The Captains Chest - Naked Trading & Other Stuff

[Captain Jack]

Yeah, after captain issued the alert, it looked quite high probability . There were several hits to the high of day without surpassing. I was also waiting for entry and waiting for it to surpass the high by a bit and then came back down. This did not happen and I hesitated to enter because the hunts often occur at session changeovers, so I waited for US to open, and I was not given the opportunity to enter, and I found GU instead and saw the accumulation going on (or at least that was what I perceived).

I was lucky as I would get stopped out and scratching my head if I entered during London session. But also very unlucky as I missed the expected move as captain’s alert was proven correct, just that the entry timing made all the difference. 100 pip move, what a big waste.

What do u think of EG for tomorrow? 3 levels neatly displayed on H1. On M15, second leg in the process and one long pin. Does this pair behave well in the past during M&Ws?

If you review the thread, you will find where I posted examples of live trades DURING news events. You will also note that I have stated "news" is not news to some people and this is how they unwind positions or establish new positions, QUICKLY. It's how they create the volume of transactions needed to move price the distance they need to book their profit. Remember that PIPS are the unit of measurement for price movement. It takes days or weeks to build their position, but minutes to unwind it and book the profits.

The stop hunts at the beginning are to do just what they did, clear you and others of correct trade positioning or to force you into the wrong position. That's why the 1st move in the "hunt" is usually a false move. Understand there is no reason to establish a position BEFORE a "news" event when you can use the edge of the false trade for placing the position.

CADJPY was a perfect setup, generating thousands of pips with stacked orders....

Look for a rebound long trade here...

CJ

[Captain Jack]

NY time 10.15am now. GU forming second leg of W, in line with foxes trend. Pins on first leg.

Pins, RR tracks and fast movement, thanks to the "news"....... what more do you need to make this your full time profession???

It's there on every pair on almost every day... in one form or the other....

When the pins change direction, it's time for the trades to change directions....

CJ

[Captain Jack]

Ever wonder why news events ALWAYS begin with a stop hunt? Do you know how many break out systems there are in use today?

News events and the resulting PA are not random events. They are well known to the Fox, ahead of time. They know where the range traders as well as others have placed thier buy and sell stops and they will clear those stops, each way, before taking price back to the same level, continuing the trend or the other way on a reversal.

This is when they balance the books and take their profits and they don't like company when they do it.

The only "random" events that I know of are the ones similar to when a large trader wishes to place a trade for, lets say a 1000 shares of stock, but keys it in as a million shares.... as has happened in the past, causing ripples across markets. And then the FOX goes "WTF!!"

Be prepared when looking at the setups, and check to see if there is a news event that will tie into the completion of the patterns.

CJ

[Captain Jack]

I'd suggest scanning those charts about now.... after large, quick price moves like occurred today, new setups will appear.

I suggest people who are learning to trade using the ideas put forth in the tread, only trade from the PEAK H or L, but other setups occur between the levels that are good trade opportunity for added profits. Like the NY reversal....pins and RR tracks.

Until you can hit the PH and PL consistently, stick to trading from the edge.

Take what is given!

CJ

[Captain Jack]

Cj


The GOLD chart I put up is very relevent for those who trade it. Very nice patterns, 3 clear levels of drop, with each level being comprised of 3 "pushes". So are we at a PEAK Low here? What do you expect to happen now, during Asian and later in London and NY? I don't trade gold in the US but I have a good idea what I would be looking for if I did. If I don't trade gold, why post it's chart? Simple, patterns repeat across all time frames and ALL pairs. There it is, 3 level drop of 3 pushes each, over 3 days or so, beginning from a PEAK HIGH and printing a possible PEAK LOW.... what now?? What do we do.....

CJ

GOLD revisited....

Let's take a look at an updated GOLD chart..... I used the first chart in a previous example of the 3 levels with 3 "pushes", dropping to a POSSIBLE PEAK LOW....

Now we can see just how this is playing out.... Remember I made mention of the fact that the FOX may not be able to get all the chickens he wishes on the first grad....sometimes he must return, more aggressively, and grab the rest of his chickens. Recall also that there is a good deal of "chop" at the tops and bottoms....

What do we see on GOLD now and what should we be looking for?

CJ

[Captain Jack]

BTW, I just wanted to thank everybody for the birthday wishes, it was a good day!

CJ

[djhenry1981]

I'd suggest scanning those charts about now.... after large, quick price moves like occurred today, new setups will appear.

I suggest people who are learning to trade using the ideas put forth in the tread, only trade from the PEAK H or L, but other setups occur between the levels that are good trade opportunity for added profits. Like the NY reversal....pins and RR tracks.

Until you can hit the PH and PL consistently, stick to trading from the edge.

Take what is given!

CJ

Thanks CJ for your advice.

EURGBP is showing three clearly defined levels with a third level 'rejecting a S/R line'.
Looking for some chop and a second leg of the W (seeing as I missed the peak low boat. I dare say the fox managed to trap an epic amount short last night so ay not need to go back, however, if to your average person it looked like it was going back, they'd probably want on the short truck, and the fox will load up some more.

GBPCHF is making the same pattern just inversed, again i'll wait for a retracement to form an M

[djhenry1981]

GOLD revisited....

Let's take a look at an updated GOLD chart..... I used the first chart in a previous example of the 3 levels with 3 "pushes", dropping to a POSSIBLE PEAK LOW....

Now we can see just how this is playing out.... Remember I made mention of the fact that the FOX may not be able to get all the chickens he wishes on the first grad....sometimes he must return, more aggressively, and grab the rest of his chickens. Recall also that there is a good deal of "chop" at the tops and bottoms....

What do we see on GOLD now and what should we be looking for?

CJ

I see a large nasty stop hunt, the fox was shaking the tree to eliminate weakness and accumulate for the next move. Plenty of blood for both bulls and bears, while the fox laughs.

I'm looking for a failed retrace creating a W to get a nice tight entry.

[intcust]

Euro has just damaged my psychological capital...

I got an epic smack down. Fox sure bit my ass today good and proper. After stellar results last week, this week has been nothing but red.

But I live to fight another day, persistence will pay off. I won't give up.

Yes, I got smack too.. was hitting the fox back when forex.com Empty4 hanged on me.. damn broker..
I will not give up too..

I live outside the US, if anyone has a decent broker to reccommend, please pm me. Thanks...

I used Fx pro until they got rid of US people and had a friend that got a lot out of them. Might try them

[intcust]

That's not a w..

Hi Kwanann de barbrian, I am out. 63 pips. Could u explain why wasn't it a w? Level counting wrong? Fulfilled the criterias : 3 swipes down during london, 8 candles, one leg before US open and second leg after US opened. Long pins, in line with low on 4 Nov. I didn't counter trend

I was ambushing for cadjpy, alert from el capitaine CJ, but i don't have the opportunity to enter as it does not have another leg, straight down, it's a pity. Did u enter this? I didn't dare to enter on first leg.

Frist leg is were you want to entry with tight stop RISK and REWARD study that