The Captains Chest - Naked Trading & Other Stuff

[sympathy]

Watching ECAD. Looks like am gona hammer the hell out of it

[Lowphat]

what is on the chart, I see only past no future?

I apologize but i'm not quite sure what your asking. my question was directed at people using h&s. i have not traded that pattern so i was wondering if a proper h&s was potentially forming on the gu

oh do you mean where do i see price heading toward? i'm not sure on the GU

GBPUSDDailysm.png

on the EU
i'm long bias as long as demand isn't violated
i scalped a long prev but there may be more chances to play off the demand

EURUSDH4m.png

[BobbyT]

Hey Bobby The 1st low on May 15 is a lower low , then immediately after their is a lower high which also forms C of the A B C trap , AKA HEAD AND SHOULDERS formation , "yes you are right it would only apply if they broke the high"

Yes its easy in hindsight but keep marking up your charts in hindsight and eventually it will become foresight

Seanyd,

Thanks for the clarification.
Ah now i see it. Completely missed the abc formation first time around haha.

Cheers,
BobbyT

[sympathy]

Not too bad for a start

[BobbyT]

Not too bad for a start

Schweeet.
And here I am getting all excited about my positions open on CADCHF. First successful stack I've had since starting this method a little over a month ago. The entry wasn't perfect but saw little to no DD. And as CJ says, you only need to be a part of it, in the right direction

But it seems I may need to increase the number of charts I'm using. Am I right in saying that the regulars here are running all 28 major/minor pairs with some exotics thrown in for good measure?
I have a terribly itchy trigger finger and I'm starting to thin that watching only 4 charts is detrimental to my learning rather than helpful

Cheers,
BobbyT

[ZumZum]

Watching ECAD. Looks like am gona hammer the hell out of it

Man, do you have a direct FOX number or something? do you mind sharing it with your fellow traders?

[sympathy]

Watching ECAD. Looks like am gona hammer the hell out of it

Man, do you have a direct FOX number or something? do you mind sharing it with your fellow traders?

Hey zumzum, its all about how you think about forex. everynite i asked myself why do they[ mr fox] keep price in the middle at assian section. fox normally keep price very close to a valid level meaning levels that needs retracement. cj call it COMMON GROUND.

From the ECAD CHART i discover that there is a level in 4hr tf that needs a retracement and that is what mr fox likes doing . then in other for him to turn price around, he produces an ABC pattern that was what i saw.

[sympathy]

Not too bad for a start

Schweeet.
And here I am getting all excited about my positions open on CADCHF. First successful stack I've had since starting this method a little over a month ago. The entry wasn't perfect but saw little to no DD. And as CJ says, you only need to be a part of it, in the right direction

But it seems I may need to increase the number of charts I'm using. Am I right in saying that the regulars here are running all 28 major/minor pairs with some exotics thrown in for good measure?
I have a terribly itchy trigger finger and I'm starting to thin that watching only 4 charts is detrimental to my learning rather than helpful

Cheers,
BobbyT

Bobby you can increase the number of pairs but always look for the perfect signals. i always trade at the top and bottoms with ABC pattern and daily pins. try pairs with low spread ok.

[dudest]

Hi Dudest.

Just wondering about something. All of these looked like good setups, as did a 'c' to form on XAUUSD.

Unfortunately, my short on that pair didn't work out as price continued upwards instead. Price had been moving upwards for a few pushes previously, and it did seem to me that on the H1, a good 'abc' pattern had then formed, so I shorted at where I thought was point 'c'.

Do you usually wait for the price to hit point 'c', and then start reversing for a while before you add your shorts/longs?

I'm particularly thinking about EURCAD, as I was watching this pair yesterday, and it also formed a really nice 'abc' pattern on H4, but price again continued upwards after point 'c'.

Just after some advice really as to when would be a good idea to enter the trade with these kind of setups?

I guess it would be wise to wait for price to arrive at point 'c' and then start to reverse before entering a trade, to verify the setup. I sometimes make the mistake of entering the trade as soon as I see price arrive at point 'c' to try and get an early entry (especially if it's on a fib line and I see some RRT's forming), but of course, if price then continues in the opposite direction, it would be a bad move.

I had a great entry the other day on an 'abc' pattern and price fell heavily, which was great, so I'm just wondering generally.. do you find that price usually reverses after point 'c'? (on the higher time frames of course) or are there many times where these 'abc' patterns appear, but in fact, they are not indicating a reversal?

Just after some of your wisdom here, as I know you have been trading these setups for a while.

Thanks!

Hi adp,

Many apologies for the late reply

I actually haven't been trading stop-hunts for a while, just about 5 months [ first realization here: http://www.stevehopwoodforex.com/phpBB3 ... 39#p107439 ]. I practised it heavily on demo first ( as CJ said: no point losing real money while practising ).

One of the summaries I have from CJ's posts goes like this:
a) wait for the trade to set up (the fox is patient, be patient yourself)
b) hammer it
c) take what's given

For me, (a) in an a-b-c scenario means I wait for price to get to 'c' (esp if 'c' is at a nice retrace, say 61.8 or 73.6). I don't wait for it to start reversing, I get in immediately.

Over time, I don't care for stats (what works most how many times on which TF), I'm just caring for how good the setup looks. Do some trades ( or sometimes alot of trades ) NOT go according to 'plan'? DEFINITELY. That's where practised trade management comes in, and unfortunately that's not a 'system'... like learning to ride a bike --> everyone learns differently; everyone falls at some point (or at many points) but the hand-eye-foot co-ordination sinks into the brain through that process. So when some of my trades don't reverse at 'c', I cut them. Others, I let go into DD if I think they'll turn soon enough (and keep adding trades at better prices). If it still doesn't work out, another one will come along that will make up.

For example: in my last post I was in DD, right? Then this came along, had been stalking it for days

20150523_usdsek_h4_abc_long.png

Came back to exactly where I thought it would ( 'c' ) and I got in very heavy. Heavy enough to wipe out all the DD I was in, and close the week at a profit (didn't leave it open coz of massive spread widening at weekend market close & open). [ Heads-up: USDZAR may be about to do the exact same thing ]

Maybe this may offer some insight: trading in this way of CJ thinking, my profitability stats (no. of wins div by no. of losses) rarely ever go past 60%. But generally, every month, a 5k a/c (^) gets multiplied. How's that? It's not so much what you do when you're losing as what you do when you're WINNING. The idea is to make money. When you enter a trade you have to BELIEVE and EXPECT that it'll make money. That will totally change how your mind will manage that trade. Even if it doesn't work out, a loss that is cut is still money gained (stemmed bleeding is blood that would have been lost but has been gained by not being lost). All in the mind

Hope I got to the gist of what you needed

Cheers!

PS: (^) "A 5k a/c??" you ask. "Why not trade with a 50k a/c and make x%??" Well, it depends on a person. I have found that tripling a 5k a/c is easier than doubling a 50k a/c ( or a 100k a/c for that matter ). I learned (via real happening) that the mind needs to get used to GAINING (esp when previously you were losing, or not gaining that much). The mechanics of trading an a/c having more than 100k are not the same as those needed to trade an a/c having 5k. So, it just depends on a person, and where your mind is at at a given point.
.

[dudest]

...

[ Heads-up: USDZAR may be about to do the exact same thing ]

...

20150523_usdzar_h1_waiting_abc_longs.png

I expect USDZAR to turn upward around w. That would be where my initial entries would be

Price could still spike down all the way to x before pulling back up (a hunt in essence). Would have buy limits there as well

I wouldn't mind price getting down all the way to y, it would still be a valid long scenario (Fib-wise). Would add to my positions there as well.

If it gets to (aptly-titled) z, that would be where I'd consider cutting the trades. Would wait for price to dance around z and cut the trades when down direction would be resumed.

By the time price hits w, if I'm not entering heavy at w, I will deploy the pending orders script and lay pending buy stops upwards for price to trigger as it rises