Best Thread Trading Naked

[apmf]

I hope that wasn't a diagonal line on your chart ;-)

FWIW, I always stick with M5 if I'm trading M5 otherwise it's all too easy to avoid taking entries etc. For me anyway, from an intraday perspective, most of the time, every level I'll ever need is on the screen in front of me. After all an H4 level was formed of an H1 level, which was formed of an M1 level etc. etc.

Just my view of things though and I stand to be corrected.

Agreed. Thanks.
I do like to take a view of different TF's when I know I dont have to
Not that I want to make my life complicated but you are so right.

 

[Bloodhound]

Hi Rob, nice thread. I've been meaning to contact you about your blog, but haven't had the time recently. I miss checking in every afternoon to watch your account equity grow!

I'll post some charts later, I have a question though... I didn't know you used a pyramid method, what happens if you have 3 longs on Cable, and then you enter a short on another 1-2-3? Do you close the remianing longs for their profits, or is every trade its own with no regards to the others?

Cheers
-Owain

Hi Owain,
Thanks for dropping in. Just a bit of fun and to try and see if there are others on T2W who enjoy a little bit of simplicity.
Pyramidding (not sure how it's spelt) is an interesting one for me as I don't really see it as that. I was chatting about it on my blog the other day and, TBH, I see it more in the sense of backgammon, as I play a bit of that from time to time. If I am faced with a situation where I'm loaded up with 3 positions going long (for instance) then the logical thing to do, if faced with a short entry, is close the longs and go short - Stop and Reverse as Mr. 10% mentioned earlier today. The problem is that this is a damn sight easier to chat about than to do in reality as I am often guilty of getting married to positions. As you'll know I can get quite stacked up in a big move and it's very hard to bite the bullet and go the other way. I had a classic example of this on Tuesday (see chart below).

Nice little run down, 2 positions on and she came back at me telling me to get out and go long, only for it to be a fake. Still, that's life I suppose. Every time I don't stop and reverse she'll tell me all about it by shooting off 150 points in the other direction.
All the best
Rob

 

[Bloodhound]

GBPJPY Intraday - Part 6

Well price has broken the range but with little conviction. Chart explains my thinking at the moment....

 

[Bloodhound]

Thanks for your kind words guys. I'll do my best and hope others will join in too. Hopefully this may also offer some ideas for those who, like I was, were struggling with it all. 6 months of learning followed by 3 months of unlearning everything I'd read and learnt to date!! All it needs is 1 line for the entry and 1 line to tell one when price has other ideas.

BTW - apologies if I am very quiet Mondays and Tuesdays but I have to make some money sometime and I'm too new to this to be anything other than 200% focused on my own game.

 

[Bloodhound]

GBPJPY Intraday - Part 7

I'm new to this pair and it is extremely slow moving compared to cable IMO but I'm trying to run it the same way. Just have to see what happens I guess.

Updated chart with new stop and some possible levels for me to watch on the way up - assuming price decides to go up, that is....



Edit: I always read about how different markets had different dynamics and thought it was a load of rubbish. The odd thing is that I now see how true it is. Not sure if anyone would agree with me but there is a huge difference between how cable and GBPJPY move, and this could be a problem for me, as a lot of the way I manage my trades is based around price movement in relation to time. Lots of practice going to be needed to get another pair on board!!!

 

[HawkTrader]

Hi Owain,
Thanks for dropping in. Just a bit of fun and to try and see if there are others on T2W who enjoy a little bit of simplicity.
Pyramidding (not sure how it's spelt) is an interesting one for me as I don't really see it as that. I was chatting about it on my blog the other day and, TBH, I see it more in the sense of backgammon, as I play a bit of that from time to time. If I am faced with a situation where I'm loaded up with 3 positions going long (for instance) then the logical thing to do, if faced with a short entry, is close the longs and go short - Stop and Reverse as Mr. 10% mentioned earlier today. The problem is that this is a damn sight easier to chat about than to do in reality as I am often guilty of getting married to positions. As you'll know I can get quite stacked up in a big move and it's very hard to bite the bullet and go the other way. I had a classic example of this on Tuesday (see chart below).
View attachment 65388
Nice little run down, 2 positions on and she came back at me telling me to get out and go long, only for it to be a fake. Still, that's life I suppose. Every time I don't stop and reverse she'll tell me all about it by shooting off 150 points in the other direction.
All the best
Rob

Hi Rob, I'm really looking forward to hearing more from you (and others of course). I think this method is best (for me), I love keeping it simple and you seem to have the same mindset as I do.

I have heard quite a lot of negatives about pyramiding, but when I wrote down possible re-entries when a setup reoccurs, the profits looked quite amazing if you move your stop along with it. For example, I figured out if risking say £500 on a trade (no, I don't trade that much, I'm just using big rounds numbers to make it easier!) once the trade reaches a 1:1 risk-reward, you can add the the position, move your stop, and then you end up risking about £250 to win £1000 (1:2 risk-reward all together). I will write the actual numbers if people are interested...

What do you do though Rob, when your setup reoccurs, and you've trialed your previous trades stop. Do you have the stop on each trade at the same place, or each at their own price?

By the way, nobody minds if you don't post when you're trading, it's absolutely understandable. You could just post after, or at night. Even weekends, whenever you're free!

 

[Bloodhound]

Hi Owain,
If it's OK with you I'd like to try and keep the thread focused on price and levels. IMO money management is a strange beast and everyone has their own ways of dealing with it. Also, given my very low level of experience, I'd rather not offer up any ideas, as that's not really what the thread is meant to be about, and I am in no way qualified to offer any advice to anyone, save maybe how to draw a straight line on MT4!!
Feel free to drop me a line on my blog if you want to chat about that side of life. FWIW, the more I trade the more I realise that there are no 'wrongs' and 'rights' so you need to make your own rules up. I am sure there are T2W stalwarts who would be apoplectic if they saw how I run my trade mgmt!! It's all horses for courses and all that.
All the best
Rob

 

[Bloodhound]

GBPJPY Intraday - Part 8

Quick update. No different to cable then!! Before (or if) anyone was about to ask why I didn't leave my stop inside the range and expect the retest - well, that's just me and the way I do it. I'm sure plenty will disagree but I am purely concerned with reducing risk ASAP. As it goes, there's a nice possible long above (T2) so no dramas.

 

[Bloodhound]

GBPJPY Intraday - Part 9

Long, short - who cares lol. Rightly or wrongly I've taken the breakout level as an important one and now gone short. I have a slightly different expectation of the speed this might move as it's a messy picture. If it was cable I'd have been long gone but I have no idea how sketchy this pair can be so am giving it some space.

(Note cable is definitely a 'she'. GBPJPY has to prove 'it'self before being elevated to goddess status!!)

 

[apmf]

Long, short - who cares lol. Rightly or wrongly I've taken the breakout level as an important one and now gone short. I have a slightly different expectation of the speed this might move as it's a messy picture. If it was cable I'd have been long gone but I have no idea how sketchy this pair can be so am giving it some space.

(Note cable is definitely a 'she'. GBPJPY has to prove 'it'self before being elevated to goddess status!!)

View attachment 65396

Ya,Its getting bit messy now , I just got stopped out . Time to pack up and hit the pub.
Have a nice one guys.

 

[Bloodhound]

Ya,Its getting bit messy now , I just got stopped out . Time to pack up and hit the pub.
Have a nice one guys.

You and me both. It's definitely looking like pub time soon - one of the reasons I don't like Fridays - seems to get pretty messy!! Just going to have a crack at the long setting up and then will call it a day.

Have a good weekend Paul.

 

[HawkTrader]

Hi Owain,
If it's OK with you I'd like to try and keep the thread focused on price and levels. IMO money management is a strange beast and everyone has their own ways of dealing with it. Also, given my very low level of experience, I'd rather not offer up any ideas, as that's not really what the thread is meant to be about, and I am in no way qualified to offer any advice to anyone, save maybe how to draw a straight line on MT4!!
Feel free to drop me a line on my blog if you want to chat about that side of life. FWIW, the more I trade the more I realise that there are no 'wrongs' and 'rights' so you need to make your own rules up. I am sure there are T2W stalwarts who would be apoplectic if they saw how I run my trade mgmt!! It's all horses for courses and all that.
All the best
Rob

Hi Rob, no worries, I must have got a bit carried away! I won't be posting charts myself today, I never trade Friday's but I still demo and watch. I'll catch you Monday on your blog, I think you need to give me access though?

What happened on that last G/Y trade, did you TP?

 

[Bloodhound]

Hi Rob, no worries, I must have got a bit carried away! I won't be posting charts myself today, I never trade Friday's but I still demo and watch. I'll catch you Monday on your blog, I think you need to give me access though?

What happened on that last G/Y trade, did you TP?

Hey,

No probs at all. I got smashed to bits on that last trade, but still up a little on the day which is the main thing (even on demo!!). It's hard to know which way to play GJ so far. I'd like to think it'd be like cable and I could just take a very aggressive stance but, looking at a few charts, it seems to have a lot more consolidation periods and may not be as punchy. Given that I have the attention span of a gnat that could cause problems!! Only time will tell though.

Am currently long, more to see if I can get my head round the spread and understand the movement a bit more than anything else. It's formed a nice little uptrend this afternoon so could carry on. Downside is that I should be in the pub by now.....

 

[HawkTrader]

Hey,

No probs at all. I got smashed to bits on that last trade, but still up a little on the day which is the main thing (even on demo!!). It's hard to know which way to play GJ so far. I'd like to think it'd be like cable and I could just take a very aggressive stance but, looking at a few charts, it seems to have a lot more consolidation periods and may not be as punchy. Given that I have the attention span of a gnat that could cause problems!! Only time will tell though.

Am currently long, more to see if I can get my head round the spread and understand the movement a bit more than anything else. It's formed a nice little uptrend this afternoon so could carry on. Downside is that I should be in the pub by now.....

View attachment 65402

Isn't there an overhead resistence coming in there? I'd probably have my stop right up to the low of the current green candle now, but sometimes I'm just way too aggressive!

What are you playing at mate? You should have been down the pub hours ago! I heard there is some blues performances on near where I live... might check it out tonight. Happy trading next week.

 

[Shakone]

Why do you think it has more consolidation periods? It came down hard on your chart. People went to lunch and it didn't move much. US woke up and it started making higher highs and higher lows. It moved to the 50 Fib (I know you don't want fibs on your charts, but 50 is pretty important), got a bounce down then continued up. Not choppy as I see it.

Also the levels you have. Are they just from a 5-min chart support becoming resistance etc? Might be good to get some daily, 4 hour, or at least 1 hour levels on your chart.

 

[Bloodhound]

GBPJPY Intraday - Part 10

Isn't there an overhead resistence coming in there? I'd probably have my stop right up to the low of the current green candle now, but sometimes I'm just way too aggressive!

What are you playing at mate? You should have been down the pub hours ago! I heard there is some blues performances on near where I live... might check it out tonight. Happy trading next week.

FWIW my view on support and resistance is that it's there to be broken, as cable showed so well this morning on her way down. I have all the levels marked on so I know what might be coming up but then I think it's a case of simply seeing what happens. Sometimes they hold and sometimes they don't. I'm sure we'd have all retired a long time ago if we knew with 100% certainty which ones would and which ones wouldn't!!!

Yes - roll on the pub. I have a choice of quiz night at one or live music at another. The former will lead to a hangover and the latter may lead to hospitalisation.......

Edit: Less chit chat and more charts required....

 

[Bloodhound]

Why do you think it has more consolidation periods? It came down hard on your chart. People went to lunch and it didn't move much. US woke up and it started making higher highs and higher lows. It moved to the 50 Fib (I know you don't want fibs on your charts, but 50 is pretty important), got a bounce down then continued up. Not choppy as I see it.

Also the levels you have. Are they just from a 5-min chart support becoming resistance etc? Might be good to get some daily, 4 hour, or at least 1 hour levels on your chart.

Possibly not the correct terminology on my part but it looks (and this only from 1 day of watching it) to be more of a grinder than cable, which tends to be very punchy when she moves. As I said though, early days for me with GBPJPY. Re levels, as soon as we're out of intraday ranges I have other levels marked on but these tend to be M5 representations of the higher tf ones. I try to treat each level with the same amount of respect - M5 just shows me the overall picture better.

 

[Bloodhound]

FWIW my view on support and resistance is that it's there to be broken, as cable showed so well this morning on her way down. I have all the levels marked on so I know what might be coming up but then I think it's a case of simply seeing what happens. Sometimes they hold and sometimes they don't. I'm sure we'd have all retired a long time ago if we knew with 100% certainty which ones would and which ones wouldn't!!!

Yes - roll on the pub. I have a choice of quiz night at one or live music at another. The former will lead to a hangover and the latter may lead to hospitalisation.......

Edit: Less chit chat and more charts required....
View attachment 65404

Stopped the last trade as it's getting to that time of day when things (including me) are slowing down. Time for ther pub, some R&R and cable on Monday again.

Hope everyone reading this has a good weekend.
Rob

 

[rawrschach]

I'm out of my soybeans, but short NQ D=

In hindsight not the best trade given YM and ES were not showing weakness...

 

[Bloodhound]

Just one to throw into the mix before a walk along the beach and the inevitable stop at the pub....

For non-trading related reasons I may have to curtail my usual bread and butter stuff on cable M5 for a while so have been looking at some higher timeframes. I've got 7 pairs on the boil for the coming week and thought it might be interesting to post a few from time to time. Not my usual stomping ground so I'm expecting some monumental disasters!! Simple answer for me is to lower risk and then see what happens.....




All the best
Rob