The Captains Chest - Naked Trading & Other Stuff

[McNish]

Cruel Kwan : If it were not for your assessment of EU going long, i would still be in the EU short trade. None the less will get in again. Just fun, no finger pointing.
Also in on UC long. Will hold for UF long, will try to get in the pins. Have not been able to do so - getting in the pins. UJ long in the pins was with a different objective.

Ivan : Curious to know your criteria for pair selection. Do u have a set of X pairs only. Does the composition of X changes over period of time. Or do u scan all pairs first and then make up the composition of X?

Here's how i do.
Have X = 8 pairs of U's & J's - au, eu, gu, uc, uf, uj, gj & ej save as profile A, use in instance 1 (main)
Instance 2 is on market discretion, also with 8 pairs saved as profile B.
Use 3rd instance if and when required with a Profile of currency pairs, Gbp x 7 = all gbp pairs, Cad x 7 = all cad pairs. i use the 3rd instance very rarely if there is a currency specific event happening or about to happen. All i need to do is open third instance and load profile. Done & quick.

Do let me know. Maybe i can suggest a pointer or two.

Cheers all,

[Ingot54]

@Ivan: as mentioned, USDCHF will probably retrace back and the trade you have entered should be in green now or close to BE.

I'm now long UC

Just got back from shopping expedition with Mrs Ingot54

I see the USDCHF is still dropping a bit.

Still unsure about the Daily candles ... I am staying with the trade and will treat them as pinning candles. What else can I do? It's what I am seeing.

So far price has respected .9320 so all I can do is remain with it until otherwise indicated.

USDCHF Daily.JPG

I will bring the SL down to lock in a bit of it.

.

[kwanann]

@Max,

Well i did say trade at your own risk. One thing i realized early on, trade what you see and what you feel, don't bother about others (well with the exception of CJ)

I'm long UC, Mike is short UC, you go take your pick who you wanna follow..

So far my trades are still in the red, so your long would still have made some dough

[mjws00]

I like it Ingot. I'm on the other side most of the time myself. EU may well spike up and retest the top. Depends if they have enough volume. But looks to me like we have a nice little pin so far on M15.

This could just be a bull flag on a longer TF.

Short EU. Would be long UC. Feeling good about PA so far.

Mike

[mjws00]

One thing i realized early on, trade what you see and what you feel, don't bother about others (well with the exception of CJ)

Heh. I can't even follow CJ's trades and win. But I do get a touch nervous when on the other side of him .

Always gotta go with what you see. I actually have a real hard time when I start reading the charts of others. Unless they are well annotated so I can learn something.

Mike

[Ingot54]

Ivan : Curious to know your criteria for pair selection. Do u have a set of X pairs only. Does the composition of X changes over period of time. Or do u scan all pairs first and then make up the composition of X?

Do let me know. Maybe i can suggest a pointer or two.

Thanks Max
I have 8 profiles set up - one for each of the Majors.
I think it is similar if not identical to how you are doing yours.

I have extra accounts (demo) on each of 8 platforms I run (not all the time, but I operate using 3 x 22" - 23" screens from my one desktop tower, and one keyboard and mouse. (Not difficult to set up 3 screens this way). But I rarely have more than 2 platforms open at one time - though sometimes I have them open, but shrunk down to lower toolbar. I have no CPU issues.

I have accounts with AxiTrader - Global Prime - ICMarkets - Bully Pepperstone, though only 2 are live.

Within each profile, I have between 4 and 7 Pairs as follows:

1. AUD - AUDUSD - AUDJPY - AUDNZD - GBPAUD - EURAUD
2. CAD - AUDCAD - USDCAD - GBPCAD - CADJPY
3. CHF - AUDCHF - EURCHF - CADCHF - GBPCHF - CHFJPY - USDCHF
4. EUR - EURAUD - EURJPY - EURNZD - EURUSD
5. GBP - GBPAUD - GBPNZD - GBPUSD - GBPJPY
6. JPY - AUDJPY - GBPJPY - EURJPY - USDJPY - NZDJPY
7. NZD - NZDJPY - EURNZD - NZDUSD - GBPNZD
8. USD - AUDUSD - NZDUSD - EURUSD - USDCAD - GBPUSD - USDCHF - USDJPY

You may notice that I do not actually include all the pairs in the NZD file, for example, that you may see elsewhere eg AUDNZD is not included in the NZD profile, yet I have it (AUDNZD) in the AUD Profile. The reason for that is that the AUD and NZD are commodity currencies, and will track each other (positive correlation is high). But there is merit in looking at what the NZD is doing with other currencies, and ignoring the AUDNZD in that instance.

My logic is that if I have too many pairs to monitor, I will just burn through my mental concentration capacity (MCC - ) and create work where none exists!

Currently I have a "Working Profile" which only includes:

AUDUSD - AUDJPY
EURAUD - EURGBP - EURJPY - EURUSD
GBPJPY - GBPUSD - YSDJPY - USDCHF

Those 10 are from where I currently draw my trades. I find that enough of a challenge to monitor those, and still find enough trades (see yesterday's results posted earlier) and still have enough time to have a life.

I have been tossing up about including good little money spinners like the NZDJPY, but so far I have tried to exclude the NZD and CAD totally, and I have only allowed the CHF to be represented once - USDCHF.

I find it a crazy nightmare to be squirreling through 28 pairs in the hope of finding ONE good setup.
If I miss one or two - so be it ... Do what you Do Do Well

Although I have the 8 profiles set up, I find now that I do not use them at all - the Working profile of the 10 listed is sufficient to use most of the 12 watts of power produced by my brain (so I'm informed )

Thanks for the support

Ivan

[mjws00]

Finally UJ starting to move as well. This was a slightly late entry on the M. GJ was a much better pair to trade on this move.

Once again I'm sure I'm on the other side. Ahh well.

[Ingot54]

I like it Ingot. I'm on the other side most of the time myself.

Would be long UC. Feeling good about PA so far.

Mike

Mike - both you and Kwanann have said that you would be (or are) long the USDCHF.
Why is that? What did I miss that you guys are seeing?

I do not want to win this trade and find out later that I broke all the rules to do it.
That would send a message to my brain that would be teach me very bad habits !

[mjws00]

Generally you don't want to be trading back into a peak low. I am calling that nice shakeout on the 1 hr a peak. So I just took a lazy early entry in case it just hit the asia stops and ran. EUR is being held while GU dumps.

Truth is there is more than enough room on the UC trade to take a small short. As that M was so pretty. Just need a nice entry. We have a bit of breakdown in the correlations at the moment. I'd just play tight. on that short. I normally ignore UC and trade EU. In this case UC has the nicer pattern. EUR has been "held" and is lagging CHF and GBP.

Mike

[kwanann]

Took some off the table for GU, entered a smaller sell there to see where it will go. Left my CADJPY sell running at BE.

EU, looks like its printing the M

UC, looks like a U turn, i have my SL at the peak low + some so lets see how things turn out in a few hours when i can get back online