The Captains Chest - Naked Trading & Other Stuff

[rosst]

I was looking for the EU to reverse after going up 3 levels on the H4 timeframe. I thought that a nice M might form at the 50% fib - but no! maybe we can get 2 more levels down? Who knows - the sneaky b'ds....

[odellcash]

I was looking for the EU to reverse after going up 3 levels on the H4 timeframe. I thought that a nice M might form at the 50% fib - but no! maybe we can get 2 more levels down? Who knows - the sneaky b'ds....

hmmmm you analysis seems good and has me looking at my EURCAD above. I think where we went different directions is the level count (although I think on 4H CJ calls them pushes). Anyway, as I understand it on a 4H time frame there can't be more than one push per day, and what you call #1 & #2, I call as only #1 since they happened within 24 hours. But maybe here is a needed clarification. Your #2 did occur on a NEW day even though it wasn't 24 hours. So maybe your right. Input anyone?

[bernard]

The levels are good to know but don't make or break the method in my opinion. I think you can still trade this successfully without caring about the "3" levels at all. One of the ways is to simply find M's that happen at previous highs or W's that happen at previous lows (on 4h is easiest).

I recommend you open your Empty4 to a 4 hour chart and then unclick autoscroll (properties) and press home til you go way back in time, then press F12 and go bar by bar. Watch what happens as price makes an M at a previous high, a W at a previous low. You can build your confidence this way and get a feel for which M/W patterns are higher probability.

After being on this thread for over 240 pages, I should say that your suggested practice method is the best way to learn CJ's system. It takes lots of patience, though. Thank you.

Bernard

[mrelectron]

<snip>
stop being a jerk
</snip>

This comment is inappropriate, I do not wish to have to read abuse such as this.

[Reaper]

The levels are good to know but don't make or break the method in my opinion. I think you can still trade this successfully without caring about the "3" levels at all. One of the ways is to simply find M's that happen at previous highs or W's that happen at previous lows (on 4h is easiest).

I recommend you open your Empty4 to a 4 hour chart and then unclick autoscroll (properties) and press home til you go way back in time, then press F12 and go bar by bar. Watch what happens as price makes an M at a previous high, a W at a previous low. You can build your confidence this way and get a feel for which M/W patterns are higher probability.

After being on this thread for over 240 pages, I should say that your suggested practice method is the best way to learn CJ's system. It takes lots of patience, though. Thank you.

Bernard

I agree, you don't need to implement levels to the letter. They are very useful as a guide. If you can correctly identify them, great. If you can't just focus on the patterns.

[Reaper]

Anyone doing outlandishly well at this?

This is probably the best way to trade that I have ever seen IMO. It's based purely on price action. This does work well for me. My main issues come down to risk and MM which I'm working on. Also not getting sucked in to get rich quick strategies or scalping or quick trades that dont fit my plan.

I know slow and steady win the race as I have been making pips consistently for a month. The only way to make big money is to have alot of capital and risk 2-3% maximum. But I'm still scared that if I deposited 10k, would I stick to the 2-3% rule? One bad morning and I could destroy my account. That is why I'm happy to stick with my micro account until I'm really truely able to stick to the plan. True experience by repetition.

[marts321]

Well this has been one of the biggest learning experiences I've had since starting Forex.. Thankyou so much Captain Jack and all contributors to this amazing thread!!

Anyone watching USDCAD? Looks like a daily M is setting up, will be watching the lower TFs to scale in short with tight SLs (just demo for now)

--Martin

usdcad.png

[seanyd]

Well this has been one of the biggest learning experiences I've had since starting Forex.. Thankyou so much Captain Jack and all contributors to this amazing thread!!

Anyone watching USDCAD? Looks like a daily M is setting up, will be watching the lower TFs to scale in short with tight SLs (just demo for now)

--Martin

Already short a bit early





This was the peak high on the D1

[odellcash]

A "grand daddy" trade opportunity forming on NZDUSD with W's forming on all time frames

[odellcash]

A "grand daddy" trade opportunity forming on NZDUSD with W's forming on all time frames

And the Grand Daddy comes in just as its supposed to!
So cool watching the price bounce up and down on that low, knowing that its going to bounce up.
The Captain has opened my eyes and my proficiency at hunting the fox grows each day!

Simply Awesome!