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clockwork71 Feb 27, 2009 9:31pm | Post# 21

Another example.
 
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Mini Gold....April 09 contract.
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Dreamliner Feb 27, 2009 10:02pm | Post# 22

Wow, a TON of words, for a "silent" method

harigp Feb 27, 2009 10:27pm | Post# 23

silent Service
 
I will say this is brilliant

Let us now study the weekly chart

clockwork71 Feb 27, 2009 10:52pm | Post# 24

Nightly homework.
 
While you are waiting for a good trade set up, I suggest you do something nightly....It will give you years of experience in a short amount of time. One way to think of it: If the average trader looks for support and resistance lines on a weekly basis, he/she will do that 52 times in a year. With a lot of brokers, you will have 20 pairs. (or so.) This would be 1,040 charts a year.

What do you think will happen if you do this nightly, with a broker that offers tons of pairs, (some offer as many as 170) nightly for 2 or 3 months? You will literally gain years worth of experience in a couple of months. This is a free and easy shortcut.

I remember spending time on the weekends and during the Asian session drawing these lines out, trying to find the "boundaries" of our markets. I believe this was one of the biggest breakthroughs I had. You need to get to the point that you can literally glance at a chart and see most of the major areas. It takes less time than you think, if you do this simple homework.....

Trust me, if you can figure out support and resistance on some of the less liquid exotic pairs like MXN/JPY, seeing where they fall on the EUR/USD will be very, very simple.

Also, don't forget this works on other markets too! By all means, try it out on futures market demo platforms, try stocks as well.....anything and everything. You will learn very quickly that a "chart is a chart."

Clockwork

opie999 Feb 28, 2009 2:34am | Post# 25

Warning: This thread contains dangerously high levels of atomic truthiness and radioactive wisdomite. Anyone foolhardy enough to diligently incorporate these high-velocity elements into their weak fragile trading system risks becoming...........profitable.

WedWed Feb 28, 2009 2:43am | Post# 26

registred

i like the way u present factors of wining..

Jim4x Feb 28, 2009 4:29am | Post# 27

subscribed
 
I see the significance of S&R, but still haven't found the way to trade it.
Let's see where this thread goes.

As someone's signature says....

"Support and resistance either holds or it doesn't" - Anonymous hillbilly

Rastaman Feb 28, 2009 5:50am | Post# 28

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Warning: This thread contains dangerously high levels of atomic truthiness and radioactive wisdomite. Anyone foolhardy enough to diligently incorporate these high-velocity elements into their weak fragile trading system risks becoming...........profitable.


LoL

Too late, I am already glowing in the dark, after spending 6 months studying sonic, snake, rat, or THC 1 min, 5min systems, burning my retina out on charts and fibos. I am hooked. Just as well as I was about to throw in the towel and get another real job.




PS: It is interesting to note that after mapping out all the aforementioned sonar barriers on the weekly, then zooming in to D1, H4, M30, M15 they appear to be intact even in these short TFs!
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belekas Feb 28, 2009 5:54am | Post# 29

Here we go. Keep up the good work clockwork71

hartnet Feb 28, 2009 6:00am | Post# 30

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I went as far back as 1 Jan 1978 in weekly chart to draw my lines off every turns GJ made till now, and I have this.

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Am I drawing this correctly? I am going to learn here on how to trade this, thats I am sure

Rastaman Feb 28, 2009 6:24am | Post# 31

I went as far back as 1 Jan 1978 in weekly chart to draw my lines off every turns GJ made till now, and I have this.

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Am I drawing this correctly? I am going to learn here on how to trade this, thats I am sure

Perhaps 1978 could be a little too far back to be relevant to today?

I went as far back as 2006 and it looks reasonably accurate. Better check with Wolfman?

belekas Feb 28, 2009 6:41am | Post# 32

Perhaps 1978 could be a little too far back to be relevant to today?

I went as far back as 2006 and it looks reasonably accurate. Better check with Wolfman?
History repeats itself. Lines come from a long way out of the left and gets respected by price on the right. I believe in market geometry so it makes sense to me. S&R is key as clockwork71 mentioned in some post from him. Learn to identify such areas and you will see how market moves in waves, and will be able to profit while it moves from one border to another creating various price patterns. Looking forward into next week to share some trade ideas based on the simple oldschool TA approach that you have been doing clockwork71 (sorry if written it down badly).

Rastaman Feb 28, 2009 7:29am | Post# 33

I am simply wondering if price action will respect a 20 year old SR over a more recent one.

belekas Feb 28, 2009 7:49am | Post# 34

I am simply wondering if price action will respect a 20 year old SR over a more recent one.
No need to wonder. The chart never lies

Shanexx Feb 28, 2009 8:24am | Post# 35

Any one noticed the E/U and how its reacting to the 2003 levels. Interesting stuff. Are we getting ready for a bounce.

Rabid Feb 28, 2009 8:49am | Post# 36

The 1.2900 level? Yes. 1.2900 to 1.2450.

As they say in Battlestar Galactica... "All This Has Happened Before, All This Will Happen Again."

Jigsaw Feb 28, 2009 9:38am | Post# 37

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I went as far back as 1 Jan 1978 in weekly chart to draw my lines off every turns GJ made till now, and I have this.

Am I drawing this correctly? I am going to learn here on how to trade this, thats I am sure
They are fine some of them seem a little "minor" in terms of their importance relative to the better ones (Just in my opinion) I am sure clockwork will explain this concept of "minor levels" relative to "major levels" better than me so I will not go into it.


Remember Clockwork said . . .
However, I have one rule about this: The zone is going to be at either a number ending in "00" or "50" about 98% of the time.

So round your lines up and down to those levels, and then expect a zone (Nothing to the pip here, although sometimes you will be astonished)

Chart 1 - Heres how I would have drawn them, from the monthly chart.

Chart 2 - Yeah I see where you get a lot of them levels, again with respect to Chris's rules they need to be rounded. Explanation on the chart.

Chart 3 - What our combined levels look like on the zoomed out weekly.

Hope that helps, also just my opinion, I am not claiming to be as good as clockwork.

Note - If Clockwork wants me to remove these charts from his thread then Chris just say so.
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clockwork71 Feb 28, 2009 10:12am | Post# 38

I went as far back as 1 Jan 1978 in weekly chart to draw my lines off every turns GJ made till now, and I have this.

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Am I drawing this correctly? I am going to learn here on how to trade this, thats I am sure
In the future, turn off the grid lines....it will make it a little easier to see. But from what I can tell, you are pretty much on the money. I would suggest using round numbers only. (understanding that it's a ZONE, not an exact pip line.)

Clockwork

clockwork71 Feb 28, 2009 10:26am | Post# 39

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I am simply wondering if price action will respect a 20 year old SR over a more recent one.

I know this seems ridiculous, but it really will respect levels many, many years later. If you pull up charts and look, it shows up. It's called "market memory". This is one of those "I don't know exactly why it happens, it just does."

But remember, we are here to turn a profit. Not understand economic things. (It's nice to know I suppose, but then again....it's not my focus in life.)

I am attaching a chart going back to 1993 to show a "failure". By the way, it's a monthly chart, and these failures all produced significant bounces to trade.

I promise this will clear itself up as we go along.

Clockwork
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clockwork71 Feb 28, 2009 10:28am | Post# 40

They are fine some of them seem a little "minor" in terms of their importance relative to the better ones (Just in my opinion) I am sure clockwork will explain this concept of "minor levels" relative to "major levels" better than me so I will not go into it.


Remember Clockwork said . . .

So round your lines up and down to those levels, and then expect a zone (Nothing to the pip here, although sometimes you will be astonished)

Chart 1 - Heres how I would have drawn them, from the monthly chart.

Chart 2 - Yeah I see where...
No, this looks good. Summed up nicely.

Clockwork


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