The Captains Chest - Naked Trading & Other Stuff

[kwanann]

And it is that (red) condition, at that time (before price pulled up rapidly) that entices traders to go short.

Keep practicing and trying to master this ... I am

So true... On the live trade that i'm in, i could identify that very well.

ADR hit, price reverse, pins formed high, possible trapping volume, red bars everywhere. From peak price retraced 30pips, more than enough to trigger any possible SL points that were entered, or else stressing anyone else that might have long positions in that trade

Oh yes, and the classic, every DAMM pair is moving way more than the pair i trade, AU, EU have all shot past ADR, and UC just decides to stay there

Edit: Now its back to a red pin, fun isnt it

[Pedigree]

Here's my take on the USD/JPY. All of the XXX/JPY are setting up in similar patterns. I'm not in this pair but am in NZD/JPY (short).

Ray

I hope you hung in there Ray.

NZD and AUD throw very nice parties; the trouble is they never start on time because these two go to great lengths to please, you see! If you get invited to one such, and after taking the trouble to show up, you find you are a little early, it may be worth it to hang around a bit and enjoy the party to the fullest when it finally gets underway, rather than leave and miss out on all the fun!

I’ve had to learn never to arrive for their parties until well after mid-night, and also to find some other party to hang out in if theirs happens to be on a Wednesday!!!

And for anyone who may still be interested, it’s just getting to mid-night now!!!

[ciliano]

oh man this whole "being awake during London hours" must be really helpful for some of you people. I need to start using a trailing or jumping stop... So many accurate trades that make it 3/4 the way to my TP and turn around like two hours before I wake up.

Time to focus much more on D1 and H4

[kwanann]

Now wasnt the last 12 hours a fun ride!

[mjws00]

Here was how my GU error played out. Ended up only costing a few pips, but could have been BAD.

Notice how nicely they strung me along, and induced a change in my plan. Luckily plan B was OK.

There are a thousand details in how nicely they played. The levels and fibs that got confirmed. The timing, use of news. Asia close. Asia hunt to get me short.

We might think they are ready to turn at Level 3... but often they take another stab, especially if there is a chance to steal a little extra easy money.

Mike

[mjws00]

EU Pyche warfare. I sold those pins. Very happy to get short.... the only reason I stuck around was my other trades. Easily could have been a small loss.

The TP was very early, just part of the current quick style I am playing with. There were almost 100 pips to be had. The reversal of the Big Round Number was playable... but I had other problems on my mind.

Standard.

Mike

[mjws00]

This one was nicer. Pretty much textbook. If you can stick your entry up on the second leg.... cool. If you miss a little, no biggie. The quickie style cost me some on this big move. Chose not to add as heavy elsewhere.

Mike

[mjws00]

On JPY they tried to steal my soul. First with that GBP blast.... followed by wave after wave against.

The GJ Saga is just like the pictures, but multiplied by 1.5.... ridiculous pain and suffering. I could have wiped out a weeks work, and instead ended up in the green.

Pics say it best. Hopefully a glimpse into how they mess with us. It is easy to be led astray.

Mike

[Larryk]

I think I am beginning to get this, maybe, I hope.

They like to use the news, any news, good, bad, indifferent, doesn't seem to matter, it is an excuse to widen spreads, make a false move one way for a stop run, before going the way they wanted to move price. Unless of course they already had enough orders on the opposite side to the intended direction, then they just take it one way to their target.

They usually take about 3 days to get where they want, but if it takes less or longer due to how much volume they can trap they will go when ready.

Only way to get on board is to see a spike one way that takes out previous highs/lows, then get in right away for the ride in the other direction if it happens, get out when the momentum fades into a congestion area.

If you want a life then concentrate on a few pairs and gravitate to the 4H or daily charts as you learn to recognise their tracks.

[kwanann]

Subscribed to the scared psychology, could have exited my first set of trades with 50pips+ but ended up around BE.

Now have setup my other set of trades to ride the frankie wave.

AU, M formation on the higher TF, which can be seen as a big M on the M15

UJ, i traded the turning pt of the formation of a big W. Now its at bottom so swing it around and play it up.

Looking at demo in a totally new light, used to dump full lot trades, now i treat the capital as precious as real money. Lets see if i can hit another 5% today!

Edit: closed both 10pips. Will sit it out.. safer