Best Thread Trading Naked

[wallstreet1928]

Good Morning Folks

USD/JPY

I have already highlighted this trade to the followers of my blog yesterday.....

It has already given my 40 pips and i expect to get another 100-200 pips from this

classical example of resistance now = support

The Dollar is due for a rebound this week so I am being careful with any short Dollar positions

Hence the reason why the market is going to be weak today and oil/gold in particular will be weak- bias is on the short side

 

[Bloodhound]

So you are resorting to Naked trading........5 min/2 min TF is a bit extreme on cable isn't it, too much noise and very hard to discern a trend.

Good morning Wallstreet and thank you for dropping in. I hope you'll find time to pop in every now and again. With regards to M5 - that's a very interesting point and I guess one that will always be open to debate. I completely agree that M5 does show noise - and that's why I trade it. Regarding trends, they are there but one needs to see them, if you know what I mean!!

Apologies for not having replied to you - not sure when this was but slapped wrist for me.

Hope all is well

Rob

 

[Bloodhound]

Good Morning Folks

USD/JPY

I have already highlighted this trade to the followers of my blog yesterday.....

It has already given my 40 pips and i expect to get another 100-200 pips from this

classical example of resistance now = support

The Dollar is due for a rebound this week so I am being careful with any short Dollar positions

Hence the reason why the market is going to be weak today and oil/gold in particular will be weak- bias is on the short side

Hi Wallstreet,
Thanks for posting this. Just a quick point - when I said naked I meant naked ;-), so no diagonal lines or MA's please. Not that I am saying they are wrong; just that they don't really apply here.

FWIW, every time I see trendlines etc. I am reminded of an excerpt from one of my favourite (if not favourite) posts on T2W. I hope the author won't mind me posting it here, but it had a huge impact on me:

"Go back to basics. Look at the charts, with whatever indicators you want to be using and just LOOK. Simple stuff like lower lows, lower highs or higher lows, higher highs. If you can’t see them – they’re not there. If you can see them –what is that telling you? They’re giving you direction, entry, S&R and exit points. How much more could you ask for?"


For the whole post - http://www.trade2win.com/boards/first-steps/63278-why-you-failing-what-you-need-do.html

All the best

Rob

 

[Bloodhound]

EURGBP & GBPCHF Part 3

I have added to both these positions. As per how I play M5 I take each set-up as a new trade, regardless of what has gone before it.

 

[HawkTrader]

Morning Rob, I notice you leave your stops in their original position. Don't you move your stops to the same one price level where you think the trade is "wrong"?

 

[Bloodhound]

Morning Rob, I notice you leave your stops in their original position. Don't you move your stops to the same one price level where you think the trade is "wrong"?

Morning Owain,
Hope you're well. Sorry about the confusion with the stops. You are completely right in that I do trail my stops. The reason I leave the red lines on, even once I've moved a stop, is as a point of reference for when I review the trades at a later date. In my experience, and this is mainly gleaned from M5, I can do some damn stupid things with trade management in the heat of the moment, so careful analysis of the trade after the event is vital!!
BTW - if you'd like an invite (I think you asked for one) feel free to pm me your email address.
All the best
Rob

 

[Bloodhound]

EURJPY - Part 1

Here's one that's setting up. As per usual I have no idea what's going to happen next so shall just wait and see...

 

[HawkTrader]

Hmm, EUR/JPY seems to give a lot of false moves for me. Something interesting to note about your 4H charts is that my (and other peoples) feed is slightly different, so if I were to place my stops under recent high/low then it would actually be in a different area...

 

[Bloodhound]

USDJPY - Part 1

After taking me to the cleaners yesterday, courtesy of some appaling trade placement on part, I'm having another crack at this one. Reason for this is the (albeit margnial) LrL and the more obvious LrH, nicely off a previous resistance level.

Let's see what happens...

 

[Bloodhound]

Hmm, EUR/JPY seems to give a lot of false moves for me. Something interesting to note about your 4H charts is that my (and other peoples) feed is slightly different, so if I were to place my stops under recent high/low then it would actually be in a different area...

Any chance you could post a chart - I'd be interested to see that you're seeing. Regarding this one, I have a feeling it may go the other way as it's posted a LrH. That said I am trying to wean myself off brackets for these higher timeframes as they punished me yesterday on a couple of pairs!! As I'm already looking to short USDJPY, I don't like having too many eggs in the same basket, so to speak.

 

[HawkTrader]

Here you go. Actually it seems it's quite similair, except the candles are slightly different... I think I get my 4H bar earlier? Not sure if that means I could get a break out before/after you but that does change trailing stop placement if trailing under new candle lows.

 

[Bloodhound]

For APMF

Hi Paul,
Hope you're well today. Just thought I'd post this for you as it's one of my favourite set-ups on cable M5 - I see it over and over again. Here's how I 'read' it.

1) Early morning choppy move up to
2) Make an intraday high
3) Sell off, followed by renewed upwards pressure (forms a fractal) BUT
4) Fails to break the day's high (forms a LrH)
5) Everyone thinks 'sod it, if it won't even break the previous high, it's not going any higher' so down it comes



All the best
Rob

 

[Bloodhound]

And as if by magic

Reference my previous post re M5 GBPJPY. A quick look at cable M5 and here it is again (admittedly in the opposite direction

 

[apmf]

Hi Paul,
Hope you're well today. Just thought I'd post this for you as it's one of my favourite set-ups on cable M5 - I see it over and over again. Here's how I 'read' it.

1) Early morning choppy move up to
2) Make an intraday high
3) Sell off, followed by renewed upwards pressure (forms a fractal) BUT
4) Fails to break the day's high (forms a LrH)
5) Everyone thinks 'sod it, if it won't even break the previous high, it's not going any higher' so down it comes

View attachment 65734

All the best
Rob

Hey Rob! U caught be lurking. I am alrit thanks hope you are fine too.
Thanks for posting the chart. I managed to get into that trade. Overall 3 trades for today as of now. T1 and T2 worked fine (obviouslly) T3 was a looser cudn't grab anything. Lets see what the day has got for me.

So, you have shifted to higher TF's. Hope it works out fine for you.
Happy Trading
Paul

 

[Bloodhound]

Hey Rob! U caught be lurking. I am alrit thanks hope you are fine too.
Thanks for posting the chart. I managed to get into that trade. Overall 3 trades for today as of now. T1 and T2 worked fine (obviouslly) T3 was a looser cudn't grab anything. Lets see what the day has got for me.

So, you have shifted to higher TF's. Hope it works out fine for you.
Happy Trading
Paul

Hi Paul,
Glad you got that one Re the higher timeframes, it's all to do with my risk and money management. Courtesy of cable I did my week's target yesterday morning (in fact 2 weeks target) and I don't like giving it back BUT I like to keep trading and I also want to try and explore higher tf's for this style of trading and see what happens.
All the best
Rob

 

[apmf]

Continuation...
T4- just took a short

 

[Bloodhound]

Here you go. Actually it seems it's quite similair, except the candles are slightly different... I think I get my 4H bar earlier? Not sure if that means I could get a break out before/after you but that does change trailing stop placement if trailing under new candle lows.

Hi Hawk,

Apologies in advance for the rather long-winded reply!

In essence, a lot of my views on trading (and price) come from when I first started, when I did a lot of reading up on Market Profile as I believed then (as I do now) that it has a very important role in the whole game. Without going into loads of detail about MP (and I am not qualified to anyway!!) I firmly believe in looking at price extremes, acceptance or rejection of these levels etc. What happens in the middle isn't important to me, hence why I trade the way I do - selling new lows and buying new highs on whichever timeframe I'm trading on. The problem I have with H4 is that (as you correctly pointed out), different charts show different closes etc. With this in mind, I never look at the closes but at the overall picture that a group of candles paints - i.e. sequences rather than individual candles - HrH's and HrL's etc. From a trailing stop point of view this then makes life pretty easy for me as I just trail below the peaks and troughs (price extremes). If, as sometimes happens, I can't find a decent peak or trough to trail behind then I might even drop down a timeframe to find one - an example being the S2 stop from my ongoing GBPCHF trade. At the end of the day, the reason I am trading off H4 this week is because that was the timeframe that I could 'see' what was going on from best. At the end of the day, to my novice way of thinking, this style of trading will work on any timeframe one wants it to, providing one can assimilate the information that the chart is offering up. As the great Feb would say, price doesn't wear a watch..
Hope that makes sense - feel free to clobber me if I haven't explained myself very well.

All the best
Rob

 

[Bloodhound]

EURUSD - Part 1

Another trade triggered. By the way, anyone looking at these and thinking I never lose, I had a shocker yesterday with AUDUSD, NZDUSD and GBPJPY H4 so am only up a bit on the week's position trades!!

Anyway, it's not about the entries for me - they are pretty simple. It's dealing with what happens next that is the hard bit. I can do it OK on cable M5 but this higher timeframe stuff is proving to be a lot tougher than I thought it would be...

 

[apmf]

Continuation...
T4- just took a short

Stopped out for B.E

 

[HawkTrader]

Just wanted to post these to show what in my mind is a good 1-2-3 setup. In my (limited) experience, I reckon that the best moves come fast and hard, they don't p!ss around. For example, for those of you trading yesterday Monday on Cable... those massive pip moves almost always come fast, that's what I love to see. Look at the first chart.

However, when price retraces for too long, or the candles start getting too big... contrary to one of the persons who 'discovered' 1-2-3 setups says, I don't feel the trade is going to be as good. Not for stop placement, not for profits.