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The Captains Chest - Naked Trading & Other Stuff
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Author:  pips400 [ Mon Aug 05, 2013 5:45 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
lilac wrote:I should try more M15 shorter trades, the thing is the patterns and pins there are not always so clear and reliable, I always look for confluence of M15 with H1, H4 and D1 direction, but still have a lot of doubts about the real direction the fox is going to take, specially on shorter TF.
Hi Lilac, forgive me if I misunderstand you here, but I think this is a good learning point here for anybody. If you're looking for confluence between the various time frames you're gonna miss much of the opportunity and indeed get doubts about the "real direction" because often what's happening one one time frame the opposite is happening on another. This should not be seen as a problem but an opportunity to play it both ways. My advice would be use the next level time frame for overall picture then drop a level for entry. e.g. Normally I'm looking at H1 for the weekly day to day market cycle and drop down to the M15 for the entry, it's possible to drop to the M5 also, but I find it neither necessary or easy to get distracted, but you could use the D1 and H4 together, the H4 and H1 together etc, this isn't a rule or anything, only what I do.
Author:  banteka [ Mon Aug 05, 2013 6:11 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
pips400 wrote:Normally I'm looking at H1 for the weekly day to day market cycle and drop down to the M15 for the entry, it's possible to drop to the M5 also, but I find it neither necessary or easy to get distracted, but you could use the D1 and H4 together, the H4 and H1 together etc, this isn't a rule or anything, only what I do.
Try this: M15 with ZOOM at -4 for watching the whole week. The 3 Day Cycle appears clearly.
And M1 for the entry.
Author:  lilac [ Mon Aug 05, 2013 6:13 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
pips400 wrote:
lilac wrote:I should try more M15 shorter trades, the thing is the patterns and pins there are not always so clear and reliable, I always look for confluence of M15 with H1, H4 and D1 direction, but still have a lot of doubts about the real direction the fox is going to take, specially on shorter TF.
Hi Lilac, forgive me if I misunderstand you here, but I think this is a good learning point here for anybody. If you're looking for confluence between the various time frames you're gonna miss much of the opportunity and indeed get doubts about the "real direction" because often what's happening one one time frame the opposite is happening on another. This should not be seen as a problem but an opportunity to play it both ways. My advice would be use the next level time frame for overall picture then drop a level for entry. e.g. Normally I'm looking at H1 for the weekly day to day market cycle and drop down to the M15 for the entry, it's possible to drop to the M5 also, but I find it neither necessary or easy to get distracted, but you could use the D1 and H4 together, the H4 and H1 together etc, this isn't a rule or anything, only what I do.
Yes, that's what I try to do, but I fear oportunities that counter trend what I see on H4 and D1, as you never know when they are going to turn around, and I want to avoid the risk of being caught in a main reversal.

Basically my problem is fear and lack of experience. I am very new to forex, just a couple of months trading live. I was lucky to find steve's forum when I started learning, about one an a half year ago, and thanks to this I haven't blown any live account yet. The problem is I always remain around a breakeven level.
Author:  pips400 [ Mon Aug 05, 2013 7:09 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
banteka wrote:
pips400 wrote:Normally I'm looking at H1 for the weekly day to day market cycle and drop down to the M15 for the entry, it's possible to drop to the M5 also, but I find it neither necessary or easy to get distracted, but you could use the D1 and H4 together, the H4 and H1 together etc, this isn't a rule or anything, only what I do.
Try this: M15 with ZOOM at -4 for watching the whole week. The 3 Day Cycle appears clearly.
And M1 for the entry.
Thanks Banteka for the suggestion. I'm monitoring around 10 pairs at the moment, which I find quite possible on M15, but M1 is another story. Although I do prefer shorter time frames because I can get in an out of a trade quickly, I don't think I'm cut out for carrying long term trades, it's nice to get the job done and have some mental space to switch off :lol:
Author:  pips400 [ Mon Aug 05, 2013 7:20 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
lilac wrote: Yes, that's what I try to do, but I fear oportunities that counter trend what I see on H4 and D1, as you never know when they are going to turn around, and I want to avoid the risk of being caught in a main reversal.

Basically my problem is fear and lack of experience. I am very new to forex, just a couple of months trading live. I was lucky to find steve's forum when I started learning, about one an a half year ago, and thanks to this I haven't blown any live account yet. The problem is I always remain around a breakeven level.
I understand what you're saying and I think we can all relate to fear. Trading on a M15 is different to a D1, H4 or even H1. Remember we can take just a few pips off an M15 trade and make a killing. You don't need to stay in the trade for long. Even 20 pips is enough to make a 1 or 2% gain depending on your sl, risk and lot size. The EURUSD was a classic setup today, coming out of asian session, pins at previous day high on the M15, was enough to take a short on that alone, 10 pips SL above high, 1% risk, would have made 4 to 5% return on just that trade alone. I would have taken it, but I've been out all day today. :evil:
Author:  mjws00 [ Mon Aug 05, 2013 7:37 pm ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
UJ played nice last night. EU painted nicely as well. There wasn't much to move fx, besides nzd.

Here is what I was looking at. Had to deal with clients so didn't take the pretty M. Got my heavy stacked trades in earlier then slept.

I won't stick the chart up, but there is very nice confluence around WP and WS1, and of course Big round number. Where we know there are fertile hunting grounds.

Mike
Author:  ciliano [ Tue Aug 06, 2013 12:22 am ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Is GBPUSD getting ready to print another level up or am I just hoping too much?
Hopelevel.PNG
Author:  banteka [ Tue Aug 06, 2013 5:34 am ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
Tonight it has been very interesting in AUD.
I figured out several things regarding this currency:

1.- Three important releases were about to occur
2.- GBP/AUD is about to start a new BEARISH cycle.
3.- AUD/JPY is about to start a new BULLISH cycle.
4.- EUR/AUD is about to start its THIRD BEARISH day.
5.- AUD/CAD is about to start a new BULLISH cycle.
6.- AUD/USD is about to start a new BULLISH cycle.
7.- AUD/CHF is about to start a new BULLISH cycle.

So I decided to open positions according to this strategy.

And these are the results. It has been done only based on PURE NAKED TRADING. No volume.
I only use volume when scalping. This time was different.

I hope this helps.
Author:  xrismak [ Tue Aug 06, 2013 5:43 am ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
NZD-USD ..... Profit Taken 06-08-13.png
fok wrote:
xrismak wrote:
lilac wrote:I see those M on EUR and GBP against USD are starting to go down on M15, but they may wait for US news later to push that down move, and now catch more buy orders before dropping it?

Did you notice the huge gap on all NZD pairs?


Lilac,

I have Noticed the Gap too, I am Actually Trading one of the Pairs Live as at the Time of Writing this Piece and Here's my Analysis on the Chart Below, I might be Wrong but I'd Like to see where I have gone Wrong and Learn from my Mistake, Only Time will Tell.

Happy Trading Y'all,

xrismak ;)
Nice one. :D All NZD gaps (and Gold/ Silver) did close.

Fok,

I closed that one for the Profit a few Minutes Ago, now I am Looking for the Next Opportunity that the Fox Presents to me Elsewhere...

Happy Trading Y'all,
xrismak ;)
Author:  Pedigree [ Tue Aug 06, 2013 7:18 am ]
Post subject:  Re: The Captains Chest - Naked Trading & Other Stuff
banteka wrote:Tonight it has been very interesting in AUD.
I figured out several things regarding this currency:

1.- Three important releases were about to occur
2.- GBP/AUD is about to start a new BEARISH cycle.
3.- AUD/JPY is about to start a new BULLISH cycle.
4.- EUR/AUD is about to start its THIRD BEARISH day.
5.- AUD/CAD is about to start a new BULLISH cycle.
6.- AUD/USD is about to start a new BULLISH cycle.
7.- AUD/CHF is about to start a new BULLISH cycle.

So I decided to open positions according to this strategy.

And these are the results. It has been done only based on PURE NAKED TRADING. No volume.
I only use volume when scalping. This time was different.

I hope this helps.
Excellent trading Banteka!

My net wasn't as far-flung as yours but I've closed some 162 pips out of GBPAUD today too, with some 2 or 3 other positions still open in it.

I want to believe that with this your post, your initiation into this thread, which turned out to be a baptism of fire, is now complete!!! :lol:

I want to ask you this: Has anything changed in your thinking regarding your recent posts about the market? Is there anything you said that you will now wish to modify in view of seeing things differently now?

Irrespective of your answer to these questions, I am sure that several in this thread will join me in offering a very warm welcome to you.
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