magdelen wrote:

Captain Jack wrote:GBPUSD - we were looking for the rise....

CJ

i caught that rise right to the pip to 1.52395 while i was sleeping

seanyd wrote:Hey still reading this 184 page manual lol but I have to say this is amazing stuff , took au trade today along with usd/jpy and usd/cad and sold EU last night profit in all although I chickhened out in most and took profit

I am currently in gbp/jpy long on a W pattern ?

MurphyMan wrote:Captain, I want to add to the big basket of Thank Yous for your generous sharing. You have spent a lot of your time spreading the knowledge, and I certainly appreciate what you have done.

I see you mentioned you followed David Elliott, a.k.a. Firstwave. I thought higher highs and lower lows had a familiar ring. Did you follow him at Thinkorswim? He was another great trader and teacher.

I think that the TOS charting is just spectacular. Unfortunately, the Forex crew is pretty well anchored to Empty4 and making a change would be about as hard as changing to a dvorak keyboard.

Since naked trading is so, well, naked, I might just migrate back to TOS one of these days.

Anyway Mobo to you, and thanks again.

Sam

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 ?

lhDT wrote:

oconnor365 wrote:

lhDT wrote:Just went long EUR/NZD on the "W".

Hi Lioh...worked out very well...hope you stayed in...by the way is that Al Brooks book any good?

Yep, TP hit, grabbed a couple of pips with a multiple position trade.
I love it

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 .

bernard wrote:

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
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
Bernard

f451 wrote: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.

odellcash wrote:Thanks for the post f451

Here is a stop hunt I saw last night on EJ. I think it was textbook.