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The Captains Chest - Naked Trading & Other Stuff
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Author:  Wavegarrick [ Fri Mar 30, 2018 6:40 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
Could this perhaps be a dirty AK pattern forming in a nice symmetrical wedge? Currently spreads widening. We shall see. ;)

Cheers
Leon
Author:  Wavegarrick [ Fri Mar 30, 2018 8:06 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
AK pattern in a descending triangle. Wedge traders will usually wait for it to break short for an entry. Another fox deception?

Cheers
Leon
Author:  rewand [ Fri Mar 30, 2018 8:16 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
Wavegarrick » Fri Mar 30, 2018 8:06 am wrote:AK pattern in a descending triangle. Wedge traders will usually wait for it to break short for an entry. Another fox deception?

Cheers
Leon
Does it look like your A to E?
I am long.
Author:  rewand [ Fri Mar 30, 2018 8:24 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
Another way to look at it..
Author:  Wavegarrick [ Fri Mar 30, 2018 8:31 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
Hi Rewand,

Yes I can see multiple bounces off the 130.60 level. I am long too.

Cheers
Author:  rewand [ Fri Mar 30, 2018 10:27 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
WhoKnows » Thu Mar 29, 2018 12:56 pm wrote:
rewand » Thu Mar 29, 2018 7:07 pm wrote:Anyway, I have only one issue with naked trading and that is reset.
The reset is also for me still the most difficult issue.
I nowadays just assume that a Level 2 can have a reset back to Level 1, (so I prefer trading away from PH, PL or L1.). However there I something I noticed.... or maybe imagine.

I mark my charts up with support resistance lines (something I got used to when trying an approach from a Forex training website which focuses on indecision on Daily to H4 time frames to enter; an ideal way of non-intensive trading for those with jobs).
The SR lines that are most relevant for me are those that I can place when looking at an W and D chart. I think these basically align with what CJ refers to as Areas of interest. But for me real SR lines work better.

If I see a move up from PH and the first push to L1 is pretty small and then the push to Level 2 is pretty small, the third push can't reach the next important SR / area of interest. In these case there is IMHO a much greater chance that at Level 2 you will see a reset to Level 1 and a restart of the cycle up (which then has a shorter distance to cover). I hope my rambling makes sense.
So based on a higher time frame I guestimate where the next cycle could/should end, and if the first levels don't cover enough ground I expect a reset at level 2.

BTW for me the use of SR lines as targets for moves, or to pinpoint likely reversals makes it a lot easier.
Basically trying to integrate two approaches. Still in testing phase but for very promising.
Do you mind posting a picture?
This is how I can best imagine reset, with intention to entice shorts close or below previous level 2.
Author:  Wavegarrick [ Fri Mar 30, 2018 11:23 am ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
A Trade I am currently looking at for a nice reversal EURNZD which carries a positive swap on shorts. LONG no go :)

Please correct me if my level counting is wrong. There were 4 level pushes higher since January 2017 as I see it with an extended move on the 4th level.

In the wedge formation there is a possible A to K formation which could mean another move up. However there is a strong support/resistance area (bold black horizontal lines). If it does break the symmetrical wedge to the upside I could see a possible 900 pip move upwards. Would this then be a reset?

Also in the wedge there is a 3 cycle move up with with 3 higher highs and 3 higher lows since the beginning of Jan 2018 which strengthens the fact that we could have a reversal here. As CJ puts it, price moves in cycles of 3.
Edit: Just a little lightbulb coming on. AUDNZD has had a sustained period of weakness which are at levels that I would look at buying. As Nanningbob puts it. NZD always follows AUD in strength or vice versa, so could it be that we have a sustained period of Kiwi weakness?. A possible weekend gap up. We shall see.

Comments are welcome.

Cheers
Leon
Author:  rambo06 [ Fri Mar 30, 2018 1:12 pm ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
USDCHF ... Looking for a pullback soon. This was a 3 push trade with M at top
Author:  rambo06 [ Fri Mar 30, 2018 1:18 pm ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
EURGBP .. Looks like it is working on completing the 3 levels. I will be monitoring IF & HOW it reaches the top. If it breaks through I will let it run but if we get a double top I will try and ride it back the other way.
Author:  rambo06 [ Fri Mar 30, 2018 1:28 pm ]
Post subject:  The Captains Chest - Naked Trading & Other Stuff
USDJPY .. Will hold this one for a while longer as I feel it has some upwards movement left. I took a position on USDJPY a few days back that I posted and it wound up being a loss of about 25pips. I got in too early as I wasn't expecting them to take the last swipe down but this trade has more than made my money back :D

If anyone would like any further explanation on the charts please don't hesitate to ask as I have always appreciated others who are willing to the same.
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