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The Captains Chest - Naked Trading & Other Stuff
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Author:  michosz [ Tue Sep 06, 2016 4:52 pm ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
Dudest Do You count level just like Elliot wave ?
Your charts are very helpful , Thanks :hi:
Author:  Noucha [ Tue Sep 06, 2016 5:59 pm ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
AUDUSD update:

I was anticipating a 2nd leg of M after playing out the 1st leg but price went up through that. I knew that I made a mistake and counted the levels unproperly.
In the previous chart I was counting the stop hunt as a level when it shouldn't. In the new chart I have put the new levels as I see them and it could be that price is now at the Peak high. Let's see how it goes
Author:  Noucha [ Tue Sep 06, 2016 6:10 pm ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
USDCAD update:
We were expecting a bounce at the 62.8 or 73.6 fib level after the level 2 rise. Even though the level counting looks proper market price went through those levels and retraced to the first level. So what went wrong? it is obvious that we are not trading in the right direction.
By taking a look at the higher time frames we find the answer.
Author:  fahedksa [ Tue Sep 06, 2016 6:33 pm ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
Dudest and friends here you are really help us to become better .
EURUSD was very good today (3 trades +150 Pips) really using Fibo lines to count levels help me alot.
Regarding EURUSD attached chart i draw 2levels up and we looking for retrace then continue level3 up.Am i right here?
Author:  dudest [ Tue Sep 06, 2016 8:21 pm ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
michosz » Tue Sep 06, 2016 7:52 pm wrote:Dudest Do You count level just like Elliot wave ?
Your charts are very helpful , Thanks :hi:
Hi Michosz! :)

I honestly don't know how Elliot waves work :)

What I've come to understand so far is that:
  • >> A push is a movement in one direction, followed by a pause/range or retrace.
  • >> 3 pushes make up a level. 3 levels make up a cycle ( though of late I've been seeing alot of 2-level cycles... )
  • >> Pushes are most easily seen on M15, while levels are most easily seen on H1.
I struggled with levels and pushes for a while. It was once after taking a break from Forex for about 2 months that I started seeing them
The 61.8 and 73.6 were also just serendipitous discoveries when I was trying to figure out a way to enter trades into the dominant cycle
73.6 was actually a shock since it's not a commonly used Fib ratio. Since then, very many times I've noticed that 3 pushes/levels often end at the 73.6 Fib

These charts from CJ helped a lot to set me straight

Cheers :hi:
Author:  jasonckb [ Wed Sep 07, 2016 4:54 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
1.PNG
Hi CJ or others,

Is the counting right? Please comment. :arrrg:

Jason
Author:  Noucha [ Wed Sep 07, 2016 5:37 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
ADR aligned with 73.6 fib retracement level
Author:  Noucha [ Wed Sep 07, 2016 5:46 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
Trades recapitulation:
- EURUSD: it seems everybody embarked on it before NFP. Trade still to be hold as we are just in the first push up.
- GBPJPY: Yielding nice profits for the moment +200 pips. I still hold that one till a sign of reverse.
- AUDUSD: it could be forming abc pattern or an M and will head lower today. I will be closely watching it.
- USDCAD: cancelled till the chart becomes clear.
- EURGBP: it could be that the 1st leg of the W has already been formed. I will be closely watching it today.
- USDCHF: Possible retracement at the ADR low - 73.6 fib before heading higher.
- GBPUSD: It appears to me that the pair is still not ready for sell. I see only 2 levels up made and better to wait for the 3rd as a confirmation.
Author:  dudest [ Wed Sep 07, 2016 6:25 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
fahedksa » Tue Sep 06, 2016 9:33 pm wrote:Dudest and friends here you are really help us to become better .
EURUSD was very good today (3 trades +150 Pips) really using Fibo lines to count levels help me alot.
Regarding EURUSD attached chart i draw 2levels up and we looking for retrace then continue level3 up.Am i right here?
I think you are right :hi:
20160907 - eurusd - h1 - levels.png
.
Author:  fahedksa [ Wed Sep 07, 2016 6:32 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
dudest » Wed Sep 07, 2016 9:25 am wrote:
I think you are right :hi:


.
Thank you Dudest :clap: , Already short EURUSD .
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