Trading Naked - Part 2

[HawkTrader]

Haha - I guess you're probably looking at this as well?

View attachment 72882

Yep!! Just got that on my chart about 30 seconds ago!

I'm a bit cautious as the 1.4400 level is fairly strong. It's also the opening of a gap over the weekend...

 

[HawkTrader]

If you like trading after big moves, I personally don't.

 

[Bloodhound]

This is the sort of thing that I'd be looking for. Agree re the move up.

 

[HawkTrader]

Looks like EURUSD is doing the same thing.

 

[Bloodhound]

Yep!! Just got that on my chart about 30 seconds ago!

I'm a bit cautious as the 1.4400 level is fairly strong. It's also the opening of a gap over the weekend...

I was thinking a move down

 

[HawkTrader]

I was thinking a move down

Looks like EURUSD is doing the same thing.

 

[Bloodhound]

TP would most likely have been hit on this one so half off the table, stop to b/e annd start looking to trail behind obvious levels and / or swings...

 

[HawkTrader]

I'd be cautious about shorting into a weekly level.

 

[Bloodhound]

If this triggered I would be looking to play it tight with my stops given that it would be shorting straight into a strong move up. Throw a fib onto an H4 chart and it's a reasonable level to be looking for a reversal to continue down....



Basically the same set-up etc. for EURUSD

Edit: Reason for trades is LrH's printing off the previously identified levels

 

[HawkTrader]

By the way, ADP Non-Farm Employment Change numbers out at 1.15pm GMT and ISM Non-Manufacturing PMI later on at 3pm, might get chopped around 'til then.

 

[HawkTrader]

If this triggered I would be looking to play it tight with my stops given that it would be shorting straight into a strong move up. Throw a fib onto an H4 chart and it's a reasonable level to be looking for a reversal to continue down....

View attachment 72896

Basically the same set-up etc. for EURUSD

Edit: Reason for trades is LrH's printing off the previously identified levels

When using a hard, tight stop do you lower trade size?

 

[Bloodhound]

 

[Bloodhound]

When using a hard, tight stop do you lower trade size?

Size always remains the same. What I meant by that statement was that I would trail aggressively once the trade triggered and aim to get my stop to b/e pretty quickly.

 

[Bloodhound]

View attachment 72898

Incidentally, if this short fails, there could be a good case to be long instead IMO.

 

[HawkTrader]

Yo Rob, are you still trading 5m Cable? Looked like yesterday could have been profitable.

 

[Bloodhound]

Yo Rob, are you still trading 5m Cable? Looked like yesterday could have been profitable.

Paper traded it Monday to start to get my eye back in but am stuck without internet, screens etc. so just chart watching and mainly on M15.

I did watch that 1-2-3 reversal yesterday morning though - classic price action stuff IMO. Did you take it?

 

[HawkTrader]

Paper traded it Monday to start to get my eye back in but am stuck without internet, screens etc. so just chart watching and mainly on M15.

I did watch that 1-2-3 reversal yesterday morning though - classic price action stuff IMO. Did you take it?

I saw that too, AFTER it had happened... *sigh* I wasn't really watching Cable yesterday as the higher TFs didn't seem that interesting, all the Euros were more trendy.

 

[Bloodhound]

 

[HawkTrader]

View attachment 72900

Why not TP down at 300?

 

[Bloodhound]

incidentally, if this short fails, there could be a good case to be long instead imo.