The Captains Chest - Naked Trading & Other Stuff

[djhenry1981]

is it fair to say the true direction after the Asian Breakout is actually the direction of the l breakout?

Basically, we get the Asian range, wait for the break, then the stop hunt which usually goes in the opposite direction tagging the bottom of the range, re-tests and then goes in the direction of the original breakout?

Not really, it depends on a few things, current level count, M or W formation, peak high/low etc..

it all depends on how the contracts are structured, where is the accumulation etc..

Thanks Kawanann,

This is what I think for the USDCHF, currently we are in L2 on my count on 4hr and I would expect a push down. Is my analysis correct?

Sorry for the questions, very keen to learn. Happy to post in the CJ Dummies thread if you'd prefer.

[ciliano]

I think you have a decent markup of that chart there but you have to remember that 3 levels is not a rule. If price action around the beginning of london supports your theory, then take the trade but don't become set on it. Today was a big day in US news so that could mess things up too.

Also, look where you are in higher charts too because it is right at a support level from late Feb 2012 and Sep 12 2011.

[kwanann]

Asian accumulation, LON SH, NY reversal typically happens in the IDEAL world, of course when it happens that way, you will bang yourself over the head on hindsight for missing something so obvious.

When it doesnt you will scratch your head and wonder what is happening.

While there is no specific pair to play, it may be good to just stick to one or 2 pairs and understand their behavior. Go ahead and set BE for a free trade if you wish and feel free to paper trade the rest

*Typically* AUD, NZD and JPY pairs will move in the Asian
EUR, GBP and CHF will move in the LON session
USD will move in the US session

[Pax]

Thanks for responding to post guys, i'm new to forums, so i'll see if i can find the pdf you mentioned, thanks,
my email address is: alan.perry@blueyonder.co.uk if any one can give me any info quicker than the forum as it seems to take a while, or maybe thats just me as i am not used to it.

thanks.

[ciliano]

I think EURCAD just reversed downward on M15 for NY. Or at least I traded that way. There is a peak in the London then a peak at the beginning of NY forming an M with a higher second leg.

Also at an area of D1 resistance

[intcust]

eurjpy.h1.png

here is the chart on ej

doesnt look like a BARF, but hey, nice 100pips so far

YOU are RIGHT!

Well I was told that by CJ a long time ago but to me the set up is there and they seem to work. Hope you got some of that. I took almost 100. I thought barf in short was lead in line steady in one direction then then a steeper line coming off the lead in line in same direction means a reversal back to at least the lead in line. If that is not it then I will call mine an intcust move from now on. But what do I know I am always wrong like on the the gbp cad. but one can give up a few neg. 20's for a few 100's it is like playing American football and trading field goals 3 points for touchdowns 7 points (for the non Americans in the group)

[intcust]

I think you have a decent markup of that chart there but you have to remember that 3 levels is not a rule. If price action around the beginning of london supports your theory, then take the trade but don't become set on it. Today was a big day in US news so that could mess things up too.

Also, look where you are in higher charts too because it is right at a support level from late Feb 2012 and Sep 12 2011.

Thanks for pointing out the S/R levels. As CJ says, don't marry the trade.

Although its early days, my head is completely spinning, my mind is blown, what's seen cannot be unseen.

Is there any particular pairs a beginner should stick to? I want to limit the pairs to avoid stimulation overload, obviously the majors, but are there particular pairs that are better for learning?

I think CJ said that eur usd and gbp usd were not as good because heavy trading makes fox cover tracks more. I could be wrong it has been a while since I read that post. But I think the yen pairs move well and set up nicely. PLEASE look at pips 400 dragons lair for excellent charts and pdf's. He adds more on vsa than CJ does although CJ does point out volume just not as detailed. It really helps me. But what do I know I am always wrong. Oh and you can marry the trade as long as you don't mind quick divorces. One thing most miss is and CJ and pips400 both point out is keeping your risk to reward high. Meaning if you are going to risk 20-50 pips on stop make sure you are going for at least twice as much but normally more like five times as much. Then you can lose 7 out of ten and still make money. This system gets you in at the tops and bottoms so when it goes it is a good ride and when it does not it is short and sweet (sour) but then just take it the other way.

[intcust]

xauusdfxh1.png

just bought gold don't anything about take profit but sure looks like end of second level so I am going for third level looking for 1350 maybe to high I don't know

[djhenry1981]

Just took this trade on NZDJPY.

M formation on the Daily gave me confidence to sell with the intent and direction

[ciliano]

EURCAD just had a three day push and broke a lot of old resistance slightly. Watching at the moment to see if it does anything interesting.

USDCAD looks similarly at a top level.

USDCHF looks like it had a three push down and may be rejecting right now.

USDCAD D1.PNG

UCD1.PNG