement, John. It is deeply appreciated.

I'm basically an academic type, so I like to read. Problem is ... I read e-v-e-r-y-t-h-i-n-g written, and that takes time. Too much time ... unwarranted usually, when skimming can highlight the salient points.

When I was involved in this previously, (a very serious lurker) I missed out on grasping the concepts here ... making excuses that it was "too hard" or "too complicated" and so on.

Over the past 12 hours I have been reflecting on what happened that it went over my head? I mean if Kwannan can get this stuff then ... (sorry mate - had to throw that in there! )

But getting right down to it, I found out why I didn't 'get it' and I am making this post to share the enlightenment.

I didn't "get it' because I didn't apply what I was reading to enough charts.

I now realise that despite the fact that I have probably spent 15,000 hours on charts since 2004, about 14,000 of those hours have been of little consequence in moving my trading forward. I am little advanced on what I was in 2005.

And looking at other people's charts will educate you/me about 5% ... the real magic happens in the subconscious, and that can only be fed through active participation.

Solution: New, clean template, applied to all charts, and scan through higher and lower TF until I find a candidate. Then APPLY the principles of Fox Trapping 101 to see if there is one of the below species within range:

In my sights.jpg

By the way, for serious fox hunters, that link under the picture provides a worthwhile break from trading, when you are getting a bit of brain-fade. (Picture: Red Fox, of which there are around 45 sub-species)

My next pictures will be of charts!

Without hours of chart work (even if focusing on just one pair that "looks like" it is setting up) the learning curve will be frustrating and slow. My post is to advise readers to get into the charts, and off the thread (as much) ... practical application is the fastest way to learning.

[kwanann]

Haha nice one ingot. Xrismak and sean got this much bettrr than me. There are loads more slient peeps that got it down pat as well.

Try it out on one chart. Mark out the levels m and w using Empty4 built in tools. Once you marked enough history you will find patterns beginning to repeat themselves. That's when you can stay mapping the future


Believe me its a really fun ride! The reward at the end.. priceless

K

[Captain Jack]

I cleared some trades of and booked the profit on the GBPUSD pair that I had open...pins to the high side and the "M" forming say I'm topped or close to topping out and I can get back in lower if re-entry is indicated. +12k

CJ

[Captain Jack]

Nice post Ingot54. I'm an avid reader and researcher as well and you will be surprised how much more time your will have for said activities, trading in this manner. Once you concentrate on price, there is nothing else that wastes time. It's actually a very efficient way to trade.

On your template, you may wish to add the tools from page one for session times, ADR, and daily hi/low. They can be of use for trade timing.

Nice red fox...but it's pelt will look much better on my wall.

CJ