Trading Naked - Part 2
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Bloodhound
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If you caught the move down as well I'm guessing you're finished for the week?! I had a shocker today LOL......
elitejets
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Eurjpy
Triple tops sometimes do that. This is a 900 pip range btw - daily chart:
PS - Took the fibs off just for you KJ
Fell off a cliff. Hope anyone trading this had a stop in place
Triple tops sometimes do that. This is a 900 pip range btw - daily chart:
PS - Took the fibs off just for you KJ
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Bloodhound
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Morning everyone. Cable has formed a nice range with resistance at 6350.
Bloodhound
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Just a quick one, but have a look at the start of the up move from early October. Price comes down hits 129, bounces then forms a higher low and shoots up. This is quite possibly my favourite intraday set-up and happens at highs / lows of the day quite often. Well worth watching out for IMO.
Bloodhound
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This could and probably will go wrong but have bought cable following M1 PA at 6336 and HrL printing.......
Edit: And it did!!
Edit: And it did!!
Last edited:
Bloodhound
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Yes - with the benefit of Mr. (and Ms. for Elitejets) Hindsight 6305 was obviously the level to buy!!
Still the overnight range break is looking OK...
HawkTrader
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Right into 16400 resistence?
I know you think S/R are for breaking, but that's a round number!! You can't argue with that, LOL.
I know you think S/R are for breaking, but that's a round number!! You can't argue with that, LOL.
Bloodhound
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Slightly off topic Owain but:
London Open + Cable = Chop Monster!!!
London Open + Cable = Chop Monster!!!
HawkTrader
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LOL, I see what you mean. You've been trying to tell me that for a while and I just wouldn't listen!
I'm getting a bit bored of being chopped around, just got killed on EUR/GBP and then USD/CAD! I've put in some orders at the same place, but this time I'm trading off the 1-4H timeframe so a small move back doesn't matter too much...
Do you still have any long term positions open?
I'm getting a bit bored of being chopped around, just got killed on EUR/GBP and then USD/CAD! I've put in some orders at the same place, but this time I'm trading off the 1-4H timeframe so a small move back doesn't matter too much...
Do you still have any long term positions open?
Bloodhound
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Not at present but I am watching this pair. Following a failure to find interest on or below 9112 yesterday I am wondering whether a break of the current H4 peak (at 9217 or thereabouts) might be a nice entry into a long?
trendie
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hows the 1-min going for Elefteros? I cant see any directions, except an up-bias on the 5-mins.
(got stopped for a loss on EJ LONG when the retrace turned into a change of direction on the 5-mins; but would have been a great pullback short on the 15-mins. ho-hum. )
(got stopped for a loss on EJ LONG when the retrace turned into a change of direction on the 5-mins; but would have been a great pullback short on the 15-mins. ho-hum. )
Bloodhound
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How one mistake can cost the game!!
Probably more of interest to APMF but I forgot to post this yesterday and it's a classic example of pilot error throwing a spanner in the works IMO. The mistake, from my perspective, was adding at T6 as price was still way too close to my T5 entry. In order to stay within my risk management rules I had to move my T5 stop to break even as T6 triggered.
Net result was T5 was stopped out (and T6!) but T5 would have made the money yesterday, and probably would have resulted in a cash neutral or even mildly positive day, rather than a losing one.
Anyway, thought this might be interesting as it shows all the hallmarks of greed being brought on by frustration at cable being so choppy!!
Probably more of interest to APMF but I forgot to post this yesterday and it's a classic example of pilot error throwing a spanner in the works IMO. The mistake, from my perspective, was adding at T6 as price was still way too close to my T5 entry. In order to stay within my risk management rules I had to move my T5 stop to break even as T6 triggered.
Net result was T5 was stopped out (and T6!) but T5 would have made the money yesterday, and probably would have resulted in a cash neutral or even mildly positive day, rather than a losing one.
Anyway, thought this might be interesting as it shows all the hallmarks of greed being brought on by frustration at cable being so choppy!!
Vaco
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Today has been choppy again, the benefit of it been on the 1 min is that i dont need much of a run to get out with a profit.
Whats helping me keep the faith is hearing that the rest of the gang is getting chopped on the 5 min as well
At the moment the only change i'm considering is setting targets on choppy days like today rather then waiting for longer runs.
Vaco
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Food for thought,
been looking for a way to add to my winning positions so that I can ride trends out for longer and make more from them as KJ does.
I've come to the conclusion that the only way to do this is to have a logical stop rather then a set no of pips.
Its Rare that i will capture more then 10-30 pips on the 1 min without doing this.
Advantages
-can compound positions
-trade will have more breathing room due to wider stop
-will get more out of trends.
Disadvanatges
-Volatile choppy conditions can be costly
-harder to manage the stops on mt4 as every order is dealt with seperatly, so you have to adjust stops/close trades for each entry.
decisions decisions....
been looking for a way to add to my winning positions so that I can ride trends out for longer and make more from them as KJ does.
I've come to the conclusion that the only way to do this is to have a logical stop rather then a set no of pips.
Its Rare that i will capture more then 10-30 pips on the 1 min without doing this.
Advantages
-can compound positions
-trade will have more breathing room due to wider stop
-will get more out of trends.
Disadvanatges
-Volatile choppy conditions can be costly
-harder to manage the stops on mt4 as every order is dealt with seperatly, so you have to adjust stops/close trades for each entry.
decisions decisions....
HawkTrader
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Been an interesting morning...
I lost 0.8% of capital again, bringing the weekly total to -1.6%. I'll post charts later. I don't feel too bad because even you guys are being chopped around.
This is something I've really been thinking deeply about. I can't get my head around it though... here is something I've come up with though, setting add-on targets. I'll post as £ per point for simplicity.
Example: Buy £1 per point GBP/USD @ 1.6350 and stoploss at 1.6300
If price rises 37.5 (75% of stop) points, add another £2 per point bringing the total to £3 per point.
Look to exit at target level of 1:1, but because of adding it would be £62.50 profit when your risk was £50 (or less if you exit before stop loss).
The only problem with this is the fact if price retraces, you can give back all/most of your profits or even result in a small loss.
I lost 0.8% of capital again, bringing the weekly total to -1.6%. I'll post charts later. I don't feel too bad because even you guys are being chopped around.
This is something I've really been thinking deeply about. I can't get my head around it though... here is something I've come up with though, setting add-on targets. I'll post as £ per point for simplicity.
Example: Buy £1 per point GBP/USD @ 1.6350 and stoploss at 1.6300
If price rises 37.5 (75% of stop) points, add another £2 per point bringing the total to £3 per point.
Look to exit at target level of 1:1, but because of adding it would be £62.50 profit when your risk was £50 (or less if you exit before stop loss).
The only problem with this is the fact if price retraces, you can give back all/most of your profits or even result in a small loss.
