The Captains Chest - Naked Trading & Other Stuff

[poconnellfx]

closed audusd short based W forming and trapping volume

am i on the right track with the Captain's method?

thanks for help

[kwanann]

Good job banteka!

Again.. Smaller tf close and giving way to h4 trend... Entred long positions, TP at 1.545 and 1.55. This might take a while to get there? Looking at possible dd as well since my entry is sucky at 1.5367

Happy trading u all.

K

[Ingot54]

Thank you Ingot54 for all that relevant info. It's good to know we are not alone

Concerning GBPJPY I am interested right now just because I have one sell order in DD, and the beast is just going up like crazy, but I hold, as I think it could retrace soon after hitting 154, but it could also climb to 157.

Just realised when you said the GJ level of 154 ... and the chart I posted showed 149!

Here is the updated one - I was actually looking at an expired demo a/c!

YEN index and GBPJPY.JPG

EDIT: I used to hold a lot of my mistakes in draw-down, just to follow them to see what happened over time.

It was then that I realised that the markets swing up/down, and it helped me develop my nerves. If you are in demo with that trade, watch it closely, and see what happens - you can learn more from a trade "gone wrong" sometimes, than you can from a winner.

[McNish]

Done one profit level for AU. Re-entered and pending as well. Trying BAFR to whatever extent i understand (have just started on that pdf.) Sl past last swing. Waiting on 3rd push & RRT on M15.

Still only on pg 20 of this thread. Taking it gradually and no rushing as it needs to sink in properly. Also doing Kwan's 101. This is like learning a new language. Call out if i'm using the wrong words.

Live a/c, practising with minimal 0.01 lots.

Cheers.

[McNish]

Please stop using barf in the wrong timeframe. It's meant for d1 and above...

Anything below.. U can cal it a m or a w...

Thanks for the correction. Like i said, just starting out with bafr. i'll call it trend on shorter tf with rrt. Working up GF the same manner as AU.

Jem, so reason you have for AU long is the H4 pin? I see it too but not convincing for me. Maybe after the third push i will reset.

[Jemook]

M15 pins based on my interpretation of 3 pushes down. Kwan does a push have to close below a low to be counted?

[McNish]

AU short working. Have to see where it ends. TP is 9177, 10 pips above wp. lets see how it ends.

i think not Jem. Push is a push if it is 3 bars. Making LL or HH is a matter of reaching levels. If not make LL or HH, level is reset, imo.

EDIT : Done AU for tp - 5.

[kwanann]

@max

No worries, but I just hope ppl read thru everything before throwing stuff.. Gets a bit frustrating repeating the same thing over n over again

@jem

I.m actually also long on au with stop at .917 to cater for spread hen I sleep, also long gu as well. Trading the h4 so slightly different outlook from u guys. That m.. is just normal,movement for h4..

As for push and lows or high.. Each of the 3 push should make a ll or hh ompared to the previous push. Ie if price "ranges" and u see 3 push which doesn't exceed the range.. No count if it stays in the range

K

[McNish]

AU done for TP. GA trade looking good for me next. Pins on the high on Weekly.

[Captain Jack]

Yeah, GBPJPY can be a killer if wrong, I am only observing it from now on, luckily it was only a small order that got trapped, but I refuse to give them my money so easily, if I know it will probably turn better in a few days.

Understand that I am not picking on you Lilac, but this statement sums up why the Fox is so successful at what he does and why he repeats the same patterns over and over. These are some of the basic human tendencies and habits that he makes his living from. This is why "trapping volume" works...people buy the Fox's story and place an order in the wrong direction. When price moves against them, they continue to hold the order instead of taking a small loss, because as you have said, price will turn soon. The losses increase, margin and equity fall, and capital that can be used on a "good trade" is locked in a bad position. On top of that, a lot of people will stack orders, in the wrong direction and end with a much larger loss than they would have had they closed it out early.

When I'm wrong, I take my loss as has been evident on several AUDNZD trade series I have posted recently. Those losses were taken and made up for with positive trades later., instead of allowed to roll into larger losing positions.

Take small losses and stack your winning trades. Do not do the reverse of this.

CJ