The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

The whole 3 levels concept is the most powerful "tool" ever....
Thank you Jack!

I could not agree with you more. The issue though is the subjectivity that could arise in the way the levels are made out, especially in the H1 and M15 charts which until now had been my main focus with regards to these levels.

It wasn't until the last set of charts posted by CJ that I realized how the H4 chart levels can give so much more meaning and direction to the H1/M15 "noise". He had earlier in the thread mentioned this, but you know how it is that often you hear something and it just somehow fails to really register!!!

And so, it bears repeating: Thank you Jack! Very very much!!!

Subjectivity is not an issue, it's the point. If it was mechanical instead or subjective, you could buy an EA on the net for $37.00 and do this....

CJ

[Reaper]

Hi Capt,

Here's a quick question please. The 3-day cycles on H1/M15 all too often do not synchronize with the H4 levels. Is it correct to say that when this occurs, the H4 levels should take priority if they are clear?

Let's see an example...

CJ

Thanks again CJ for all you've so selflessly offered in this thread. It's been nothing short of breath-taking in its benefiting effect.

I attach herewith an example of the discrepancies that could arise between levels in H1 and M15 as opposed to those in H4. I don't know if you will agree entirely with the levels I have depicted but I hope it at least highlights to some extent what I mean.

Some people think levels are a guide and you can have more than 3 levels. I believe that's incorrect. I believe you can only have 3 levels. There's not 4 or 5. If you think there is 4 or 5 you're probably reading and drawing it wrong. You need to practice reading and drawing levels every day. You don't need to trade them but just practice drawing them. It may involve staring at charts for hours till you get it. CJ has his own method and I think I have mine (derived from his way ofc). You need to come up with you're own.
What makes this harder is that you can get multi TF levels. You can get levels within levels.

Thats why I will recommend you stay away from the 15min chart if you really want to understand the levels concept. Thats my opinion of course. Stick to 1H and 4H.

[Aus67]

Any comments regarding my interpretation of the pushes and killing zones...all seem to be at round numbers with nice W's before the next push...I am assuming that a continued retrace is in order!...or have I missed something, or still not got it.!

Daryl

CableH4.JPG

Hi Daryl

I've got a long on this the GBPUSD. There's a lot of confluence at this level, including the EMA200, trendline, a recent 3ADR drop, a W formation, and looking to the left previous support/resistance. So with a SL to recent low, and TP at previous resistance that's about a 3:1 r:r

Just my humble opinion, I'm not in the same league as others here.

Hi Pips
You are right! I have a short term long on the pound as well as the euro, If I can 50 pips I will be happy. Or do you reckon there might be another push long similar to the ones I have marked??

I still find the pushes somewhat hard to spot. ..but I will hang in there. I was thinking that maybe a protracted kill zone on the pound now for a week or so, then maybe another push down, but that is just a guess...maybe I will try turning my monitor upside down..!

thanks again!

[intcust]

Hi Capt,

Here's a quick question please. The 3-day cycles on H1/M15 all too often do not synchronize with the H4 levels. Is it correct to say that when this occurs, the H4 levels should take priority if they are clear?

Let's see an example...

CJ

Thanks again CJ for all you've so selflessly offered in this thread. It's been nothing short of breath-taking in its benefiting effect.

I attach herewith an example of the discrepancies that could arise between levels in H1 and M15 as opposed to those in H4. I don't know if you will agree entirely with the levels I have depicted but I hope it at least highlights to some extent what I mean.

Some people think levels are a guide and you can have more than 3 levels. I believe that's incorrect. I believe you can only have 3 levels. There's not 4 or 5. If you think there is 4 or 5 you're probably reading and drawing it wrong. You need to practice reading and drawing levels every day. You don't need to trade them but just practice drawing them. It may involve staring at charts for hours till you get it. CJ has his own method and I think I have mine (derived from his way ofc). You need to come up with you're own.
What makes this harder is that you can get multi TF levels. You can get levels within levels.

Thats why I will recommend you stay away from the 15min chart if you really want to understand the levels concept. Thats my opinion of course. Stick to 1H and 4H.

First try at the quote thing. Angat in my option there is nothing case in stone about forex. I believe you can have more than 3 levels. Otherwise one would not need stops. I agree the 4 hr it is easier to see. But to learn I think the 1 min and tick is the way to go. It comes fast and set up in minutes. Demo trade it for 5 -10 pips with tight stops or just watch. small time frame smaller move and tighter stops but the charts are all the same. But what do I know I am always wrong. Oh the gbp yen short hit first target hope it makes it all the way down. I think gbp usd is lagging the eru usd and will continue down. I broke pretty clean through the old lead in line. I think CJ wrote about lagging pairs or something like that in the barf pdf. I am attaching a gbp usd chart. I call them barf retracements CJ tells me that it is not a true barf and of coarse he is correct because they bounce retrace back up but I don't know what else to call them so I am sticking with barf retrace. Any comes up with a better name let me know. This happens all the time tight stop when it hits the lead in line and follow it up to thrid level then take it back the other way down past lead in line then down for the next two levels and repeat process. All with a tight stop That is my take

[mjws00]

Some people think levels are a guide and you can have more than 3 levels. I believe that's incorrect. I believe you can only have 3 levels. There's not 4 or 5. If you think there is 4 or 5 you're probably reading and drawing it wrong.

I don't believe the fox is as rigid as you think. He is there to make MONEY. If he is LONG for three levels, and there is more money to the upside... he will take it.

Show me three levels on this run. You might count, 4... or 2 sets of 2 ... but tough to find a 3 count. Easy to find recent extended runs in the JPY pairs as well.

This was just the first one I saw that I had already marked up. EU GU counts and patterns often get heavily messed with, imho. When I get stuck in a count I look for them to start the aggressive shakeouts. When they are pinning it high and low... I am looking for them to put in a peak formation high or low.... doesn't matter if it took 2 impulse moves or 4 to get there.

Something to think about. If the fox could ONLY count to three... would that make the game easier for the masses? Think he would do that?

Mike

[xrismak]

GBPUSD

CJ

EL Capitaine CJ,

I still see another Drop a Level or 2 on this currency Pair, I could be wrong but it's worth a Broader View Long Term. Let's wait and See as we all have different Styles and ways of Trading certain Currencies Live.

Many thanks for all your effort and input so far, I have gained and learnt Enormously and Financially from the Beginning of this Thread, it's Amazing what one can Amass is so short time Financially with trading Naked.

Happy Trading Y'all,
xrismak

[Captain Jack]

Some people think levels are a guide and you can have more than 3 levels. I believe that's incorrect. I believe you can only have 3 levels. There's not 4 or 5. If you think there is 4 or 5 you're probably reading and drawing it wrong.

I don't believe the fox is as rigid as you think. He is there to make MONEY. If he is LONG for three levels, and there is more money to the upside... he will take it.

Show me three levels on this run. You might count, 4... or 2 sets of 2 ... but tough to find a 3 count. Easy to find recent extended runs in the JPY pairs as well.

This was just the first one I saw that I had already marked up. EU GU counts and patterns often get heavily messed with, imho. When I get stuck in a count I look for them to start the aggressive shakeouts. When they are pinning it high and low... I am looking for them to put in a peak formation high or low.... doesn't matter if it took 2 impulse moves or 4 to get there.

Something to think about. If the fox could ONLY count to three... would that make the game easier for the masses? Think he would do that?

Mike

Nice post Mike.... it's called "deception". The fox always tries to cover his tracks....doesn't always work, but they try. Don't forget that that throw in a stop hunt between the levels as well to throw the count off...

CJ

[Captain Jack]

GBPUSD

CJ

EL Capitaine CJ,

I still see another Drop a Level or 2 on this currency Pair, I could be wrong but it's worth a Broader View Long Term. Let's wait and See as we all have different Styles and ways of Trading certain Currencies Live.

Many thanks for all your effort and input so far, I have gained and learnt Enormously and Financially from the Beginning of this Thread, it's Amazing what one can Amass is so short time Financially with trading Naked.

Happy Trading Y'all,
xrismak

All depends on what you are looking for across what time frame. I'm game for 50 pips or so on that pair and that's why the "?" s there....looks ripe for a shake out to me....

CJ

[Captain Jack]

Hi Capt,

Here's a quick question please. The 3-day cycles on H1/M15 all too often do not synchronize with the H4 levels. Is it correct to say that when this occurs, the H4 levels should take priority if they are clear?

Let's see an example...

CJ

Thanks again CJ for all you've so selflessly offered in this thread. It's been nothing short of breath-taking in its benefiting effect.

I attach herewith an example of the discrepancies that could arise between levels in H1 and M15 as opposed to those in H4. I don't know if you will agree entirely with the levels I have depicted but I hope it at least highlights to some extent what I mean.

Some people think levels are a guide and you can have more than 3 levels. I believe that's incorrect. I believe you can only have 3 levels. There's not 4 or 5. If you think there is 4 or 5 you're probably reading and drawing it wrong. You need to practice reading and drawing levels every day. You don't need to trade them but just practice drawing them. It may involve staring at charts for hours till you get it. CJ has his own method and I think I have mine (derived from his way ofc). You need to come up with you're own.
What makes this harder is that you can get multi TF levels. You can get levels within levels.

Thats why I will recommend you stay away from the 15min chart if you really want to understand the levels concept. Thats my opinion of course. Stick to 1H and 4H.

First try at the quote thing. Angat in my option there is nothing case in stone about forex. I believe you can have more than 3 levels. Otherwise one would not need stops. I agree the 4 hr it is easier to see. But to learn I think the 1 min and tick is the way to go. It comes fast and set up in minutes. Demo trade it for 5 -10 pips with tight stops or just watch. small time frame smaller move and tighter stops but the charts are all the same. But what do I know I am always wrong. Oh the gbp yen short hit first target hope it makes it all the way down. I think gbp usd is lagging the eru usd and will continue down. I broke pretty clean through the old lead in line. I think CJ wrote about lagging pairs or something like that in the barf pdf. I am attaching a gbp usd chart. I call them barf retracements CJ tells me that it is not a true barf and of coarse he is correct because they bounce retrace back up but I don't know what else to call them so I am sticking with barf retrace. Any comes up with a better name let me know. This happens all the time tight stop when it hits the lead in line and follow it up to thrid level then take it back the other way down past lead in line then down for the next two levels and repeat process. All with a tight stop That is my take

Sorry brother, but those are not "BARFs" and calling it that may confuse others who are reading the PDF from FXAW... nothing more than price following the channel for 3 levels up ..... it's broken the lower line and is going to retest it... then either back up or down....but a test first....

On the 15M it's presents another view....along with a 50 pip trade....

CJ

[Captain Jack]

NZDUSD on the way....

CJ