The Captains Chest - Naked Trading & Other Stuff

[Pueo]

eu

capture7.jpg

[lhDT]

CJ I got a couple of question, not for setups but for the rest. Hope you will find a couple of minutes to answer.

Targets, stops & MM :
I know you don't set a true SL but use a mental stop, like if the price goes higher than that I close or if that bar looks hell bearish I close my long with a small loss.
So, how you setup your risk ? Based on a hard stop ? How you can calculate your lot size. I saw in your statement you took 5 or 10 lots trades. I calculated my lot size based on my entry & SL but without SL it's a bit hard.
Also for TP levels, you close when you think the move is over. What kind of profit you got on M15 ? Size of the previous swing ? Fixed TP ?

I'm a bit 100% lost on that part. (and about 50% ok on setup

Thanks !

[Captain Jack]

CJ, I can see how we can save a lot of money by not using fixed stop losses. The challenge is what to do when you get caught the wrong way on a move that quickly goes outside your comfort zone. I figure that the answer is to hedge and then wait for a turning point. As one gets better at nailing high probability turning points then you can save on these losses. Is that what you do?

If you can hedge that's good. I try not to let them get away from me...I'd rather take a loss than take a bigger loss cause there's always another trade....

CJ

[Captain Jack]

Hey Captain, so I know you trade with the 3 push move which usually takes 3 days form.

My question is whats next, is there an ABC push in the opposite direction and then another 3 day cycle. OR is it a 3 push cycle followed by another 3 push cycle?

thank you sorry if that was poorly worded.

Don't confuse levels, which the 3 day cycle runs on....3 days or rise or 3 days of fall....

The 3 levels or price rise or fall occur within the sessions....the 3 push high or low also occur out of the Asian range....

There is usually a direction change after the 3 day cycle....hence mid-week reversals....

CJ

Okay thank you its just my terminology that is wrong. Days, Levels, Pushes. I think im getting it now. Ty

I intermix them myself so it's easy to see that it's confusing....

CJ

[Captain Jack]

Take a look at the GBP and EUR crosses....they are all looking like NY material with many making small "M" up high on the 15M....

CJ

[Captain Jack]

CJ I got a couple of question, not for setups but for the rest. Hope you will find a couple of minutes to answer.

Targets, stops & MM :
I know you don't set a true SL but use a mental stop, like if the price goes higher than that I close or if that bar looks hell bearish I close my long with a small loss.
So, how you setup your risk ? Based on a hard stop ? How you can calculate your lot size. I saw in your statement you took 5 or 10 lots trades. I calculated my lot size based on my entry & SL but without SL it's a bit hard.
Also for TP levels, you close when you think the move is over. What kind of profit you got on M15 ? Size of the previous swing ? Fixed TP ?

I'm a bit 100% lost on that part. (and about 50% ok on setup

Thanks !

I may not be able to give you a good answer Lio .... on the 15M time frame, 50 pips for TP1 s reasonable, with more probable. If you look at the AUDCAD trade I just closed, I took around 60 pips and got it from the "M" top to support....that's almost all from the day hi to the day lo....

I handle risk totally different than everybody. To me, risk comes into play when your trade is a loser, going to SL. You have to have so many winners to losers at a certain risk to make money. I have been able to hit 80% and higher on my trades....

When I take large lot trades like that, it's usually scalping 10 pips or less....at $10.00/pip, 10 pips and 20 lots is a nice trade....

When I'm pyramiding orders, the lots add up as well. I may have 10-20 orders on the same pair, totaling 10 lots or more....

I don't really think about it and I don't worry about it. When I enter a trade, I expect it to be a winner.

Again, you can figure your risk the standard way....it's how you trade. Nothing wrong at all with it. It's what works for a lot of people.

You can do it the same way if you don't set the hard stop.... use 50 pips for target, your mental stop, which should be 10-15 pips if your get good entry, this includes your spread, and figure it the way you always do. You still need the discipline to close the trade if it hits negative float....but you have the option not to do so if it's just the dealer spreading price and printing a pin bar that goes a little past....

I'll scare the crap out of you if you see what I do...calculate my lot size? It's more like, how much margin is left and where can I lay it out....

CJ

[swisscheese]

Take a look at the GBP and EUR crosses....they are all looking like NY material with many making small "M" up high on the 15M....

CJ

What is NY Material?

Edi

[lhDT]

I see "M" everywhere on EURNZD ... I added at the top.
Tempted to close both for BE but H1 look pretty bearish with all those pins !

[Reaper]

Thank you CJ on all your help so far and thank you starting this thread, also thank you Steve if you're reading, for this forum! It's great! P.S. Please don't stop helping us, CJ! You're seriously a fantastic teacher!

[Reaper]

I see "M" everywhere on EURNZD ... I added at the top.
Tempted to close both for BE but H1 look pretty bearish with all those pins !

It all depends on the cycle, that smaller M might turn into a W and a new cycle upwards might begin, I havent developed the ability to see the larger cycle yet. I need CJ powahs!