The Captains Chest - Naked Trading & Other Stuff

[PvO]

I am trying to read this GBNZD Daily chart as a means of education and trying to decipher what the next move will be.
The circles are areas where (breakout) longs got trapped. The rectangles are areas where shorts got trapped. The rectangle to the right was higher then before so earlier shorts could not get out BE or with profit. Now this day was a spike up. Is this short covering?
Writing this I remember reading we should not predict what is the next move but jus follow along. So, say we wanted to trade this pair, are we in a waiting mode?
Is my 'story' on the circles and rectangles correct?

[Captain Jack]

Pardon me CJ... I know you're the expert here... but i have a query. After the PL..there is a SH...then , ur first wave is actually two... going by the normal setups... which means ..we re now on the 4th run up.. ( i know it doesnt happen...but just counting )... so how does one make out... cos am pretty sure.. after the stop run ...your wave 1 ..where it ends...that would have been end of wave 2 for me ...1 up...two up..

thanks..

GBPUSD - The stop hunt usually occurs between the 2nd and 3rd levels, to clear out traders before the last run.

Remember the Fox is running the 1st and 3rd pushes while the retail traders are left to run the 2nd push.

CJ

How about a chart Amit as I don't see a SH after the PL....at the peaks, both high and low, there is chop...

Nor do I see the 4th level... but everybody is free to label their charts as they see fit

CJ

[Captain Jack]

I am trying to read this GBNZD Daily chart as a means of education and trying to decipher what the next move will be.
The circles are areas where (breakout) longs got trapped. The rectangles are areas where shorts got trapped. The rectangle to the right was higher then before so earlier shorts could not get out BE or with profit. Now this day was a spike up. Is this short covering?
Writing this I remember reading we should not predict what is the next move but jus follow along. So, say we wanted to trade this pair, are we in a waiting mode?
Is my 'story' on the circles and rectangles correct?

Looks like a rising wedge...

CJ

[Captain Jack]

Pardon me CJ... I know you're the expert here... but i have a query. After the PL..there is a SH...then , ur first wave is actually two... going by the normal setups... which means ..we re now on the 4th run up.. ( i know it doesnt happen...but just counting )... so how does one make out... cos am pretty sure.. after the stop run ...your wave 1 ..where it ends...that would have been end of wave 2 for me ...1 up...two up..

thanks..

GBPUSD - The stop hunt usually occurs between the 2nd and 3rd levels, to clear out traders before the last run.

Remember the Fox is running the 1st and 3rd pushes while the retail traders are left to run the 2nd push.

CJ

Looking toppy here...

CJ

[xrismak]

Pardon me CJ... I know you're the expert here... but i have a query. After the PL..there is a SH...then , ur first wave is actually two... going by the normal setups... which means ..we re now on the 4th run up.. ( i know it doesnt happen...but just counting )... so how does one make out... cos am pretty sure.. after the stop run ...your wave 1 ..where it ends...that would have been end of wave 2 for me ...1 up...two up..

thanks..

GBPUSD - The stop hunt usually occurs between the 2nd and 3rd levels, to clear out traders before the last run.

Remember the Fox is running the 1st and 3rd pushes while the retail traders are left to run the 2nd push.

CJ

Hello Amit,

Hopefully This Chart Might Explain Something to You....


Happy Trading Y'all

xrismak

[123Reverse]

I don't know why you folks TRY to make this harder than it has to be....if you don't understand 3 levels maybe you can follow 1-2-3-4-5 easier....CJ

Thanks for the charts, they and 1-2-3-4-5 helps

It's not that easy seeing live, when the last set has ended and the 1st leg of a new set begins, prior to the "2" (of a 1-2-3-4-5 formation), as viewed on a few of your charts and this one.

20t4ht2.jpg.png

[Dagu]

I'm done : )
Now I will wait for M
USD/PLN in progress

Bez tytułu.gif

[xrismak]

I'm done : )
Now I will wait for M
USD/PLN in progress

Daggerfall,

Wonderful, , I Probably Could Not Have Done it Any Better than You Have.


Happy Trading Y'all

xrismak

[Dagu]

THX Xrismak
Doing my best ; )

BTW
What do you think guys ? I see oportunity for very good trade

[Amit]

GU.png

Thats my count on GU... its obviously wrong in hindsight.... but how does one know ...

thanks.

Looking toppy here...

CJ