The Captains Chest - Naked Trading & Other Stuff

[Ingot54]

Ok ... thanks Kwanann.

Too late though ... I am short from .9317 with SL .9360 and TP .9240.

This WILL be a tough lesson in that case ... and "because it is demo" I will ride it out to see where it goes.
(That's one way to ensure I do follow the activity of price here).

I made approx 200 pips yesterday (demo sadly) just by trading pins, but it has not given me too much of a confidence boost. I want to see consistency before I go dropping this into a live account

[Ingot54]

So in this case, where have I gone wrong?

Have I fallen into the "channel trap" set by the fox?
Or the Support/Resistance trap?

Sometimes I think I am further away than ever from nailing this.

I see three possible reversal points -
1) Current level around .9320
2) Top of channel around .9340
3) Somewhere above channel, but hopefully not higher than my SL

Have I gone too early?
Have I misread the second leg of the M I can see on the 1H?

Heelllllpp!

[kwanann]

Don't worry Ivan just keep practising demo until you are confident.. Trading both ways is kind of advanced though..

You might do better determining the trend and wait for second leg of w or m before entry. .

Main thing is to get a feel of price.. countless times I had the feeling and followed it. . Closing my trades just before they turn bad

[kwanann]

To be honest I took my short earlier than you. But it didn't feel right so I closed it with a small loss. Lookibg back the pointsi mention .. no Trapping volume. . There wad a small w on m15. Price in the middle of nowhere..

Price might turn around later on and you might still be able to exit with some profit since this is just ye Asian session and you are near peak high

[kwanann]

Oh ya.. no major pins as well..

Anyway look at your h4 image. . Now try and match the pattern you see the past day with another prior time period

The Fox had been quite sloppy of recent

[Ingot54]

I don't feel too despondent - could have picked a better trade.

And I see the high of today is (so far) only 2 pips higher than yesterday's high (.93244).

I am not saying these will turn out to be pins, but if so, hindsight will confirm many things.

I don't want to trade like that - that's just luck. I want to get into higher probability trades
that have a lot more principle in them than what the fox wants me to see. Thank you for
the support Kwanann.

btw ... where did you get that name? Does it mean something?

EDIT: I see similar PA on the 4H between 23rd July and 25th July.

[kwanann]

Finally in front of a PC

@Ivan: as mentioned, USDCHF will probably retrace back and the trade you have entered should be in green now or close to BE.

I'm now long UC

@Max: Here's what i think will happen to EU today

Lets see how things turn out

[mjws00]

Exactly what I'm seeing Kwan. Peak Formation HIGH. Very high chance of a Straightaway. I'm already short.

[kwanann]

I don't feel too despondent - could have picked a better trade.

Remember Bob's strategy, asian session trade aud, nzd and jpy
LON: EUR, GBP, CHF
NY: All pairs

This still applies, dont go chasing a pair that has very little chance of moving. Max chose AUD and JPY and already made a nice profit in the asian session (i believe each moved at least 50pips)

And I see the high of today is (so far) only 2 pips higher than yesterday's high (.93244).

I am not saying these will turn out to be pins, but if so, hindsight will confirm many things.

I don't want to trade like that - that's just luck. I want to get into higher probability trades
that have a lot more principle in them than what the fox wants me to see.

You are getting there, just need practise and confidence in your trade. Sometimes, you just have to take that leap of faith

btw ... where did you get that name? Does it mean something?

Simple, thats my name

Looks like a whole bunch of news in the next few hours, going to be exciting!

[mjws00]

Sometimes breakout trades work out too Hope this crew is catching the AUS awesomeness. Not many Asian sessions like that.

Mike