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The Captains Chest - Naked Trading & Other Stuff
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=1572		 Page 131 of 1600
Author:  Captain Jack [ Wed Mar 27, 2013 11:23 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Kruspe wrote:Hi,

another possible trade setup.. GBPCAD, 3 pushes down again, I expect some consolidation during the Asia session, some false breakout (I would really appreciate something like W pattern :lol: ) and then go up ? :)
Nice charts Kruspe...looking at the same....setting up nice for the end of week runs....caution is still the word of the day with EOQ close outs and window dressing.....

What trading platform are you using for the charts?

CJ
Author:  Captain Jack [ Wed Mar 27, 2013 11:25 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Fable wrote:Hi guys !

As I try to trade "naked" and to find patterns.

Here is something (maybe, I'm no pro) interresting on the EJ (H1):

I see a Wolfe wave (in red) + some acceleration (in blue, a possible second WW forming ?) + also some double bottom.

What's your opinion on this ?


Very best regards, hope it's not complete bullshit.


Fable

ps: I just saw that I didn't take the price on the screenshot, sorry about that I just closed the chart.

Red Wave 4 is around 123.8
50% re-tracement of the previous down leg puts you near the "D" point....reasonable possibilities...

CJ
Author:  Captain Jack [ Wed Mar 27, 2013 11:27 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
nicoacademia wrote:one area that comes immediately to my attention over this week is that i must improve is to wait for a stop hunt first before adding to my existing.
2 days in a row i'm like wasting my margin on crap.

Cap said the first move would be a fake.
check out EURUSD.
You will find the stop hunts hit the market maker change over times between the sessions as well as in between push 2 and 3, or when price has traveled a good distance. They like to throw the stop hunt in to clear traders out of correct positions as well as put them into the wrong positions before the next price move.

CJ
Author:  hodgires [ Wed Mar 27, 2013 11:34 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Hi Captain, I have been learning alot from your experience and from the contribution of others. I appreciate your patience and generousity in sharing your wondererful technique. I would like to share a volume indicator that i think will help many in getting a better entry. The indi shows the tick volume of buyser and sellers. Place indicator on the timeframes you trade from, and when you notice a reversal patern(pinbr,rrt,etc) confirm with the volume, if the tick volume is inline with the pattern, that is added confirmaton of a good entry. I think this will help many people get better and clearer entries.
Author:  hodgires [ Wed Mar 27, 2013 11:38 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
it looks like GBPCAD is ready to go up, on h4 chart...look at the pin that has formed. Is this a correct assessment on gbpcad, captain?

Rich
Author:  Captain Jack [ Wed Mar 27, 2013 11:48 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
followNev wrote:AUD/USD m15

Went short yesterday at the first sign of a Double topping 'M' pattern. Closed the trade when going to bed as price had not closed below the neck line. When I woke up, noticed that price had moved lower, retraced to form a new Swing high and was on its way back down again.
Now I am in profit again, though the stop is at BE, i'll await a new swing high before moving my stop again.
The key was to bank some profits but also to take the Double top 'M'. Now even if I get stopped out at BE, i'll have taken some money off the table. Ideally, when there is divergence on the CCI , i may close some of the current position and re-enter short at the next signal. We'll see.!!

http://content.screencast.com/users/fol ... igzag2.gif
Here's a couple other ways to take entry into the "M" formation.

Look for the RRT pattern on top of the 2nd leg....entry as marked on the large "M" as well as the smaller...

Another way I'll look to enter is by drawing a line from the low of the 1st leg, to the bottom of the "V" section of the "M"...when price breaks this line, on the 2nd leg, take entry....

These will get you in a little higher than the "technical" entry point....

CJ
Author:  Captain Jack [ Wed Mar 27, 2013 11:50 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
hodgires wrote:it looks like GBPCAD is ready to go up, on h4 chart...look at the pin that has formed. Is this a correct assessment on gbpcad, captain?

Rich
Yes...looks like 3 legs down, with a nice pin. The low could be tested before the rise though...also note how tick volume dried up after the "pin" formation... indicating price exhaustion....

CJ
Author:  Captain Jack [ Wed Mar 27, 2013 11:59 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Mescalitofx wrote:good morning

i took a sell trade on GBPJPY yesterday, closed it out with a small loss, when i went to sleep it dropped lower ..... i am very confused at the moment as i was expecting a HIGHER UP leg to complete the 3 rise up on higher TF.

Question for CJ: when do u decide to pull the plug when the map is not like u planned. do u trade lower timeframe to cover losses or drawdown when u enter Higher timeframe.



I see EURCAD

on the third level low.

gonna take a buy here. will post later the image
eurcad27-mars-3dailydown cycle.PNG
and on 15min chart we also have 3 levels
eurcad27-mars.PNG
I'm not sure about your GJ trade Gerry, a chart would help us to see.....

There is no easy answer for how long to hold on the higher time frame...on the 15M, if you enter a trade during London, 2-3hrs should give you a good indication of a correct move. Time slows on the higher time frames...

Take note of the tick volume on the EC charts you posted...you are entering trades before price reaches the exhaustion point. When tick volume drops off, the price move is ending and consolidation is beginning....

CJ
Author:  Captain Jack [ Thu Mar 28, 2013 12:01 am ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Mescalitofx wrote:I am out.... FLAT
took some pips

Up to the next cycle

Market is like a spring being torsed up before they(foxy) catapult it.

brrrr, makes me nervous. grab profits and run...
Grab a handful a day and run to the beach, have a cold one and enjoy! :mrgreen:

CJ
Author:  Captain Jack [ Thu Mar 28, 2013 12:04 am ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Evaluator wrote:Captain Jack,

I have been testing your adaptation of Nannningbobs 10.4 and using your 10.5 in 15M and I really like what I am seeing. Using 10.5 in 15M really clears up alot of confusion and makes it clean and clear.

My congratulations to you. For example, GBPUSD today was a nice move.

Evaluator. :ugeek:
That's what it's all about. Adding to your pool of knowledge....applying it to what is working for you and making it work better. :mrgreen:

CJ
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