Best Thread Trading Naked

Against your trading rules? :LOL: Just kidding.

Yeah I've read through that thread before, didn't notice anything about scaling though!

No - he doesn't cover that so much as the 20/20 and 20/40 rules which can be extremely useful, I've found, when trading cable. TBH, and I think I've mentioned this before, the Feb thread allowed me, for the first time, to really see price action in a fashion whereby I could understand it. All my trade management, adding to positions etc. is stuff I've experimented with. (and still do!)
 
Just a quick thought on targets, taking profits, to save anyone trawling around for it. There's a rule of thumb for majors (so Feb says and a very experienced trader pal of mine confirmed it) to have 20 pip stops with either 20 or 40 pip targets.
 
It feels like it's been a long time getting here though!! Hope you're having a satisfactory morning Candles?!

That's just the way it goes mate. You get noisy patches where it just doesn't work. The good days tend to pay for the days where the instrument you trade isn't 'playing ball', and then some though.
And then soon you'll get a patch where you have quite a few nice ones in a row.
Its just a bit of a psychological battle. You know as well as I do that the way you trade works. Definitely a marathon and not a sprint. My method isn't the same as yours, but the same rule applies.

only cable trade for me today was a short at around 1.6565 for 35 pips or so.

Keep it up.
 
1 hour Cable overnight

Nice break today compared with yesterdays chop chop on hourlies.
Glad you all did well.
Apologies if this 1 hour chart is in wrong thread
 

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Thanks Candles, and thank you for dropping in. I have lots of little mantras that I jot down and one that I have had running through my head the last few days is:

"Everything works some of the time, but nothing works all of the time"

'nuff said!!
 
Almost missed this though. All new stuff for me (the higher tf's) but strangely reminiscent of cable M5. Range, followed by breakout, followed by market taking a breather = chance to add?

gbpjpy - 091021 h1b.gif
 
Elefteros,

What is the 'sniper stop'?

Mitch

The last of my indicators:cheesy:

No seriously its not something you need to trade.

just something i'm not ready to let go of yet.

do a search for the sniper forex thread if your still interested but i would advise against it, it will hinder more then help your progress.

All the best
 
sorry .... the best one I could find this morning ### paperwork all over the place :devilish:

that Rob geezer just came into my trade room and switched the F..ckin volume up :)

thanks Rob - good thread ........ catch you on another wave

later

Andy


Babe Ruth and Home Runs

Winning percentage in your trading: Does it really matter ?

Did you know that Trend Followers win on average 40% of the time ?

George Herman Ruth, hero of New York, hero of baseball and arguably one of the greatest sports legends of all time, will always be known for his home runs. But he had another habit that isn't talked about much: striking out a lot. In fact, with a lifetime batting average of .342, the Babe spent almost two thirds of his time trudging back to the dugout. From a pure numbers perspective, he saw more failure at the plate than success. But when he got a piece of one, well? it was enough to give any pitcher nightmares. There's a reason why Ruthian is still a well known adjective in sports writing, conveying the awe and power of a grand slam in the bottom of the ninth.

Ruth understood full well that the hits help a whole lot more than the strikeouts hurt.

He gave his philosophy in a nutshell with these words ~

" Every strike brings me closer to the next home run."

when reporters asked him how he dealt with the occasional slump, he replied

"I just keep goin' up there and keep swingin' at 'em."

The lesson for traders is this ~

if you have realistic confidence in your method and yourself, then temporary setbacks don't matter, because you will come out ahead in the long run.
 

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Haven't traded E/G before but looks like a potential setup on the 5m. I've got resistance at around 9080.
 

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Haven't traded E/G before but looks like a potential setup on the 5m. I've got resistance at around 9080.

Yeah - nice level. Just not too sure about EURGBP. I stand to be corrected as I've never traded it M5 myself but it doesn't look as if it trends too much on M5 - a bit stop start if you know what I mean!!

Edit: Just had a look back over a few weeks and I stand corrected. It's not a bad looking pair.
 
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Haven't traded E/G before but looks like a potential setup on the 5m. I've got resistance at around 9080.

Just a thought but I tend to box my entries a bit like this chart for a couple of reasons:

1) I have both long and short entry points worked out
2) If long the red line would be my stop and if short the blue line would be

Helps me to keep my options open and not get caught in directional bias which always seems to mess me up!!

eurgbp.gif


P.S. I've amended the chart to show a few levels where price might react
 
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Point taken Rob!

Looking back over today though there were imo several obvious levels which broke and would've easily gained an initial TP of 20 points. I figure maybe its worth putting in an order and see what happens!
 
Point taken Rob!

Looking back over today though there were imo several obvious levels which broke and would've easily gained an initial TP of 20 points. I figure maybe its worth putting in an order and see what happens!

Not sure how many times it has already been quoted on this thread but 'you can't tell till you bet'!! :)
 
Not sure how many times it has already been quoted on this thread but 'you can't tell till you bet'!! :)

Haha yup. Your chart is pretty much exactly how I see things. Wouldn't be looking to short at the moment though due to the recent run up and HH HLs since 1400ish.

Thanks as always for your thoughts!
 
Mitch - just a quick one but really useful IMO re trade expectnacy. Look how it broke straight into a resistance level and bounced back. No dramas as one should kind of 'expect' that it might bounce there....

eurgbp 2.gif

P.S. No idea what will happen next but M1 has printed a LrH - sometimes I drop to M1 to get a clearer picture

P.P.S. Level now busted :)
 
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Rob, noticed this too at the time but it then retraced to 9030 and tested it to the pip...RbS.

As this is just a test and there has been support already at this level i'll be looking to move my stop here asap (damn IG and their 10pt minimum stops!).
 
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Update: Closed off half my position 10 points up, recent resistance at 9054 so moved SL on remaining half to just above a recent low, few pips locked in.

Rob I'm slowly making my way through Feb's thread but it's massive and difficult to get into when you're watching charts too! Gonna save it for the weekend I think.
 
Rob I'm slowly making my way through Feb's thread but it's massive and difficult to get into when you're watching charts too! Gonna save it for the weekend I think.

Not wanting to detract in any way from his thread as everything he writes is brilliant IMO, but a question.

You identified a level, read PA (i.e. price was going up), took the long with your stop at a point where the long entry would have been invalidated and you had some ideas on where price might stall, reverse etc. Is there anything else to know? I have asked myself this question time and time again but can't find anything other than a negative response. Can it be so simple?
 
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