Forex Logs: Naked Trading - Wammies and Moolahs

Naked Forex Noob

TL;DR Just got into Naked Forex trading but I am stuck on backtesting. Can't correctly identify critical zones (supp and res zones) and I haven't found the criteria for my trading system (wammies and moolahs) on the charts that I have back tested. Any advice?

Hi there, I started learning about forex awhile back from a friend and he began to show me the basics while also directing me to babypips for the free course they put you through. Although I got into all of this awhile back, I have been stuck in the stages of finding my own strategy and backtesting it.
At first, I was very much into using the basic indicators (RSI, MACD, SMA/EMA) but then I came across a recommendation in this sub to read 'Naked Forex' and I was hooked. Not in a sense that now I knew exactly what my strategy was and how to implement it, but hooked in the idea of being able to read a chart and make trades based on price action and reversals.
Of course while reading the book, understanding the concepts, and looking at all the examples of the different trading strategies i'm getting hyped in my mind to get to the backtesting stage to see if I can put this knowledge to somewhat of a test. Now here I am, staring at tradingview's daily and 4h charts from 2006 onward.
Here's where I get stuck.
I understand identifying critical support and resistance zones and it all made sense to me in the book, but as I am backtesting I find that the zones are either always changing or I can't figure out which ones are critical. On top of that, my trading system looks something like this (advice is welcome on how this could be improved or if you see any glaring "wtfs" in it)
I trade wammies & moolahs (market touches supp. or res. zone twice, second touch is lowehigher with a bearish/bullish candlestick printed on the 2nd touch) and use either a kangaroo tail or big shadow for confirmation to initiate the trade.
The buy/sell stop is set 8 pips above/below the bearish/bullish candlestick and the stop loss is placed below/above the first touch.
The profit target is the following zone.
There's a bit more criteria for the trade but that's the blueprint of it. I apologize if it either doesn't make sense or confuses you but even after sifting through months/years of backtesting data my eyes never caught any of this action happening in the zones I've identified.
Any help would be appreciated as I am a sponge and will soak in as much criticism and advice as I can.
submitted by VileKyleTM to Forex [link] [comments]

Knowledge of the generic, master of nothing

I know about LFTR technology and how it works. I know how to be a help desk technician, I understand how a PI circle works, I know how to follow directions, I know how to ride a motorcycle, I understand how the road system works and don't need a map. I know that at a certain point in a black hole is a point of no return and you start to turn into spaghetti. The old way was you were kind of in this suspended mode, anyway!! I could go on with the generic bullshit I know.
I've been perusing programming, you know advance my career into a higher pay level, I have been also taking up learning forex trading in hopes to double wammie my pay scale, nope. I can barely remember a lot of it. I always need a walkthrough to baby my ass through something. Maybe it's my training that sucked or maybe I am just forgetting everything.
Forex trading has been a complete flop. I used to spend 6 to 12 hours a day 4 times a day reading charts and was actually successful in reading the market, but that was the summer market. When the market got off of its summer high, it returned back to some weird ass direction I had never experienced, another downer.
I am spoiled to freedom. Now that I have a family to raise, it's nothing but about money. No wonder latchkey kids existed.
I just want to know what it's not like to answer to a nazi landlord. Sieg heil, give me your rent. Btw I am going to inspect my house on a quarterly basis and refuse to respond to any emergencies you may have, like a broken water heater when it's literally freezing outside... I just want to own a place of my own. Sigh.
Let the trolling begin......
submitted by Itkermy to rant [link] [comments]

Kill Losing Trades: Will These 3 Tactics Lead to More Moolah? How to Trade Double Tops and Double Bottoms Moolah & Wammie Trades Walter Peters: Live Naked Forex Trades Walter Peters: How To Trade Naked Double Tops And Double Bottoms CCC-Press Your Luck Live Naked Forex Trades by Walter Peters BAB VII NAKED FOREX VIDEO BOOK

Top US-regulierte Forex Broker Der Devisenmarkt (Forex) läuft 247, bietet globale Währungspaare für den Handel und wird durch geo-politisch... Oct. 28. Whammies Forex Handel Forex Logs Wednesday, 22 April 2015. Naked Trading - Wammies and Moolahs Wammies and moolahs are unique versions of the double bottom and double-top formations, respectively. You will learn how to filter out subpar double-bottom and double-top trades. Wammies and moolahs also fit into the general category of reversal patterns. The wammie differs from the standard double bottom because the ... August 18, 2017 Whammies Forex Trading Wammies and moolahs take advantage of this tendency in the markets. This chapter describes numerous steps to understanding wammies and moolahs. It also illustrates the basic double‐bottom and basic double‐top formations, discusses the critical characteristics unique to wammies, and details all about the moolah, a special case of the double‐top formation. The author presents several ... Do you see the m's and the w's right now there is a double bottom on eurgbp, this second touch is however very risky as it isnt a higher low, however I wil take the trade with a buy stop from the first bullish candle after the second touch, this second touch apperas right on this legendary resistance. CHAPTER 7 Wammies and Moolahs It's like déjà-vu, all over again. —Yogi Berra The market moves up, the market moves down. If you are a naked trader, you will probably … - Selection from Naked Forex: High-Probability Techniques for Trading without Indicators [Book]

[index] [26980] [16260] [6842] [11663] [6812] [8700] [4439] [29551] [9202] [21489]

Kill Losing Trades: Will These 3 Tactics Lead to More Moolah?

Date of issue: 21 August 2013. Speaker: Walter Peters. Today we examine the markets for some live forex trades. Bring your questions about Big Shadows, Kangaroo Tails, Wammies and Moolahs (and ... Date of issue: 27 November 2013. Speaker: Walter Peters. I hope you love trading double tops and double bottoms, because in this session we will look at the rules naked traders employ to find only ... There are Double Tops (Moolahs) and Double Bottoms (Wammies) Naked Price Action Trades are reversal patterns that is formed after there is an extended move up or down after hitting this level, the ... FBK STUDENT TRADING 💥 7900$+ in 60 sec LIVE 💥😎 CAD EMPLOYMENT CHANGE 💣Forex trading. - Duration: 4:07. Professor, Dr FELIX 29,623 views. 4:07. ... Naked Forex by alex nekritin & walter peters, phd - Video Book. Edisi Bahasa Indonesia. Introduction: Mark 12:13-17 As a child, I remember watching a game show that featured these little, red creatures called Whammies. Press Your Luck was based upon trying to collect big bucks while ... Summary: Today we examine the markets for some live forex trades. Bring your questions about Big Shadows, Kangaroo Tails, Wammies and Moolahs (and others) in the markets.