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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: | Captain Jack [ Thu Nov 05, 2015 6:49 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
I would count my levels a bit different here, but we start and end at the same place... which is important, no matter how we get there. Best trades come off the Peak Lows and the Peak Highs... PL-L1-L2-SH-L3/PH PH-L1-L2-SH-L3 and PL You have to account for the extensions, spread patterns and the distortion that they use to try and hide these simple steps... learn to filter them out and look for the basics. If you remember, the market makers start the cycle with a move off the PH/PL.... to the first level, L1. Traders and institutional action makes up the next level...L2 and the marker maker finishes the final move of the cycle to L3 and the next PH/PL There is a "reset" or stop hunt between L2 and L3 as the market makers take over the action and complete the cycle....check your charts, you will see it. Levels 1 and 3 tend to be more orderly while level 2 tends to have more chop in it. -CJ- |
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| Author: | Captain Jack [ Thu Nov 05, 2015 7:09 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Nope...nope...and more nope. I sure hope you guys are not trading with real $$... You don't have enough info on your screen to tell you anything about cycles, levels or anything really... it's like opening a 1000 page novel to pages 545-546 and trying to write book review... On the 15M period, its a 3-5 day cycle - PL-L1-L2-SH-L3/PH ALSO, there is no info what so ever as to the direction of the major cycle, where this entire cycle is but one level... -CJ- |
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| Author: | IanN [ Thu Nov 05, 2015 7:10 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Morning all - USDCHF Regards Ian N. |
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| Author: | jedrula [ Thu Nov 05, 2015 7:15 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Very good place to read about the BARF http://thepatternsite.com/barrt.html |
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| Author: | Captain Jack [ Thu Nov 05, 2015 7:19 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
No problem with those charts Chris. We know where we want to get in and we generally know where we want to get out, so visual confirmations of our conscious thoughts are always helpful. I'm glad you're here sharing charts such as those with us. Now this, I would have a problem with... head hurts just screen capturing it... -CJ- |
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| Author: | Captain Jack [ Thu Nov 05, 2015 7:23 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Got me some for early morning snack! -CJ- |
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| Author: | albchr [ Thu Nov 05, 2015 7:25 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Thanks John, Hopefully I'll be able to keep up to that bar. I don't always and that's for sure. |
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| Author: | Captain Jack [ Thu Nov 05, 2015 7:25 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Tom's Encyclopedia of Chart Patterns is one of the few books in my library and has been mentioned within the thread several times. Tom's a friend of mine and I consider him the top of the line with his research. -CJ- |
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| Author: | IanN [ Thu Nov 05, 2015 7:29 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Well it is Fireworks night in the UK ![]() |
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| Author: | albchr [ Thu Nov 05, 2015 7:39 am ] |
| Post subject: | The Captains Chest - Naked Trading & Other Stuff |
Hi forexdave, (and good morning all) That's just the standard fib tool in Empty4 I use. I've added a few custom levels so it displays the extensions in each direction. I know very well the fib "indie" my buddy Davit uses. In fact I got it from him long ago. It works pretty well for identifying "areas" but as I tend to go in larger and want as little DD as possible, I strive to be a bit more precise. For instance, the other day when I mentioned AJ would likely shoot for the 76.8 fib level after a 1H cleared the 61.8. Here you can see the difference as I've overlaid my standard fib with his indie. The difference isn't huge at roughly 16 pips (on this pair) but if we can get as close to the bounce as possible, we can cover quickly and thus have a worry free trade. |
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