The Captains Chest - Naked Trading & Other Stuff

[kwanann]

Ahh ok, probably gmt differences, mine doesn't show the m even remotely..

Anyway for such trades, you should be entering on confirmation of pin bar which is right, the SL should be set just after the pins so if you are wrong you get out with small loss.. Then look again..

H4 is tricky they have a lot of time to build the candle, so there can be many false signals

[Gertje]

Ahh ok, probably gmt differences, mine doesn't show the m even remotely..

Anyway for such trades, you should be entering on confirmation of pin bar which is right, the SL should be set just after the pins so if you are wrong you get out with small loss.. Then look again..

H4 is tricky they have a lot of time to build the candle, so there can be many false signals

I see that now...

The GBP 'news' pushed the pair up, might the CAD 'news' help the fox the take it lower?
.

[pips400]

Had a couple of losers already today, here's one I hope will go my way, GBPUSD short.

GBPUSD-H1-23-August.jpg

GBPUSD-M15-23-august.jpg

[Larryk]

GBPCAD

There is continuing discussion looking for this pair to go short, in the meantime a fortune could be made just following the current move.

My attached chart is classic of how I want to trade this system, after first HH HL day get in for move 2 and 3, which has now become 7 moves although yesterday was looking a bit topping out, that now appears to just be a retest of that area of old highs.

[Larryk]

[quote="pips400"]Had a couple of losers already today, here's one I hope will go my way, GBPUSD short.

I am sure you are thrilled with your GU trade now.

Can I ask how you decide where to set your sell limit order, is it a number of pips below the spike high?

I entered it a bit lower when I saw the spike on the hour chart, I try not to look at lower charts as I prefer the higher time frames for an easier life not constantly watch the charts.

[pips400]

Had a couple of losers already today, here's one I hope will go my way, GBPUSD short.

I am sure you are thrilled with your GU trade now.

Can I ask how you decide where to set your sell limit order, is it a number of pips below the spike high?

I entered it a bit lower when I saw the spike on the hour chart, I try not to look at lower charts as I prefer the higher time frames for an easier life not constantly watch the charts.

I don't really have any rules on where I place the limit order, just gut feeling. Sometimes they get hit sometimes they don't. But the higher up the better if they do get hit, so it's a trade off I'm happy with. A lot of my orders don't get fired, I just close them out after a while and reset. Actually, just closed the GU, happy with that, and also make a nice GN after a couple of losers on that, so am up for the day on live, same yesterday too, so will think about increasing lot size for Tuesday (Monday is Bank Holiday UK).

[Gertje]

I watched a few 'news-releases' live this past week, and the spread-widening is a great tell-tale sign of manipulation at work.

Since the Fox is the LP's, can they spike the spread in the direction they want, or is it an even divertion from the main [same amount up as down]? Sometimes you can see the bid moving where the ask is staying put, and vice versa.

Can it be that they simply stop quoting one side for a while?
.

[zentauro67]

Following daily ranges, I entered short too soon in GBPCAD. I forgot you need some climax followed by an inmmediate cancellation as a reliable reversal pattern. Morning and evening stars, tweezers, RRTs... It seems that kind of figure finally appeared. Let´s see next week if it works...

GBPCAD 4H

Imagen 001.jpg

[mjws00]

I watched a few 'news-releases' live this past week, and the spread-widening is a great tell-tale sign of manipulation at work.

Since the Fox is the LP's, can they spike the spread in the direction they want, or is it an even divertion from the main [same amount up as down]? Sometimes you can see the bid moving where the ask is staying put, and vice versa.

Can it be that they simply stop quoting one side for a while?
.

Yep. The big volume gets pulled out of the middle and the market tags the remaining liquidity at the edges. Insta spike and spread increase. It's an unregulated market. So they can literally sit on the bid or ask before, and then pull out for news and or let the algos tag the dumb money on the way up or down. Nice gig if you can get it Not too mention they can manipulate via crosses. Literally spike EU while selling GU, EG and staying essentially flat.

Even better is they know where the liquidity pockets are (so when to pull out), and all the positions of the big dogs they are playing against. No rules to say they can't collude. But remember, they DO have HUGE orders to fill so they can't let other big money front run them, they still need BIG money to take the other side when the real volume is flowing.

Crazy game. But still has lots of holes to exploit.

Mike

[ciliano]

I keep finding that I am consistently calling the right trades and I am consistently calling them 24-36 hours too early.

I just started really focusing on money management, but it has been working against me due to my early entries.

A lesson for myself mostly, but for anyone else with similar trouble: wait. Instead of trying to hit a reversal in the pins and having it actually be a continuation only to reverse just beyond your stop, wait until it actually turns around and trade on the way down and get over the early pips you didn't collect. They were never yours in the first place.

For instance, that GBPCAD trade... I saw that there were pins going back through the several years of ranging that were still higher than price was at the beginning of the last Asian session and the second part of the "M" had not finished. Yet I took a trade too early anyway. It hit those highs and now, after my trade went sour, it has reversed and is most definitely on the way down. Discipline is tougher than identifying patterns

Also needing to go to bed a half hour before London opens really hamstrings my efforts. I will be throwing a pity party this weekend at a pub that accepts demo account money...