This is good, thank you xrismak, I needed this one. Had really difficult day yesterday, many crappy trades ( my blindness ). Back to charts thenxrismak wrote:Julian wrote:really good post !!mjws00 wrote:I don't really think strictly rules based counts are going to work. I keep hoping someone will find something repeatable and valid. Alas, they mix it up enough to screw with you. Remember, a beautiful 3 Count ties nicely into Elliot Wave, which is a sub culture the fox likes to munch on.
It is the transitions that matter. We want to spot WHEN they are slamming on the brakes. And then shaking out the weak traders to take profit, re-balance their book, RELOAD.
I count the IMPULSE, and then look for consolidation. But when the count gets ugly and it often does. LOOK FOR IT TO GET NASTY AND SPIKY. We have always called those level 1/3 here. It is how our PEAKS Formations get made.
I can see B and C of Jem's charts as valid. I can come up with a near perfect count almost every time. It's not the count that matters. It is the price action at each level. Counting rigidly gives them a better chance to trap you. Keep in mind also: TIME. We rarely have more than 1 level in a day.
We want to be looking through the screen to see HOW, WHERE, WHEN the fox is going to screw over the most traders. Who did he hurt? Who got trapped? What were the errors? Where might it be a good place to transfer their money?
Here is a GBPUSD Example.
Mike
Edited: Chart A doesn't work for me.
Julian,
Everybody has their own Style of Trading, it May or May Not Work for Some Folks, I was a Practical Looser when it came to Trading FOREX until the Naked Trading Thread Started, I took my time and was Determined to Learn, most times I got it Wrong and when my trades went Horribly wrong I looked at things as I took a Chance and it did not work out and tried to see why and what I did Wrong, but I kept on at it and when I got the Trade Right I looked at things and tried to Figure out just why I got it Right, WHAT DID I NOT DO WRONG and Why was I Right. Life is sometimes about taking Risks, if you can win more than you loose in Life then the Odds are Stacked in your Favor and that is Part of what Naked Trading is About. The Results of my Consistent Mopping at Charts 24/7 Day in Day Out have Proved to me that the Secret is in Patience and Taking a Step Back to do a Detailed Analysis of what if the Price Action goes this Way... what will happen as in what might Appear on my Chart, but if Price Action Goes the Opposite Way what will Appear on ( W or M to Include 3 or Sometimes 4 Pushed up or Down ) my Chart. Having Done this over and Over Again I began to see the Signs.
Simply Fantastic Results and from then on I have not looked Back, Naked Trading might Not work for Your Good self but as for Me it HAS WORKED and Will Continue to Work because I continue to look for and Study the Ways of the Fox using my Charts all the Time. I don't know it all but it is in Sharing my Thoughts , Winning Trades and LOOSING trades on this Thread that I have learnt even More to Excel at Naked Trading... Please don't take this in a Negative way, I am only Urging you to keep on at it if you Please because if I can Do it then You can also do it too
Happy Trading Folks,
xrismak
cheers hannele
for Sticking Around and doing your Very Best to Make Naked Trading work for not just yourselves but also myself, please remember that during the Next 3 to 5 weeks the Volumes will be thin on most markets as the Professional Traders Start winding down a bit for the Summer Holidays, Look very Closely at your Charts and Price Action and take only Trades that will most likely give you a little bit of Profit.... in other words take what Little Profits you Can off the FOX and Run... there will always be another day... little Bits and Pieces make a lot Eventually...... SPECULATE WISELY to ACCUMULATE SLOWLY but SURELY