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The Captains Chest - Naked Trading & Other Stuff
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Author:  Reaper [ Wed Apr 03, 2013 8:01 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
lhDT wrote:Just went long EUR/NZD on the "W".
This was a good trade I messed up on. When you have confluence of one W pattern syncing up with a larger W, then you should get some good pippage.
Author:  bernard [ Wed Apr 03, 2013 8:25 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
seanyd wrote:
bernard wrote:
Amit wrote:
seanyd wrote:Got caught in fox trap on aud/usd still in ...... adding positions taking small profit
any advice for when your trade goes the wrong way ?
Exit . Never add to a losing trade . Never try and hedge. Live to fight another day :)
Excellent advice, Amit
when your trade goes the wrong way:
1- Find out why you chose the wrong way to be a lesson for your next trade (easy said than done!).
2- Exit if you are certain.
3- Reverse if #2 above is true.

Here is a Reverse script that closes your trade and opens the same in opposite direction. (only for the pair that you drop the script on).

Bernard
Thanks for the script

On this occasion I was wrong to exit (story of my life but hey thats forex)
I keep think this is only a spike will reverse soon ..... then 30 pips later i`m still in the trade with 3 positions
open .
After reading CJ`s thread and all of Steve and Nanning Bobs work , i`m trying to trade like them no stop loss and multiple positions , what goes up must come down.
It has worked in the past and failed miserably too( I actually traded like this on a non farm payroll day lol before I knew what it was lol). So that is the risk,
also what is this recovery trading I keep reading about I assumed that this is what it was ?

I also was thinking that this was contrary trading (don`t trade like the way the foxes want but opposite)

Please correct me if I am way of base here .
Steve, Namming Bob and Bunker's systems is: Trading with the trend.
Cj's system is completely different. Here you look for reversals and go against the trend of the TF that you are on. Mixing the two systems together and trading them on the same account would be a mistake (IMHO).
CJ has honestly said that nobody can trade like him and he is right.
He says his charts talk with him. My charts are dumb as a donkey and do not tell me a word :lol:
How can I possibly trade like him? But.... I am trying and I see light at the end of the tunnel.... hopefully it is not a train coming :shock:
Bernard
Author:  odellcash [ Wed Apr 03, 2013 8:26 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
After what looked like a 3 push down, AJ had RRT's seemingly indicating a reversal to the long. During the NY session it dropped taking out most of the gains after the RRT. But it looks like the 4 hour candle will close leaving a higher low intact.

Trying to think like the fox, and knowing that there is "news" coming from Japan later today, could this be the fox getting rid of longs, so he can jump the price up on the news??

15M chart shows a clear and pretty W pattern as well. Thoughts?
Author:  f451 [ Wed Apr 03, 2013 9:11 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Fellow Naked Traders

Lots of focus on the M and Ws at the moment - remember this is only part of the pattern. Tis important to look for a few other things as well

1/ where are we in the level count? This gives us a bias long or short. This is generally easiest to see on the 1hr chart.

2/ consolidation / accumulation. Where has foxy been building a position? Don't forget to look at the asian session range which sets the initial high of the day and low of the day. These are reference points for breakout traders.

3/ stop hunt. This is the most critical part of the setup. Once foxy has enough traders trapped in weak positions, he will hit the stops to shake them out of their trade, and take their opposite position to them, ready for the real move. Foxy needs those trapped traders exiting in order to get liquidity to buy or sell before the push up or push down. Stop hunts are often M or W patterns - but they don't have to be. They must however have railroad tracks or pins, and those pins should move a bit beyond an obvious level - for example beyond the asian session high or low, peaking beyond a previous swing high or low, breaking an obvious trendline etc etc - this is to sucker traders into initiating positions on the wrong side of the move to come. Foxy often hits the stops high, and then hits the stops low, or the reverse, before starting the real move.

4/ the direction of the real move will be in the direction of the level count - if you've just seen a major peak low - the move is up, if you just seen a major peak high the move is down. don't trade M or W patterns against the move from the peak.
Author:  lhDT [ Wed Apr 03, 2013 9:14 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Long E/J at the bottom ... Will lock everything ahead of BOJ Press Conference & Rates.
Author:  odellcash [ Wed Apr 03, 2013 10:08 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Thanks for the post f451

Here is a stop hunt I saw last night on EJ. I think it was textbook.
Author:  Pueo [ Wed Apr 03, 2013 10:31 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
mmm
Author:  Pueo [ Wed Apr 03, 2013 10:38 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
seanyd wrote:
.

I feel the same some days i`m in the zone and other days :?:
This is very common (at least for me). Here's a great technique which I do: If you use a gmail account you can setup google calendar so that it emails you every day at a particular time. I have mine setup so that I get an email every night an hour before Europe starts that says: Traders Checklist: Read Me Before Trading! - and inside the email has a list of things to remember and common mistakes that I make. You can add to it, my list is quite long...
Author:  kwanann [ Wed Apr 03, 2013 10:56 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
lhDT wrote:Long E/J at the bottom ... Will lock everything ahead of BOJ Press Conference & Rates.
I.m all Lon pg on xxxjpy pairs. You might want to take out the SL cos typically before news the stop hunt that happens is crazy, it can go in the wrong direction up to 30pips before going where it's supposed to go
Author:  bluedog23 [ Wed Apr 03, 2013 10:58 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
odellcash wrote:After what looked like a 3 push down, AJ had RRT's seemingly indicating a reversal to the long. During the NY session it dropped taking out most of the gains after the RRT. But it looks like the 4 hour candle will close leaving a higher low intact.

Trying to think like the fox, and knowing that there is "news" coming from Japan later today, could this be the fox getting rid of longs, so he can jump the price up on the news??

15M chart shows a clear and pretty W pattern as well. Thoughts?
aud jpy m15.gif
I like it here, but who knows what will happen with the BOJ tonight.
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