The Captains Chest - Naked Trading & Other Stuff

[kwanann]

Also, stop saying you are wrong. Positive affirmations are the answer

i love to be wrong and change a 5k account to 30k

anyway back to gold, of recent i've taken a liking to the weekly charts, 2 week of DT, this week yet to bust the previous high but already broken the low, i'm inclined to see it go down somemore and form a W at about 1200 before it goes up. In fact most of the USD pairs seems to be in such a mode as well, forming a weekly reversal pattern

[ciliano]

anyway back to gold, of recent i've taken a liking to the weekly charts, 2 week of DT, this week yet to bust the previous high but already broken the low, i'm inclined to see it go down somemore and form a W at about 1200 before it goes up. In fact most of the USD pairs seems to be in such a mode as well, forming a weekly reversal pattern

Ya I actually just came back into the thread to mention the weekly chart. It looks like the "W" on the Weekly may be too short on this leg to call as moving back upward, but I still think I can get some good pips out of the H4 buy (already have). I am definitely watching it closely and probably will move my SL up well into profit here shortly. That or set a sell stop hedge.

[Jacque]

Hi Ciliano,

looks like I am a little late to the gold party. The chart that you have looks a little off from a barf and here is my though on it:

[Jacque]

Hi intcust,

here are my thoughs on EJ:

[intcust]

just sold e j again. Looks like it just finished L3 on 1 hr chart. Looking for retrace during accumulation back to 23.6 fib around 133.65 she is a little one but looks good to me

[Jacque]

Hey intcust, looks like the fox threw me off.. it could be one of the two things after px did not move down with that long wick:

1. Fox put out the long wick to entice shorts. with the trapping vol printed on the chart now, it looks like there are indeed lots of shorts in the market

2. Fox wanted to push px down but there were too many longs coming into market thus might as well follow the flow now

Also, the majors of this pair, eurusd and usdyen has been clearly going up and down respectively for the last one day putting eurjpy in a sort of a range. To add on to your point of it not really breaking the top, although it did not "break" it strongly, it does looked like there is px acceptance in that area.

With all these in the picture, I have no conclusion for this one now.. :/

[ciliano]

I am watching this one, NZDJPY, to see if it does what I think it will do in London session Monday. No trade yet, just on watch list.

NZDJPY.PNG

[Jacque]

I am watching this one, NZDJPY, to see if it does what I think it will do in London session Monday. No trade yet, just on watch list.

NZDJPY.PNG

Hey Ciliano, where do you see the drop stopping? My thoughts are that we could see another correction or sideway movement before it breaks upwards again..

[djhenry1981]

Just for clarity, is it fair to say the true direction after the Asian Breakout is actually the direction of the l breakout?

Basically, we get the Asian range, wait for the break, then the stop hunt which usually goes in the opposite direction tagging the bottom of the range, re-tests and then goes in the direction of the original breakout?

Attached is an attempt which failed with USD last night (demo account).

[kwanann]

is it fair to say the true direction after the Asian Breakout is actually the direction of the l breakout?

Basically, we get the Asian range, wait for the break, then the stop hunt which usually goes in the opposite direction tagging the bottom of the range, re-tests and then goes in the direction of the original breakout?

Not really, it depends on a few things, current level count, M or W formation, peak high/low etc..

it all depends on how the contracts are structured, where is the accumulation etc..