The Captains Chest - Naked Trading & Other Stuff

[Tom822]

CJ I know that on Daily chart we have a downtrend. But what in case if we trade on M15, you wrote that this strategy (yes, I know that is not a trading system) works also against the main trend.

And another thing - I went through this thread. You wrote that on M15 we have 3-5 days cycle, but usually it takes 3 days. Okay, I checked EUR/CAD and please check my chart below. On 14th December we had 1st level, on 15th December we had 2nd level but there was not a 3rd level today and there will be no 3rd day cycle because the price went above the 1st level. Of course I talking here only about M15 timeframe.

[Silweri]

CJ I know that on Daily chart we have a downtrend. But what in case if we trade on M15, you wrote that this strategy (yes, I know that is not a trading system) works also against the main trend.

And another thing - I went through this thread. You wrote that on M15 we have 3-5 days cycle, but usually it takes 3 days. Okay, I checked EUR/CAD and please check my chart below. On 14th December we had 1st level, on 15th December we had 2nd level but there was not a 3rd level today and there will be no 3rd day cycle because the price went above the 1st level. Of course I talking here only about M15 timeframe.

EURCAD did allready have 3 levels down and also 3 levels back up.

At least I think so... Bigger picture still on play.

[caveywoolpert]

Hmm like to bring along one analogy that i use for naked trading.

Imagine a bouncing ball. when u drop it.. it will bounce and bounce and bounce.. each loop gets smaller and smaller.. until it stops. so entry is always at the peak after the "retrace"

Tom, everything has been discussed in the thread zillion times. Dont count on m15.

[Tom822]

CJ I know that on Daily chart we have a downtrend. But what in case if we trade on M15, you wrote that this strategy (yes, I know that is not a trading system) works also against the main trend.

And another thing - I went through this thread. You wrote that on M15 we have 3-5 days cycle, but usually it takes 3 days. Okay, I checked EUR/CAD and please check my chart below. On 14th December we had 1st level, on 15th December we had 2nd level but there was not a 3rd level today and there will be no 3rd day cycle because the price went above the 1st level. Of course I talking here only about M15 timeframe.

EURCAD did allready have 3 levels down and also 3 levels back up.

At least I think so... Bigger picture still on play.

I read that each level is a one day. Not always, because sometimes these 3 levels require 4-5 days to be created. But there should be around 3 days for these 3 levels. There were only 2 days - 14th and 15th December. Moreover, this middle "level" in downtrend which you pointed by no. 3-4 this is not a level because there wasn't accumulation stage (asian range).

Anyway, I will check your pattern in practice but it not looks like CJ strategy.

[Tom822]

Hmm like to bring along one analogy that i use for naked trading.

Imagine a bouncing ball. when u drop it.. it will bounce and bounce and bounce.. each loop gets smaller and smaller.. until it stops. so entry is always at the peak after the "retrace"

Tom, everything has been discussed in the thread zillion times. Dont count on m15.

Sure, but even on H4 timeframe there was 3rd level, so if I remember it correctly after 3 days of uptrend we should get 3 days of downtrend. Moreover, in some posts even CJ wrote to stick M15 charts before you do not start to recognize this 3 days cycle.

[Silweri]

I read that each level is a one day. Not always, because sometimes these 3 levels require 4-5 days to be created. But there should be around 3 days for these 3 levels. There were only 2 days - 14th and 15th December. Moreover, this middle "level" in downtrend which you pointed by no. 3-4 this is not a level because there wasn't accumulation stage (asian range).

Anyway, I will check your pattern in practice but it not looks like CJ strategy.

There is much more in this thread than only this what you are referring to.

CJ earlier told me at Forex Factory that these three levels are referring to same thing as Elliott waves. So I'm applying some knowledge about EWs that I have learned during years... "Wave 4 cannot overlap with wave 2"; is a good advice to keep on track with count at this time for me.

See:
http://www.stevehopwoodforex.com/phpBB3 ... 807#p85807

[Silweri]

Sure, but even on H4 timeframe there was 3rd level, so if I remember it correctly after 3 days of uptrend we should get 3 days of downtrend. Moreover, in some posts even CJ wrote to stick M15 charts before you do not start to recognize this 3 days cycle.

CJ told you earlier that higher timeframes are on downtrend.

Here's my view for 4h

[Captain Jack]

Sure, but even on H4 timeframe there was 3rd level, so if I remember it correctly after 3 days of uptrend we should get 3 days of downtrend. Moreover, in some posts even CJ wrote to stick M15 charts before you do not start to recognize this 3 days cycle.

Refer to my earlier post to your questions.... You are only supposed to be trading from level 3 are you not? So where is the "M" or "W" that forms on level 3?? You have a long way to go....

-CJ-

[Tom822]

CJ - you have 2 x M's on H4 chart EUR/CAD pair. One M inside of another M, as on my screenshot. One of these M is located inside of level 3. On the M15 chart there is an M as well on the peak high.

[sympathy]

Was busy today guys.... i will post some chart.....Its just the normal pattern