The Captains Chest - Naked Trading & Other Stuff

[banteka]

Hi, banteka. Good to see you.

If the M happens after the resistance, how do you handle that? Where do you enter? Second leg? Do you assume the breakout is a fakeout as soon as you see the second leg forming?

It seems dangerous. It could be the classic breakout + pullback (second leg here) + continuation before price skyrockets.

It the M happens before or about the resistence the signal seems strongly bearish to me, but once the resistence has been broken I should wait until price drops clearly back avoiding any RT, M, etc as a trigger to take the entry.

Anyway, very interesting chart. We´ll be watching.

Thank you zentauro.
If price crosses 1450, I think there won't be a M. The price will test the 1600 resistance. So an additional bullish cycle maybe after the 1450 breakout.

[kwanann]

So what the *** just happened to EURUSD?

I'm very sure they had loads of people thinking, OOH OOH, breakout, it was at L3, went out of range, L1, BUY bU bUY!!

This was what i posted before
http://www.stevehopwoodforex.com/phpBB3 ... &mode=view

And this is what happened 2 days later

[bluedog23]

So what the *** just happened to EURUSD?

I'm very sure they had loads of people thinking, OOH OOH, breakout, it was at L3, went out of range, L1, BUY bU bUY!!

This was what i posted before
http://www.stevehopwoodforex.com/phpBB3 ... &mode=view

And this is what happened 2 days later

Excellent call, Kwanann. This one was a difficult read for me and I was long.

[kundanketki]

placing sell limit on this one.

[kwanann]

@kundanketki

don't think it will go back there, already i'm seeing the M forming on EJ..

@bluedog

EU was the first pair i played, so i'm pretty much attuned to its movements. Typically my advice for a difficult read is not to trade on live. Demo sure if you want, but NEVER live.

[bluedog23]

@kundanketki

don't think it will go back there, already i'm seeing the M forming on EJ..

@bluedog

EU was the first pair i played, so i'm pretty much attuned to its movements. Typically my advice for a difficult read is not to trade on live. Demo sure if you want, but NEVER live.

Great advice, at any given time some pairs are an easier read with respect to levels than others. I generally trade the ones that are more easily identified. But with some subjectivity in reading levels I missed this one. It was a smaller position than I usually trade so that was a good thing.

Cheers!!

[kwanann]

Maybe i'm right, maybe i'm wrong

[kundanketki]

@kundanketki

don't think it will go back there, already i'm seeing the M forming on EJ..

@bluedog

EU was the first pair i played, so i'm pretty much attuned to its movements. Typically my advice for a difficult read is not to trade on live. Demo sure if you want, but NEVER live.

Thanks Kwanann.

Learning for me. As you mentioned i missed the move.

Just wanted to understand how would you have traded this move on EUR/JPY?

Thanks

Kundan

[kundanketki]

Hi All,

This is how i m looking at NZD/USD. It has completed M at the bottom and set for completing final leg of W with a target of 0.85600.

Let me know your thoughts.

Thanks

Kundan

[intcust]

i shorted e j. It seemed to have finished all three up legs so took it down for around 100 pips