The Captains Chest - Naked Trading & Other Stuff

[kwanann]

So sorry forgot the pair, EU

I'm always a big fan of repeating patterns

[Ingot54]

Kwanann ... I am not complaining ... just acknowledging my own ineptness at trading this.

I have read the first 28 pages of the thread (so far ... diligently), plus kept up with the thread past couple of weeks ... plus occasional following past 5 months ... and I am still as thick as 2 bricks.

I spent the weekend on LHF sim, and had a lot of fun and thought I was learning something. But I am fast coming to the realisation that the only thing that will teach me this, is having skin in the game.

At the moment it is a Casino to me, and that is not good enough.

Here is this morning's effort ... It's demo only atm, and because we are in the Asian session, I wouldn't normally be attempting a trade at all until the week gets under way "properly."

[kwanann]

@Ivan

Thats a pretty good result considering that its monday and the asian session!

As long as you enter in the pins, there is always a profit that can be made, its just up to you whether you want to take them and go or you want to be greedy.

I've never believed in demo primarily because it gives me a false sense of security. i rather just trade live and small lots with a tight SL.

Once u get the general idea, go and eyeball charts. Whilst you can LFH, nothing beats eyeballing charts and then drawing where you think they will go.

Since you love the yen pairs so much and have much experience with them, go draw a map. where you think price will go, where it will retrace, consolidate etc. then compare that with what you have. or use LFH and stop price then draw the PA map

@fok

Good job!

Anyway for EU, its now at a "r" level of 1.33 in order to go above, a M needs to form to get everyone out of longs and then a w will form to bring it all the way up. Based on the past 2 weeks, we are looking at a turn around on wed or thurs. Friday will just be high, low and then close in the middle

[lilac]

Good morning all. I saw a kind of M second leg forming in NZDUSD on H1 and M15, with what I think are RRT pins in H4 and D1 too, there is confluence for sell today I think. Yesterday Asia open was perfect to catch that peak high, I am waiting for a return upside to catch it again.
There could also be an M second leg forming on AUDUSD and gold for a fall today.

¿Is USDJPY ending an M and retracing going up now in H4? I counted a 3 day cycle down already, but H1 looked bearish to me, while H4 not anymore. I don't see any clear confluence here, so I stay away.

[McNish]

Anyway for EU, its now at a "r" level of 1.33 in order to go above, a M needs to form to get everyone out of longs and then a w will form to bring it all the way up. Based on the past 2 weeks, we are looking at a turn around on wed or thurs. Friday will just be high, low and then close in the middle

Hello kwan, thanks for this tip, still at the pdf so this is courtesy live discussion.l

My UJ trade hit sl at 97.65 and reversed from 97.62. This is learning.
Into new trade of AU short. AU, GU & EU have very high volume on Daily, what can i read from this?

Cheers,

[kwanann]

Hmm Max, any particular reason why you use 97.65? I would use that as a profit target for short, but not a SL for long. If u zoomed out to H4, that price range was an accumulation area and price tends to gravitate towards such regions

Seems EU and GU got the volume they want, breakout imminent?

[kwanann]

Ok, my map for EU, trade this at your own risk.

That u turn at the top, can be in the form of a M, trapping volume, whatever, it should form a uturn pattern and then crash down on the M15

Guessing it will end at 1.3265 or 1.326, maybe even spike to 1.3255, start the W formation, end of day, tomorrow continue the W, some small push.. etc..

whatever~

Going home now so happy trading guys!

[Rich_Tea]

Good morning mates.

Thank you very much for your words about my videos. It would be fantastic if someone here could translate them into english. I am very busy at work and I'm afraid I can not do that.

In other side, these are today's results by applying the system described in the videos:

In GBP/CHF I entered wrong so I decided go out losing the spread.

And the day has just begun.

Happy days! Are you short GU now B?

Yes. And EU too. But watch carefully. Look for pinbars in order to leave early...

Yes this made me ask the question on GU - nice work!

[banteka]

Entered SHORT in GOLD (XAU/USD). Pinbar at the top. Just for scalping.

[banteka]

Does anyone know the "Currency Correlation Theory" that Steve Mauro talks about?.
He says that having to pairs,for instance, EUR/USD and USD/CHF and one of them is in RANGE,
then in order to find an opportunity in another pair, you have to take off the common coin, in this case the USD:

EUR/USD ---------------------- USD/CHF

EUR/... ---------------------- .../CHF

And now we get the pair we were looking for: EUR/CHF

That theory says that if USD/CHF is in RANGE and EUR/USD is UPTREND, then EUR/CHF will rise...

Well...Based upon this theory, now EUR/USD seems to be in RANGE. What would be the pair that combined with this pair would give us an opportunity?