The Captains Chest - Naked Trading & Other Stuff

[mjws00]

I took AUD SHORT in 3 pairs and LONG in other two. I rode the Asian Session. The reasons were a beautiful BEARISH candle (BULLISH in two pairs) and the abscense of releases in all that pairs. It just could not be a coincidence. If it had not been that candle, I had not taken that ride. This is Naked Trading isn't it?. I have just wake up (I live in Spain) and I saw the Asian range and I have closed all the positions.
Results as follows:

Nice trading. Great feel on your EU long scalps yesterday as well. What a fun day. Might be more of the same when some volume comes online.

Lots more pretty red news for the day.

Mike

[hannele]

I don't really think strictly rules based counts are going to work. I keep hoping someone will find something repeatable and valid. Alas, they mix it up enough to screw with you. Remember, a beautiful 3 Count ties nicely into Elliot Wave, which is a sub culture the fox likes to munch on.

It is the transitions that matter. We want to spot WHEN they are slamming on the brakes. And then shaking out the weak traders to take profit, re-balance their book, RELOAD.

I count the IMPULSE, and then look for consolidation. But when the count gets ugly and it often does. LOOK FOR IT TO GET NASTY AND SPIKY. We have always called those level 1/3 here. It is how our PEAKS Formations get made.

I can see B and C of Jem's charts as valid. I can come up with a near perfect count almost every time. It's not the count that matters. It is the price action at each level. Counting rigidly gives them a better chance to trap you. Keep in mind also: TIME. We rarely have more than 1 level in a day.

We want to be looking through the screen to see HOW, WHERE, WHEN the fox is going to screw over the most traders. Who did he hurt? Who got trapped? What were the errors? Where might it be a good place to transfer their money?

Here is a GBPUSD Example.

Mike

Edited: Chart A doesn't work for me.

really good post !!

Julian,

Everybody has their own Style of Trading, it May or May Not Work for Some Folks, I was a Practical Looser when it came to Trading FOREX until the Naked Trading Thread Started, I took my time and was Determined to Learn, most times I got it Wrong and when my trades went Horribly wrong I looked at things as I took a Chance and it did not work out and tried to see why and what I did Wrong, but I kept on at it and when I got the Trade Right I looked at things and tried to Figure out just why I got it Right, WHAT DID I NOT DO WRONG and Why was I Right. Life is sometimes about taking Risks, if you can win more than you loose in Life then the Odds are Stacked in your Favor and that is Part of what Naked Trading is About. The Results of my Consistent Mopping at Charts 24/7 Day in Day Out have Proved to me that the Secret is in Patience and Taking a Step Back to do a Detailed Analysis of what if the Price Action goes this Way... what will happen as in what might Appear on my Chart, but if Price Action Goes the Opposite Way what will Appear on ( W or M to Include 3 or Sometimes 4 Pushed up or Down ) my Chart. Having Done this over and Over Again I began to see the Signs.
Simply Fantastic Results and from then on I have not looked Back, Naked Trading might Not work for Your Good self but as for Me it HAS WORKED and Will Continue to Work because I continue to look for and Study the Ways of the Fox using my Charts all the Time. I don't know it all but it is in Sharing my Thoughts , Winning Trades and LOOSING trades on this Thread that I have learnt even More to Excel at Naked Trading... Please don't take this in a Negative way, I am only Urging you to keep on at it if you Please because if I can Do it then You can also do it too , you have to Believe in your self.

Happy Trading Folks,

xrismak

This is good, thank you xrismak, I needed this one. Had really difficult day yesterday, many crappy trades ( my blindness ). Back to charts then

cheers hannele

[xrismak]

Take What The Fox Has to Offer . and Run 2 png 01-08-13.png

I don't really think strictly rules based counts are going to work. I keep hoping someone will find something repeatable and valid. Alas, they mix it up enough to screw with you. Remember, a beautiful 3 Count ties nicely into Elliot Wave, which is a sub culture the fox likes to munch on.

It is the transitions that matter. We want to spot WHEN they are slamming on the brakes. And then shaking out the weak traders to take profit, re-balance their book, RELOAD.

I count the IMPULSE, and then look for consolidation. But when the count gets ugly and it often does. LOOK FOR IT TO GET NASTY AND SPIKY. We have always called those level 1/3 here. It is how our PEAKS Formations get made.

I can see B and C of Jem's charts as valid. I can come up with a near perfect count almost every time. It's not the count that matters. It is the price action at each level. Counting rigidly gives them a better chance to trap you. Keep in mind also: TIME. We rarely have more than 1 level in a day.

We want to be looking through the screen to see HOW, WHERE, WHEN the fox is going to screw over the most traders. Who did he hurt? Who got trapped? What were the errors? Where might it be a good place to transfer their money?

Here is a GBPUSD Example.

Mike

Edited: Chart A doesn't work for me.

really good post !!

Julian,

Everybody has their own Style of Trading, it May or May Not Work for Some Folks, I was a Practical Looser when it came to Trading FOREX until the Naked Trading Thread Started, I took my time and was Determined to Learn, most times I got it Wrong and when my trades went Horribly wrong I looked at things as I took a Chance and it did not work out and tried to see why and what I did Wrong, but I kept on at it and when I got the Trade Right I looked at things and tried to Figure out just why I got it Right, WHAT DID I NOT DO WRONG and Why was I Right. Life is sometimes about taking Risks, if you can win more than you loose in Life then the Odds are Stacked in your Favor and that is Part of what Naked Trading is About. The Results of my Consistent Mopping at Charts 24/7 Day in Day Out have Proved to me that the Secret is in Patience and Taking a Step Back to do a Detailed Analysis of what if the Price Action goes this Way... what will happen as in what might Appear on my Chart, but if Price Action Goes the Opposite Way what will Appear on ( W or M to Include 3 or Sometimes 4 Pushed up or Down ) my Chart. Having Done this over and Over Again I began to see the Signs.
Simply Fantastic Results and from then on I have not looked Back, Naked Trading might Not work for Your Good self but as for Me it HAS WORKED and Will Continue to Work because I continue to look for and Study the Ways of the Fox using my Charts all the Time. I don't know it all but it is in Sharing my Thoughts , Winning Trades and LOOSING trades on this Thread that I have learnt even More to Excel at Naked Trading... Please don't take this in a Negative way, I am only Urging you to keep on at it if you Please because if I can Do it then You can also do it too , you have to Believe in your self.

Happy Trading Folks,

xrismak

This is good, thank you xrismak, I needed this one. Had really difficult day yesterday, many crappy trades ( my blindness ). Back to charts then

cheers hannele

Hannele,
Every Successful Trader always has a not so good Day, it's what is Referred to as an Occupational Hazard, don't worry the Good Profitable Days are round the Corner for you.
I should be Thanking folks like you for Sticking Around and doing your Very Best to Make Naked Trading work for not just yourselves but also myself, please remember that during the Next 3 to 5 weeks the Volumes will be thin on most markets as the Professional Traders Start winding down a bit for the Summer Holidays, Look very Closely at your Charts and Price Action and take only Trades that will most likely give you a little bit of Profit.... in other words take what Little Profits you Can off the FOX and Run... there will always be another day... little Bits and Pieces make a lot Eventually...... SPECULATE WISELY to ACCUMULATE SLOWLY but SURELY
It's the first Day of the Summer Wind Down Trading Month and I like to Start the Day with a Little Profit, it kind of let's me Know how the coming days in the Month will Pan out as I have already taken a little Bit off the Fox Today, no matter how Small a Profitable win is a win and it adds up to the Little bit that I have Accumulated so far Naked Trading.

Happy Trading Y'all

xrismak

[lilac]

I was looking for a buy on USDCAD at the bottom of the forming W when confluence across TF, also trying to catch a sell on the GBPUSD M at a retracement, and I had a sell alert on EURGBP when it reaches the previous pins there.

Unfortunately I cannot connect this morning, my Empty4 says old version and still waiting for the criminal support to answer (more than 1/2 an hour already...)

I am glad I didn't leave anything open or pending, I don't do that anymore lately, I only trade when I am going to be in front of the screen for the next hours, I grab what they give at the end of the day and go. Don't trust them a milimeter.

Beware guys and good luck.

[hilavoku]

When looking at H4 on USDCHF this could be a pinbar forming and i will look at the volume. Downtrend could be continued. At the moment we are in an area of interest (SR) i think...

[Rich_Tea]

[attachment=1]
It's the first Day of the Summer Wind Down Trading Month and I like to Start the Day with a Little Profit, it kind of let's me Know how the coming days in the Month will Pan out as I have already taken a little Bit off the Fox Today, no matter how Small a Profitable win is a win and it adds up to the Little bit that I have Accumulated so far Naked Trading.

Happy Trading Y'all

xrismak

Xris - this is an interesting one. I am taking my holiday in August (Cornwall,UK and Spain) so I'm not in a position to comment, but I see some traders on FF mention there are lots of opportunities during the summer months, despite the general opinion being it's very slow.

Does the fox take a holiday?! Any takers on that question?

[monty]

Could anyone enlighten me with some analyzing the GU & EU,please.
I'm aware of the latest news been good for us unemployment,and it has retraced to yesterday low on both curencies.
But on GU daily chart,there is a pin(bull),favoring the long.
Any comments please.

[ciliano]

Caught a few trades on a beautiful "W" on the GBPJPY last night before going to bed. I am going to test out this whole letting it ride up the three levels thing to see how well I can predict the future.

Also just took a short on EURGBP hoping that the pound stays strong and adds a second leg to test the lower trendline in the BARF again

GBPJPY W.PNG

[mjws00]

LOL. Nice post while I was marking up the GJ chart Ciliano. Doesn't get much prettier.

Mike

[mjws00]

Could anyone enlighten me with some analyzing the GU & EU,please.
I'm aware of the latest news been good for us unemployment,and it has retraced to yesterday low on both curencies.
But on GU daily chart,there is a pin(bull),favoring the long.
Any comments please.

I don't do much with daily charts. GU has been rocketing down all week. It is bouncing and shaking out near 1.51. To me it looks like it is just hammering away at support, but is over extended so it gets driven back up via profit taking near the lows. Lots of volatility for MM's to take profit and reload.

That tail on your chart is a FAILED pinbar. i.e hammer. On 4H we hit the stops low (pin) hit the stops high(pin) and printed a very nice RRT.

This is a kill zone. Spiky, Nasty, and tough to trade. A nice W printed, second leg buy was nice. But it turned with a lower high. To print the second leg of an M which you could have sold.

Actually looks like it might break lower to me, but the breakout south could be a trap and may well get tested. i.e the take the stops below 1.5100. Shake out the shorts. Then make a choice long or short.

Here is my useless prediction of the day. I wouldn't trade GU here. I would sell 1.5200 if it popped up there again.

EU is different. I am selling.

Mike