no bra no panties. You can mean 2 things by this saying.
1. You're not a virgin (or not a virgin anymore).
2. You're sexually putting yourself/ sexually marketing yourself out there.
Taken from the movie "Thirteen". The scene with Traci and her Mother. no bra no panties:
Traci: *Dancing and touching herself* No bra! No Panties!
Mom: *Fearing the worst* Stop it..
Traci: No bra! No panties...
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