The Captains Chest - Naked Trading & Other Stuff

[kwanann]

@pedigree,

Yes I have a draw order script that will mark out my entrances and exits, will pass that to u via pm

@ivan, pips400
I always trade so that I can handle dd of up to 500pips if need be, this is because I used to trade h4 and above with this method and I like to enter early. So if my lot size violates this, a SL will be put in place. But on a typical trade my mental SL is either 50 or 100pips away. I've also removed hedging frm the equation, I find it messes up everything. If my entry is sound then I shouldn't hedge, at most just add I. Positions when the conditions are right. If its wrong, close it and take the loss.

What I do realize is,price will ALWAYS revisit levels sooner or later, so if u can wait and pay the swap and dd, and IF you want to wait, go ahead. Just because aud went all the way down doesn't mean it won't come back, question is whether u can wait long enough

@max

Oh so that's what u are trying to do. Good idea! CT does have its benefits but u have to be in front of the screen the whole time as it may go against you anytime. This is also one of the reasons why entering in the pins is good, you are buffered even if it turns against u with a small SL exit. Actually another thing u and most of the rest can try. Find a nice m or w right at the top or something at l1. Enter a position and KEEP it all the way to the reversal m or w with SL unchanged even after BE. this really helps u to build confidence in your trades as well.

[pips400]

Hi Ivan thanks for the encouragement and suggestions.

Question: How many losses did you expect to take before you got one win?

When placing the trade I expect everyone to be a winner otherwise I wouldn't take the trade, but in reality of course there are always going to be losses, so part of my pyschology is to accept losses as part of the overall result. So my focus isn't on any one particular trade but on the whole. For me success isn't whether the trade(s) won or lost but whether I applied and managed the trade(s) in real time according to what has been previously understood and decided upon as the strategy. So it is possible to even have a net loss for a day, but if I adhered to my own "rules" then it was a success. I know that sounds crazy, but I believe my challenge is not for each trade to be successful but to trade the edge, because the edge will reward me over the long term.

Question: Did you end up in profit through operating according to the guidelines?

Yes

Going forward, I've given a lot of thought to the DD, SL issue and for next week I'll use a SL rather than gietting into any other way of managing the position. I found I used a lot of energy and time managing DD which was probably inefficient use of my time and emotions, so I'm going to just take the small loss and not focus on the losing trades but maximise on the profitable ones.

Thanks

Pips400

[Captain Jack]

Another point, whilst it is good to be selective in your trades, try not to get too hung up over levels and setups. There is often lots of discussion and debate on here about which level the currency is on and whether folk think its going up or down which is all good, particularly if it helps people learn, but remember that this is not a rules based method, it is not a 'system'. This is a subjective trading methodology and to that end everyone will interpret things differently
Fly

I think this is a really good point. I've been re-reading CJ's posts from the beginning again, and if you were "weighting" his emphasis and approach the large majority is about trading the pins and how he does that. Yes of course we need to understand market cycles, levels, etc, but I believe there can be a subtle distraction here if not careful, because the fox mixes it up so much it's easy to get confused or lost in the tracks - sometimes you can't see the wood for the trees! Trading the pins at the bottom or top of a move (including W/M) is all I'm focussing on for now, and in particularly where those pins form in accummulation areas like previous support/resistance etc because that's where the fox is going to get his next victims from.

Nice post.... you make a great point here. The key is trading from the Peak Low to the Peak High and back to the Peak Low... reading the levels helps to find your place in the cycle as well as direction, but trading from the peaks are the best trades...

Most of the time, I will take the trade off the table after 50 pips or when the Asian range session begins. Many times, you can get 50 pips out of the NY reversal before it drops into the ranging session.

For those who hold their trades longer, knowing the current level of the cycle is key to maxing profits. For me though, 50 pips provides plenty and then it's on to the next trade.

Edit: To be clear here....I find it easier to make 10-50 pip trades than to make one 500 pip trade. So when I say I settle for 50 pips, I may have 3-10 stacked orders in that trade series, netting hundreds of pips.

CJ

[eltax100]

[/attachment]

Another point, whilst it is good to be selective in your trades, try not to get too hung up over levels and setups. There is often lots of discussion and debate on here about which level the currency is on and whether folk think its going up or down which is all good, particularly if it helps people learn, but remember that this is not a rules based method, it is not a 'system'. This is a subjective trading methodology and to that end everyone will interpret things differently
Fly

I think this is a really good point. I've been re-reading CJ's posts from the beginning again, and if you were "weighting" his emphasis and approach the large majority is about trading the pins and how he does that. Yes of course we need to understand market cycles, levels, etc, but I believe there can be a subtle distraction here if not careful, because the fox mixes it up so much it's easy to get confused or lost in the tracks - sometimes you can't see the wood for the trees! Trading the pins at the bottom or top of a move (including W/M) is all I'm focussing on for now, and in particularly where those pins form in accummulation areas like previous support/resistance etc because that's where the fox is going to get his next victims from.

Hi Pips400

RR track and pinning on the daily mostly look like great W or M on a lower TF

27-07-2013 21-10-24 Daily RR.jpg

27-07-2013 21-10-24 lower time frame M.jpg

[zentauro67]

YING & YANG FOXY PATTERN

When the climb is male (straight lines, phallic flags...), the decline is female (smooth curves, round waves, sinuous as breasts...)

Imagen 2.jpg

Imagen 002.jpg

[kwanann]

For those bored with nothing to do now.. Yen pairs going down

[Ingot54]

Yen pairs going down

Here's one ... I'm not jumping in ... on watchlist for retrace later.

[Ingot54]

Triple pinning on EURUSD Daily ... and multiple retests on 4H of the 1.3295 barrier.

Don't assume anything ... the fox already knows what you are thinking!

Other things to ponder:

GBPJPY 1H ... 3rd leg down complete ... pinning at bottom now

GBPUSD ... Triple pinning on Daily ... multi-resistance on 4H @ 1.5405

USDJPY ... bottom pinning on 1H after multi-levels down (strong trend) ...

These are not recommendations to trade ... just noteworthy developments.
If I knew what the markets are doing this early in the week, I wouldn't be getting into demo trading right now

[kwanann]

Ivan,

You might want to look at H4, then zoom out a bit 22 Jul to 24 Jul. See something interesting?

I'm out of my AJ and UJ trades, nice start to the week

[Ingot54]

Ivan,

You might want to look at H4, then zoom out a bit 22 Jul to 24 Jul. See something interesting?

What pair is it?

Apart from trends, strong resistance/support, multi-pinning and big W's/M's ... I am not sure what I should be seeing.
I have eyes ... but they're a bit blurred right now