The Captains Chest - Naked Trading & Other Stuff

Post by **botrak** » Mon Feb 24, 2014 9:56 am

Hi guys!
It looked like flag and i expected 1 more push up, but there are so many pins at top now and it seems orders trapped in both ways. What does the fox say?)
Sorry for my poor english

Post by **pips400** » Mon Feb 24, 2014 10:47 am

I Would not trade this yet. Treat it as a Trading Range with the upper and lower boundaries as shown, and wait for manipulation around this areas, watch volume also on the OBV for divergence.

EURAUD H1 24 Feb 14.PNG

Post by **pips400** » Mon Feb 24, 2014 11:09 am

Here's a better one the EURCAD - excuse my shaky notes. Looks like a classic M after the bear wedge, lower volume on second leg although it can get a lot lower yet. My entry to go short will be a bearish candle close below previous candle and the CSS in the red. Stop 5 pips above last swing high. I'll be watching price action develop and if I see something to abort the short I will wait longer e.g. if price rises to make a new high, then I'll start the wait cycle all over again.

EURCAD H1 24 Feb 14.PNG

Post by **pips400** » Mon Feb 24, 2014 12:05 pm

Ok, setup complete with the C1C2 and CSS, so entry as shown on the EURCAD

EURCAD H1 24 Feb 14 B.PNG

romajc · Post by **romajc** » Mon Feb 24, 2014 12:45 pm

Looks like a fairly good entry! I was asleep and missed it however.

Do the major moves usually happen during the London session? What type of moves should be watched for during the New York session? I am not ready to quit my job so I am unable to stay up all night right now :youknow:

Post by **pips400** » Mon Feb 24, 2014 9:19 pm

Hi Romajc, there are setups across all the sessions including the Asian, although in my experience, the majority tend to happen in London/New York overlap. Also there is a correlation between the currency and the market session, e.g. GBP pairs during London session, USD pairs during NY session etc. But like all things Forex, there are many exceptions. In summary, there's usually a setup somewhere regardless of what session you're trading, but don't chase the setup, take a look at a formation in the early stages of development and wait for the completion.

romajc · Post by **romajc** » Tue Feb 25, 2014 12:19 pm

Sounds good, thanks. I was worried everyone was focusing on the London session.

PoolHallJunky · Post by **PoolHallJunky** » Tue Feb 25, 2014 3:15 pm

Here is this mornings trade in progress triggered by the W formation at the top of a key area.

Thoughts?

PoolHallJunky · Post by **PoolHallJunky** » Tue Feb 25, 2014 3:37 pm

Update to my EURUSD trade. I am preparing to close out this position and look for a long entry.

romajc · Post by **romajc** » Tue Feb 25, 2014 4:38 pm

Good read. Must have turned out really well if you closed and bought.