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| The Captains Chest - Naked Trading & Other Stuff https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=1572 |
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| Author: | websie [ Wed Jul 29, 2015 9:30 pm ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
with the recent movement after oil and the fomc, does that mean that now price has retraced to the 2nd level that we count that as the 2 level again? Also thank you for the helpful comments on my post on NU |
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| Author: | Captain Jack [ Wed Jul 29, 2015 10:46 pm ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Good to see a few more enlightened traders doing well here....as should be cause things have not changed one bit.... One question....why do so few of you ONLY look at one time frame when the present has already been foretold in the past? Your job is to determine which H4 map is correct -CJ- |
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| Author: | Occam [ Wed Jul 29, 2015 11:02 pm ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Hey Christian I see Sympathy has already answered on this. If it makes you feel any better I had the same count as you. I was struggling with the GN level counts as well. I also don't trade GN much as it moves too much for my liking compared to other pairs (the ADR does my head in!). Here's my chart as I had it before seeing Sympathy's chart, with a few comments on it. I was thrown out by the quick move down in the green circle which I treated as a count reset (after the previous level 3 short was made) and treated the new low as my new level 1. Also because the old L3 and new L1 were in a similar spot I was also suspicious it was now ranging (but still looking for shorts as we had made a H4 level 1). So I then had the latest low as level 2. But what I also missed was the 3 level drop over the last 3 days (dotted blue levels) which would have indicated my Level 1 as not correct. 3 levels over 3 days is the normal thing to look for. I had treated them as pushes not levels and getting my H1 and H4 counts mixed up. Cheers [Edit: amended comment on chart regarding green circle] |
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| Author: | Occam [ Wed Jul 29, 2015 11:37 pm ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Hey websie The retrace back to level 2 on GU I will also treat as a level 1 short for the time being (and remembering that we are at H4 1 long) while expecting some consolidation/ranging. Also note the H1 RRT at the top of the range today. A great setup given its location on H1 and H4 and strong move to top of range to scare traders away. |
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| Author: | Tomsic [ Wed Jul 29, 2015 11:54 pm ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
just realized this map went in the forecasted direction, but took the slow and bumpy road also not sure if the pattern map was correct or just a coincidence it ended up going down.. I mean, 50-50 chance that could have happened, right? I see some similarities in the GN charts CJ posted too.. just wish someone could spell it out a bit clearer.. still too much ambiguity for me.. patterns repeat.. what patterns? how well must they match? stop hunt patterns? head and shoulder patterns? random price movements? all of the above? |
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| Author: | ChristianK [ Thu Jul 30, 2015 12:29 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Thank you everyone for commenting and giving me lessons. I will try to work more comparing the present chart with the past, since this is one of many things that i still missed out. Chris |
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| Author: | hannele [ Thu Jul 30, 2015 1:16 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Well I pick both but I have never mastered this look back thing... top one would be my go thou, up and away. Good to see you back, would be nice to have you here more often cheers hannele |
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| Author: | Occam [ Thu Jul 30, 2015 3:21 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Thanks for the charts CJ, good to see you in the house and still keeping an eye on things! Like you Tomsic I must admit I haven't been much good as yet at identifying the right maps. And then I often end up with a bit of analysis paralysis (is this the right/wrong map, mmm it doesn't quite match my levels etc?) and end up over thinking things. Hopefully it comes more clearer with time. Not sure if your ACAD map was the right one or not, as you said, it did move in the suggested direction but with a rather different shape. |
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| Author: | websie [ Thu Jul 30, 2015 6:03 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Hi Occam, thank you for the chart. I think I'm getting the levels much better now, thanks to you, Sympathy, Tomsic, Pieter and the others, my levels on GBPUSD are the same as yours. So here are my 3 charts. I know we don't really do trendlines but I quite like them so what I see is a big up channel on the day and a range on the h4/h1. |
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| Author: | websie [ Thu Jul 30, 2015 6:08 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Fantastic to see you in here CJ, I am like Occam, struggling to see those previous patterns but I am also way behind the others on seeing anything, have just started to see the levels jumping out at me and slowly I hope to be able to master this looking at the past stuff. I am a tortoise. Thank you so much for everything you put into this thread, nice to see you popping in. |
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