Best Thread Trading Naked

[Bloodhound]

Pressure building on EURUSD?




Possible tighter entry with M5 support as point of no return?

 

[Bloodhound]

only one cable trade for me. Closing half here. Seeing if the rest runs but I doubt it will. In fact, I imagine it turns down here. We'lll see....

Are you still in this? Turning into a really nice run up

 

[candles]

Are you still in this? Turning into a really nice run up

all out as we approached 1.6400.

 

[Bloodhound]

I'm quite liking the look of this one. Powerful move up followed by a consolidation, an attempt to drive back down to 147 and then a fairly strong bounce back up.



H1 looking like it may be giving some early warning signals.....

 

[HawkTrader]

Had (another) pretty annoying trading day today. Broker is causing me problems and I finished my day 0.5 pips up, luckily I was trading £1,000,000 per pip so now I'm retired... nice knowing you all. :|

Seriously though, bit rough today. I'm moving back to my slightly longer day trading method!

 

[Bloodhound]

Had (another) pretty annoying trading day today. Broker is causing me problems and I finished my day 0.5 pips up, luckily I was trading £1,000,000 per pip so now I'm retired... nice knowing you all. :|

Seriously though, bit rough today. I'm moving back to my slightly longer day trading method!

Hi Owain,
Sorry it wasn't a good one today. If you were trading cable M5 it was tough IMO. I was dead and buried by lunchtime. If you ended up at b/e that was not bad going as the morning was messy. Any chance of posting a chart?
All the best
Rob
P.S. Congratulations on your retirement

 

[HawkTrader]

Hi Rob, thanks for cheering my up a little!

Forgot to mention the part where I only made one trade! I don't want to make it seem like I'm blaming everything on my broker and not on myself, but IG Index it simply not for short term... the stops have to be a minimum of 10 points away. Bit sh!tty if you need to get your stop to B/E quickly and it's declined. ETX Capital are better, I've been using them thus far with my 5m trades, but I don't really like their platform that much... seriously considering trading Direct Access...

Check out my chart, drawn areas where I saw possible entries (including a couple I did demo). Notice I changed my colour to make Rob more at home!

 

[Bloodhound]

Hi Owain,

A couple of ways to skin your avatar!! As you'll see they produce very different results, both in terms of net position, risk reward, amount of pain required to stay in the game, and also how long might required during any trading week to produce a required income.





Obviously one would have worked today and the other one wouldn't, but it's not like that every day. When cable goes into chop chop mode things can look very different. More than anything it's pretty personal and I think and has a lot to do with how long one wants to spend exposed to the markets. Horses for courses and all that.

Hope this is useful

All the best

Rob

P.S. Note that I took 3 bad entries this morning. None of them were valid and all were emotion based and I think are spurred on by the fear of missing out!!

 

[HawkTrader]

Hi Rob,

Bear with me here, I'm a bit slow today... the first chart is the trades you took, and the second trades could have taken if one was using a "trade and hold" technique?

I'm seriously considering not trading again this week, I am not thinking straight at all. I think the last weeks loss has totally confused my brain! And don't worry about those 3 bad entries, it happens occasionally and it looks like one may have been a winner. Rewards for your mistakes, best way to go broke!

 

[Bloodhound]

Hi Rob,

Bear with me here, I'm a bit slow today... the first chart is the trades you took, and the second trades could have taken if one was using a "trade and hold" technique?

I'm seriously considering not trading again this week, I am not thinking straight at all. I think the last weeks loss has totally confused my brain! And don't worry about those 3 bad entries, it happens occasionally and it looks like one may have been a winner. Rewards for your mistakes, best way to go broke!

The first chart is a mix of ones that I took, ones that I shouldn't have taken, and ones that I would have taken. The second is an alternative, slightly more in keeping with the Feb guys.

I'm not saying either one is better and I'll be honest, I am currently testing the 2nd one along side the 1st one every day to see how they stack up. The key for me is more to do with minimising my time in the market and also being able to load up to get the most out of trades, which is why I'm not buying option 2 yet - that said the jury is still out and I am not 100% that it will suit my personality either LOL!! Let's see what happens ;-)

 

[Bloodhound]

By the way Hawk - you must read Phantom of the Pits. Nothing to do with naked charting but brilliant IMO, and will sit well with you and the way you trade I think.

 

[HawkTrader]

That's good Rob, I like your (experi)mental way of trading. Do you lower your trading size when trying new things, or you trust yourself to trade it well enough to keep your current trade size?

P.S. Kidding about the mental part!!

By the way Hawk - you must read Phantom of the Pits. Nothing to do with naked charting but brilliant IMO, and will sit well with you and the way you trade I think.

Yep, I began reading it this afternoon. Got me kinda excited with all this mysterious-master-trader whom we'll never know!! I'll finish it tomorrow.

 

[trendie]

brilliant thread, KJ.
Your entries are making me realise the psychological turmoil I go through when identifying an entry for myself. Since I trade pullbacks, I have to identify a trend, and then look for, what is essentially a mini contra-trend trade, that is, in an uptrend, look for a mini downtrend, and anticipate a good entry.

Your long entry PA trigger into an uptrend and short entry into a donwntrend is so "congruent"; thats the only word I can find. So even though I know its an uptrend, I have the tension of deciding of the pullback has ended or not. I think your thread has helped to crystalise more clearly why I feel such angst at taking a trade. (the contradictory idea of looking to take a position in the "correct" direction, but wanting it to go against the correct direction enough for me to get it a bargain)

All your actions are totally consistent and logical.

thanks for providing daily analysis, and expect this thread to become a classic.
I've already voted this 5-stars.

 

[Bloodhound]

That's good Rob, I like your (experi)mental way of trading. Do you lower your trading size when trying new things, or you trust yourself to trade it well enough to keep your current trade size?

P.S. Kidding about the mental part!!



Yep, I began reading it this afternoon. Got me kinda excited with all this mysterious-master-trader whom we'll never know!! I'll finish it tomorrow.

The stuff on expectancy and adding to positions is a must read IMO. In fact the whole thing is!! Thanks again Andy.

At present it's a game of spreadsheets with the other way as it's a very tedious numbers game. Eventually I think it will be traded at the smallest size possible to see how it works in real life - I've tried it before but it didn't stack up but that would have been more me at fault than the methodology. There is a good chance I may end up with some sort of hybrid of what I do now combined with taking a longer term (more than 5 minutes) view on being offside. The most important bit for me is having confidence that I will still be in the game, most days, to catch the movers that I can add to as they are my bread and butter.

 

[Bloodhound]

Hi Trendie,

That's very kind of you to say so, and I'm really glad it is proving interesting. TBH, any credit goes to Feb as it was his thread that opened my eyes. Oh - and also to all those members of T2W who would join in chorus, whenever someone asks 'which is the best indicator' and reply 'your eyes'!! It sunk in to my thick skull eventually!!

It's fascinating what you say and I can perfectly understand it. I'm afraid I am an extremely logical person and I like things simple as well. This is what I liked about this way of looking at things: find an entry level (ideally in the direction of the current trend), find a level at which one knows that price is telling us one is wrong, place the orders and then sit and wait and see what happens next

All the best

Rob

 

[Bloodhound]

Ref. http://www.trade2win.com/boards/forex-strategies-systems/75950-trading-naked-33.html#post943228

A quick update on this pair. It's debatable whether the long would have been trigered. I have margins that I use either side of all levels to avoid fakes and am yet to get these properly worked out on the higher timeframes.



All that said, the short would now have been triggered.

 

[Bloodhound]

Morning everyone. Cable, IMO, is a choppy mess this morning, so I'm sitting on the sidelines waiting until I can see some sort of definition. A couple of level to look at though...

 

[Second income trader]

Hi Rob, great thread. Can I ask, how long have you been trading this approach and have you any idea what kind of results you're achieving in terms of risk/reward ratio? Also what are your favourite instruments and timeframes?

Many thanks.

 

[apmf]

Good Morning guys, 2 trades so far from 148.00 level. I like to watch these round numbers as most of the times we can see supply and demand action around it.
Right now watching 147.50 for my T3's direction.

Edit: Just got stopped out of T3. Rejection from 147.50 as thought.

 

[Bloodhound]

Hi Rob, great thread. Can I ask, how long have you been trading this approach and have you any idea what kind of results you're achieving in terms of risk/reward ratio? Also what are your favourite instruments and timeframes?

Many thanks.

Good morning Second Income Trader and thanks for dropping in. I started trading cable M15 in May and graduated to this way of seeing / doing things in early August.

In terms of risk / reward it is very hard to answer as I think, in part, it is determined by one's initial attitude to risk. What I did was just started trading it and let the risk / reward bit develop over time. Even just with cable M5 there are so many ways of managing trades IMO, and I am constanly evaluating different methods:

1) Shoot for fixed targets?
2) Scale out positions?
3) Add to positions after scaling some out?
4) Have fixed stops or 'logical' stops?
5) Use M5 entries to get lower risk entries into higher tf moves
etc. etc.

Sorry it's not a very helpful answer but, wilst I know what I am achieving, it will be vastly different for someone else. Remember, it's not a 'system' per se - simply a way of looking at price, with some simple ways of getting in and out of trades - that's the way I see it anyway..